by The global fuel cell market size is expected to surpass around US$ 42.3 billion by 2030 and is expanding growth at a CAGR of 25.1% from 2021 to 2030.
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.
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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.
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.
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.
Challenges
Lack of infrastructure
The hydrogen is essential in fuel cell operations. The infrastructure for hydrogen production, storage, transportation, and distribution is known as hydrogen infrastructure. The hydrogen must be distributed once it has been produced. It can be delivered to its final destination via pipelines or other modes of transport. The availability of hydrogen fuel pumps is critical for the commercialization of hydrogen fuel cell vehicles. Various parts of the world, however, lack the necessary infrastructure for hydrogen delivery. The scarcity of hydrogen fueling infrastructure may have an impact on future demand for hydrogen generation by fuel cell-powered vehicles. Developing hydrogen fueling stations would necessitate significant investment and intensive support from both public and private entities. Thus, the lack of infrastructure is a huge challenge for the growth of the fuel cell market during the forecast period.
Some of the prominent players in the global fuel cell market include:
- AFC Energy PLC
- Fuji Electric India Pvt. Ltd
- Hydrogenics
- SFC Energy
- ITM Power PLC
- United Technologies
- Proton Power Systems PLC
- Ballard Power Systems Inc.
- Plug Power Inc.
- 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
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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
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