Report Overview

Europe Fuel Cell Market - Industry Trends & Forecast Report, 2029

Europe fuel cell market size was estimated at USD 2.2 billion in 2022. During the forecast period between 2023 and 2029, the size of Europe fuel cell market is projected to grow at a CAGR of 28.45% reaching a value of USD 9.88 billion by 2029. Major growth drivers for the Europe fuel cell market include increasing government initiatives and rising adoption of European union frameworks promoting technology. Large Public-Private partnerships and substantial investments in fuel cell R&D are key factors propelling market development. The widespread application of fuel cells across various sectors such as transportation, power generation, logistics, automotive, medical, military, and energy contributes to market expansion. The adoption of environmentally friendly fuel cells aligns with Europe's goal of developing a low-carbon economy, further supporting market growth. Also, several European countries demonstrate a high adaptability to fuel cells, owing to government funding and investments in collaboration with private investors. Specific government initiatives, like the fuel cell electric vehicle support scheme in the United Kingdom, and venture capital investments in France, influence the fuel cell market. Meanwhile, local private organizations play a crucial role in driving the market in Germany, Spain, and Italy. Russia stands out as a developed user of fuel cells, focusing extensively on research and development across various applications such as electric vehicles, hybrid electric vehicles, portable devices, electricity grids, hydrogen refueling stations, and Combined Heat and Power (CHP).

Europe Fuel Cell Market – Overview

Europe fuel cell market refers to the industry and commercial activities associated with the production, development, and utilization of fuel cells in European countries. A fuel cell is an electrochemical device that converts chemical energy from a fuel into electrical energy through a reaction between the fuel and an oxidizing agent. The market encompasses various sectors, including transportation, power generation, logistics, automotive, medical, military, and energy. The growth of the market is influenced by factors such as government initiatives, European Union frameworks, Public-Private partnerships, research and development investments, and the increasing adoption of environmentally friendly fuel cells to achieve a low-carbon economy. The adaptability and market dynamics vary among European countries, with each nation contributing to the overall development and application of fuel cell technology.

Europe Fuel Cell Market

Growth Drivers

Increasingly High Demand for Energy from Renewable Sources

The Europe fuel cell market experiences a surge driven by an escalating demand for clean energy sources. The increasing need for sustainable and environmentally friendly solutions propels the adoption of fuel cells across various sectors. As governments and industries prioritize clean energy initiatives, the market benefits from a growing emphasis on reducing carbon footprints. This heightened demand is reflected in the widespread application of fuel cells in transportation, power generation, and various industries, positioning fuel cell technology as a key player in meeting the region's energy needs while addressing environmental concerns.

Restraints

Limited Refueling Infrastructure

The growth of the Europe fuel cell market is hindered by a constraint in the form of limited refueling infrastructure. The restricted availability of refueling stations poses a challenge to the widespread adoption of fuel cell technology, particularly in the transportation sector. This infrastructure limitation acts as a barrier to the seamless integration of fuel cell-powered vehicles and impacts the overall market expansion. Addressing this challenge becomes crucial for unlocking the full potential of the fuel cell market, requiring strategic investments and collaborative efforts to develop an extensive and accessible refueling infrastructure throughout the European region.

Impact of COVID-19 on Europe Fuel Cell Market

COVID-19 pandemic had a mixed impact on the Europe fuel cell market. Supply chain interruptions, workforce constraints, and economic uncertainties affected manufacturing and project timelines. Travel restrictions hampered international collaborations and delayed research and development activities. However, the pandemic underscored the importance of sustainable energy solutions, potentially driving increased interest in fuel cell technology as part of green recovery initiatives. Government stimulus packages aimed at economic recovery, coupled with a heightened focus on environmental sustainability, may contribute to the resilience and future growth of the Europe fuel cell market post-pandemic.

Europe Fuel Cell Market

Segmental Coverage

Europe Fuel Cell Market – By Product

By product, the Europe fuel cell market is divided into PEMFC, PAFC, SOFC, and MCFC segments. The PEMFC segment dominates the Europe fuel cell market by product. It can be attributed to its efficiency, versatility, and suitability for various applications such as transportation and stationary power generation. PEMFCs' quick start-up times, ability to operate at lower temperatures, and low environmental impact contribute to their popularity. Government incentives promoting clean energy solutions and ongoing research and development efforts have further enhanced the performance and cost-effectiveness of PEMFCs, making them the dominant choice in Europe's fuel cell market.

Europe Fuel Cell Market – By Application

By nature, the Europe fuel cell market is divided into Stationary, Transportation, and Portable segments. The transportation segment holds the highest share in the Europe fuel cell market by application. Fuel cells are well-suited for heavy-duty transportation like buses, trucks, and trains, addressing challenges of high energy demands and long ranges not easily met by battery-electric solutions. Offering zero-emission operation, fuel cells contribute to global efforts to decarbonize the transportation sector. While the number of fuel-cell electric vehicles is modest, Germany leads with 34 registrations in 2022, highlighting early-stage adoption and substantial growth potential. Leveraging existing infrastructure, hydrogen fueling stations can integrate into gas stations for a faster rollout compared to electric charging infrastructure. Europe's confirmation to ban new petrol and diesel cars by 2035 is expected to drive sales of fuel-cell electric vehicles, given the region's significant automotive market.

Europe Fuel Cell Market – By Country

Geographically, the Europe fuel cell market report covers Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, The Netherlands, and Rest of Europe. Germany dominates the Europe fuel cell market, primarily due to its proactive promotion and support for fuel cell technology. The government's ambitious targets, substantial funding, and robust industrial base contribute to the production and deployment of fuel cell systems. Germany's commitment to renewable energy aligns with fuel cells as clean solutions, complementing wind and solar efforts. The nation's plans for a comprehensive hydrogen infrastructure, reflected in the growing number of refueling stations, position it as a leader in fuel cell deployment. The recent launch of an efficient hydrogen station in Berlin underscores Germany's leadership in advancing hydrogen-powered mobility.

Competitive Landscape

Major players operating in the Europe fuel cell market include FuelCell Energy, Inc., Ballard Power Systems, Hydrogenics Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, and Doosan Fuel Cell America, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In November 2023 - Toyota unveiled its plans to focus on introducing hydrogen-powered vehicles in Europe and China, aiming to sell 200,000 units by 2030. This strategic shift has come after the company's recent emphasis on commercializing solid-state batteries. Toyota acknowledges the challenges in its previous hydrogen fuel-cell vehicle sales, citing cost and infrastructure limitations. By targeting markets with higher hydrogen demand and production, such as Europe and China, Toyota aims to reduce costs and increase sales volume. With government subsidy programs supporting the hydrogen industry, Toyota envisions fuel cells as optimal for longer-range, heavy-use vehicles and anticipates substantial global market growth by 2030.

• In September 2023 – Germany-based manufacturer Quantron and Ballard Power Systems introduced hydrogen fuel cell trucks, marking a milestone in their 2021 partnership. The collaboration integrates Ballard's FCmove fuel cell modules into Quantron's vehicles, including the 44-ton Quantron QHM FCEV and the Quantron QLI FCEV light truck. These zero-emission vehicles, designed with fuel cell components fully integrated into the frame structure, offer longer ranges and shorter refueling times compared to battery electric models. The strategic focus on hydrogen-powered trucks aims to tap into the last-mile transport market, combining Quantron and Ballard's technical strengths for accelerated hydrogen mobility adoption.

Scope of the Report

By Product

• PEMFC

• PAFC

• SOFC

• MCFC

By Application

• Stationary

• Transportation

• Portable

By Country

• Germany

• United Kingdom

• Italy

• France

• Spain

• Belgium

• Russia

• The Netherlands

• Rest of Europe

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Fuel Cell Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing demand for clean energy sources
         2. Expanding applications
      2. Restraints
         1. Limited refueling infrastructure
      3. Opportunities
         1. Advancement in Technology
      4. Challenges
         1. Technical challenges
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Fuel Cell Market Overview
   1. Market Size& Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. PEMFC
         2. PAFC
         3. SOFC
         4. MCFC
         5. Others
      2. By Application
         1. Stationary
         2. Transportation
         3. Portable
      3. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Belgium
         7. Russia
         8. The Netherlands
         9. Rest of Europe
5. Germany Fuel Cell Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
6. United Kingdom Fuel Cell Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
7. Italy Fuel Cell Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
8. France Fuel Cell Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
9. Spain Fuel Cell Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Application
10. Belgium Fuel Cell Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Product
       2. By Application
11. Russia Fuel Cell Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Product
       2. By Application
12. The Netherlands Fuel Cell Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Product
       2. By Application
13. Rest of Europe Fuel Cell Market
    1. Market Size & Forecast, 2019–2029
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Product
       2. By Application
14. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Europe Fuel Cell Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
15. Impact of Covid-19 on Europe Fuel Cell Market
16. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. FuelCell Energy, Inc.
    2. Ballard Power Systems
    3. Hydrogenics Corporation
    4. SFC Energy AG
    5. Nedstack Fuel Cell Technology B.V.
    6. Bloom Energy
    7. Doosan Fuel Cell America, Inc.
    8. Other Prominent Players
17. Key Strategic Recommendations
18. Research Methodology
    1.       Qualitative Research
       1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
       1.   Secondary Research
       2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Europe Fuel Cell  Segmentation

Figure 2       Europe Fuel Cell Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Europe Fuel Cell Market Size, By Value (USD Million), 2019–2029        

Figure 5       Europe Fuel Cell Market Share, By Product, By Value, 2019–2029       

Figure 6       Europe Fuel Cell Market Share, By Application, By Value, 2019–2029  

Figure 7       Europe Fuel Cell Market Share, By Country, By Value, 2019–2029       

Figure 8       Germany Fuel Cell Market Size, By Value (USD Million), 2019–2029    

Figure 9       Germany Fuel Cell Market Share, By Product, By Value, 2019–2029    

Figure 10     Germany Fuel Cell Market Share, By Application, By Value, 2019–2029

Figure 11     United Kingdom Fuel Cell Market Size, By Value (USD Million), 2019–2029    

Figure 12     United Kingdom Fuel Cell Market Share, By Product, By Value, 2019–2029    

Figure 13     United Kingdom Fuel Cell Market Share, By Application, By Value, 2019–2029

Figure 14     Italy Fuel Cell Market Size, By Value (USD Million), 2019–2029  

Figure 15     Italy Fuel Cell Market Share, By Product, By Value, 2019–2029 

Figure 16     Italy Fuel Cell Market Share, By Application, By Value, 2019–2029      

Figure 17     France Fuel Cell Market Size, By Value (USD Million), 2019–2029

Figure 18     France Fuel Cell Market Share, By Product, By Value, 2019–2029        

Figure 19     France Fuel Cell Market Share, By Application, By Value, 2019–2029   

Figure 20     Spain Fuel Cell Market Size, By Value (USD Million), 2019–2029

Figure 21     Spain Fuel Cell Market Share, By Product, By Value, 2019–2029

Figure 22     Spain Fuel Cell Market Share, By Application, By Value, 2019–2029     

Figure 23     Belgium Fuel Cell Market Size, By Value (USD Million), 2019–2029      

Figure 24     Belgium Fuel Cell Market Share, By Product, By Value, 2019–2029      

Figure 25     Belgium Fuel Cell Market Share, By Application, By Value, 2019–2029 

Figure 26     Russia Fuel Cell Market Size, By Value (USD Million), 2019–2029

Figure 27     Russia Fuel Cell Market Share, By Product, By Value, 2019–2029

Figure 28     Russia Fuel Cell Market Share, By Application, By Value, 2019–2029   

Figure 29     The Netherlands Fuel Cell Market Size, By Value (USD Million), 2019–2029   

Figure 30     The Netherlands Fuel Cell Market Share, By Product, By Value, 2019–2029   

Figure 31     The Netherlands Fuel Cell Market Share, By Application, By Value, 2019–2029          

Figure 32     Rest of Europe Fuel Cell Market Size, By Value (USD Million), 2019–2029      

Figure 33     Rest of Europe Fuel Cell Market Share, By Product, By Value, 2019–2029      

Figure 34     Rest of Europe Fuel Cell Market Share, By Application, By Value, 2019–2029 

List of Tables

Table 1 Europe Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 2 Europe Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 3 Europe Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 4 Europe Fuel Cell Market Size, By Country, By Value, 2019–2029

Table 5 Germany Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 6 Germany Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 7 Germany Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 8 United Kingdom Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 9 United Kingdom Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 10      United Kingdom Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 11      Italy Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 12      Italy Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 13      Italy Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 14      France Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 15      France Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 16      France Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 17      Spain Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 18      Spain Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 19      Spain Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 20      Belgium Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 21      Belgium Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 22      Belgium Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 23      Russia Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 24      Russia Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 25      Russia Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 26      The Netherlands Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 27      The Netherlands Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 28      The Netherlands Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 29      Rest of Europe Fuel Cell Market Size, By Value (USD Million), 2019–2029

Table 30      Rest of Europe Fuel Cell Market Size, By Product, By Value, 2019–2029

Table 31      Rest of Europe Fuel Cell Market Size, By Application, By Value, 2019–2029

Table 32      FuelCell Energy, Inc. Company Overview

Table 33      FuelCell Energy, Inc. Financial Overview

Table 34      Ballard Power Systems Company Overview

Table 35      Ballard Power Systems Financial Overview

Table 36      Hydrogenics Corporation Company Overview

Table 37      Hydrogenics Corporation Financial Overview

Table 38      SFC Energy AG Company Overview

Table 39      SFC Energy AG Financial Overview

Table 40      Nedstack Fuel Cell Technology B.V. Company Overview

Table 41      Nedstack Fuel Cell Technology B.V. Financial Overview

Table 42      Bloom Energy Company Overview

Table 43      Bloom Energy Financial Overview

Table 44      Doosan Fuel Cell America, Inc. Company Overview

Table 45      Doosan Fuel Cell America, Inc. Financial Overview