The worldwide pipeline for hydrogen electrolyser initiatives has surged by a staggering 55.2 GW in six months, as reported within the newest Q2 2024 European Hydrogen Market Report (HyMaR) by energy market analytics supplier Aurora Power Analysis. The worldwide electrolyser database now stands at roughly 1.2 TW, marking a notable 4% improve within the final six months and equating to a considerable 5.5 PWh of electrical energy.
Most initiatives (90%) are nonetheless in early phases, in response to Aurora. The overall operational capability of current initiatives is nearing 2 GW (1,923 MW), exhibiting a development of 1,133 MW. About 130–140 GW of extra superior initiatives are additionally within the works, highlighting their substantial scale. Europe leads in mission improvement, making up 32% of the capability share, the report finds, adopted intently by Oceania at 21% in numerous operational or improvement levels. The initiatives involving Closing Funding Choices (FIDs) quantity to roughly 15 GW, about 12% of the worldwide operational or under-construction capability.
Given its giant market measurement and superior coverage framework, particularly with the 2023 replace to its 2020 hydrogen technique, Germany leads in electrolyser mission improvement in Europe, with about 9 GW in superior levels. Following intently are the Netherlands and the UK, making up the highest three most engaging markets in Europe with related drivers. Whereas Europe stays a hotspot, initiatives are exhibiting international momentum, Aurora assesses.
Aurora additional initiatives a big function for electrolysers in European hydrogen manufacturing. By 2030, electrolysers are anticipated to make up over 50% of the overall capability combine, rising to 80% by 2040. Nonetheless, by 2030, put in electrolyser capability is anticipated to achieve 35 GW, falling wanting targets set by the EC’s Web Zero Trade Act and REpowerEU by 76%. This shortfall is attributed to excessive electrolysers’ CAPEX, rising price of capital and, and uncertainty in offtake agreements, delaying mission funding choices.
When it comes to hydrogen manufacturing prices, the report identifies appreciable variation throughout European nations, starting from 4–20 €/kg. The Nordics and Spain stand out for providing essentially the most cost-effective hydrogen, with Spain’s baseload manufacturing serving to to offset intermittent price will increase by 2–3 occasions.
Dilara Caglayan, Analysis Lead at Aurora Power Analysis, feedback:
“The optimistic affect of clearer coverage frameworks and help schemes is obvious in electrolyser initiatives globally, with new initiatives in addition to among the current ones reaching a Closing Funding Choice (FID). Nonetheless, additional cooperation nonetheless stays a prerequisite for the realisation of nationwide targets and the profitable rollout of a future hydrogen market.”
The Q2 2024 European Hydrogen Market Report (HyMaR) is offered now
