Europe Fuel Cell Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Europe fuel cell market is expected to grow at a CAGR of more than 14.98% over the period of 2020-2025. The European Council adopted the ambitious ‘20-20-20’ energy and climate change objectives for the year 2020. The increasing share of renewable energy in the final energy consumption to 20%, reduction of greenhouse gas emissions by 20% from 1990 to 2018, has been driving the demand for the fuel cell market. However, owing to several factors, such as concerns about high costs of fuel cells, unavailability and high cost of hydrogen and several other factors have been restraining the growth in deployment of fuel cells in Europe.
Key HighlightsEurope's fuel cell market is fragmented. Some of the key players in this market include Ballard Power System Inc, Toshiba Fuel Cell Power System Corporation, Fuelcell Energy Inc, Plug Power Inc, and Nuvera Fuel Cell LLC.
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