Fuel Cell Market Size, Share, Growth Analysis, By Size(Small-Scale, Large Scale), Fuel Type(Hydrogen, Methanol, Ammonia, Others), Type(PEMFC, SOFC, PAFC, Alkaline Fuel Cell), Components(Stack, BoP), Application(Portable, Stationary, FCVs, Others), End User, and Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2034 | Region: Global | Published Date: July, 2024
Pages: 242 |Tables: 65 |Figures: 75

Fuel Cell Market Insights

Fuel Cell Market size was valued at USD 2.90 Billion in 2022 and is poised to grow from USD 3.69 Billion in 2023 to USD 25.10 Billion by 2031, at a CAGR of 27.1% during the forecast period (2024-2031).

Fuel cells are electrochemical devices that convert the chemical energy of a fuel into electricity through reaction with an oxidizing agent. They are composed mainly of an electrolyte that facilitates the movement of charged particles between a pair of electrodes—one positive, one negative. There are different types of fuel cells, but they all work on the same principle. In general, a fuel cell uses hydrogen for fuel—although alternatives like methanol and natural gas exist—that is ionized at the anode. The ions free up electrons which flow through an external electrical circuit, producing electricity. The hydrogen ions flow through the electrolyte to the cathode where they combine with oxygen from the air to form water, to complete the electrochemical circuit. 

Fuel cells are, therefore, much more efficient at converting fuel into electricity, with little wasted heat, and they produce no noxious emissions. In addition, their quiet operation and steady output make them well-suited for many applications—from transport to backup power to portable energy. 

The continuous technological advancements, driven by novel materials and designs, are enhancing fuel cell efficiency and performance, further driving the market growth. Among the various sectors, transportation emerges as a significant market for fuel cells, particularly with the rise of fuel cell electric vehicles. As the cost of FCEVs declines and the hydrogen infrastructure expands, the market for fuel cell vehicles is poised for substantial growth.  

Though promising, fuel cells have some challenges. High production costs and specialized infrastructure are required both for fueling and maintenance. Hydrogen, the primary fuel, is difficult to store and transport, which has prevented mass adoption. Despite these limitations, fuel cells are an exciting emerging technology that is bound to play a major role in the transition to a low-carbon economy.

US Fuel Cell Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 2.03 billion

Largest Segment

Proton exchange membrane fuel cell

Fastest Growth

Proton exchange membrane fuel cell

Growth Rate

16.67% CAGR

Fuel Cell Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Fuel Cell Market Segmental Analysis

Fuel Cell Market is segmented by Type, Size, Fuel, Component, Application, and region. Based on Type, the market can be segmented into Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell, Direct Methanol Fuel Cell, Others. Based on Size, the market can be segmented into  Large Scale, Small Scale. Based on Application, the market can be segmented into Automotive, Non-Automotive, Power, Others. Based on Fuel, the market is segmented into Hydrogen, Ammonia, Methanol, Others. Based on Component, the market is segmented into Stack [Cells, Interconnects, End Plates, Sealants, Others], Balance of plant (BOP) [Heat Transfer Components, Power Electronics & Control Systems, Instruments & Sensors, Fuel Reformers/Desulfurizers, Others]. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. 

Fuel Cell Market Analysis By Size  

Based on the size the market is segmented into small scale and large scale.  

In the annum 2023, the dominion of the large-scale segment within the global fuel cell market was unmistakable, commanding an impressive share of roughly 70%. These formidable systems, capable of generating electricity over 100 kW, cater to stationary power generation, heavy-duty transportation, and industrial applications. Corporations in this arena persistently introduce groundbreaking products to enhance their market presence and address the ever-evolving demands of their clientele. This prevailing dominance highlights the essential role that large-scale fuel cell systems play in delivering reliable and sustainable energy solutions across a multitude of sectors, thereby driving the segment’s significant market share. For example, in November 2023, Kohler Energy unveiled a 100-kW hydrogen fuel cell power system, designed for off-highway equipment and standby and prime power applications for residential and industrial purposes. 

In contrast, small fuel-cell systems producing electricity at less than 100 kW are serving lightweight, portable applications in small-scale transportation, residential backup power, and material handling equipment. In general, demand for such small-scale fuel cells is expected to continue to grow steadily through improvements in miniaturization and decrease in costs. In October 2023, the materials handling vehicles manufacturer Toyota Industries announced commercial development of a 50kW fuel cell module for lift trucks and other vehicles, along with the example use in agricultural and construction. This technology has become increasingly accessible and cost-effective, and it is used more and more by various end-user groups. Small-scale fuel cells are thus set to play a significant role in the demand for ever more increased implementations of clean and efficient energy systems in the coming years.   

Fuel Cell Market Analysis By Fuel Type 

Based on fuel type the market is segmented into hydrogen, methanol, ammonia and other fuel type.  

Among the fuel types in the fuel cell market, the hydrogen segment is both the dominant and the fastest growing one. The hydrocarbon segment dominated the fuel cell market in 2023, capturing over 90% of the market share, propelled by the existence of strong infrastructure able to manufacture, transport, and store hydrocarbons, which duly attests to their accessibility and affordability. However, the hydrogen segment is projected to be the fastest-growing type, powered by the increasing investments toward the production, storage, and infrastructure of hydrogen. In addition, its growing demand for fuel cell vehicles, stationary power generation, and industrial applications is projected to further propel market growth. 
 
Methanol is regarded as the second highest growing segment after hydrogen. Methanol fuel cells are increasingly coming to the forefront in many applications, ranging from portable electronic devices, backup power systems to motive power. Methanol, on the other hand, is easily available, can be easily transported, and has a good energy density, making it a very good fuel for fuel cells. Meanwhile, current research and development push the envelope with the advent of advancements in methanol fuel cell technology.

Fuell Cell Market By Fuel Type

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Fuel Cell Market Regional Insights

The Asia Pacific fuel cell market dominated with over 65% of the revenue share in 2023, and it is expected to grow at the fastest rate during the forecast period. This dominance is mainly driven by strategic policies adopted by emerging economies in the region to promote the adoption of fuel cell systems for transportation applications, particularly in countries such as China, India, South Korea, and Japan. Japan is leading the market in the region on the back of strong government backing and focused market approaches, becoming the first country to commercialize residential fuel cell systems back in 2009. Similarly, the fuel cell market in India has gained momentum on the back of growing concerns for clean energy and efforts by the government in measures to push towards a low carbon scenario. The Indian market is still embryonic; however, it has a huge potential in various segments, backed strongly by policies favoring research, development, and deployment of fuel cell technologies.  

North America is expected to be the fastest growing market in the fuel cell industry. High investments in R&D initiatives to develop advanced fuel cell technologies and the large-scale deployment of products drive regional market growth. The United States and Canada are at the forefront, making significant investments in developing the infrastructure for the refueling of hydrogen and offering several tax incentives to drive the adoption of technologies. For example, the Clean Vehicle Rebate Project in California has provided healthy rebates to fuel cell electric vehicle owners, thus boosting market demand. Moreover, the funding of the Solid-State Energy Conversion Alliance managed by DOE's Office of Fossil Energy greatly boosts innovation in fuel cell technology. This deployment initiative, both at the country and state levels across North America, supported and aimed at reducing greenhouse gas emissions as well as increasing the use of renewable energy, is expected to drive huge market growth in the region.

Fuell Cell Market By Region
  • Largest
  • Fastest

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Fuel Cell Market Dynamics

Fuel Cell Market Driver

Increasing Demand for EVs Due to Widespread Effective Campaigns by Various Institutions 

  • Effective campaigns promoting electric vehicles, or EVs, stand out as an important driver for the fuel cell market. As consumers start to think green and look for alternative fuel options, these campaigns create awareness and highlight the benefits associated with fuel cell technology in EVs, such as zero emissions and more-than-comparative driving feasibility. This resultant increased demand, fueled by good marketing efforts, in lieu of meeting consumer needs, drives growth in the fuel cells market. 

Growing Reliance on Renewable Energies to Ensure a Reduction in Greenhouse Gas Emissions  

  • For instance, dependence on renewable sources for the reduction of greenhouse gas emissions has a major positive impact on the growth of the fuel cell market since governments and industries increasingly focus on ways to achieve sustainable development. Since the primary value of fuel cells is to generate energy through converting hydrogen or other renewable fuels into electricity in an environmentally friendly manner, this creates a chain in which an increase in dependence on energy sources creates a rise in investment in fuel cell technology. That provides a push to market growth because stakeholders look for other sources of energy rather than those that pollute the environment. 

Fuel Cell Market Restraint  

High Initial Capital Investment and Infrastructure Challenges

  • The market faces major adoption-side barriers with high initial costs and infrastructure challenges. Very significant capital investment, which was an obstacle to the deployment of fuel cell systems, is required by consumers and businesses. This investment involves far more than just the procurement of the fuel cell equipment but extends to the installation and maintenance of the products. Meanwhile, with the lack of a hydrogen refilling station and distribution networks in the projected infrastructure, a bigger obstacle, technically throughout the world, although the majority in countries without an appropriate infrastructure, applications that require hydrogen are technically much limited. Both cost barriers and infrastructure deficiencies challenge the widespread adoption of fuel cell technology, creating a need for joint efforts by all stakeholders.   

Growing Preference of Battery Electric Vehicles over Hydrogen Vehicles  

  • The strong preference for BEVs over hydrogen fuel cell vehicles is a major restraint in the fuel cell market. The preference for BEVs is now very strong all over the world. A significant factor contributing to this stance is the lower initial cost of a BEV over a hydrogen vehicle, complemented by a more developed charging infrastructure and consumer familiarity with the technology. This preference thus limits the market share and growth of hydrogen fuel cell vehicles if fuel cell stacks are used for BEVs. Moreover, perceived advantages of BEVs, such as the short time needed to refuel them and the long driving range, also are factors.

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Fuel Cell Market Competitive Landscape

Different technology experts, innovative competencies, and strategic alliances are continuously aimed at their business expansion and market-revenue generation by significant competitors in the fuel cell market. Companies like Ballard Power Systems, Plug Power, and Bloom Energy are dominating the fuel cell market altogether with their extensive product portfolios and global footprints. These market dominators follow innovations through consistent investments in research and development for the introduction of fuel cell technologies, fostering innovation to remain competitive. Moreover, to shape the competitive dynamics, collaboration partners with other stakeholders in the industry, including government agencies, research institutions, and automotive manufacturers, have a major role to play. Elevating demand for clean and sustainable energy solutions allows new entrants and emerging players to increase the level of competition and therefore forces further innovation in the fuel cell market. 

Fuel Cell Market Top Players' Company Profiles

  • Ballard Power Systems Inc. (Canada) 
  • Bloom Energy Corporation (United States) 
  • FuelCell Energy Inc. (United States) 
  • Plug Power Inc. (United States) 
  • Hydrogenics Corporation (Canada) 
  • Toshiba Energy Systems & Solutions Corporation (Japan) 
  • Doosan Fuel Cell America Inc. (United States) 
  • AFC Energy plc (United Kingdom) 
  • Ceres Power Holdings plc (United Kingdom) 
  • ITM Power plc (United Kingdom) 
  • SFC Energy AG (Germany) 
  • Nedstack Fuel Cell Technology BV (Netherlands) 
  • Intelligent Energy Holdings plc (United Kingdom) 
  • H2 Logic A/S (Denmark) 
  • Ceramic Fuel Cells Limited (Australia) 
  • Horizon Fuel Cell Technologies Pte Ltd. (Singapore) 
  • PowerCell Sweden AB (Sweden) 
  • Nuvera Fuel Cells, LLC (United States) 
  • Cellkraft AB (Sweden) 
  • NEL ASA (Norway)

Fuel Cell Market Recent Developments

  • In December 2023, General Motors and Komatsu announced to develop a hydrogen fuel cell power module for the Japanese construction machinery maker's 930E electric drive mining truck. 

  • In November 2023, Honda in association with General Motors displayed a prototype of its next-generation hydrogen fuel cell system at European Hydrogen Week in Brussels. The company is planning to expand its portfolio in fuel cell technology. 

  • In October 2023, TECO 2030 developed hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. TECO 2030’s world-class fuel cell system is a technologically advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading dimensions and component design, lifetime, and rapid dynamic load response.

Fuel Cell Key Market Trends

  • Hydrogen Vehicles Leverage FC Systems for Rapid Starts and High-Power Densities: Due to their rapid start and high-power densities, FC systems are commonly used to power hydrogen vehicles. Several businesses that operate at various points along the value chain have also made significant attempts to collaborate and broaden the scope of their functional domains. For instance, in January 2021, General Motors, Navistar Inc., and OneH2 announced they would collaborate to develop comprehensive solutions for long-distance transportation systems with minimal emissions. The organizations’ joint efforts are expected to strengthen the truck ecosystem for hydrogen fuel. They will make the unique technology available through J.B. Hunt Transport Services, Inc., a company based in the United States. 
  • Data Centers Drive Growth in US Fuel Cell Market with Rising Demand for Power Generation Applications: Data centres as well as commercial & industrial end–users lead to the surge in power generation applications in the US. With their high-power consumption needs and demand for uninterrupted services, data centres are increasingly turning to distributed power generation solutions, particularly fuel cells, to reduce energy costs. This trend has fuelled significant demand for fuel cells, including SOFCs, with major players like Google, IBM, and Equinix adopting them for their data centres. While fuel cell adoption in data centres remains relatively low compared to the total number in the US, it represents a lucrative growth opportunity in the fuel cell market.

Fuel Cell Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. 

According to our analysis, the fuel cell market exhibits a dynamic landscape shaped by various segments and factors. Across fuel types, such as hydrogen, methanol, and others, technological advancements and increasing investment in research and development drive innovation and market growth. Similarly, the market's diverse type segments, components, applications, and end-users, ranging from transportation to stationary power generation, offer ample opportunities for market expansion. Furthermore, regional insights highlight the significance of regions like Asia Pacific, North America, and Europe, each contributing to the market's growth trajectory through strategic initiatives and infrastructure development. Due to significant government investment and fleet targets for large FCEVs, the transportation sector is expected to account for most of the fuel cell industry. The segment outlook will be further boosted by customers' growing propensity to replace their conventional fleet with clean fuel vehicles and a government subsidy to facilitate this transition. Moreover, the competitive landscape underscores the dominance of key players like Ballard Power Systems and Plug Power, alongside the emergence of new entrants, fostering competition and innovation in the market. As the global focus on clean and sustainable energy solutions intensifies, the fuel cell market is poised for continued growth and evolution, propelled by technological innovation, regulatory support, and increasing adoption across diverse industries.

Report Metric Details
Market size value in 2022 USD 2.90 Billion
Market size value in 2031 USD 25.10 Billion
Growth Rate 27.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell, Direct Methanol Fuel Cell, Others
  • Size
    • Large Scale, Small Scale
  • Fuel
    • Hydrogen, Ammonia, Methanol, Others
  • Component
    • Stack (Cells, Interconnects, End Plates, Sea Plants, Others), Balance of Plant (BOP)(Heat Transfer Components, Power Electronics & Control Systems, Instruments & Sensors, Fuel Reformers/Desulfurizers, Others)
  • Application
    • Automotive, Non-Automotive, Power, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Ballard Power Systems Inc. (Canada) 
  • Bloom Energy Corporation (United States) 
  • FuelCell Energy Inc. (United States) 
  • Plug Power Inc. (United States) 
  • Hydrogenics Corporation (Canada) 
  • Toshiba Energy Systems & Solutions Corporation (Japan) 
  • Doosan Fuel Cell America Inc. (United States) 
  • AFC Energy plc (United Kingdom) 
  • Ceres Power Holdings plc (United Kingdom) 
  • ITM Power plc (United Kingdom) 
  • SFC Energy AG (Germany) 
  • Nedstack Fuel Cell Technology BV (Netherlands) 
  • Intelligent Energy Holdings plc (United Kingdom) 
  • H2 Logic A/S (Denmark) 
  • Ceramic Fuel Cells Limited (Australia) 
  • Horizon Fuel Cell Technologies Pte Ltd. (Singapore) 
  • PowerCell Sweden AB (Sweden) 
  • Nuvera Fuel Cells, LLC (United States) 
  • Cellkraft AB (Sweden) 
  • NEL ASA (Norway)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Fuel Cell Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Fuel Cell Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Fuel Cell Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fuel Cell Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fuel Cell Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Fuel Cell Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Fuel Cell Market size was valued at USD 2.90 Billion in 2022 and is poised to grow from USD 3.69 Billion in 2023 to USD 25.10 Billion by 2031, at a CAGR of 27.1% during the forecast period (2024-2031).

Different technology experts, innovative competencies, and strategic alliances are continuously aimed at their business expansion and market-revenue generation by significant competitors in the fuel cell market. Companies like Ballard Power Systems, Plug Power, and Bloom Energy are dominating the fuel cell market altogether with their extensive product portfolios and global footprints. These market dominators follow innovations through consistent investments in research and development for the introduction of fuel cell technologies, fostering innovation to remain competitive. Moreover, to shape the competitive dynamics, collaboration partners with other stakeholders in the industry, including government agencies, research institutions, and automotive manufacturers, have a major role to play. Elevating demand for clean and sustainable energy solutions allows new entrants and emerging players to increase the level of competition and therefore forces further innovation in the fuel cell market.  'Ballard Power Systems Inc. (Canada) ', 'Bloom Energy Corporation (United States) ', 'FuelCell Energy Inc. (United States) ', 'Plug Power Inc. (United States) ', 'Hydrogenics Corporation (Canada) ', 'Toshiba Energy Systems & Solutions Corporation (Japan) ', 'Doosan Fuel Cell America Inc. (United States) ', 'AFC Energy plc (United Kingdom) ', 'Ceres Power Holdings plc (United Kingdom) ', 'ITM Power plc (United Kingdom) ', 'SFC Energy AG (Germany) ', 'Nedstack Fuel Cell Technology BV (Netherlands) ', 'Intelligent Energy Holdings plc (United Kingdom) ', 'H2 Logic A/S (Denmark) ', 'Ceramic Fuel Cells Limited (Australia) ', 'Horizon Fuel Cell Technologies Pte Ltd. (Singapore) ', 'PowerCell Sweden AB (Sweden) ', 'Nuvera Fuel Cells, LLC (United States) ', 'Cellkraft AB (Sweden) ', 'NEL ASA (Norway)'

Effective campaigns promoting electric vehicles, or EVs, stand out as an important driver for the fuel cell market. As consumers start to think green and look for alternative fuel options, these campaigns create awareness and highlight the benefits associated with fuel cell technology in EVs, such as zero emissions and more-than-comparative driving feasibility. This resultant increased demand, fueled by good marketing efforts, in lieu of meeting consumer needs, drives growth in the fuel cells market. 

Hydrogen Vehicles Leverage FC Systems for Rapid Starts and High-Power Densities: Due to their rapid start and high-power densities, FC systems are commonly used to power hydrogen vehicles. Several businesses that operate at various points along the value chain have also made significant attempts to collaborate and broaden the scope of their functional domains. For instance, in January 2021, General Motors, Navistar Inc., and OneH2 announced they would collaborate to develop comprehensive solutions for long-distance transportation systems with minimal emissions. The organizations’ joint efforts are expected to strengthen the truck ecosystem for hydrogen fuel. They will make the unique technology available through J.B. Hunt Transport Services, Inc., a company based in the United States. 

The Asia Pacific fuel cell market dominated with over 65% of the revenue share in 2023, and it is expected to grow at the fastest rate during the forecast period. This dominance is mainly driven by strategic policies adopted by emerging economies in the region to promote the adoption of fuel cell systems for transportation applications, particularly in countries such as China, India, South Korea, and Japan. Japan is leading the market in the region on the back of strong government backing and focused market approaches, becoming the first country to commercialize residential fuel cell systems back in 2009. Similarly, the fuel cell market in India has gained momentum on the back of growing concerns for clean energy and efforts by the government in measures to push towards a low carbon scenario. The Indian market is still embryonic; however, it has a huge potential in various segments, backed strongly by policies favoring research, development, and deployment of fuel cell technologies.  

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