Fuel Cell Market is estimated to grow at a CAGR of 14.8% during forecast period 2022-2030

Global fuel cell market is estimated to grow at a CAGR of 14.8% during 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, scope of fuel cell 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 fuel cell market dominates the technology segment of global fuel cell market by capturing largest market share of over 51% in 2021. Polymer/proton exchange membrane fuel cell is anticipated to grow at a CAGR of 14.6% during forecast period of 2022 to 2030. The PEM based fuel cell used in transportation, stationary as well as portable application owing to its high power to area ratio compared to its other counterparts that include solid oxide, phosphoric acid and others. Further, PEM based fuel cells have high electrical efficiency (operational efficiency of 40-50%) that makes it suitable for mega-watt and submega-watt application. Further, high investment for advancement of PEM fuel cells are augmenting growth in global PEM based fuel cell market. Solid oxide fuel cells market is expected to grow at 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.

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Stationary application of fuel cell dominates the application segment of global fuel cell market by capturing largest market share of over 68% in 2021. Stationary application market is anticipated to grow at a 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.

Asia Pacific leads global fuel cell market by capturing largest market share of over 38% in 2021. Asia Pacific fuel cell market is anticipated to have highest CAGR of 15.4% during the forecast period. Attractive government subsidies on adoption of fuel cell vehicles, strict regulation on CO2 emission and proactive government stance to support the fueling infrastructure (Hydrogen) in their respective countries have positively affected the growth of fuel cell in Asia Pacific market. For instance, according to US Department of Energy (DoE), in 2015, South Korea purchased over 100 MW of fuel cells from the US and as per the Municipal Government of Seoul (South Korea) 48% of net anticipated renewable energy in Seoul would be based on Fuel cells by 2030.

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. 

KEY MARKET MOVEMENTS

• Global fuel cell market is estimated to grow at a CAGR of 14.8% during forecast period (2022-2030).
• Polymer/proton exchange membrane fuel cell market dominates the technology segment of global fuel cell market by capturing largest market share of over 51% in 2021.
• Polymer/proton exchange membrane fuel cell is anticipated to grow at a CAGR of 14.6% during forecast period of 2022 to 2030.
• Solid oxide fuel cells market is expected to grow at a CAGR of 15.4% during the forecast period.
• Stationary application of fuel cell dominates the application segment of global fuel cell market by capturing largest market share of over 68% in 2021.
• Stationary application market is anticipated to grow at a CAGR of 14.7% during forecast period.
• Asia Pacific leads global fuel cell market by capturing largest market share of over 38% in 2021.
• Asia Pacific fuel cell market is anticipated to have highest CAGR of 15.4% during the forecast period.
• 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.