Published: 2019 April 09

Fuel Cell Market Size, Competitive Landscape and Market Forecast - 2030

SKU : EP403
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215 pages
Report Summary
Table of Content
List of Tables & Figures

Global Fuel Cell Market is segmented By Technology (Polymer Electrolyte Membrane Fuel Cell, Solid Oxide Fuel cell, Molten Carbonate Fuel cell, Alkaline Fuel Cell, Others), By Application (Portable Power, Portable Power, Transportation), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

 

Fuel Cell Market Overview

The global fuel cell market reached USD million in 2022 and is projected to witness lucrative growth by reaching up to USD million by 2030. The market is growing at a High CAGR of  during the forecast period (2023-2030). Fuel cells are electrochemical devices that directly transform the chemical energy in fuels into electrical energy, offering high efficiency and minimal environmental impact power generation.

A fuel cell generates electricity cleanly and effectively by utilizing the chemical energy of hydrogen or other fuels. Electricity, water and heat are the only byproducts if hydrogen is the fuel.

Because they can run on a variety of fuels and feedstocks and can power systems as large as a major power plant and as tiny as a laptop computer, fuel cells are unusual in that they have a wide range of possible uses.

Fuel Cell Market Scope and Summary

Metrics

Details

CAGR

XX%

Size Available for Years

2021-2030

Forecast Period

2023-2030

Data Availability

Value (US$) 

Segments Covered

Technology, Power, Type, Application, End-User and Region

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle East & Africa

Fastest Growing Region

Asia-Pacific

Largest Region

North America

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.

 

Fuel Cell Market Dynamics and Trends

 

The growing demand for clean energy

The primary source of electricity generation worldwide is fossil fuels. For instance, the International Energy Agency's (IEA) Key Global Energy Statistics 2018 show that coal-generated energy made up 38.40% of the total electricity produced in 2016. In addition to producing power, coal is primarily utilised to produce heat. Because of which, coal is one of the main sources of worldwide CO2 emissions, which have a serious adverse effect on the environment. Hence, the development of more environmentally friendly and effective power sources is raising the need for fuel cells. 

Also, because they can efficiently deliver both heat and power, fuel cells have become a viable alternative technology for electricity generation, heating and other major power applications. Only zero or almost zero emissions are possible, depending on the fuel sources. Furthermore, many emissions, such as those of nitrous oxide or particulate matter, are benign and generally take the form of heat and water.

The rising R&D activities

Fuel cell systems cost more up front than other alternative technologies. So, a key consideration in product selection is capital expense, which may prevent the widespread use of fuel cell systems. Nonetheless, fuel cells have a huge potential to help the switch to producing sustainable energy.

As a result, governments in nations like South Korea, Germany, Japan, U.S. and UK have launched large R&D programs in an effort to lower costs and expand the use of fuel cells. For instance, the National Energy Technology Laboratory, a division of U.S. DOE, maintains and manages a number of research and development initiatives to advance the commercialization of fuel cell technology.

Fuel Cell Market Segment Analysis

The global fuel cell market is segmented based on technology, power, type, application, end-user and region.

The ability of solid fuel cell to operate in high temperature

In terms of technology, solid oxide fuel cells (SOFC) have a substantial market share. The removal of the need for electrolyte loss is one of the major advantages of SOFCs. Moreover, their capacity to function at high temperatures lessens the requirement for pricey catalysts like ruthenium. The majority of stationary applications are favoured by SOFCs.

Source: DataM Intelligence Analysis (2023)

Fuel Cell Market Geographical Penetration

The rising traction of hydrogen fuel cell in Asia-Pacific

Asia-Pacific is anticipated to lead the fuel cell industry. Due to favorable national and provincial government subsidies and incentive schemes from local authorities to promote the adoption of hydrogen vehicles to reduce pollution, the region's hydrogen fuel cell sector has been expanding. China produces 94% of the world's fuel cell buses and 99% of the fuel cell trucks, according to the IEA's Global EV Outlook 2021. 

The market for fuel cell electric vehicles nearly doubled, thanks in large part to impressive growth in China, Japan and Korea. Hence, the region's fuel cell market is anticipated to be driven throughout the forecast period by elements such favorable government regulations and initiatives to incorporate fuel cell technology in transportation and other applications.

Source: DataM Intelligence Analysis (2023)

Fuel Cell Companies and Competitive Landscape

The major global players include Ballard Power Systems, FuelCell Energy, Hydrogenics Corp., Plug Power, Ceres Power, SFC Energy, Bloom Energy, Nuvera Fuel Cells, Inc., SFC Energy and Altergy Systems.

Key Developments

  • Hyzon Motors Inc. announced in September 2021 that it has signed an agreement (MoU) with Shanghai Hydrogen HongYun Automotive Co. Ltd to buy 500 hydrogen-powered electric trucks. Before the end of 2021, the initial purchase of 100 vehicles is anticipated and the remaining 400 vehicles will be ordered in 2022.
  • Ahead of the release of its second-generation fuel-cell vehicle, the Mirai FCEV, in March 2021, Toyota Corporation introduced a new hydrogen production plant and refuelling station at its closed automobile manufacturing in Melbourne, Australia. The facility has a 200 kilowatt electrolyzer that is powered by a 100 kilowatt battery and an onsite 84 kilowatt solar array.
  • Edison Motors and Plug Power inked a contract in December 2021 for the development and marketing of an electric city bus fueled by hydrogen fuel cells. The electric bus chassis from Edison Motors will be powered by the 125kW ProGen fuel cell engine from Plug Power. By the second half of 2022, the companies want to have a fuel cell electric bus prototype ready.

The global fuel cell market report would provide approximately 77 tables, 86 figures and 215 pages.

 

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FAQ’s
What is the Projected CAGR value of the Fuel Cell Market?
The Fuel Cell Market is expected to grow at a high CAGR from 2023 to 2030.
Which is the fastest-growing region in the Fuel Cell Market?
The major global players include Ballard Power Systems, FuelCell Energy, Hydrogenics Corp., Plug Power, Ceres Power, SFC Energy, Bloom Energy, Nuvera Fuel Cells, Inc., SFC Energy and Altergy Systems.