Fuel Cell Market

The global fuel cell market is estimated to grow at a CAGR of 14.8% during the forecast period (2022-2030). The fuel cell market is mainly driven by innovations in fuel cells. Due to innovations, applications areas of fuel cells are on consistent rise. For instance, the scope of the fuel cells is not only limited to fuel cell electric vehicles nevertheless it is also adopted in material handling, power generation, and others. 

Polymer/ Proton Exchange Membrane Leads the Technology Segment

The global fuel cell market has been segmented on the basis of application and technology. The technology segment is further sub segmented into solid oxide fuel cell, phosphoric acid fuel cell, molten carbonate fuel cell, polymer/proton exchange membrane, direct methanol fuel cell. Polymer/ proton exchange membrane leads the technology segment in terms of revenue in global fuel cell market with over 16.23% market share in 2021. High investment for advancement of PEM fuel cells are also augmenting growth in global PEM based fuel cell market. Moreover, solid oxide fuel cell market is anticipated to be the fastest growing segment during forecast period with a CAGR of 15.4% during the forecast period. High funding in research and development of solid oxide fuel cells is majorly driving the market of SOFC in forecast period. 

Stationary Application of Fuel Cell Dominates the Application Segment

Stationary application of fuel cell dominates the application segment of global fuel cell market by capturing largest market share of over 68% in 2021 with an estimated of CAGR of 14.7% during forecast period. The stationary fuel cell has its application in primary power, backup power, or Combined Heat and Power (CHP). The primary driver for wide adoption of stationary fuel cells is low space requirement to deploy large-scale fuel cell systems coupled with high power efficiency of fuel cells. Further, as per Fuel Cell & Hydrogen Energy Association (FCHEA), major companies such as Apple, CBS, Cox Communications, eBay, Adobe, Coca-Cola, Delmarva Power, AT&T and others are adopting stationary fuel cell station as a source of primary and backup power. Further, high investment for development of stationary fuel cells and increasing focus of government across the globe to reduce carbon emissions are the major factors augmenting growth in stationary fuel cell market. 

APAC Remains as The Market Leader

Geographically, the global fuel cell market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). Asia pacific leads the global fuel cell market by capturing largest market share in terms of revenue of 38.34% in 2021. Attractive government subsidies on adoption of fuel cell vehicles, strict regulation on CO2 emission and proactive government stance to support fueling infrastructure (Hydrogen) in their respective countries have positively affected the growth of fuel cell in Asia Pacific. Large scale deployment of fuel cell for power generation and with the increasing adoption of fuel cell vehicles the Asia pacific fuel cell market is expected to grow substantially over the forecast period. 

Market Remains Highly Competitive & Collaborations Remains as Key Market Strategy

Partnership and collaboration is the primary strategy adopted by companies in global fuel cell market. The intensity of competitive rivalry in fuel cell market is expected to remain at high level over the forecast period 2022-2030. The fuel cell market is highly competitive with the presence of many big players such as Toshiba Corporation (Japan), Toyota Motor Corporation, SFC Energy AG (Germany), Plug Power Inc. (U.S.) Panasonic Corporation (Japan), Hydrogenics Corporation (Canada), General Electric Corporation (U.S.) and others. The major companies are engaged in research and development to improve the quality and to develop new products. Companies are trying to compete with each other by providing the same characteristics and similar price or by similar features at competitive prices for products in fuel cell market. Companies are focusing on new product development and collaborative research and development with research institutes to sustain in the market and strengthen their respective positions in the global market which is also increasing the competition. 

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030. 

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Technology (2020-2030; US$ Mn)

• Solid oxide
• Phosphoric acid
• Molten Carbonate
• Direct methanol
• Polymer/ Proton exchange membrane 

By Application (2020-2030; US$ Mn)

• Transportation
• Stationary
• Portable 

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa 

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation 

Key questions answered in this report

• What are the key market segments in the current scenario and in the future by product categories?
• What are the key market segments in the current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global fuel cell market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth.