by According to a research report “Fuel Cell Market (By Product: Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell, and Others; and By Application: Stationary, Transportation, and Portable) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030″ published by Precedence Research.
The fuel cell market size is projected to touch USD 7.03 billion in 2022 and is forecasted to reach USD 42.3 billion by 2030; it is expected to grow at a CAGR of 25.1% from 2021 to 2030.
The study provides an analysis of the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2021 is considered as the base year.
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Fuel cells produce no pollutants and help to reduce greenhouse gas emissions. Fuel cells primarily employ methanol and hydrogen, reducing economic reliance on oil and gas while improving regional energy security. The expansion of fuel cell market is expected to be supported by rising environmental concerns and expanding infrastructure connected to hydrogen refilling stations over the forecast period.
One of the primary factors driving the fuel cell market expansion is rising demand for unconventional energy sources. Other factors expected to drive the demand include growing public and private collaborations and lower environmental impact. The governments all around the world are expected to assist the developments by providing funding for research and development activities. This factor is contributing towards the growth of the global fuel cell market.
Table of Contents
Scope of the Fuel Cell Market
| Report Coverage | Details |
| Market Size | US$ 42.3 Billion by 2030 |
| Growth Rate | CAGR of 25.1% from 2021 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Application, Region |
Market Dynamics
Drivers
Rising focus on reducing greenhouse gas emissions
The growing need to reduce global greenhouse gas emissions from a variety of sources, as well as important steps toward achieving a carbon free society, is projected to boost the global fuel cell market. Furthermore, the growing demand for automobiles with hydrogen fuel cells to meet severe government goals to enhance clean energy development is expected to boost the adoption and implementation of battery cell systems in various countries. As a result, the rising focus on reducing greenhouse gas emissions is driving the growth of the global fuel cell market over the projected period.
Restraints
High initial costs
The catalysts, bipolar plates, gaskets, membrane electrode assemblies, and other components are used in the manufacturing of the fuel cell systems. As a result, these products are quite expensive, and manufacturing a limited number of fuel cell systems may result in unacceptably high prices for the manufacturers. Thus, the high initial costs are hampering the growth of the fuel cell market during the forecast period.
Opportunities
Growing government initiatives
The fuel cell systems are increasingly being used to generate heat and power for application in residential and commercial spaces such as educational institutions, public buildings, hotels, restaurants, and hospitals. As a result, different state and federal governments have enacted advantageous legislative frameworks and subsidy programs to encourage the integration of devices into a wide range of applications. As a result, the growing government initiatives are creating lucrative opportunities for the growth of the fuel cell market.
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Report Highlights
- Based on the product, the proton exchange membrane fuel cell segment dominated the global fuel cell market in 2020 with highest market share. The segment expansion is being driven by rising demand for renewable energy generation and reliance of proton exchange membrane fuel cell based public transportation systems in developed nations.
- Based on the application, the stationary segment dominated the global fuel cell market in 2020 with highest market share. The expanding demand for fixed backup power generators for remote sites, as well as the growing number of power generation plants being built across the globe, encourages the adoption of technology, which is propelling the segment growth.
Regional Snapshot
North America is the largest segment for fuel cell market in terms of region.The advancements in the fuel cell technology market in the North America region are projected to be boosted by rising power generation from clean energy sources. North America’s fuel cell market will also be boosted by significant investments in sophisticated fuel cell system research and development, as well as long term technology adoption.
Asia-Pacific region is the fastest growing region in the fuel cell market.The fuel cell market in Asia-Pacific region will be driven by an exponential expansion in electricity consumption, as well as increased investments to enhance the development of transportation and stationary applications.
Some of the key players in the global fuel cell market include:
- AFC Energy PLC
- SFC Energy
- ITM Power PLC
- Hydrogenics
- Fuji Electric India Pvt. Ltd
- Proton Power Systems PLC
- Plug Power Inc.
- Ballard Power Systems Inc.
- United Technologies
- Fuel Cell Energy Inc.
Segments Covered in the Report
By Product
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cell
- Solid Oxide Fuel Cell
- Molten Carbonate Fuel Cell
- Others
By Application
- Stationary
- Transportation
- Portable
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Fuel Cell Market
5.1. COVID-19 Landscape: Fuel Cell Industry Impact
5.2. COVID 19 – Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Fuel Cell Market, By Product
8.1. Fuel Cell Market, by Product Type, 2021-2030
8.1.1. Proton Exchange Membrane Fuel Cell
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Phosphoric Acid Fuel Cell
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Solid Oxide Fuel Cell
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Molten Carbonate Fuel Cell
8.1.4.1. Market Revenue and Forecast (2019-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Fuel Cell Market, By Application
9.1. Fuel Cell Market, by Application, 2021-2030
9.1.1. Stationary
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Transportation
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Portable
9.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Fuel Cell Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
Chapter 11. Company Profiles
11.1. AFC Energy PLC
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. SFC Energy
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. ITM Power PLC
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Hydrogenics
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Fuji Electric India Pvt. Ltd
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Proton Power Systems PLC
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Plug Power Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Ballard Power Systems Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. United Technologies
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Fuel Cell Energy Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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