In 2023, the market for investments in hydrogen is expected to have a stunning growth.
According to a recent report by the consultancy LCP Delta, the total installed capacity of hydrogen energy projects in Europe will expand by an astounding 800% this year.
According to analysts, this would be the first occasion when overall capacity will top 1 GW.
According to experts, the UK and Germany each have 400MW of hydrogen projects in the works. Both nations will be essential in helping Europe’s hydrogen market reach a significant milestone.
The anticipated projects could result in a significant increase in the installed capacity of hydrogen projects throughout Europe, from around 236MW in 2022 to more than 2GW in 2023.
The paper also emphasizes the rising level of competitiveness in the hydrogen industry on a worldwide scale, warning that legislative obstacles could cause Europe to lag behind its competitors in terms of final investment decisions.
According to the paper, this bottleneck may cause Europe to fall behind in the competition for global leadership in hydrogen energy.