Fuel Cell Market Sales And Industry Forecasts Till, 2022 - 2030

The global fuel cell market size is expected to reach USD 33.09 billion by 2027, exhibiting a CAGR of 15.5% over the forecast period, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.

North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.

Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.

Fuel Cell Market Segmentation

Grand View Research has segmented the global fuel cell market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into PEMFC, PAFC, SOFC, MCFC and Others.

  • The global fuel cell market has been segmented into PEMFC, PAFC, SOFC, MCFC, and others. Proton exchange membrane fuel cell (PEMFC) was the dominant product segment in 2020 in terms of units. The segment’s high share is primarily due to the extensive use of PEMFC in stationary, transportation, and portable applications.
  • In SOFCs need for electrolyte loss is negated, which acts as one of the major advantages. In addition, their ability to operate at high temperatures reduces the need for costly catalysts such as ruthenium. SOFCs are majorly favored for stationary applications.
  • PEMFC requires pure hydrogen, oxygen, and water for its working. It operates at a comparatively lower temperature of around 80°C, making it eligible for quick start and less prone to wearing of system components. As a result, PEMFC is more durable than other product types.

Based on the application Insights, the market is segmented into Stationary, Transportation and Portable.

  • The fuel cell market has been segmented into stationary, transportation, and portable. The stationary segment is expected to emerge as the largest application segment over the forecast period. Factors such as high efficiency and flexibility to use different fuels are expected to boost the growth of the stationary application segment.
  • Transportation application segment is expected to progress at the fastest growth rate over the forecast period owing to the growing demand for fuel cell cars and fuel cell-powered forklifts. Furthermore, increasing research & development activities in Europe to develop hybrid vehicles powered by hydrogen are likely to drive the growth of the segment.
  • European countries such as Germany, France, and the UK are heavily investing in research related to the utilization of fuel cells for power generation. This is anticipated to boost the growth of the stationary application segment over the forecast period. The stationary segment is expected to emerge as the dominant application segment over the forecast period.

Fuel Cell Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global fuel cell market is highly competitive owing to continuous technological advancements being introduced by the existing vendors and new entrants. Industry players are concentrating on strengthening their relations with system installers and are looking at collaborations & merger strategies to help them to enhance their presence in the value chain and expand their geographical presence.

Some prominent players in the Global Fuel Cell market include:

  • Fuel Cell Energy, Inc.
  • Ballard Power Systems
  • SFC Energy AG
  • Nedstack Fuel Cell Technology B.V.
  • Bloom Energy
  • Doosan Fuel Cell America, Inc.
  • Ceres Power Holdings Plc
  • Plug Power, Inc.
  • Nuvera Fuel Cells, LLC

Order a free sample PDF of the in Fuel Cell Market Intelligence Study, published by Grand View Research.

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