Source: European Hydrogen Observatory
Why this market is moving now
- The third Hydrogen Bank auction (closed 19 February 2026) selected 13 projects with almost 1.1 GW of electrolysers, with grant agreements expected in Q4 2026.
- Six of the 15 projects invited in the second auction signed grant agreements on 20 January 2026.
- Electrolyser deployments in Europe more than doubled in 2024, to 142.85 MW.
- Nel's group revenue fell 63% year on year in Q3 2026 while its backlog grew 34%.
Key figures
Each figure names the source it came from. Open the source list below to read the quoted line.
| Figure | Value | Year | Source |
|---|---|---|---|
| Europe deployed 142.85 MW of electrolysers in 2024. | 142.85 MW | 2024 | European Hydrogen Observatory |
| Europe had 10.60 GW of electrolyser manufacturing capacity by May 2025. | 10.60 GW | 2025 | European Hydrogen Observatory |
| Water electrolysis produced 42.81 kt of hydrogen in Europe in 2024, out of 7.86 Mt produced in total. | 42.81 kt | 2024 | European Hydrogen Observatory |
| The third European Hydrogen Bank auction (4 December 2025 to 19 February 2026) selected 13 hydrogen production projects over €1.2 billion across 8 EEA countries, with almost 1.1 GW of electrolyser capacity. | 1.1 GW (almost) | 2026 | European Commission, Directorate-General for Energy |
| The third Hydrogen Bank call attracted 58 bids from 11 countries, over six times its €1.3 billion budget. | 58 bids | 2026 | European Commission, Directorate-General for Energy |
| On 20 January 2026, six projects from the second Hydrogen Bank auction signed grant agreements worth €270.6 million for 381.25 MW of electrolysers. | 381.25 MW | 2026 | European Commission, Directorate-General for Energy |
| The second auction invited 15 projects to sign grant agreements after evaluating 61 bids; six of them signed on 20 January 2026. | 15 projects invited | 2025 | European Commission, Directorate-General for Energy |
| The first Hydrogen Bank auction awarded nearly €720 million to 7 renewable hydrogen projects from 132 bids; 6 of the 7 signed grant agreements in October 2024. | 720 EUR million (nearly) | 2024 | European Commission, Directorate-General for Energy |
| The REPowerEU strategy of 2022 set an aim of producing 10 million tonnes of renewable hydrogen in the EU and importing 10 million tonnes by 2030. | 10 million tonnes produced by 2030 (aim) | 2030 | European Commission, Directorate-General for Energy |
| Nel ASA reported group revenue from contracts with customers of NOK 112 million in Q3 2026, down 63% year on year, with an order backlog of NOK 1,314 million. | 1,314 NOK million (backlog) | 2026 | Nel ASA |
| thyssenkrupp nucera's order intake in the first nine months of fiscal 2025/26 rose from 241 million euros to 471 million euros, driven by its green hydrogen segment. | 471 EUR million | 2026 | thyssenkrupp nucera |
| thyssenkrupp nucera won the contract for Moeve's 300-megawatt project, described as Southern Europe's largest green hydrogen production plant. | 300 MW | 2026 | thyssenkrupp nucera |
Sources and method
The figures on this page come from the public sources listed below. Read how we work.
- European Hydrogen Observatory: Homepage: the hydrogen landscape at a glance (2024 tab) (2025-09-30)
Quoted lines
- Figure 1
142.85 MW of electrolyser deployments in 2024
- Figure 2
10.60 GW of electrolyser manufacturing capacity by May 2025
- Figure 3
42.81 kt by water electrolysis
- Figure 1
- European Commission, Directorate-General for Energy: European Hydrogen Bank (undated page, read 2026-10-27)
Quoted lines
- Figure 4
These projects are expected to provide almost 1.1 giga-watts of electrolyser capacity
- Figure 5
The third call attracted 58 bids from 11 countries
- Figure 6
The projects will install a total of 381.25 megawatts of electrolyser capacity.
- Figure 7
After evaluating the 61 submitted bids, the Commission invited 15 renewable hydrogen production projects
- Figure 8
awarding nearly €720 million to 7 renewable hydrogen projects across Europe, from a total of 132 bids
- Figure 4
- European Commission, Directorate-General for Energy: Hydrogen (undated page, read 2026-10-27)
Quoted lines
- Figure 9
set out the aim of producing 10 million tonnes and importing 10 million tonnes by 2030.
- Figure 9
- Nel ASA: Nel ASA: Third quarter 2026 financial results (2026-10-15)
Quoted lines
- Figure 10
the order backlog increased 34% to NOK 1,314 million.
- Figure 10
- thyssenkrupp nucera: thyssenkrupp nucera Doubles Order Intake in the First Nine Months of 2025/2026 (2026-08-12)
Quoted lines
- Figure 11
the company nearly doubled its order intake from 241 million euros to 471 million euros.
- Figure 12
won the contract for Moeve’s 300-megawatt new-build project to construct Southern Europe’s largest green hydrogen production plant
- Figure 11
Companies to watch
Nel ASA
Norwegian electrolyser maker; Q3 2026 order backlog NOK 1,314 million.
thyssenkrupp nucera
Won the 300 MW Moeve green hydrogen plant in Spain; nine-month order intake 471 million euros.
Moeve
Developer of what thyssenkrupp nucera calls Southern Europe's largest green hydrogen production plant (300 MW).
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the European Union market - 03Market size, 2021 to 2025
Historical series and growth rates - 04Outlook to 2031
Base, low and high scenarios with stated assumptions - 05Rules, policy and deadlines
Regulation and programmes that change demand - 06Drivers and barriers
What accelerates or slows adoption, by customer segment - 07Prices, costs and margins
Unit economics where public data allows - 08Competitive landscape
8 to 12 company profiles with recent moves - 09Opportunities and risks
For new entrants, suppliers and investors - 10Method and sources
Every assumption and source, listed
Included with the full report
- PDF report, 40 to 60 pages
- Excel data pack
- Ready-to-use charts
- Method note and assumptions
- Written to order in 5 working days
Frequently asked questions
How much electrolyser capacity does Europe install each year?
The European Hydrogen Observatory reports 142.85 MW of electrolyser deployments in 2024, up from 64.97 MW in 2023 and 61.87 MW in 2022.
How much electrolyser manufacturing capacity does Europe have?
The European Hydrogen Observatory puts Europe's electrolyser manufacturing capacity at 10.60 GW by May 2025.
What did the European Hydrogen Bank award in its third auction?
The Commission says the third auction selected 13 projects over €1.2 billion across 8 EEA countries, with almost 1.1 GW of electrolyser capacity, from 58 bids.
Are Hydrogen Bank projects being built?
Gradually. Of 15 projects invited in the second auction, six signed grant agreements on 20 January 2026, covering 381.25 MW. Third-auction agreements are expected in Q4 2026.
What is the EU's 2030 hydrogen aim?
The Commission says REPowerEU set an aim of producing 10 million tonnes and importing 10 million tonnes of renewable hydrogen by 2030.
Who makes electrolysers in Europe?
Nel ASA reported a backlog of NOK 1,314 million in Q3 2026. thyssenkrupp nucera's nine-month order intake was 471 million euros and includes the 300 MW Moeve plant.
Free sample
Get a free sample of this report
We send the table of contents, two sample chapters and the method note, usually within one working day. You owe us nothing for asking.
- Full table of contents
- Two sample chapters
- Method note and data outline