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Europe Fuel Cell Market Trends

Report ID: GMI9557
Published Date: May 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of Europe fuel cell was reached USD 1.2 billion in 2023 and is expected to register 9.4% CAGR from 2024 to 2032, owing to the substantial investment and coordinated efforts across countries to build a comprehensive network of refueling stations.

Europe fuel cell industry from the transport segment and is projected to exceed USD 2.1 billion by 2032 due to the region rapidly expanding its network of hydrogen refueling stations to support the growing number of FCEVs.

Germany fuel cell industry is expected to surpass USD 800 million by 2032 due to government support, a strong industrial base, and a commitment to sustainable energy solutions in the country.

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, and TW Horizon Fuel Cell Technologies, are some of the major fuel cell companies in Europe.