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 News

  • 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.
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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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Global Fuel Cell Market

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