Fuel Cell Market
Fuel Cell Market Size, Share & Trends Analysis Report, By Type (Polymer Electrolyte Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), and Others), By Application (Stationary, Portable, and Transportation) Forecast Period (2022-2030) Update Available - Forecast 2025-2031
Fuel cell market is estimated to grow at a CAGR of 20.0% during the forecast period. The major factors offering an opportunity for the growth of the market include the increasing demand for electric vehicles and government initiatives for the adoption of fuel-cell technology. As per the International Energy Agency (IEA), The global stock of electric passenger cars passed 5 million in 2018, which represents a rise of 63% from 2017. In 2018, China accounted for the largest share of nearly 45% of the global electric cars on the road, which is 2.3 million.
Fuel cell vehicles are highly efficient as compared to traditional internal combustion engine vehicles. FCEV running on hydrogen generates no tailpipe emissions and emits only water vapor and warm air. Owing to the stringent emission regulations, the governments of countries are making efforts to adopt hydrogen-powered vehicles. For instance, the US Department of Energy has been conducting research to make hydrogen-powered vehicles an environmentally friendly, affordable, and safe transportation alternative. Under the Energy Policy Act of 1992, hydrogen is considered an alternative fuel and eligible for alternative fuel vehicle tax credits. Hyundai Motor Group, a South Korean automotive company is focusing on electric vehicles powered by hydrogen fuel cells. In addition, Honda Motor Co. Ltd. and Toyota Motor Corp. are also focusing on hydrogen FCEVs. By 2030, Hyundai Motor Group is intended to produce 700,000 fuel-cell systems, which includes 500,000 units for FCEVs. This, in turn, is expected to drive the demand for hydrogen fuel cells in electric vehicles.
Segmental Outlook
The global fuel cell market is segmented based on type and application. Based on type, the market is segmented into polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), and Others. Based on application, the market is classified into stationary, portable, and transportation.
Stationary fuel cells held a significant share of the application segment
Stationary fuel cells have significant applications in the energy sector to power from single-family homes to large commercial centers. These fuel cells have applications across a range of markets, such as telecommunications, retail, residential, data centers, and among others. In the US, fuel cells are currently used for backup power in over 40 states. As per the Fuel Cell & Hydrogen Energy Association (FCHEA), many companies across the globe are adopting stationary fuel cells for primary and backup power. These companies include AT&T, Adobe, Apple, CBS, Cox Communications, Coca-Cola, Delmarva Power, Honda, eBay, Google, Walmart, Microsoft, and others. As of January 2020, in the US, over 550 megawatts (MW) of stationary fuel cells were installed that provide distributed power to customers. These fuel cells have very low emissions, so they can be installed almost anywhere.
Regional Outlook
The global fuel cell market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Asia-Pacific is estimated to witness potential growth in the market during the forecast period, owing to the favorable government initiatives for fuel cell technology and increasing demand for electric vehicles in the region. As per the FCHEA, as of 2018, 14 hydrogen fueling stations and 2,000 fuel cell vehicles were in operation across South Korea. South Korea estimates up to 6.2 million vehicles combined with 1,200 hydrogen stations by 2040. This will make the country one of the major producers of fuel cell vehicles with supporting hydrogen infrastructure. China and Japan are also focusing on hydrogen-powered fuel cell vehicles, which in turn, will likely drive the market growth in these countries.
Market Players Outlook
The major players in the global fuel cell market include Ballard Power Systems, Inc., Ceres Power Holdings plc, Fuel Cell Energy, Inc., Plug Power Inc., and Hydrogenics Corp. Product launches and geographical expansion are considered as some key strategies adopted by the market players to increase market share and gain a competitive advantage. For instance, in October 2018, Ceres Power declared a nearly $9 million investment in a new, breakthrough production facility in the UK. This new facility will enable the company to initially supply the equivalent of 2 MW of fuel cells annually with the capacity to expand to I0 MW to fulfill the increasing demand from customers.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global fuel cell market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Ballard Power Systems Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Ceres Power Holdings plc
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. FuelCell Energy Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Plug Power Inc.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Hydrogenics Corp.
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
4. Market Segmentation
4.1. Global Fuel Cell Market by Type
4.1.1. Polymer Electrolyte Membrane Fuel Cell (PEMFC)
4.1.2. Solid Oxide Fuel Cell (SOFC)
4.1.3. Molten Carbonate Fuel Cell (MCFC)
4.1.4. Phosphoric Acid Fuel Cell (PAFC)
4.1.5. Others (Alkaline Fuel Cell (AFC) and Direct Methanol Fuel Cell (DMFC))
4.2. Global Fuel Cell Market by Application
4.2.1. Stationary
4.2.2. Portable
4.2.3. Transportation
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Acumentrics, Inc.
6.2. AFC Energy plc
6.3. Altergy Systems
6.4. Ballard Power Systems Inc.
6.5. Bloom Energy
6.6. Ceres Power Holdings plc
6.7. Doosan Fuel Cell America, Inc.
6.8. FuelCell Energy, Inc.
6.9. Fuji Electric Co., Ltd.
6.10. Hydrogenics Corp.
6.11. Hyundai Motor Co.
6.12. Neah Power Systems, Inc.
6.13. Nedstack Fuel Cell Technology BV
6.14. Nuvera Fuel Cells, LLC
6.15. Oorja Corp.
6.16. Plug Power Inc.
6.17. Proton Power Systems plc
6.18. SFC Energy AG
6.19. Shanghai Shenli Technology Co., Ltd.
6.20. SOLIDpower S.p.A.
6.21. Toshiba Corp.
6.22. United Technologies Corp.
1. GLOBAL FUEL CELL MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
2. GLOBAL POLYMER ELECTROLYTE MEMBRANE FUEL CELL (PEMFC) MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL SOLID OXIDE FUEL CELL (SOFC) MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL MOLTEN CARBONATE FUEL CELL (MCFC) MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
5. GLOBAL PHOSPHORIC ACID FUEL CELL (PAFC) MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
6. GLOBAL OTHER FUEL CELL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL FUEL CELL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
8. GLOBAL STATIONARY FUEL CELL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL PORTABLE FUEL CELL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL TRANSPORTATION FUEL CELL MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBAL FUEL CELL MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2022-2030 ($ MILLION)
12. NORTH AMERICAN FUEL CELL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
13. NORTH AMERICAN FUEL CELL MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
14. NORTH AMERICAN FUEL CELL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
15. EUROPEAN FUEL CELL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
16. EUROPEAN FUEL CELL MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
17. EUROPEAN FUEL CELL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
18. ASIA-PACIFIC FUEL CELL MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
19. ASIA-PACIFIC FUEL CELL MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
20. ASIA-PACIFIC FUEL CELL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
21. REST OF THE WORLD FUEL CELL MARKET RESEARCH AND ANALYSIS BY TYPE, 2022-2030 ($ MILLION)
22. REST OF THE WORLD FUEL CELL MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
1. GLOBAL FUEL CELL MARKET SHARE BY TYPE, 2022 VS 2030 (%)
2. GLOBAL FUEL CELL MARKET SHARE BY APPLICATION, 2022 VS 2030 (%)
3. GLOBAL FUEL CELL MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL POLYMER ELECTROLYTE MEMBRANE FUEL CELL (PEMFC) MARKET SHARE BY REGION, 2022 VS 2030 (%)
5. GLOBAL SOLID OXIDE FUEL CELL (SOFC) MARKET SHARE BY REGION, 2022 VS 2030 (%)
6. GLOBAL MOLTEN CARBONATE FUEL CELL (MCFC) MARKET SHARE BY REGION, 2022 VS 2030 (%)
7. GLOBAL PHOSPHORIC ACID FUEL CELL (PAFC) MARKET SHARE BY REGION, 2022 VS 2030 (%)
8. GLOBAL OTHER FUEL CELL MARKET SHARE BY REGION, 2022 VS 2030 (%)
9. GLOBAL STATIONARY FUEL CELL MARKET SHARE BY REGION, 2022 VS 2030 (%)
10. GLOBAL PORTABLE FUEL CELL MARKET SHARE BY REGION, 2022 VS 2030 (%)
11. GLOBAL TRANSPORTATION FUEL CELL MARKET SHARE BY REGION, 2022 VS 2030 (%)
12. US FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
13. CANADA FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
14. UK FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
15. FRANCE FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
16. GERMANY FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
17. ITALY FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
18. SPAIN FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
19. ROE FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
20. INDIA FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
21. CHINA FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
22. JAPAN FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
23. REST OF ASIA-PACIFIC FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
24. REST OF THE WORLD FUEL CELL MARKET SIZE, 2022-2030 ($ MILLION)
