Huge Levels of Global Investment in the Hydrogen Economy will be Key to Taking the Sector and the Technology to the Next Level
Energy decentralization, supportive regulations and policies, greater focus on sustainability, and the crucial development of a hydrogen economy will drive stationary fuel cell industry growth during the next decade. The wider market for decentralized energy solutions is thriving as residential, commercial, and industrial customers look to achieve greater energy security and cost savings. In terms of fuel cell technology type, solid oxide leads in market volume, significantly ahead of its closest competitor, phosphoric acid. Proton membrane technology lags someway behind, but this chemistry has potential to work as back-up power support for renewable energy.
Fuel cell manufacturers continue to prioritize improving their solutions by increasing product life span and efficiencies while lowering costs. The current commodity and supply chain crunch was a major restraint on the market in 2022, but conditions have improved in 2023 and could dissolve in the medium term.
Growth of the global fuel cell market is inextricably linked to the development of the hydrogen economy. Although natural gas can power fuel cells, it also ties them to fossil fuels. The buildout of low-carbon hydrogen infrastructure will enable fuel cells to decarbonize, making them a more attractive proposition for many stakeholders. Fortunately for fuel cell manufacturers, hydrogen is an investment priority for nearly all the world’s major economies. The United States, South Korea, and Japan are the hottest fuel cell markets, but future growth will likely come from Europe and China.
In this study, the publisher includes fuel cells used for large and small stationary prime power applications. Also included are stationary applications that deliver combined heat and power (CHP) to various industrial and commercial customers, including stationary micro-CHP applications. The study period is 2020-2030, with forecasts beginning in 2023.
