Dublin, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The "Europe Energy Transition - Sectors and Companies Driving Development - 2024" report has been added to ResearchAndMarkets.com's offering.
Europe's energy transition is moving at a fast pace. A clear and supportive legislative framework, including the Green Deal Industrial Plan (2023), and the Renewable Energy Directive (2023), together with government funding schemes, such as the EU Renewable Energy Financing Mechanism (2020-present), are helping accelerate this process.
The EU has set the ambitious target of becoming the first continent to reach carbon neutrality in 2050. However, even though its renewable capacity and generation shares are fast increasing, Europe still features among the world's top emitters, together with China, India, and the US. Technologies such as solar, wind, energy storage, EVs, SAFs, CCUS, and hydrogen will play a crucial role in allowing Europe to reach its climate targets.
Favorable policies and government funding are helping accelerate this process. The EU has set the ambitious target of becoming the first continent to reach carbon neutrality in 2050. Although its renewable capacity and generation shares are fast increasing, Europe still features among the world's top emitters. More significant changes will need to occur in this space in order for Europe to achieve this goal.
In 2023, the European overall power capacity share saw renewables contributing to 54% of the total figure. This represented an 11% growth in the last five years. The analyst analysis predicts the share of renewable power capacity to increase significantly to 75% by 2035. The share of renewable power generation too is expected to increase from 40% in 2023 to almost 60% in 2035. However, whilst almost 100GW of coal power is set to be decommissioned between 2024 and 2035, gas is still seeing additions of approximately 66GW during the same period.
In 2023, Europe's energy storage capacity was 31% of the global share. This gap is currently predicted to widen as Europe's energy storage capacity is set to contribute to only 13% of the global share in 2030. However, the EU is endeavoring to increase funding for the technology and implement legislations such as the Critical Raw Materials Act in order to increase capacity and achieve security of supply.
Transport is responsible for one-quarter of all GHG emissions in the EU. These emissions come primarily from petrol and diesel cars. While a number of European countries have set targets to reach 100% zero-emission vehicle (ZEV) sales in the decade between 2025 and 2035, and BEVs are set to account for 85% of all LV sales in 2036, there are some doubts over the pace at which charging stations are growing.
RD, FAME, and ethanol's production and consumption are set to peak by the end of the decade. SAFs, on the other hand, are experiencing an increase in both production and consumption, due to a strong increase in demand for low-carbon fuels from commercial aviation. The EU has mobilized to set up policies to ensure that 70% of jet fuel is sustainable by 2050.
Europe ranks second for CCS capacity but still lags significantly behind North America. However, the EU has laid out a clear framework, including plans, such as the EU Industrial Carbon Management Strategy, which will facilitate the growth of this technology in the upcoming decade. Still, in order to reach climate neutrality by 2050, the EU will need to be able to capture a staggering 450MtCO2 per year by 2050.
Hydrogen will play a crucial role in the energy transition of every region. In terms of capacity, Europe is currently only second to North America, and features a solid pipeline of low-carbon hydrogen projects, with a high proportion of said pipeline already in the post-feasibility stage. If these projects were to reach completion, the region could achieve a capacity as high as 52mtpa by 2030.
Scope
- European CO2 emissions, European leaders in energy transition, renewable power capacity and generation, decommissioning of thermal power, energy storage capacity and leading countries, electric vehicle sales growth, European upcoming renewable refineries, CCUS outlook, capture and storage capacity, hydrogen capacity, electrolysis capacity, hydrogen policies.
- The EU is aiming to reach carbon neutrality by 2050. The European renewable power capacity share is set to reach 75% of the total European power capacity by 2035. Coal and oil are slowly being decommissioned, whilst gas still has upcoming capacity. Out of all renewable fuels, SAFs are predicted to witness the biggest growth both in supply and demand. CCUS capacity is expected to grow considerably with the UK leading the way. Europe's hydrogen capacity is steadily growing, with a secure pipeline of small and medium-scale projects having already reached the feasibility and post-feasibility stages.
Reasons to Buy
- Identify the market trends within the region and key players in hydrogen technologies.
- Develop market insight of current, in development and announced capacity and latest trends of the sector.
- Understand the region's different scenarios for 2030 based on the likeliness of the projects.
- Look at the demand in key application areas for the country.
- Facilitate the understanding on how and where the market is growing as it is rapidly scaling up to position as one of the main topics of the international and national agenda.
Key Topics Covered:
- Executive Summary
- Power outlook and generation
- Energy storage
- EVs
- Renewable fuels
- CCUS
- Hydrogen
For more information about this report visit https://www.researchandmarkets.com/r/4bjodv
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