Fuel Cell Market Share, Size and Forecast Report, 2022 to 2030

Fuel Cell Market Overview

The report is titled as ‘Fuel Cell Market: Opportunity Analysis and Future Assessment 2022-2030’. An overview of conceptual frameworks, analytical approaches of the Fuel Cell market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market.

The fuel cell market is estimated to reach at a value of US$ 5.9 Bn by the end of 2022 and expected to reach at a value of US$ 27.4 Bn by 2030 with a significant CAGR of 21.2%.

Fuel Cell Introduction

A fuel cell refers to an electrochemical cell that produces electrical energy by means of fuel through an electrochemical reaction. Fuel cells need an uninterrupted intake of fuel and an oxidizing agent (usually oxygen) so as to uphold the reactions that produce the electricity. As a result, these cells can continuously produce electricity up to the supply of oxygen and fuel is lop off. Fuel cells are unparalleled in respect of the range of their promising applications, as fuel cells can utilize a comprehensive variety of feedstocks and fuels and can offer power for systems as huge as a utility power station and as minor as a laptop computer.

The growing demand for unconventional sources of energy, in present times, is majorly boosting the demand of fuel cells across the global markets. Significantly, fuel cells have a number of benefits over standard combustion-based technologies commonly employed in various vehicles and power plants. Fuel cells can function at greater efficiencies in comparison to the combustion engines and can transform the chemical energy in the fuel straightaway to electrical energy with efficiencies able to exceed 60%. In addition to that, fuel cells diminish or have zero emissions in contrast to combustion engines. Attributing to such factors, the global fuel cell market is projected to grow significantly over the following years.

In terms of region, In 2021, the Asia Pacific is accounted to hold the largest market share in comparison to other regions and expected to maintain its dominance throughout the forecast period. Owing to, rapid growth of technologies such as fuel cell vehicles in China is expected to boost the fuel cell market in the region. 

Fuel Cell Market Segmentation

The fuel cell market is segmented on the basis of source, product type, cell stack, application, and end user, and region.

By Source

Hydrogen Powered

Methanol Powered

Biogas Powered

Natural Gas Powered

Hydrocarbons Powered

By Product Type

Polymer Electrolyte Fuel Cell (PEFC)

Alkaline Fuel Cell (AFC)

Phosphoric Acid Fuel Cell (PAFC)

Molten Carbonate Fuel Cell (MCFC)

Solid Oxide Fuel Cell (SOFC)

Others

By Application

Stationary Power

Portable Power

Transportation Power

Specialty Vehicles

Fuel Cell Electric Vehicles

Auxiliary Power Units

Material Handling Equipment

By Cell Stack

Panel Bipolar Stack

Stack With Tubular Cells

By End User

Commercial & Industrial

Data Centers

Transportation

Military & Defense

Residential

Utilitis & Government/Municipal Institute

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

Fuel Cell Market Key Players

Some of the key participating players in fuel cell market are:

BLOOM ENERGY

DOOSAN FUEL CELL CO., LTD.

AISIN CORPORATION

PLUG POWER INC.

KYOCERA CORPORATION

CERES

CUMMINS INC.

POWERCELL SWEDEN AB

TOSHIBA CORPORATION

BALLARD POWER SYSTEMS

SFC ENERGY AG

MITSUBISHI HEAVY INDUSTRIES, LTD.

AFC ENERGY PLC

ELRINGKLINGER AG

FUJI ELECTRIC CO., LTD.

PROTON MOTOR POWER SYSTEMS PLC

ADAPTIVE ENERGY

ADELAN

SPECIAL POWER SOURCE

ZTEK CORPORATION, INC.

SOLIDPOWER S.P.A

WATT FUEL CELL CORPORATION

AVL LIST GMBH

ALTERGY

MICRORGANIC TECHNOLGIES

NEDSTACK FUEL CELL TECHNOLOGY BV

INTELLIGENT ENERGY LIMITED

HORIZON FUEL CELL TECHNOLOGIES

NUVERA FUEL CELLS, LLC

POWERUP ENERGY TECHNOLOGIES

Factors that are benchmarked while estimating the market

Various factors that are benchmarked while estimating the market growth includes (but not restricted to):

New product developments and launches

Global Power Industry Outlook

Future of Hydrogen Based Fuel Cells

Top Companies Historical Growth Rate

Pricing Impact

Impact of Regulations

Advantages of Fuel Cell

Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.

A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s product sales, previous growth rates and market expansion plans are considered to generate market share in the market.