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 2024-2031

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

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.

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FAQs

Fuel Cell Market size was valued at USD 2.03 billion in 2019 and is poised to grow from USD 2.91 billion in 2023 to USD 10.01 billion by 2031, growing at a CAGR of 16.67% in the forecast period (2024-2031).

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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