Global Fuel Cell Market

Global Fuel Cell Market Size, Share, Growth Analysis, By Product(Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell), By Application(Stationary, Transportation) - Industry Forecast 2023-2030


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

Global Fuel Cell Market Insights

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.

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

Market snapshot - 2023-2030

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

Global Fuel Cell Market ($ Bn)
Country Share for Asia Pacifc Region (%)
Global Fuel Cell Market By Product ($ Bn)
Global Fuel Cell Market By Product (%)

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Global Fuel Cell Market Segmental Analysis

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.

Fuel Cell Market 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.

Fuel Cell Market 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.

Global Fuel Cell Market By Product, 2021 (%)

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Global Fuel Cell Market Regional Insights

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.

Global Fuel Cell Market By Region, 2023-2030
  • Largest
  • Fastest

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Global Fuel Cell Market Dynamics

Fuel Cell Market Driver

Increasing Installments of Fuel Cell System

  • More and more FC systems are being installed to generate combined heat and power (CHP) for small homes and commercial buildings like hotels, hospitals, educational facilities, and public buildings. In order to encourage the integration of the devices in many applications, several state and federal authorities have developed favourable legislative frameworks and subsidy schemes. As an illustration, the New Jersey state government has modified its financial incentives for FC CHP installations made on or after October 1, 2020. With financial assistance of up to USD 3 million per project to the producers, its CHP-FC Program structure is made to encourage new manufacturers.

Growing Need to Reduce Greenhouse Gas (GHG) Emissions

  • The growing need to reduce greenhouse gas (GHG) emissions from many sources and considerable efforts to create a society free of carbon are projected to be positive factors for the expansion of the global fuel cell industry. Additionally, the growing need for hydrogen fuel cell vehicles in order to meet the strict government goals for accelerating the deployment of clean energy is projected to accelerate the adoption of battery cell systems across a variety of areas. For instance, in January 2019, South Korean government declared its goals to promote FCEVs and increase the number of FCEVs on the road to over 1.8 million by 2030.

Fuel Cell Market Restraint

  • Bipolar plates, catalysts, membrane electrode assemblies (MEAs), gaskets, and many other parts are needed for the production of FC systems. Because of this, these goods are quite expensive, and manufacturing a limited number of FC systems could result in unaffordable high expenses for the businesses involved. Additionally, the business prospects may be hampered by the restricted availability of highly technical hydrogen infrastructure in a number of countries. To close the gap and give businesses and consumers access to zero-emission technologies, government agencies like the U.S. Department of Energy (DOE) are regularly taking action.

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Global Fuel Cell Market Competitive Landscape

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.

Fuel Cell Market Top Players' Company Profiles

  • Ballard Power Systems Inc.

  • Bloom Energy Corporation

  • FuelCell Energy Inc.

  • Plug Power Inc.

  • Hydrogenics Corporation

  • 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

  • Cellkraft AB

  • NEL ASA

Fuel Cell Market Recent Developments

  • In July 2021, Ballard Power Systems received an order for 15 of its 70 kW FCmoveTM-HD fuel cell systems to power Tata Motors' zero-emission Fuel Cell Electric Buses (FCEBs). Ballard hopes to finish the order by 2022 in order to comply with Tata Motor's ambitions to investigate the viability of using FCEBs in Faridabad, a city located inside the nation's National Capital Region.
  • In July 2021, With the assistance of SK ecoplant in Donghae City, South Korea, Bloom Energy announced the deployment of a 4.2 MW solid oxide fuel cell system for the utility-scale combined heat and power (CHP) effort. The next-generation plant will have a thermal energy capture capacity of 4 million mega calories through the SK ecoplant and Power Tower's heat recovery system, and it will produce roughly 35,000 MWh of clean electricity annually.

Global Fuel Cell Key Market Trends

  • Due to their rapid start and high-power densities, FC systems are commonly used to power hydrogen vehicles. A number of 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.

Global 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 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.

Report Metric Details
Market size value in 2021 USD 2.03 billion
Market size value in 2030 USD 10.01 billion
Growth Rate 16.67%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell, and Others
  • Application
    • Stationary, Transportation, Portable
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.

  • Bloom Energy Corporation

  • FuelCell Energy Inc.

  • Plug Power Inc.

  • Hydrogenics Corporation

  • 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

  • Cellkraft AB

  • NEL ASA

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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 Global 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 Global 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 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.

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 Global Fuel Cell Market:

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

Regional Analysis: Further analysis of the Global 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 2.03 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).

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. ' Ballard Power Systems Inc. ', ' Bloom Energy Corporation ', ' FuelCell Energy Inc. ', ' Plug Power Inc. ', ' Hydrogenics Corporation ', ' 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 ', ' Cellkraft AB ', ' NEL ASA '

More and more FC systems are being installed to generate combined heat and power (CHP) for small homes and commercial buildings like hotels, hospitals, educational facilities, and public buildings. In order to encourage the integration of the devices in many applications, several state and federal authorities have developed favourable legislative frameworks and subsidy schemes. As an illustration, the New Jersey state government has modified its financial incentives for FC CHP installations made on or after October 1, 2020. With financial assistance of up to USD 3 million per project to the producers, its CHP-FC Program structure is made to encourage new manufacturers.

Due to their rapid start and high-power densities, FC systems are commonly used to power hydrogen vehicles. A number of 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.

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.

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