According to a research survey conducted by ChemView Consulting, in 2022, the Global Fuel Cell Market was worth US$ 391.3 Mn and is expected to grow at a CAGR of 22.6% over the forecast period. The market is expected to hit US$ 3,001.6 Mn by 2032 end.
Fuel cells have a number of advantages over traditional combustion-based technologies, which are employed in many power plants and automobiles. When compared to combustion engines, fuel cells emit fewer or no emissions. As hydrogen fuel cells emit only water and no carbon dioxide, they can help to address crucial climate issues.
Increasing demand for portable electronics, stringent government regulations intended to curb growing pollution levels, and increased fuel cell efficiency are some key drivers propelling the fuel cell market. As the advantages of fuel cells become well recognized, it is anticipated that the impact of these considerations will increase considerably.
During the forecast period, the absence of fuel cell infrastructure and the high cost of the catalyst, which increases the cost of the fuel cell, will limit the growth of the global fuel cell market.
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Segments Covered in Report
By Source:
- Hydrogen-powered
- Methanol powered
- Biogas powered
- Natural gas powered
- Hydrocarbons powered
By Design:
- Solid oxide fuel cell (SOFC)
- Proton exchange membrane (PEM)
- Molten carbonate fuel cell (MCFC)
- Others
By Application:
- Stationary power
- Portable power
- Transportation power
- Specialty vehicles
- Fuel cell electric vehicles
- Auxiliary power units
- Material handling equipment
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways
- Based on design, the proton exchange membrane fuel cell (PEMFC) market will dominate in 2021. The significant usage of PEMFC in stationary, transit and portable applications is principally responsible for the segment’s high market share.
- Based on source, the stationary power segment is expected to emerge as the largest application segment over the forecast period. Factors such as high efficiency and flexibility to use different fuels are expected to boost the growth of the stationary application segment.
- Based on region, Asia Pacific held the highest proportion of the worldwide fuel cell market in 2021. It is mostly because of Japan’s ENE-FARM program, which has encouraged using PEMFCs and SOFCs for micro-CHP applications there. The region’s fuel cell market has expanded due to laws and initiatives in China and South Korea that favor using fuel cell systems for transportation.
Competition Summary
Key companies covered in the market study are Toshiba Corporation, Panasonic Corporation, Hydrogenics Corporation, Kyocera, AFC Energy, Ballard Power Systems, Inc, Ceres Power Holdings PLC, Aisin Seiki Co. Ltd, Ceramic Fuel Cells Limited, and Doosan Corporation
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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