USD 2.03 billion
Report ID: SQMIG10B2034 | Region: Global | Published Date: February, 2023 | Pages: 242 | Tables: 65 | Figures: 75
Global Fuel Cell Market size was valued at USD 2.03 billion in 2021 and is poised to grow from USD 2.91 billion in 2022 to USD 10.01 billion by 2030, growing at a CAGR of 16.67% in the forecast period (2023-2030).
A fuel cell is an electrochemical device that converts the chemical energy of a fuel into electricity through a chemical reaction with an oxidizing agent. Fuel cells are typically composed of an electrolyte, which is a substance that allows charged particles to move between two electrodes, and two electrodes, one positive and one negative.
There are many different types of fuel cells, but they all operate on the same basic principle. Hydrogen is the most common fuel used in fuel cells, but other fuels such as methanol and natural gas can also be used. When hydrogen fuel is supplied to the anode of a fuel cell, it is ionized and releases electrons. These electrons flow through an external circuit, generating electricity, while the hydrogen ions are drawn through the electrolyte to the cathode. At the cathode, the hydrogen ions react with oxygen from the air to form water, completing the electrochemical reaction.
Fuel cells have several advantages over traditional internal combustion engines. They are more efficient, producing electricity with less waste heat, and they produce zero emissions, making them a clean and environmentally friendly power source. Fuel cells are also relatively quiet and can operate at a steady output, making them suitable for use in a variety of applications including transportation, backup power, and portable power.
However, fuel cells also have some limitations. They are relatively expensive to produce and require specialized infrastructure for fueling and maintenance. Hydrogen, the most common fuel for fuel cells, is also difficult to store and transport, which can be a barrier to widespread adoption. Despite these challenges, fuel cells are an important emerging technology that has the potential to play a significant role in the transition to a low-carbon economy.
Global Market Size
USD 2.03 billion
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Global Fuel Cell Market is segmented based on product, application, and region. Based on the product, the market is segmented into proton exchange membrane fuel cell, phosphoric acid fuel cell, solid oxide fuel cell, molten carbonate fuel cell, and others. Based on application, the market is segmented into stationary, transportation, portable. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
Based on product, the market is segregated into proton exchange membrane fuel cell, phosphoric acid fuel cell, solid oxide fuel cell, molten carbonate fuel cell, and others. The proton exchange membrane fuel cell sector dominates the fuel cell market with a significant share in 2021. The wide usage of proton exchange membrane fuel cells in fixed, transit, and portable applications has contributed to their significant market share. In 2021, the solid oxide fuel cell segment is projected to be one of the fastest growing segments of the fuel cell market. This is attributed to solid oxide fuel cells can operate at high temperatures, they do not require expensive catalysts such as ruthenium. The majority of solid oxide fuel cells are employed in stationary applications.
Analysis by Application
Based on application, the market is segmented into stationary, transportation, portable. The stationary segment dominated the fuel cell market. The stationary segment is predicted to become the most popular application during the projection period. Because of characteristics such as high efficiency and the ability to use a variety of fuels, the stationary application segment is expected to grow. The transportation sector, on the other hand, is expected to grow at the fastest rate in the coming years. The transportation application category is expected to develop at the fastest rate throughout the projected period due to rising demand for fuel cell autos and fuel cell powered forklifts. Furthermore, the industry is predicted to expand as a result of increased research and development activity in established and developing countries to build hydrogen-powered hybrid vehicles.
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Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA. The Asia Pacific accounted for the largest market share and is expected to remain the leading consumer of Fuel Cell in the coming years. The regional growth of the market is attributed to rising demand for additional electricity, less reliance on fossil fuels, and increased acceptance of green energy technologies, the Asia Pacific fuel cell industry has grown at an astounding rate. Furthermore, rising development in this region is expected to increase demand for fuel cells dramatically.
The growth of the market is also attributed to Japan's ENE-FARM programme, which has encouraged the usage of PEMFCs and SOFCs for micro-CHP applications in the country. Furthermore, laws and initiatives to promote fuel cell systems for transportation applications in China and South Korea have propelled the region's fuel cell market expansion.
The market in North America will grow as a result of significant investments in the research and development of cutting-edge FC systems and the widespread implementation of existing technologies. Countries like the U.S. and Canada have made significant investments in boosting the infrastructure for hydrogen refueling and have given out a variety of tax breaks to encourage technological adoption. For instance, the California Air Resources Board (CARB) informed in December 2020 that as of August 2020, it had provided FCEV owners with over 7,530 refunds through its Clean Vehicle Rebate Project (CVRP). The cumulative value of this financing, according to CARB, topped USD 38.49 million during the same time period for the deployment of clean vehicles on the state's highways.
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Increasing Installments of Fuel Cell System
Growing Need to Reduce Greenhouse Gas (GHG) Emissions
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The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players' Company Profiles
Ballard Power Systems Inc.
FuelCell Energy Inc.
Toshiba Energy Systems & Solutions Corporation
Doosan Fuel Cell America Inc.
AFC Energy plc
Ceres Power Holdings plc
ITM Power plc
SFC Energy AG
Nedstack Fuel Cell Technology BV
Intelligent Energy Holdings plc
H2 Logic A/S
Ceramic Fuel Cells Limited
Horizon Fuel Cell Technologies Pte. Ltd.
PowerCell Sweden AB
Nuvera Fuel Cells, LLC
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 robust Secondary Desk research.
As per our analysis, based on the product, the most established technology, PEMFC, is anticipated to dominate both the volume and value of the market over the forecast period. Based on the application, transportation segment is projected to dominate the market. Due to significant government investment and fleet targets for large FCEVs, the transportation sector is anticipated to account for the majority 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.
|Market size value in 2021||USD 2.03 billion|
|Market size value in 2030||USD 2.91 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fuel Cell Market:
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Product ID: SQMIG10B2034