Europe Fuel Cell Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Report Covers the Europe Fuel Cell Market, and It is Segmented by Application (Portable, Stationary, and Transportation), Fuel Cell Technology (Polymer Electrolyte Membrane Fuel Cell [PEMFC], Solid Oxide Fuel Cell [SOFC], and Other Fuel Cell Technologies), and Geography (Germany, France, Italy, United Kingdom, Russia, NORDIC, Spain, and Rest of Europe). The Report Offers the Market Size and Forecasts in Value (USD) for all the Above Segments.

Europe Fuel Cell Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Europe Fuel Cell Market Size

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Europe Fuel Cell Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 2.01 Billion
Market Size (2030) USD 2.72 Billion
CAGR (2025 - 2030) 6.25 %
Market Concentration Medium

Major Players

Europe Fuel Cell Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Fuel Cell Market Analysis

The Europe Fuel Cell Market size is estimated at USD 2.01 billion in 2025, and is expected to reach USD 2.72 billion by 2030, at a CAGR of 6.25% during the forecast period (2025-2030).

  • Over the medium term, the increasing adaption of renewable energy sources and supportive government policies are expected to drive the market during the forecasted period.
  • On the other hand, the high upfront cost is expected to hinder the market's growth during the forecast period.
  • Nevertheless, the increasing focus on hydrogen production and infrastructure development is expected to create huge opportunities for the European fuel cell market.
  • Germany is expected to play a major role in the fuel cell market in Europe. Germany has been a leading country in promoting fuel cell technology and has implemented various policies and initiatives to support its adoption.

Europe Fuel Cell Industry Overview

The European fuel cell market is moderately fragmented. Some key players in this market (not in particular order) include Ballard Power System Inc., Toshiba Corp., Fuelcell Energy Inc., Plug Power Inc., and Nuvera Fuel Cell LLC.

Europe Fuel Cell Market Leaders

  1. Ballard Power System Inc.

  2. Fuelcell Energy Inc.

  3. Plug Power Inc.

  4. Nuvera Fuel Cells LLC.

  5. Toshiba Corp.

  6. *Disclaimer: Major Players sorted in no particular order
Europe Fuel Cell Market Concentration
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Europe Fuel Cell Market News

  • January 2024: Stellantis Pro One commercial vehicle lineup expanded production capabilities, including both mid-size and large vans in Hordain (France) and Gliwice (Poland), respectively, in hydrogen fuel cell vehicles.
  • December 2023: Symbio, the hydrogen mobility joint venture between Stellantis, Forvia, and Michelin, integrated a gigafactory for hydrogen fuel cells in the Auvergne-Rhône-Alpes region in France. The factory is expected to produce 50,000 fuel cell systems per year by 2026 from its current capacity of 16,000.

Europe Fuel Cell Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast in USD, till 2029
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.1.1 Government Supportive Policies and Incentives
    • 4.5.1.2 Renewable Energy Integration
    • 4.5.2 Restraints
    • 4.5.2.1 High Initial Costs
  • 4.6 Supply Chain Analysis
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Consumers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes Products and Services
    • 4.7.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION

  • 5.1 Application
    • 5.1.1 Portable
    • 5.1.2 Stationary
    • 5.1.3 Transportation
  • 5.2 Fuel Cell Technology
    • 5.2.1 Polymer Electrolyte Membrane Fuel Cell (PEMFC)
    • 5.2.2 Solid Oxide Fuel Cell (SOFC)
    • 5.2.3 Other Fuel Cell Technologies
  • 5.3 Geography
    • 5.3.1 Germany
    • 5.3.2 France
    • 5.3.3 Italy
    • 5.3.4 United Kingdom
    • 5.3.5 Russia
    • 5.3.6 NORDIC
    • 5.3.7 Spain
    • 5.3.8 Rest of Europe

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Ballard Power System Inc.
    • 6.3.2 Toshiba Corp.
    • 6.3.3 Fuelcell Energy Inc.
    • 6.3.4 Nuvera Fuel Cells LLC
    • 6.3.5 Plug Power Inc.
    • 6.3.6 AFC Energy
    • 6.3.7 Topsoe
    • 6.3.8 Ceres Power
    • 6.3.9 SFC Energy
    • 6.3.10 Cummins Inc.
  • *List Not Exhaustive
  • 6.4 Market Ranking Analysis

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Hydrogen Production and Infrastructure Development
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Europe Fuel Cell Industry Segmentation

A fuel cell is an electrochemical device that converts the chemical energy of a fuel, typically hydrogen, directly into electrical energy. It operates through the fuel cell reaction, which combines hydrogen and oxygen (from the air) to produce electricity, heat, and water as byproducts.

The European fuel cell market is segmented into application, fuel cell technology, and geography. By application, the market is segmented into portable, stationary, and transportation. By fuel cell technology, the market is segmented into polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), and other fuel cell technologies. By geography, the market is segmented into Germany, France, Italy, United Kingdom, Russia, NORDIC, Spain, and Rest of Europe. The report also covers the market size and forecasts for the European fuel cell market. The market sizing and forecasts have been done for each segment based on value (USD).

Application Portable
Stationary
Transportation
Fuel Cell Technology Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Solid Oxide Fuel Cell (SOFC)
Other Fuel Cell Technologies
Geography Germany
France
Italy
United Kingdom
Russia
NORDIC
Spain
Rest of Europe
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Europe Fuel Cell Market Research FAQs

How big is the Europe Fuel Cell Market?

The Europe Fuel Cell Market size is expected to reach USD 2.01 billion in 2025 and grow at a CAGR of 6.25% to reach USD 2.72 billion by 2030.

What is the current Europe Fuel Cell Market size?

In 2025, the Europe Fuel Cell Market size is expected to reach USD 2.01 billion.

Who are the key players in Europe Fuel Cell Market?

Ballard Power System Inc., Fuelcell Energy Inc., Plug Power Inc., Nuvera Fuel Cells LLC. and Toshiba Corp. are the major companies operating in the Europe Fuel Cell Market.

What years does this Europe Fuel Cell Market cover, and what was the market size in 2024?

In 2024, the Europe Fuel Cell Market size was estimated at USD 1.88 billion. The report covers the Europe Fuel Cell Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Europe Fuel Cell Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Europe Fuel Cell Industry Report

Statistics for the 2025 Europe Fuel Cell market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Fuel Cell analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.