Fuel Cell Technology Market Updates

Fuel Cell Technology Market News

In February 2024, Wales and West Utilities, a gas distribution company in England, has taken delivery of First Hydrogen’s fuel-cell van. The hydrogen-powered vehicle (FCEV) is operating from the energy provider’s Swansea depot, as part of a fleet of 1,300 vehicles, which are deployed across Wales and the south-west of England.
In February 2024, NatPower H, and independent renewable energy development platform and Zaha Hadid Architects (ZHA), a British architecture and design firm, have collaborated to develop a hydrogen refuelling station and support recreational boating in areas beyond the Mediterranean Sea. The hydrogen-powered infrastructure is expected to be installed by the summer of 2024 and be worth around €100 million. The project has already been adhered to by 25 Italian marinas and ports, with the aim deploying 100 fuel stations by 2030.
In February 2024, a four-seat aircraft powered by a hydrogen-fuelled internal combustion engine (ICE) has completed its maiden flight in Shenyang, China, according to local reports. Incorporating “domestically manufacturer” core components, the aircraft demonstrated an engine power of up to 120kW during the test. Said to be the first independently developed hydrogen ICE-powered aircraft in China, the test could open a new development pathway for hydrogen-fuelled flight.

FAQs

Global Fuel Cell Technology Market size was valued at USD 3.69 billion in 2023 and is poised to grow from USD 4.69 billion in 2024 to USD 31.94 billion by 2032, growing at a CAGR of 27.1% during the forecast period (2025-2032).

The fuel cell technology market is highly competitive, with the presence of prominent companies who are well-established fuel cell manufacturers and are financially stable. These companies have been operating in the market for several years and have a diverse portfolio, state-of-the-art technologies and strong global sales and marketing networks. These companies follow various strategies like contacts, agreements, partners, mergers and acquisitions and expansions to capture larger market shares. All the key players are investing heavily in research and development to enhance their manufacturing capacities. Leading market players are constantly focussing on producing products with high power density and efficiency. Several players are also producing cell stack at regional or local level. For example, in February 2023, SFC Energy AG, a hydrogen and methanol fuel cell supplier, and FC TecNrgy Pvt Ltd signed a strategic cooperation agreement to establish a manufacturing facility for hydrogen and methanol fuel cells in India. 'Bloom Energy (USA) ', 'Plug Power (USA) ', 'FuelCell Energy (USA) ', 'Ceres Power (UK) ', 'Ballard Power Systems (Canada) ', 'ITM Power (UK) ', 'PowerCell Sweden AB (Sweden) ', 'Doosan Fuel Cell Co., Ltd. (South Korea) ', 'SFC Energy AG (Germany) ', 'Hydrogenics Corporation (Canada) ', 'AFC Energy plc (UK) ', 'Ceramic Fuel Cells Ltd. (Australia) ', 'Nuvera Fuel Cells, LLC (USA) ', 'Horizon Fuel Cell Technologies (Singapore) ', 'Intelligent Energy Holdings plc (UK) ', 'Mitsubishi Power, Ltd. (Japan) ', 'Panasonic Corporation (Japan) ', 'Toshiba Energy Systems & Solutions Corporation (Japan) ', 'Nedstack Fuel Cell Technology BV (Netherlands) ', 'ElringKlinger AG (Germany)'

Fuel cells powered by hydrogen can be produced from a variety of domestic sources, including natural gas, biomass, and renewable energy. This diversity of fuel sources contributes to energy security and independence from fossil fuels. Fuel cells produce electricity through electrochemical reactions, typically using hydrogen and oxygen, emitting only water and heat as byproducts. This makes fuel cells an environmentally friendly and sustainable energy technology, for example, in Fuel Cell Vehicles (FCVs). Therefore, fuel cells contribute greatly to reduce carbon emissions and combat global climate change.

Advancement in Materials & Manufacturing: Incessant research and development efforts are focused on improving the performance, durability, and cost-effectiveness of fuel cells. Innovations in materials, catalysts, and manufacturing processes are contributing to more efficient and reliable fuel cell systems. One such example is the Solid Oxide Fuel Cells (SOFCs), which operate at higher temperatures compared to other types of fuel cells, are gaining interest for various applications, including stationary power generation and certain industrial processes. Their ability to use a variety of fuels, including natural gas and biogas, adds to their versatility.

The dominating region in fuel cell technology market is the Asia Pacific. Countries like South Korea are investing heavily on fuel cell driven cars, due to supportive government policies. China, on the other hand, holds a dominating market in the Asia Pacific Region, and is also promoting the adoption of clean-fuel automobiles. Rapid industrialization and growing demand of fuel cell technology from various industries like manufacturing, energy and power, etc. are a driving factor for the dominance of this region. Asia Pacific has also become hub for consumer electronics, where electronic goods and renewable energy sources are produced at relatively less cost. Moreover, fuel cell technology market is likely to take advantage of these factors and is expected to witness an increasing penetration of key market players in Asia Pacific.