USD 2.03 billion
Fuel Cell Market Size, Share, Growth Analysis, By Size(Large Scale, Small Scale), By Fuel(Hydrogen, Ammonia, Methanol, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2034 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
65
|Figures:
75
Fuel Cell Market Insights
The Global Fuel Cell Market size was valued at USD 2.90 Billion in 2022 and is poised to grow from USD 3.69 Billion in 2023 to USD 25.10 Billion by 2031, at a CAGR of 27.1% over the forecast period (2024–2031).
The fuel cell market is expected to gain momentum in the coming years owing to the rising environmental issues and supportive government incentives and policies. In the present scenario, there is an increasing need to minimize air pollution and greenhouse gas emissions. Fuel cells are much cleaner as compared to the conventional internal CEs and are frequently hydrogen-powered so that when they are used in fuel cells, they just release vapor. Besides, most governments are adopting incentives and policies to encourage using fuel cells. These factors are propelling the use of fuel cells, thus driving the market. However, the fuel cell market is restrained by hydrogen infrastructure. The lack of broad use of hydrogen refueling framework is impeding the application of fuel cells in most applications. Also, creating and maintaining an exhaustive hydrogen ecosystem is costly and needs huge funding. Yet, advancements in technologies, constant R&D and help address these challenges and help the fuel cell market grow flourishingly over the forecast period.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Proton exchange membrane fuel cell
Fastest Growth
Proton exchange membrane fuel cell
Growth Rate
16.67% CAGR
Fuel Cell Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Fuel Cell Market Segmental Analysis
The Global Fuel Cell Market is segmented by Type, Size, Fuel, Component, Application, and Region. Based on Type, the market is segmented into Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell, Direct Methanol Fuel Cell, Others. Based on Size, the market is segmented into Large Scale, Small Scale. Based on Fuel, the market is segmented into Hydrogen, Ammonia, Methanol, and Others. Based on Component, the market is segmented into Stack (Cells, Interconnects, End Plates, Sea Plants, Others), Balance of Plant (BOP) (Heat Transfer Components, Power Electronics & Control Systems, Instruments & Sensors, Fuel Reformers/Desulfurizers, and Others). Based on Application, the market is segmented into Automotive, Non-Automotive, Power, and Others. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Size
Based on size, the fuel cell market is categorized into large and small scales. The large-scale segment held a majority share of the market and is projected to lead over the forecast period as well owing to broader applications of fuel cells in data centers and industrial facilities that need constant and reliable power source. Fuel cells can offer unbroken and stable power supply, which is mandatory for such applications.
On the other hand, the small-scale segment is expected to grow at a steady pace in the forthcoming years owing to the rising advances in technologies that have made the small-scale machine more reliable and efficient besides being cost-efficient. Modernizations in materials, miniaturization, and design have improved the feasibility of deploying these cells in small applications.
Analysis by Fuel
Based on fuel, the fuel cell market is categorized as hydrogen, methanol, ammonia, and others. Hydrogen is the leading segment and will hold a dominant share over the forecast period, owing to its environmental benefits. Hydrogen fuel cells generate water as a release gas when it reacts with oxygen. This makes hydrogen an eco-friendly energy source and much cleaner as compared to others. This supports the global objective to lessen greenhouse gases and fight climate change.
However, the methanol segment is projected to grow at a considerable share after hydrogen owing to its ease of transport and storage. Methanol at room temperature is liquid and is safer and easier to transport and store than hydrogen, which needs cryogenic conditions or hi-pressure tanks. This convenience makes them the best for different uses and the second leading segment in the fuel cell market.
Fuell Cell Market By Fuel Type
To get detailed analysis on other segments, Request For Free Sample Report
Fuel Cell Market Regional Insights
Geographically, the fuel cell market is leading in Asia-Pacific owing to greater government support and policies. Most nations in Asia-Pacific like China, South Korea, and India have robust government incentives that encourage the use of fuel cell technology. This comprises grants, subsidies, tax incentives, and more aimed at motivating clean solutions and minimizing greenhouse gas releases. For instance, South Korea and Japan have strong strategies for hydrogen and are heavily investing for better hydrogen infrastructure. Toshiba, Mitsubishi Power, Ltd., Aisin Corporation, Doosan Fuel Cell, and more are some of the players from Asia-Pacific.
North America is observed as the fastest-growing region as compared to other regions owing to leadership in innovations and technology. North America is a center for technological advancements and research and development in fuel cells. It is also home to research institutes and many top market players that are improving fuel cell technology, reducing costs, and enhancing efficiency. The leading players operating in the region include Ballard Power Systems Inc., Plug Power Inc., FuelCell Energy Inc., Bloom Energy, and more. Moreover, heavy funding in R&D and the rising number of innovations are propelling the market in the region.
Fuell Cell Market By Region
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Fuel Cell Market Dynamics
Drivers
- Growing Adoption of Fuel Cells in Transport is Fueling Market
Fuel cells are gaining popularity in different vehicles like trucks, buses, trains, and more. Governments and several businesses are focusing on investments in FCVs with an aim to minimize reliance on fossil fuels and encourage the use of fuel cells. Moreover, fuel cells are the best substitute for the conventional sources of energy, which can improve energy security by expanding energy supply and lowering reliance on imported fossil fuels. These factors are propelling the growth of the fuel cell market.
- Versatility of Fuel Cells in Diverse Applications is Supporting Market Growth
Fuel cells are also employed in backup energy systems, remote locations, and stationary power production where conventional power architecture is not possible. The versatility of fuel cells in different applications is aiding their market growth. also, private and public sectors are heavily investing in fuel cells to improve the said technology and expand its applications.
Restraints
- Significant Initial Cost of Fuel Cells
The initial costs remain comparatively high in comparison to the traditional energy technologies. This is because of the costly materials adopted like platinum, mainly for catalysts and the intricacy of production processes. Such high prices might restrict its broad adoption in price-sensitive locations, thereby restraining the growth of the fuel cell market.
- Strong Competition from Others
Despite strong growth, fuel cells are facing competition from several clean energy sources like renewable energy sources and BEVs (Battery electric Vehicles). The BEVs, especially, hold a better infrastructure and are commonly preferred as the best solution for minimizing emissions.
Request Free Customization of this report to help us to meet your business objectives.
Fuel Cell Market Competitive Landscape
Fuel cell market providers need to focus on maximizing their business scope by reaching into new markets and developing fuel cells for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new fuel cell companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles
- Ballard Power Systems Inc. (Canada)
- Bloom Energy Corporation (United States)
- FuelCell Energy Inc. (United States)
- Plug Power Inc. (United States)
- Hydrogenics Corporation (Canada)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Doosan Fuel Cell America Inc. (United States)
- AFC Energy plc (United Kingdom)
- Ceres Power Holdings plc (United Kingdom)
- ITM Power plc (United Kingdom)
- SFC Energy AG (Germany)
- Nedstack Fuel Cell Technology BV (Netherlands)
- Intelligent Energy Holdings plc (United Kingdom)
- H2 Logic A/S (Denmark)
- Ceramic Fuel Cells Limited (Australia)
- Horizon Fuel Cell Technologies Pte Ltd. (Singapore)
- PowerCell Sweden AB (Sweden)
- Nuvera Fuel Cells, LLC (United States)
- Cellkraft AB (Sweden)
- NEL ASA (Norway)
Recent Developments
- In August 2024, Bloom Energy, a leading provider of SOFC technology announced to offer novel solution, named Bloom Energy Server™. The fresh power solution holds ~60% electrical efficiency and makes use of hydrogen 100%.
- In May 2024, Plug Power, a leading provider of hydrogen solutions declared its recent innovation, the incorporation of a Class 6, medium-duty FC-based electric truck. The incorporation comprises commercial class 6 chassis along with industry-certified electric propulsion solution by Plug Power’s superior ProGen FC technology and smoothly incorporated with electric propulsion system.
- In May 2024, FuelCell Energy, Incorporation and Gyeonggi Green Energy Co., Ltd. (GEE) declared that GEE decided to buy 42 1.4-MW upgraded carbonate FC modules by FuelCell Energy. This will be done to replace the current FC modules at Hwaseong Baran Industrial Complex.
Fuel Cell Key Market Trends
- Solid Oxide Fuel Cells: The growth of durable electrode designs and ceramic materials also highlights the improvements in solid oxide fuel cell technology. These improvements make it practical to be used as the best solution for heavy-duty transportation and for stationary energy generation. Solid oxide fuel cells are the most suitable solution for lowering carbon emissions and for a sustainable future.
Fuel Cell Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing transport and progressing transportation industry around the world and heavy investments in infrastructure are driving the fuel cell market growth. However, high initial costs and technological challenges are poised to be the fuel cell market's major restraints. The Asia Pacific region is expected to lead the market supported by speedy urbanization, the progressing transportation industry, and the demand for energy-efficient vehicles. Moreover, the expansion of fuel cell vehicles and growing commercial and industrial applications are creating opportunities for the market's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.90 Billion |
| Market size value in 2031 | USD 25.10 Billion |
| Growth Rate | 27.1% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 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
- Exhibit: Impact analysis of DROC, 2021
- 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 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the 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 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 Fuel Cell Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
USA (+1) 351-333-4748
