Europe Fuel Cell Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Europe Fuel Cell Market Size & Share 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, and Rest of Europe). The Report Offers the Market Size and Forecasts for Europe Fuel Cell in Revenue (USD) for all the Above Segments.

Europe Fuel Cell Market Size

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Europe Fuel Cell Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 2.52 Billion
Market Size (2029) USD 9.75 Billion
CAGR (2024 - 2029) 31.01 %
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 2.52 billion in 2024, and is expected to reach USD 9.75 billion by 2029, growing at a CAGR of 31.01% during the forecast period (2024-2029).

  • 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 forecasted period.
  • Nevertheless, the increasing focus on hydrogen production and infrastructure development is expected to create huge opportunities for the Europe 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 Market Trends

Transportation Sector Expected to Dominate the Market

  • Fuel cells are particularly suitable for heavy-duty transportation applications such as buses, trucks, and trains. These vehicles typically have higher energy demands and longer operating ranges, making them challenging for purely battery-electric solutions. Fuel cells can provide the required power and range while offering zero-emission operation.
  • The transportation sector is a significant contributor to greenhouse gas emissions, and there is a growing global commitment to decarbonize this sector. Fuel cells offer a zero-emission alternative to internal combustion engines, making them an attractive solution for reducing carbon emissions from transportation.
  • Although the growth in the number of fuel-cell electric vehicles in the region is meager, according to Fuel Cells and Hydrogen Observatory majority of fuel-cell electric vehicles registered in 2022 was in Germany 34 compared to only 1 in the United Kingdom and Spain, signifying the adoption of these vehicles is in early stages and has a significant market opportunity for growth.
  • Moreover, fuel cells have the advantage of utilizing existing infrastructure. Hydrogen fueling stations can be integrated into existing gas stations, allowing for a relatively faster rollout of refueling infrastructure compared to widespread electric charging infrastructure.
  • Additionally, in February 2023, Europe officially confirmed the prohibition on selling new petrol and diesel cars starting in 2035. As the world's second-largest car market, this decision follows the passing of a law by the European Parliament mandating car manufacturers to achieve complete elimination of CO2 emissions from all newly produced vehicles. This is expected to increase the sales of fuel-cell electric vehicles during the forecasted period.
  • Therefore, per the points mentioned above, the transportation sector is expected to dominate the market during the forecasted period.
Europe Fuel Cell Market: Number of Fuel Cell Electric Vehicles, in Units, Europe, 2022

Germany Expected to Dominate the 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. The German government has set ambitious targets for hydrogen and fuel cell deployment and has allocated significant funding for research, development, and commercialization of fuel cell technologies.
  • Germany has a well-developed industrial base and strong manufacturing capabilities, which can support the production and deployment of fuel cell systems. The country is home to several prominent fuel cell manufacturers, research institutions, and industry associations that contribute to technological advancements and market growth.
  • Furthermore, Germany's commitment to renewable energy and decarbonization efforts aligns with the potential of fuel cells as a clean and sustainable energy solution. The country's transition to renewable energy sources, particularly wind and solar, can be complemented by integrating fuel cells for efficient energy conversion and storage.
  • Additionally, Germany has ambitious plans to develop a comprehensive hydrogen infrastructure, including hydrogen production facilities and refueling stations. This infrastructure is vital for the widespread adoption of fuel-cell vehicles and other hydrogen-based applications. Germany's commitment to hydrogen infrastructure development positions it as a leader in fuel cell deployment.
  • According to the H2 stations organization, the number of hydrogen refueling stations has increased significantly in Germany in recent years. In 2022, the country's total number of hydrogen refueling stations was 104 compared to 65 in 2018.
  • In January 2023, the hydrogen refueling station at Tempelhofer Weg 102 in Berlin, operated by H2 MOBILITY Germany, officially opened. This station is expected to cater to the refueling needs of hydrogen-powered vehicles, including fuel cell trucks, waste collectors, cars, and light commercial vehicles. Notably, the Tempelhofer Weg station boasts a high storage capacity of over 850 kilograms of hydrogen, making it one of Europe's most efficient hydrogen stations. This station's successful operation is crucial for advancing and expanding hydrogen-powered mobility in the capital city.
  • Therefore, as discussed above, Germany is expected to dominate the market during the forecasted period.
Europe Fuel Cell Market: Hydrogen Refueling Station, in Units, Germany, 2018-2022

Europe Fuel Cell Industry Overview

Europe's fuel cell market is semi fragmanted. Some of the 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.

*Disclaimer: Major Players sorted in no particular order

Europe Fuel Cell Market Concentration
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Europe Fuel Cell Market News

  • July 2022: the European Commission approved USD 5.47 billion in public funding for the IPCEI Hy2Tech project was jointly prepared and notified by fifteen Member States to support research, innovation, and the first industrial development in the hydrogen technology value chain. Hydrogen was expected to become one of the leading options for power generation, further expected to drive the fuel cell market.
  • February 2022: Ballard Power Systems and MAHLE group declared they were working on a project to develop a new fuel cell system for long-haul trucks. MAHLE Group, the automotive supplier, was contracted to take the first delivery of a 120kW fuel cell module at Ballard's hydrogen test center in Stuttgart, Germany. The company was likely to reach power outputs up to 360kW. The multi-year development program is expected to be completed within one to two years.

Europe Fuel Cell Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. Government Supportive Policies and Incentives

        2. Renewable Energy Integration

      2. 4.5.2 Restraints

        1. High Initial Costs

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Application

      1. 5.1.1 Portable

      2. 5.1.2 Stationary

      3. 5.1.3 Transportation

    2. 5.2 Fuel Cell Technology

      1. 5.2.1 Polymer Electrolyte Membrane Fuel Cell (PEMFC)

      2. 5.2.2 Solid Oxide Fuel Cell (SOFC)

      3. 5.2.3 Other Fuel Cell Technologies

    3. 5.3 Geography

      1. 5.3.1 Germany

      2. 5.3.2 France

      3. 5.3.3 Italy

      4. 5.3.4 Rest of Europe


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Ballard Power System Inc.

      2. 6.3.2 Toshiba Corp.

      3. 6.3.3 Fuelcell Energy Inc.

      4. 6.3.4 Nuvera Fuel Cells LLC

      5. 6.3.5 Plug Power Inc.

      6. 6.3.6 AFC Energy

      7. 6.3.7 Topsoe

      8. 6.3.8 Ceres Power

      9. 6.3.9 SFC Energy

      10. 6.3.10 Cummins Inc.

    4. *List Not Exhaustive

    1. 7.1 Hydrogen Production and Infrastructure Development

**Subject to Availability
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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 Europe fuel cell market is segmented by application, fuel cell technology, and geography. The market is segmented by application into portable, stationary, and transportation. The market is segmented by fuel cell technology: polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), and other fuel cell technologies. The report also covers the market size and forecasts for the Europe fuel cell market across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).

Fuel Cell Technology
Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Solid Oxide Fuel Cell (SOFC)
Other Fuel Cell Technologies
Rest of Europe
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Europe Fuel Cell Market Research FAQs

The Europe Fuel Cell Market size is expected to reach USD 2.52 billion in 2024 and grow at a CAGR of 31.01% to reach USD 9.75 billion by 2029.

In 2024, the Europe Fuel Cell Market size is expected to reach USD 2.52 billion.

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.

Europe Fuel Cell Industry Report

Statistics for the 2024 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 to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Europe Fuel Cell Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)