Fuel Cell Market

SKU: DMEP403 | Last Updated On: Jan 05 2023 | Available Formats

> Global Fuel Cell Market Expected to reach a high CAGR of 24.15% By 2029: DataM Intelligence

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, 2022-2029

Fuel Cell Market Overview

The Global Fuel Cell market is forecasted to reach yy million by 2021 growing at a CAGR of around 24.15% during the forecast period (2022-2029).

  • Fuel cells are the devices that convert the energy of a chemical reaction, typically between hydrogen and oxygen, directly into low-voltage DC electricity and into heat.

  • The Fuel cell market is on an upsurge because of the various advantages of fuel cells compared to conventional power sources. Fuel cells have a broader range of applications than any other currently available power source – from toys to large power plants, from vehicles to mobile chargers, and from household power to battlefield power.

Fuel Cell Market Scope and Summary



Market CAGR


Segments Covered

By Technology, By Application, and By Region

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, and Other vital insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America


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Fuel Cell Market Dynamics and Trends

  • Due to the increased amounts of carbon dioxide and other greenhouse gases released from burning fossil fuels for energy, the demand for a cleaner and more efficient power source is increasing.

  • This is a significant driver for the Fuel Cell market.

  • Essential fuel cells running on pure hydrogen are pollution-free, giving off only electricity, water, and heat. The potential for fuel cells to provide zero or near-zero emissions has been a significant force in the development of technology over the past 30 years and is drawing increasing attention to the technology today.

More significantly, the total MW grew substantially from 300 MW in 2015 to 500 MW in 2016

  • The most significant increase—nearly triple—in MWs occurred in the transportation sector, and that growth can be attributed to the introduction and expansion of fuel-cell light-duty vehicles from Japan and Korea to new regions around the world.

  • There was also the inclusion of Honda’s fuel cell vehicle in the marketplace. Other transportation applications such as buses and material handling also contributed to the increase in MW shipped.

  • The biggest hurdle for the fuel cell market today is cost. Fuel cells cannot yet compete economically with more traditional energy technologies, though rapid technological advances are being made. So high cost of fuel cells can be a possible restraint for this market.

Fuel Cell Market Segmentation Analysis

  • The report segments the Fuel Cell market by technology typeApplication, and lastly By Geographical Region.

  • Technology type the market has been segmented into- Polymer Electrolyte Membrane Fuel Cells (PEMFC), Solid Oxide Fuel cells (SOFC), Molten Carbonate Fuel cells (MCFC), Alkaline Fuel Cells (AFC), and Others (Phosphoric Acid fuel cells (PAFC), Direct Methanol fuel cell (DMFC)).

  • By Application type the market has been segmented into- Portable Power, Stationary Power, and Transportation. In 2016, approximately 62,000 fuel cell systems were shipped worldwide from the US, up slightly from 60,000 in 2015.

Global Fuel Cell Market Geographical Share

  • Geography type the market has been segmented into- North America, South America, Europe, Asia-Pacific, and the Rest of the world. There are many fuel cell developmental projects going on around the world.

  • There are a large number of hydrogen fuel cell prototype vehicles which include two-wheelers, cars, and buses, and are already being tested on the roads in several countries especially in developed the world.

  • National governments such as the USA, Canada, and Japan are at the forefront of financing such projects.

  • In other developing countries like Brazil, China, and India, research on hydrogen fuel cells for both stationary and transport applications is already underway.

  • There are other efforts in some small countries like Taiwan where the government and the private sector are investing in fuel cell research. This has yielded new, potentially marketable technologies such as electric bicycles and scooters.

Fuel Cell Market Companies and Competitive Analysis

  • The report profiles the following companies, which includes Ballard Power Systems Fuel Cell Energy, Hydrogenics Corp., Plug Power, Ceres Power, SFC Energy, Bloom Energy, Nuvera Fuel Cells, Inc., SFC Energy, Altergy Systems, and AFCT.

  • Many regulations, guidelines, codes, and standards have already been established through years of fuel cell use in industrial and aerospace applications.

  • Also, systems and organizations are already in place to establish codes and standards that facilitate fuel cell commercialization.

  • The Hydrogen and Fuel Cells Codes and Standards Matrix is an up-to-date directory of all codes and standards worldwide dealing with hydrogen, fuel cells, and fuel cell-related issues.


Frequently Asked Questions

What is the Fuel Cell market growth?

The market is growing at a CAGR of 24.15%.

What is the Fuel Cell market size in 2021?

The Market size was valued at USD YY million in 2021.

Who are the key players in the Fuel Cell market?

Ballard Power Systems Fuel Cell Energy, Hydrogenics Corp., Plug Power, Ceres Power, SFC Energy, Bloom Energy, Nuvera Fuel Cells, Inc., SFC Energy, Altergy Systems, and AFCT.


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