Europe Fuel Cell Market Size - By Application (Stationary, Portable, Transport), By Product (PEMFC, DMFC, SOFC, PAFC & AFC, MCFC), Country Outlook & Forecast, 2024 – 2032

Europe Fuel Cell Market Size

Europe Fuel Cell Market was valued at USD 1.2 billion in 2023 and is anticipated to grow at a CAGR of over 9.4% from 2024 to 2032. A fuel cell is an electrochemical device which is used to convert the chemical energy of a fuel directly into electrical energy through a chemical reaction with oxygen or another oxidizing agent. The combination of these electrochemical reactions results in the production of electricity, with water and heat as the only byproducts, making fuel cells a clean and efficient energy technology.
 

Substantial investment and coordinated efforts across countries to build a comprehensive network of refueling stations, will strengthen the market landscape. Fuel cells offer a way to diversify energy sources and reduce reliance on imported fossil fuels, enhancing energy security. Furthermore, increased funding from both the public sector (EU grants and subsidies) and private investments are accelerating the deployment of fuel cell technologies, will stimulate the product adoption.
 

Significant private sector investment in hydrogen and fuel cell technologies along with improved efficiency and reliability of solar systems offer attractive return on investment, thereby encouraging businesses to invest in solar projects. Various funding programs, such as the National Innovation Program Hydrogen and Fuel Cell Technology (NIP), provide financial support for R&D, demonstration projects, and market activation of hydrogen technologies, thereby complementing the product penetration. Additionally, alignment with broader environmental goals and community engagement to ensure the adoption of fuel cell technologies contributes positively to local and global sustainability efforts, thereby boosting the industry statistics.
 

Europe Fuel Cell Market Trends

EU's ambitious goal to become climate-neutral by 2050 along with introduction of country wide hydrogen strategies will drive the product demand. For instance, in 2020, the European Hydrogen Strategy, aims to develop a comprehensive hydrogen economy, with significant funding allocated to hydrogen production, infrastructure, and end-use applications. Ongoing collaborations to create a seamless hydrogen refueling network across borders, making it easier for hydrogen vehicles to travel long distances. Further, fuel cells are being used for backup power solutions in data centers, telecommunications, and other critical infrastructure,  thereby positively impacting the business dynamics.
 

Europe Fuel Cell Market Analysis

Based on application, the transport segment is anticipated to reach USD 2.1 billion by 2032. Europe is rapidly expanding its network of hydrogen refueling stations to support the growing number of FCEVs. Growing deployment of hydrogen fuel cell buses in European cities to reduce emissions will augment the industry landscape. For instance, London, Paris, and Hamburg have integrated PEM fuel cell buses into their public transport fleets. Moreover, European automakers comprising Daimler (Mercedes-Benz), BMW, and Renault are investing in fuel cell technology for passenger cars, buses, and trucks, which will strengthen the market landscape.
 

Based on product, the PEMFC segment is likely to attain gains at nearly 9% up to 2032. Individual countries, such as Germany, France, and the Netherlands, have launched their own hydrogen strategies and funding programs to support PEM fuel cell adoption. PEM fuel cells are being integrated with renewable energy sources like wind and solar to provide clean, reliable power. Projects including the European REFHYNE initiative showcase the potential of PEM fuel cells in supporting the renewable energy systems. Key factors including quick refueling times and longer operational hours, enhanced reliability and low emissions will boost the industry statistics.
 

Germany fuel cell market is poised to hit USD 800 million by 2032 driven by robust government support, a strong industrial base, and a commitment to sustainable energy solutions. Various funding programs, such as the National Innovation Program Hydrogen and Fuel Cell Technology (NIP), provide financial support for R&D, demonstration projects, and market activation of hydrogen technologies. Growing adoption of hydrogen fuel cell buses in public transportation, wherein several cities, including Hamburg and Cologne, are integrating fuel cell buses into their fleets to reduce emissions, which will stimulate the industry statistics.
 

Europe Fuel Cell Market Share

AFC Energy, Bloom Energy, Ballard Power Systems, Cummins Inc., and AISIN CORPORATION are some leading players operating in the industry. Strategic alliances in the fuel cell industry across Europe are on the rise as companies, governments, and research institutions collaborate to accelerate the development and deployment of fuel cell technologies. Further, the stakeholders can address infrastructure gaps, reduce costs, and create a sustainable market for hydrogen and fuel cell solutions.
 

Europe Fuel Cell Market Companies

Eminent players operating in the Europe fuel cell industry are:

• AISIN CORPORATION
• AFC Energy
• Bloom Energy
• Ballard Power Systems.
• Cummins Inc.
• Ceres
• Nedstack Fuel Cell Technology BV
• Nuvera Fuel Cells, LLC
• Panasonic Corporation
• Robert Bosch GmbH
• SFC Energy AG
• TW Horizon Fuel Cell Technologies 
   

Europe Fuel Cell Industry News

• In July 2023, Bloom Energy and Geothermie-Gesellschaft Bruchsal GmbH, entered into an agreement for the supply of SOFC to power the geothermal plant in Bruchsal, Germany. It can further generate electricity from a variety of fuels without combustion, thereby reducing air pollution. This will additionally mark the beginning of the company’s project in Europe, thereby widening its presence across the region.
   
• In April 2022, Cummins, supplied PEM fuel cell to Scania for utilization across Fuel Cell Electric Vehicles (FCEV). The delivery of the trucks in 2024 to HyTrucks is a part of the jointly created initiative across the Netherlands. The company further aims to deploy 1,000 zero emission trucks along with 25 hydrogen refueling stations by the year 2025.
   

This Europe fuel cell market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:

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Market, By Application

• Stationary
• Portable
• Transport

Market, By Product

• PEMFC
• DMFC
• SOFC
• PAFC & AFC
• MCFC

The above information has been provided for the following countries:

• Germany
• UK
• France
• Italy
• Spain
• Austria