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<p>Europe Automotive Fuel Cell Market was valued at USD 0.5 billion in 2022 and is anticipated to expand at 14.1% CAGR from 2023 to 2032. A fuel cell is an electrochemical device that generates electricity by combining hydrogen and oxygen, producing water as the only byproduct. These are used to power vehicles, creating electric power on board through the chemical reaction between hydrogen fuel and oxygen from the air. Ongoing efforts to expand the hydrogen infrastructure along with large scale investments by governments and private sector for the development of hydrogen refueling stations to further support FCV adoption will fuel the market trends.<br width=): failed to open stream: No such file or directory
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<p>Europe Automotive Fuel Cell Market was valued at USD 0.5 billion in 2022 and is anticipated to expand at 14.1% CAGR from 2023 to 2032. A fuel cell is an electrochemical device that generates electricity by combining hydrogen and oxygen, producing water as the only byproduct. These are used to power vehicles, creating electric power on board through the chemical reaction between hydrogen fuel and oxygen from the air. Ongoing efforts to expand the hydrogen infrastructure along with large scale investments by governments and private sector for the development of hydrogen refueling stations to further support FCV adoption will fuel the market trends.<br width=): failed to open stream: No such file or directory
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Europe Automotive Fuel Cell Market Size
Europe Automotive Fuel Cell Market was valued at USD 0.5 billion in 2022 and is anticipated to expand at 14.1% CAGR from 2023 to 2032. A fuel cell is an electrochemical device that generates electricity by combining hydrogen and oxygen, producing water as the only byproduct. These are used to power vehicles, creating electric power on board through the chemical reaction between hydrogen fuel and oxygen from the air. Ongoing efforts to expand the hydrogen infrastructure along with large scale investments by governments and private sector for the development of hydrogen refueling stations to further support FCV adoption will fuel the market trends.
Setting up of climate reduction targets to reduce greenhouse gas emissions along with introduction of various incentives and subsidies will enhance the business landscape. For instance, in October 2020, the Spanish government introduced its Hydrogen Roadmap in line with the Integrated Energy and Climate Plan (PNIEC) 2021-2030 to reduce its carbon footprint as well as improve upon its penetration of renewable energy sources.
