USD 4.4 Billion
Fuel Cell Technology Market Size, Share, Growth Analysis, By Type (PEMFC (Proton Exchange Membrane Fuel Cell), SOFC (Solid Oxide Fuel Cell), PAFC (Phosphoric Acid Fuel Cell), MFC (Microbial Fuel Cell)), By Application (Portable, Stationary, and Vehicle (FCVS) ), By End User (Residential, Commercial & Industrial, Transportation, Data Centre), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2256 |
Region:
Global |
Published Date: May, 2024
Pages:
202
|Tables:
95
|Figures:
69
Fuel Cell Technology Market Insights
Global Fuel Cell Technology Market size was valued at USD 4.4 Billion in 2022 and is poised to grow from USD 5.3 Billion in 2023 to USD 23.2 Billion by 2031, at a CAGR of 20.3% during the forecast period (2024-2031).
The global fuel cell technology market has been growing significantly in recent years mainly due to the need for an environmentally friendly fuel type, which can replace fossil fuels as the source of power generation. Power and energy requirements are rapidly increasing, owing to the increased industrialization, global electrification, and the growth of emerging economies. Commercial and industrial applications are the biggest end user segments of power generation applications. Data centres consume more power and require uninterrupted power sources. These centres are opting for cost reduction by adopting distributed power generation, especially fuel cells, to reduce the power consumption. Fuell cells, including SOFCs (Solid Oxide Fuel Cells) have seen a high demand in the US region, due to its adoption by centres such as Google, IBM and Equinix. As the transportation industry is also looking for alternative sources of fuel, Fuel cell Electric Vehicles are on the rise in the market. These factors together are responsible for the high growth rate of the fuel cell technology market. This market also faces a few challenges, such as storage and transportation of hydrogen and efficient water management in the cells.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
SOFC (Solid Oxide Fuel Cell)
Fastest Growth
PEMFC (Proton Exchange Membrane Fuel Cell)
Growth Rate
20.3% CAGR
Global Fuel Cell Technology Market ($ Bn)
Country Share for Asia Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Fuel Cell Technology Market Segmental Analysis
The global fuel cell technology market is segmented based on type, application, end user, and region. By type, the market is segmented into PEMFC (Proton Exchange Membrane Fuel Cell), SOFC (Solid Oxide Fuel Cell), PAFC (Phosphoric Acid Fuel Cell), MFC (Microbial Fuel Cell), DMFC (Direct Methanol Fuel Cell), and AFC (Alkaline Fuel Cell). By application, the market is segmented into portable, stationary, and Fuel Cell Vehicles (FCVS). By end user, the market is segmented into residential, commercial & industrial, transportation, data center, and military & defense. By region, the market is segmented into North America, Asia Pacific, Europe and Rest of the World.
Analysis By Type
The SOFC (Solid Oxide Fuel Cell) is the most dominant segment in the fuel cell technology market today. It is the most widely used fuel cell due to its ease of use. The compact structure of solid oxide fuel cells also needs a slower startup time, which is especially useful in stationary power applications. These factors drive the demand for solid oxide fuel cells.
The Proton Exchange Membrane Fuel cell (PEMFC) is the second largest, and the fastest-growing segment in the fuel cell technology market. PEMFC is mostly used in the transportation sector. This segment's rapid growth can be attributed to the potential impact of these fuel cells on the environment, compared to traditional fossil fuel vehicles.
Analysis By Application
The stationary power segment holds the major share in the fuel cell technology market. The demand for stationary power segment is expected to rise, due to the growing demand of fuel cells in distributed generation facilities. These are also used in backup power applications. The stationary power also offers versatility with high efficiency. These factors together keep the stationary segment in the leading position.
The transportation power segment, or Fuel Cell Vehicles (FCVs) is the fastest-growing segment in the fuel cell technology market. The extensive growth of this segment is due to the increasing consumer awareness and demand for zero-emission vehicles and strong government support. The rising petroleum prices globally has also contributed to the growth of this segment.
Analysis By End User
The commercial & industrial sector is the largest segment in the fuel cell technology market. Commercial & industrial end users include hospitals, hotels, shopping centers, office buildings, sport centers and various other industrial facilities. All these varied end users require and use all the various types of fuel cells available in the market today. This also helps this sector dial down on greenhouse gas emissions. Due to such a wide range of applications, the commercial & industrial segment has the major share in the fuel cell technology market.
The transportation segment of the fuel cell technology market is the fastest growing sector. This is due to the rising inclination towards clean transport all over the globe. Various countries are investing heavily in an emission free environment, which is a huge factor for use of fuel cells in the transportation sector.
Global Fuel Cell Technology Market By Type
To get detailed analysis on other segments, Request For Free Sample Report
Fuel Cell Technology Market Regional Insights
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.
The North American region, comprising of the United States and Canada, has also been a prominent player in fuel cell technology. Major market players have been driving innovations in fuel cell applications for transportation, backup power, and stationary power generation. An increasing number of government initiatives and partnerships with industries in this region have been supporting the growth of fuel cell technology. The region is also home to significant research and development activities, fostering innovation and technological advancements in fuel cell technologies. Moreover, investments in clean energy solutions drive the adoption of fuel cell technology in North America. Finally, the presence of major fuel cell manufacturers and a robust infrastructure for hydrogen production and distribution contribute to North America's prominence in the global fuel cell technology market.
Global Fuel Cell Technology 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 Technology Market Dynamics
Drivers
Sustainability of Fuel Cells
- 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.
Advancements in Research & Development
- Continuous research and development are driving the advancements in fuel cell technology, making them more cost-effective, efficient, and durable. Innovations in materials, catalysts, and system design contribute to the overall progress in the field. Due to these advancements, fuel cells today are finding applications in various sectors, including transportation (fuel cell vehicles), stationary power generation (backup power, distributed generation), and portable devices. The expanding range of applications increases the market potential for fuel cell technology.
Government Incentives
- Many governments all around the world have been providing financial incentives, grants, and subsidies to promote the research, development, and deployment of fuel cell technology. These policies aim to drive investment, accelerate innovation, and create a positive environment for the widespread adoption of fuel cells.
Restraints
High Initial Costs
- The initial capital costs associated with fuel cell technology, especially proton exchange membrane fuel cells (PEMFCs) are relatively high. This includes the costs of materials, manufacturing, and system installation. This high cost hampers the market, particularly in comparison to more established technologies. There is also a lack of a widespread and well-developed hydrogen infrastructure. Establishing a widespread network of hydrogen distribution, and refuelling stations is required, but it is also a complex and costly process.
Storage & Distribution Challenges
- Hydrogen has a low energy density by volume, and its storage and distribution pose challenges. Storage methods, such as compression and liquefaction, can be energy-intensive and add to the overall system costs. Since hydrogen storages have large weight and volume, they cannot provide ranges as high as conventional petroleum fuelled vehicles. Additionally, hydrogen tends to leak, requiring careful handling and transportation. Durability of hydrogen systems is also limited and there is a requirement to develop components and materials that allow hydrogen storage systems with a lifetime of 1500 cycles. Refuelling time associated with hydrogen storage is long and there is a need to develop systems that takes less than 3 minutes for refuelling.
Request Free Customization of this report to help us to meet your business objectives.
Fuel Cell Technology Market Competitive Landscape
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.
Top Player’s Company Profile
- Aisin Corporation (Japan)
- Ballard Power Systems (Canada)
- Bloom Energy (US)
- Cummins Inc. (US)
- Doosan Fuel Cell Ltd. Co. (South Korea)
- ElringKlinger AG (Germany)
- Fuel Cell Energy Inc. (US)
- KYOCERA Corporation (Japan)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Nedstack Fuel Cell Technology (Netherlands)
- Plug Power Inc. (US)
- TECO 2030 (Norway)
- Toshiba Corporation (Japan)
Recent Developments
- 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.
Fuel Cell Technology Key Market Trends
- 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.
- Hydrogen Fuel Cell-Powered Aviation: Various companies are exploring the feasibility of using hydrogen fuel cells in aviation. Hydrogen-powered aircraft are being considered as a potential solution to reduce emissions in this industry. Fuel cells are also being explored as a power source for unmanned aerial vehicles (UAVs) or Drones. This application is driven by the need for longer flight times and the potential for quick refuelling compared to traditional batteries.
Fuel Cell Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global fuel cell technology market analysis, several factors such as rapid industrialization and the need for environmentally friendly fuel are driving the growth of this market. The most common type of fuel cell technology used in the market today is the SOFC (Solid Oxide Fuel Cells) whereas the PEMFC (Proton Exchange Membrane Fuel cell) used in the transportation sector is quickly gaining popularity. The stationary power segment application is most common in the industry today, and hence holds the major share. The rapidly growing segment is the application in transportation power segment or Fuel Cell Vehicles (FCVs). In the end user segment too, transportation is the fastest growing sector, with the commercial & industrial sector holding the dominant share. Asia Pacific is both the largest and the fastest growing market for fuel cell technology, since this region is an emerging economy and is seeing increased industrialization in recent times. The landscape of this market shows the existence of intense competition between its key players. These market players are dedicated to research and development for improvement in the efficiency of fuel cell technology. Few key challenges faced by this market is the cost associated with it and storage and distribution of hydrogen. Key market players need to continuously research and innovate to bring in improved, high quality and cost-effective fuel cell technology in the market to stay relevant in this industry.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.4 Billion |
| Market size value in 2031 | USD 23.2 Billion |
| Growth Rate | 20.3% |
| 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 Technology 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 Technology 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 Technology 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 Technology 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 Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fuel Cell Technology 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
