Fuel Cell Market Overview
(215 pages) A Report by DataM Intelligence estimates the Global Fuel Cell market to grow at a CAGR of 20% during the forecast period 2024-2031. The market is expected to grow due to increasing demand from Power Generation, Residential and Commercial, Military, Retail etc. The competitive rivalry intensifies with Ballard Power Systems, FuelCell Energy., SFC Energ, and others operating in the market.
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 Summary
| Metrics | Details |
| CAGR | 20% |
| 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. |
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Fuel Cell Market Dynamics
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 Segmentation 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 Market Companies
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.
The global fuel cell market report would provide approximately 77 tables, 86 figures and 215 pages.
