Global Fuel Cells Market Overview
Global fuel cells market was valued at US$ 5.5 Bn in 2020 and set to grow at a CAGR of 19.6% throughout the forecast period from 2021 to 2029. Technological advancement, government mandates on environment safety and subsidiaries along with improved manufacturing efficiencies are some of the prime factors accounted for exaggerated demand for fuel cells worldwide. The global appetite for fuel cell products expected to increase in dramatic fashion over the next decade.
According to U.S. department of energy report on fuel cell technology, technological advances are helping in cost reduction of fuel cells, which further encouraging the applications of fuel cells across numerous industry verticals. In addition, government mandates to apropos the use of alternative energy sources, contamination abatement and government subsidies are further propelling the fuel cell cost competitiveness. Government along with the market leaders’ are increasingly initiating to handle the market barrier for fuel cell technology. State governments and company associations are initiating to increase the utilization of fuel cells technology among different industry applications.
Automotive End-use to Witness Significant Growth in Overall Fuel Cells Market throughout the Forecast Period
Growing technology acceptance coupled with the increasing awareness about environment safety ensuring significant growth in automotive industry over the review period from 2021 to 2029. To reduce greenhouse gas emissions, state governments are initiating to espouse clean energy sources such as fuel cells. Government organizations, especially of developing countries, are increasingly investing in alternative sources of energy to completely eliminate the emission of CO2 gas. Moreover, leading players in automotive industry are welcoming fuel cells technology to serve changing need of nations. On 14 September 2021, Hydrogen Council, global initiative of leading energy and transportation industry players promoting hydrogen to foster the energy transition, declared that the association is committed to an ambitious goal of guaranteeing 100% of hydrogen fuel use in different modes of transportation by 2030.
Asia Pacific Dominates Fuel Cells Market, whereas North America to emerge as Next Promising One
Asia Pacific accounted for the leading market share in 2020; followed by North America. Growing automotive industry coupled with the increased implementation of fuel cell technology among developing economies such as China, Japan and Korea allowing Asia Pacific to continue dominating the overall fuel cells market over the forecast period from 2021 to 2029.
Number of recent indicators and industry experts suggests that China is becoming the center of a global energy transformation. Growing technology advancements coupled with the falling price of renewable-energy sources powering the overall energy transformation market in China. In addition, to increase the deployment of FCEVs in China’s existing infrastructure, the Government has announced plans to build hydrogen stations to support over 50,000 zero-emissions fuel-cell vehicles by 2025. Chinese Government further planning to expand rapidly the production of FCEVs to 1 million units by 2030. With increasing adoption of fuel cells technology, Japan also aiming to shape more than 80 new hydrogen refueling stations in place by end of 2021.
The U.S. fuel cell market projected to grow with continuous economic support from government organizations comprising Department of Energy. Increasing government participation to promote renewable energy technologies and to reduce carbon emissions will further accompany the industry outlook. On 9 October 2021, U.S. Department of Energy singed a MoU with the U.S. Army on collaborative project for development of fuel cells technology. This collaboration aims to facilitate R&D for innovative hydrogen and fuel cell technologies portfolio. In addition, with increased adoption along with the count of hydrogen fueling stations, California leading overall fuel cells market in U.S.
Competitive Insights
Product launch and introduction to new applications of fuel cell technology are some of the widely accepted approaches in overall fuel cells market. In order to sustain the dominating position in the global market, fuel cell vendors are increasingly presenting innovative applications of fuel cells technology to the world. On 20 July 2021, Golden Gate Zero Emission Marine (GGZEM) announced that the Company planning to introduce first commercial fuel-cell ferry named Water-Go-Round to the world by 2019.
Further, some fuel cell market vendors are engaging mergers and acquisitions as one of the key strategies for business expansion. For instance, on 26 April 2020, Hyundai Motor Group signed an agreement with Audi AG to create global leading player for manufacturing fuel cell electric vehicles. After this move, on 17 August 2020, Hyundai Motor Group unveiled its all new fuel cell SUV with improved travel range during media preview in Seoul, South Korea.
Historical & Forecast Period
This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.
Report Scope by Segments
The fuel cells market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global fuel cells market based on fuel cell type, temperature, functionality, end-use and geography. Key segments covered under global fuel cells market report includes:
Segmentation by Fuel Cell Type and Analysis of Fuel Cells Market (2019 - 2029; US$ Bn)
- Alkaline Fuel Cells (AFC)
- Direct Methanol Fuel Cell (DMFC)
- Molten Carbonate Fuel Cells (MCFC)
- Phosphoric Acid Fuel Cells (PAFC)
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Solid Oxide Fuel Cells (SOFC)
Segmentation by Temperature and Analysis of Fuel Cells Market (2019 - 2029; US$ Bn)
- Low Temperature Cells (< 100o C)
- Medium Temperatures Cells (101o C to 250o C)
- High Temperatures Cells (>500o C)
Low temperature fuel cells find major adoption among automotive industry; followed by consumer electronics sector. Moreover, low temperature fuel cells awarded as an environment friendly technology capable for replacing combustion engines in cars and batteries in mobile devices, by experts form Aberdeen Institute of Energy.
Segmentation by Functionality and Analysis of Fuel Cells Market (2019 - 2029; US$ Bn)
- Portable
- Stationary
- Transportation
Segmentation by End-use and Analysis of Fuel Cells Market (2019 - 2029; US$ Bn)
- Healthcare
- IT & Telecom
- Sewage Processing
- Food & Beverage
- Retail & Logistics
- Manufacturing
- Military & Aerospace
- Power Generation
- Marine
- Consumer Electronics
- Automotive
- Others (Education and Government, BFSI, Utilities, etc.)
Segmentation by Geography and Analysis of Fuel Cells Market (2019 - 2029; US$ Bn)
- North America
- U.S.
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan
- South Asia
- Rest of Asia Pacific
- Rest of the World (RoW)
- Middle East & Africa (MEA)
- Latin America
Key questions answered in this report
- What was the market size of fuel cells in 2020 and forecast up to 2029?
- Which is the largest regional market for fuel cells?
- What are the key market trends observed in the fuel cells market?
- Which is the most promising type in fuel cells market?
- Who are the key players leading the market?
- What are the key strategies adopted by the leading players in market?
- What are the key factors driving the global fuel cells market?
- What are the market opportunities and threats faced by the market players in the global fuel cells market?
Unique data points of this report
- Statistics on adoption of fuel cells in all type, temperature, end-use and functionality segments per region
- The market size for fuel cells market has been calculated on concrete parameters including distribution of fuel cells among different industries worldwide
- Market volume on the basis of fuel cells type, temperature, end-use and functionality segment per region
- Top countries in terms of penetration of fuel cells
- Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)
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Table of Contents
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
Chapter 4 Global Fuel Cells (FC) Market Value, by Type
Chapter 5 Global Fuel Cells (FC) Market Value, by Temperature
Chapter 6 Global Fuel Cells (FC) Market Value, by Functionality
Chapter 7 Global Fuel Cells (FC) Market Value, by End-use
Chapter 8 North America Fuel Cells (FC) Market Analysis
Chapter 9 Europe Fuel Cells (FC) Market Analysis
Chapter 10 Asia Pacific Fuel Cells (FC) Market Analysis
Chapter 11 Rest of the World Fuel Cells (FC) Market Analysis
Chapter 12 Company Profiles
Companies Mentioned
- ClearEdge Power LLC
- FuelCell Energy Inc.
- Ballard Power Systems Inc.
- Hydrogenics Corporation
- SFC Energy AG
- Plug Power Inc.
- Ceramic Fuel Cells Ltd.
- Ceres Power Holdings PLC
- Bloom Energy Corporation
- Nedstack Fuel Cell Technology BV
- Toshiba Fuel Cell Power Systems Corporation
- Nuvera Fuel Cells Inc.
- AFC Energy PLC
- Mitsubishi Hitachi Power Systems Ltd.
- Panasonic Corporation
- Intelligent Energy Ltd.
- Doosan Fuel Cell America Inc.
