Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)

The global fuel cell market is expected to record a value of US$42.39 billion in 2028, progressing at a CAGR of 26.34%, over the period 2024-2028. Factors such as growing applications in electric and hybrid vehicles, rising unconventional oil and gas distribution activities, increasing demand for clean power generation methods, enlarging wireless surveillance industry, mounting environmental concerns and expanding urbanization. However, the market growth would be challenged by high maintenance cost of fuel cells, absence of supporting infrastructure and extremely competitive market environment. A few notable trends include, rapid expansion of HVAC industry, surging adoption of fuel cell in defence sector, escalating preference for hydrogen based fuel cells and growing government initiatives on fuel cell programs.

The global fuel cell market has been segmented on the basis of type, applications and end-user. Depending on type, the market can be divided into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC) and other types such as Alkaline Fuel Cell (AFC), Microbial Fuel Cell (MFC), etc. Based on the end-users, the global fuel cell market can be bifurcated into Fuel cell vehicle, utilities, defense and others. Whereas, the global fuel cell market is split stationary, transport and portable, in terms of application.

The fastest growing regional market is Asia Pacific due to increasing popularity of fuel cell electric vehicles, surging adoption of renewable energy technologies and growing investments by various public and private organizations toward development of hydrogen infrastructure in the region. Further, the COVID-19 pandemic had negatively influenced the market growth of fuel cells due to supply chain disruptions and halted various manufacturing activities of key end users, affecting the sales of fuel-cells and associated products.

Scope of the report

• The report provides a comprehensive analysis of the global fuel cell market segmented on the basis of type, applications, end-user and region, with potential impact of COVID-19.
• The major regional and country markets (Asia Pacific, North America, Europe and RoW) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The company profiles of leading players (Kyocera Corporation, Doosan Corporation, Plug Power Inc., FuelCell Energy, Inc., Ceres Power Holdings PLC and Ballard Power Systems Inc.,) are presented in detail.

Key Target Audience

• Fuel Cell Manufacturers
• Raw Material Suppliers
• Traders, Distributors, and Suppliers of Fuel Cells
• End Users (Transportation Industry, Power & Defence Industry, etc.)
• Technology Investors & Venture Capitalists
• Government Bodies & Regulating Authorities

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