Europe Fuel Cell Market Size & Outlook, 2023-2030
Europe fuel cell market, 2018-2030 (US$M)
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Europe fuel cell market highlights
- The Europe fuel cell market generated a revenue of USD 1,010.0 million in 2023.
- The market is expected to grow at a CAGR of 21.7% from 2024 to 2030.
- In terms of segment, pemfc was the largest revenue generating product in 2023.
- SOFC is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, France is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 1,010.0 million |
| Market revenue in 2030 | USD 3,995.2 million |
| Growth rate | 21.7% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | SOFC |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | PEMFC, PAFC, SOFC, MCFC |
| Key market players worldwide | Ballard Power Systems Inc, Bloom Energy Corp Class A, Ceres Power Holdings PLC, Doosan Fuel Cell Ordinary Shares, FuelCell Energy Inc, Plug Power Inc, SFC Energy AG, Cummins Inc, Nedstack Fuel Cell Technology, Hyster-Yale Materials Handling Inc Class A |
Other key industry trends
- In terms of revenue, Europe region accounted for 13.7% of the global fuel cell market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 5,993.9 million by 2030.
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to fuel cell market will help companies and investors design strategic landscapes.
Pemfc was the largest segment with a revenue share of 65.87% in 2023. Horizon Databook has segmented the Europe fuel cell market based on pemfc, pafc, sofc, mcfc covering the revenue growth of each sub-segment from 2018 to 2030.
The development and deployment of fuel cell systems in Europe are witnessing an increase due to the European Commission's projects through an organization such as Fuel Cells and Hydrogen Joint Undertaking (FCH JU).
These projects have been reported to increase fuel cell vehicles' adoption in Europe and aid in developing supportive hydrogen infrastructure for fuel cell vehicles in the major European countries. FCH JU works on a public-private partnership model, supports research & development, and provides grants for fuel cell projects implementation.
Similarly, "Hydrogen Europe" is an organization that assists in conducting research activities and providing necessary support for the development and deployment of fuel cell projects, thus driving the fuel cell market's product segment.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into Europe fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe fuel cell market size, by country, 2018-2030 (US$M)
Europe Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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