Fuel Cell Market

Report Overview

Fuel Cell Market size was USD 4.4 billion in 2021 and projected to grow from USD 6.5 billion in 2023 to USD 39.2 billion by 2032, exhibiting a CAGR of 22% during the forecast period.

Product Overview

Fuel Cell is referred to as a device consisting of a cathode and anode submersed in an electrolyte solution for generating proper electricity. Fuel Cells can be used as battery  that gives required power to the system and these usually work on easy electromechanical mechanism, which changes chemical energy into electrical energy. Fuel cells have many applications like residential, industrial, transportation, commercial structures. Fuel Cells use hydrogen-based fuel and it produces electricity through the chemical energy of hydrogen or other fuels in a clean and efficient manner.

Market Highlights

Fuel Cell Market is expected to project a CAGR of 22% during the forecast period, 2022-2032

Fuel Cell Market is expected to reach USD 39.2 billion, growing at a CAGR of 22% during forecast period owing to the increasing demand for mobile devices, fuel cell efficiency, strict government restrictions focused at minimising the increasing pollution, which are anticipated to drive the demand for the growth of the fuel cell market. The advantages offered by fuel cell may drive market growth. The favourable regulations by the government and incentives to promote usage of renewable energy and high funding for electrification of off-grid may create growth opportunity for the market. Increasing regulations with eco-friendly objectives aiming in decreasing emission rates are expected to boost the fuel cell market growth.

Fuel Cell Market Segmentation

Stationary segment is expected to grow with high CAGR during the forecast period

Fuel Cell Market is classified based on the Application into Portable, Transport, Stationary. Stationary segment dominated the fuel cell market and is expected to continue its dominance over the forecast period owing to the increasing popularity, high effectiveness and capability to use various fuels. Transportation segment is expected to grow faster during the forecast period due to the increasing demand for fuel cell automobiles. Growing research and development activities to generate hydrogen powered hybrid vehicles may drive growth of segment.

Proton Exchange Membrane Fuel Cell segment is expected to grow with high CAGR during the forecast period

Fuel Cell Market is classified based on the Type into Molten Carbonate Fuel Cell, Solid Oxide Fuel Cell, Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell and Others. Proton Exchange Membrane Fuel Cell (PEMFC) segment dominated the market and is expected to continue its dominance over the forecast period owing to the presence of several benefits like compactness, flexibility in input fuel, low cost, lightweight, and solidity of electrolyte which is anticipated to create demand for the growth of segment in the market.

Market Dynamics

Growth Drivers

Agreeable Regulatory Policies are Expected to Boost the Growth of the Market

Fuel cell systems utilization is being increased as it generates Combined Heat & Power for powering and heating households and commercial spaces like hospitals, hotels, educational centers etc. Different state and federal bodies have initiated beneficial legislative policies and subsidy projects to boost the combining of devices in various applications. Fuel cells can produce electricity directly from oxygen and hydrogen, therefore power generated does not cause emission of CO2 or harmful environmental pollutants.

Growing Demand for Generating Clean Energy is Expected to Boost the Growth of the Market

The rising concerns on carbon emissions from various sources is resulting in climatic change leading to the serious consequences on human health and environment. Solid Oxide Fuel Cells are used in different portable and fixed applications which boosts and diversifies energy infrastructure by giving a clean, reliable, and modern energy-efficient solution to reach the increasing demand of power. Increasing acceptance of zero-emission equipment and good fuel efficiency is anticipated to drive the demand for the growth of fuel cells for Combined Heat & Power application during the forecast period. 

Restraint

High Production Cost May Restrain the Growth of the Market

The high cost involved in producing and delivering hydrogen fuel to service stations along with the high catalyst cost which increases the fuel cell cost may hamper the growth of fuel cell market. The demand for electric vehicles due to their advantages and absence of fuel cell infrastructure may restrain the growth of the market.

Recent Developments

• In October 2019, SFC Energy and AuroraHut collaborated involving the EFOY fuel cells into its new igloo houseboats for highly tailored trips under the terms of the deal.
• In October 2018, Hydrogenics initiated a new facility in California, which aimed to combine hydrogen FC systems onto bus and heavy-duty trucks in California.

Fuel Cell Market

Key Players Covered:

• Ballard Power Systems
• FuelCell Energy, Inc.
• Nuvera Fuel Cells LLC
• Nedstack Fuel Cell Technology B.V.
• Ceres Power Holdings PLC
• ElringKlinger 
• AVL
• Gore
• SFC Energy AG
• Bloom Energy
• Doosan Fuel Cell America, Inc.
• Blue World Technologies
• Pragma Industries 
• Bosch 
• Horizon Fuel Cell Technologies 
• Plug Power, Inc.
• Elcogen
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Fuel Cell Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the fuel cell market owing to the presence of favourable legislation in this region focusing on minimising carbon emissions and the funding for research and development of fuel cell initiatives. Asia-Pacific is expected to dominate the market during the forecast period owing to the expanding fuel cell market in this region along woth the schemes and strategies that are anticipated to boost fuel cell systems for transportation.

Impact of Covid-19 on Fuel Cell Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed travel restrictions and lockdown measures to control the spread of virus. Several industrial activities were halted or delayed due to the pandemic and there was disruption in the cash flow. The demand for fuel cell had reduced in different fields, including aerospace, automotive, and industrial etc. Covid-19 had a negative impact on the growth of the Fuel Cell Market.

Fuel Cell Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Fuel Cell Market Scope and Segments:

Frequently Asked Questions (FAQ):