The fuel cell market has experienced significant growth in recent years, primarily due to the introduction of government initiatives in major markets, rising public interest in the adoption of hydrogen fuel cell electric vehicles (FCEV) owing to governmental incentives, and increasing investment from the private sector. Additionally, a growing number of nations have come up with industry targets that have to be met and policies that directly support investment in hydrogen technologies.
A fuel cell generates electricity in a clean and efficient way by using the chemical energy of hydrogen or other fuels. If pure hydrogen is used as fuel, only electricity, water, and heat are made. Fuel cells are one of a kind because they can be used in a number of applications. They can use a wide range of fuels and feedstocks, and they can power systems as big as power plants and automobiles.
The anode receives fuel, such as hydrogen, while the cathode receives air. A catalyst at the anode of the fuel cell splits hydrogen molecules into protons (hydrogen ions) and electrons, which travel via several routes to the cathode. An external circuit is traversed by the electrons, causing an electricity flow. The hydrogen protons move from the electrolyte to the cathode through the electrolyte, where they combine with oxygen and electrons to create heat and water.
Fuel cell technology can be used in many different ways. They can provide power for transportation, industrial and commercial facilities, and residential buildings, as well as offer long-term energy storage for the grid.
Fuel cells are better than the traditional fossil fuel combustion-based technologies that are used in many power plants and vehicles currently in a number of ways. Fuel cells have high energy efficiency relative to combustion engines because they can directly turn the chemical energy in fuel into electrical energy. Their efficiency can go up to over 60%. Compared to combustion engines, fuel cells produce less pollution or none at all. Hydrogen fuel cells only give off water. Since they don't emit carbon dioxide, they help solve important climate problems. There are also no air pollutants at the point of operation that causes smog and health problems. Fuel cells are also quiet during the operations as they have few moving parts
Major car manufacturers have invested heavily in fuel cell vehicles and have developed their fuel cell vehicle portfolio. Companies such as Toyota, Hyundai, and Honda have successfully released FCV cars which registered encouraging sales in 2021. Though the sales were 19% down in 2022, the FCV fleet is 22% larger than it was in 2021. The overall number of FCVs (cars only) amounted to nearly 15,000 units - over the period of 11 years (since 2012), including over 11,000 Toyota Mirai.
The application of fuel cell technology for long haul heavy duty vehicles is already showing promising results. Particularly, the Polymer Exchange Membrane Fuel Cell (PEM Fuel Cell) and Solid Oxide Fuel Cells (SOFC) technologies, are being considered attractive alternatives to conventional diesel trucks and buses. Countries are actively supporting fuel cell trucks in Europe and in Asia. Many pilot projects are underway in the Americas.
For instance, Nikola Corporation received a California Air Resources Board (CARB) Zero Emission Powertrain Executive Order in December 2022. The executive order is required by Nikola's Tre hydrogen fuel cell electric vehicle (FCEV) for it to be eligible for CARB's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP).
The US Energy Department's Argonne National Laboratory is developing a new, cost-saving hydrogen fuel station compressor that allows for more efficient refueling as part of its continued support for hydrogen fuel cell trucks and other vehicles.
Many nations have started recognizing fuel cell vehicles as an ideal mode of public transportation. For instance, the government of India plans to test hydrogen-powered buses in Leh (Ladakh) for public transportation, as part of an effort to promote renewable energy. The New York metropolitan transportation authority (MTA) recently announced its plans to deploy two hydrogen fuel cell buses on a pilot basis.
Fuel cell manufacturers and automotive OEMs are investing heavily in increasing manufacturing capacity to reduce costs and cater to the growing demand in future. However, currently, despite several benefits, FCEVs’ adoption is limited by three major constraints: high costs, technical challenges, and lack of hydrogen distribution and production infrastructure.
The uptake of FCEVs is predicted to be significant only in the long term. This is because of the considerable barriers, including the achievement of cost reductions by OEMs, the development of infrastructure, and the identification and standardization of the most efficient solution for hydrogen production. Despite the above constraints, various policy options being put into action by the governments across the globe to promote and accelerate FCVs adoption is expected to fast-track the uptake process.
Stationary Fuel cells are making inroads into the power generation market. Stationary fuel cells provide dependable, efficient, and clean off-grid power to homes, companies, telecommunications networks, utilities, and other structures through an electrochemical reaction rather than combustion.
Without the concern of efficiency losses associated with long-distance grid transmission, these systems directly supply electricity to clients on-site. Additionally, stationary fuel cells can be deployed almost anywhere due to their quiet operation and low emissions.
Furthermore, stationary fuel cell systems are significantly smaller and require less space relative to other sustainable energy technologies. For instance, around an acre of land can be used to site a 10 MW fuel cell facility. In contrast, roughly 10 acres and about 50 acres, respectively, are needed for each MW of solar and wind energy, respectively.
For instance, in Sept 2021, South Korea began the operation of the world’s largest hydrogen fuel cell power plant in its port city Incheon. With a production capacity of 78.96 MW, the plant is capable of providing clean electricity to around 250,000 households per year.
The stationary application is the largest segment of the fuel cell market. While the transportation segment is expected to pick up the pace during the forecast period owing to the increasing availability of hydrogen fueling stations across different nations, mass production at full scale globally is expected to come to fruition around 2024 and 2025.
The economic downturn induced by the coronavirus hindered the sales of FCEVs due to the financial uncertainty faced by OEMs and customers. However, in the medium to long term, the fundamentals are strong, thus the market is expected to proliferate during the forecast period.
The new report from the publisher on Global Fuel Cell Market comprehensively analyses the Fuel Cell Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Global Fuel Cell Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Global Fuel Cell Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Global Fuel Cell Market size, demand forecast, and growth rates.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
This section provides an assessment of COVID-19 impact on Global Fuel Cell Market demand.
Using Porter's five forces framework, the report covers the assessment of the Global fuel cell industry's state of competition and profitability.
Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for bespoke market segmentation to better align the research report with your requirements.
In addition, region forecast for, market size, demand, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and the Rest of North America
Europe - Germany, France, United Kingdom (UK), Russia, and the Rest of Europe
Asia Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
Rest of the world - Middle East, Brazil, Nigeria, South Africa, and other countries
The study also discusses the strategies adopted by leading players in the industry.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
This product will be delivered within 5-7 business days.
A fuel cell generates electricity in a clean and efficient way by using the chemical energy of hydrogen or other fuels. If pure hydrogen is used as fuel, only electricity, water, and heat are made. Fuel cells are one of a kind because they can be used in a number of applications. They can use a wide range of fuels and feedstocks, and they can power systems as big as power plants and automobiles.
Working of a Fuel Cell
Fuel cells function in a similar fashion as batteries, but they do not run down or need to be recharged. They generate heat and electricity as long as fuel is available. Two electrodes-a negative electrode (also known as the anode) and a positive electrode (also known as the cathode)-sandwiched around an electrolyte make up a fuel cell.The anode receives fuel, such as hydrogen, while the cathode receives air. A catalyst at the anode of the fuel cell splits hydrogen molecules into protons (hydrogen ions) and electrons, which travel via several routes to the cathode. An external circuit is traversed by the electrons, causing an electricity flow. The hydrogen protons move from the electrolyte to the cathode through the electrolyte, where they combine with oxygen and electrons to create heat and water.
Fuel cell technology can be used in many different ways. They can provide power for transportation, industrial and commercial facilities, and residential buildings, as well as offer long-term energy storage for the grid.
Fuel cells are better than the traditional fossil fuel combustion-based technologies that are used in many power plants and vehicles currently in a number of ways. Fuel cells have high energy efficiency relative to combustion engines because they can directly turn the chemical energy in fuel into electrical energy. Their efficiency can go up to over 60%. Compared to combustion engines, fuel cells produce less pollution or none at all. Hydrogen fuel cells only give off water. Since they don't emit carbon dioxide, they help solve important climate problems. There are also no air pollutants at the point of operation that causes smog and health problems. Fuel cells are also quiet during the operations as they have few moving parts
Fuel Cells in Transportation
With increasingly stringent emissions regulations and government support for new energy vehicles, expectations regarding the future fuel cell vehicle (FCV) market are growing. FCEVs can go 300-400 miles on a tank of hydrogen and can be refuelled in three to five minutes. They combine the zero-emissions driving of an electric vehicle with the range and convenience of a traditional internal combustion engine. FCEVs can save up to three times as much energy as regular vehicles.Major car manufacturers have invested heavily in fuel cell vehicles and have developed their fuel cell vehicle portfolio. Companies such as Toyota, Hyundai, and Honda have successfully released FCV cars which registered encouraging sales in 2021. Though the sales were 19% down in 2022, the FCV fleet is 22% larger than it was in 2021. The overall number of FCVs (cars only) amounted to nearly 15,000 units - over the period of 11 years (since 2012), including over 11,000 Toyota Mirai.
The application of fuel cell technology for long haul heavy duty vehicles is already showing promising results. Particularly, the Polymer Exchange Membrane Fuel Cell (PEM Fuel Cell) and Solid Oxide Fuel Cells (SOFC) technologies, are being considered attractive alternatives to conventional diesel trucks and buses. Countries are actively supporting fuel cell trucks in Europe and in Asia. Many pilot projects are underway in the Americas.
For instance, Nikola Corporation received a California Air Resources Board (CARB) Zero Emission Powertrain Executive Order in December 2022. The executive order is required by Nikola's Tre hydrogen fuel cell electric vehicle (FCEV) for it to be eligible for CARB's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP).
The US Energy Department's Argonne National Laboratory is developing a new, cost-saving hydrogen fuel station compressor that allows for more efficient refueling as part of its continued support for hydrogen fuel cell trucks and other vehicles.
Many nations have started recognizing fuel cell vehicles as an ideal mode of public transportation. For instance, the government of India plans to test hydrogen-powered buses in Leh (Ladakh) for public transportation, as part of an effort to promote renewable energy. The New York metropolitan transportation authority (MTA) recently announced its plans to deploy two hydrogen fuel cell buses on a pilot basis.
Fuel cell manufacturers and automotive OEMs are investing heavily in increasing manufacturing capacity to reduce costs and cater to the growing demand in future. However, currently, despite several benefits, FCEVs’ adoption is limited by three major constraints: high costs, technical challenges, and lack of hydrogen distribution and production infrastructure.
The uptake of FCEVs is predicted to be significant only in the long term. This is because of the considerable barriers, including the achievement of cost reductions by OEMs, the development of infrastructure, and the identification and standardization of the most efficient solution for hydrogen production. Despite the above constraints, various policy options being put into action by the governments across the globe to promote and accelerate FCVs adoption is expected to fast-track the uptake process.
Fuel Cells in Power Generation & Backup
Organizations are looking at fuel cells as a pragmatic way to get reliable backup power because of the vulnerabilities associated with dependence on the central grid. Fuel cells have been proved to be a great energy source for backup power in times of crisis. For instance, after Hurricane Sandy hit the Caribbean and East Coast in 2012, fuel cells supplied emergency backup power to telecommunication towers in the Bahamas and the Northeast United States. When run times of three days or less are enough, fuel cells can be much cheaper than systems with batteries and generators.Stationary Fuel cells are making inroads into the power generation market. Stationary fuel cells provide dependable, efficient, and clean off-grid power to homes, companies, telecommunications networks, utilities, and other structures through an electrochemical reaction rather than combustion.
Without the concern of efficiency losses associated with long-distance grid transmission, these systems directly supply electricity to clients on-site. Additionally, stationary fuel cells can be deployed almost anywhere due to their quiet operation and low emissions.
Furthermore, stationary fuel cell systems are significantly smaller and require less space relative to other sustainable energy technologies. For instance, around an acre of land can be used to site a 10 MW fuel cell facility. In contrast, roughly 10 acres and about 50 acres, respectively, are needed for each MW of solar and wind energy, respectively.
For instance, in Sept 2021, South Korea began the operation of the world’s largest hydrogen fuel cell power plant in its port city Incheon. With a production capacity of 78.96 MW, the plant is capable of providing clean electricity to around 250,000 households per year.
The stationary application is the largest segment of the fuel cell market. While the transportation segment is expected to pick up the pace during the forecast period owing to the increasing availability of hydrogen fueling stations across different nations, mass production at full scale globally is expected to come to fruition around 2024 and 2025.
Regional Analysis
The Asia Pacific fuel cell market is currently leading the global fuel cell landscape. The market in this region is driven by factors such as increasing government support for the deployment of fuel cell systems in order to achieve emission reduction targets and develop regional hydrogen economy, rapidly growing power generation and transportation industries, and a significant presence of key market players in countries such as Japan, South Korea, and China.Opportunities
- The maritime industry is under increasing pressure to reduce emissions. As a result, it is anticipated that alternative fuels and energy sources will be essential to the reduction of SOx, NOx, PM, and CO2 emissions. In addition to cutting-edge systems and technology for conventional engines, fuel cell power systems are being considered as a significant choice to enhance the usage of alternative fuels
- Operators of commuter rail in Europe are looking for decarbonization solutions as they look at shifting away from diesel. So effectively with about 15,000 diesel trains in Europe that need to be replaced over the next 15 years, including about 3,000 in Germany alone point out at a huge market opportunity for the fuel cell manufacturers
- The increasing demand for clean transportation, such as fuel cell electric vehicles (FCEVs), and its promising aspects in long-haul trucks and other commercial fuel cell vehicles presents a significant opportunity for the growth of the automotive fuel cell market in the transportation sector in the region
- Hydrogen production and distribution: the growing emphasis on developing hydrogen production and distribution infrastructure presents opportunities for the growth of the hydrogen fuel cells market
- The use of fuel cells for stationary power applications, such as power generation for buildings and data centres, presents an opportunity for the stationary fuel cell market to grow in this sector
Recent Key Developments
- Korea Shipbuilding & Offshore Engineering (KSOE), the intermediate holding company of HD Hyundai signed a memorandum of understanding (MOU) with Fraunhofer IKTS (Europe's largest research institute and a fuel cell stack manufacturer) in Jan 2023, to develop fuel cell systems for ships and power generation and acquire technologies for green hydrogen production
- In August 2022, the federal government of the United States passed the historic Inflation Reduction Act (IRA) bill, initiating a major national investment in clean energy technology and solutions, such as fuel cells and hydrogen. This legislation consists of a number of tax measures and funding opportunities that will make it possible to make enormous investments in fuel cell and hydrogen technologies, promoting revenue growth and decarbonization in a number of different areas of the American economy
- In Dec 2022, Electric truck maker Nikola and Plug Power Inc, a fuel cell maker, formed a supply partnership to accelerate the use of green hydrogen. Under the agreement, Plug Power will supply Nikola with up to 125 tons of green hydrogen per day and also sell it equipment to convert 30 tons of hydrogen gas into a liquified form per day at a hydrogen production facility Nikola is building in Arizona
- In June 2022, Ceres Power, a global leader in fuel cell and electrochemical technology, announced that it has signed an agreement with Shell to deliver a megawatt-scale solid oxide electrolyzer (SOEC) demonstrator in 2023 to deliver high-efficiency, low-cost green hydrogen
- Microsoft's initiative to develop zero-carbon emission backup power for data centers took another step forward in July 2022 when it showed a 3MW power generation system driven by hydrogen fuel cells. Microsoft claims that the fuel cell system has the ability to take the place of the massive diesel gensets that the majority of data centers utilize to supply backup power
- The US Department of Energy (DOE) announced its intent for prospective financing in December 2022 to hasten the development of low-cost clean hydrogen technologies. The possible funding, which is expected to concentrate on R&D of important hydrogen storage and delivery technologies as well as inexpensive and reliable fuel cell technologies, will be managed by DOE's Hydrogen and Fuel Cell Technologies Office (HFTO)
The economic downturn induced by the coronavirus hindered the sales of FCEVs due to the financial uncertainty faced by OEMs and customers. However, in the medium to long term, the fundamentals are strong, thus the market is expected to proliferate during the forecast period.
The new report from the publisher on Global Fuel Cell Market comprehensively analyses the Fuel Cell Market and provides deep insight into the current and future state of the industry.
The study examines the drivers, restraints, and regional trends influencing Global Fuel Cell Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Global Fuel Cell Market, important commercial developments, trends, regions, and segments poised for the fastest growth, competitive landscape, and market share of key players.
Further, the report will also provide Global Fuel Cell Market size, demand forecast, and growth rates.
What is covered in the Report?
Global Fuel Cell Market Drivers & Restraints
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain global market growth.The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
Global Fuel Cell Market Analysis
This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations.This section provides an assessment of COVID-19 impact on Global Fuel Cell Market demand.
Global Fuel Cell Market Market Size and Demand Forecast
The report provides Global Global Fuel Cell Market size and demand forecast until 2028, including year-on-year (YoY) growth rates and CAGR.Global Fuel Cell Market Industry Analysis
The report examines the critical elements of the Global Fuel Cell industry supply chain, its structure, and the participantsUsing Porter's five forces framework, the report covers the assessment of the Global fuel cell industry's state of competition and profitability.
Global Fuel Cell Market Segmentation & Forecast
The report dissects the Global Fuel Cell Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for bespoke market segmentation to better align the research report with your requirements.
Regional Market Analysis
Our diligent research methodology covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.In addition, region forecast for, market size, demand, and growth rates will be provided for all regions.
Following are the notable countries covered under each region.
North America - United States, Canada, Mexico, and the Rest of North America
Europe - Germany, France, United Kingdom (UK), Russia, and the Rest of Europe
Asia Pacific - China, India, Japan, South Korea, Australia, Rest of APAC
Rest of the world - Middle East, Brazil, Nigeria, South Africa, and other countries
Key Company Profiles
This report presents detailed profiles of Key companies in the Global fuel cell industry. Some of the major players include Ballard Power Systems Inc, Bloom Energy Corporation, Doosan Fuel Cell, etc. Generally, each company profile includes - an overview of the company, relevant products and services, a financial overview, and recent developments.Competitive Landscape
The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.The study also discusses the strategies adopted by leading players in the industry.
Executive Summary
Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
This product will be delivered within 5-7 business days.
Table of Contents
1. Executive Summary2. Research Scope and Methodology9. Conclusions and RecommendationsList of Tables & FiguresAbbreviationsAdditional NotesDisclaimer
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bloom Energy Corporation
- Plug Power Inc.
- Doosan Fuel Cell America Inc
- FuelCell Energy Inc
- Ballard Power Systems Inc.
- Ceres Power Holdings PLC
- Cummins Inc.
- AFC Energy PLC
- Toshiba Energy Systems & Solutions Corporation
- ITM Power PLC
- Other Notable Players
