Fuel Cell Market

Global Fuel Cell Market Size, Share & Industry Trends Analysis Report By Product Type, By Application (Stationary, Portable, and Transport), By Regional Outlook and Forecast, 2022 - 2028

Report Id: KBV-8742 Publication Date: May-2022 Number of Pages: 182
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Market Report Description

The Global Fuel Cell Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 19.2% CAGR during the forecast period.

Fuel cells are energy-producing devices that use sustainable chemical reactions to generate energy. The demand for fuel cells is likely to grow owing to the competitive advantages of fuel cells, which include increased efficiency, environmental friendliness, and a longer life duration than competing technologies. Factors such as stringent government rules about pollution from conventional sources, growth in distributed power generation, and the advantages of fuel cells over other power generation technologies would act as the growth catalysts for the industry.

Fuel cell applications in the transportation sector, including vehicles and buses, are likely to drive market expansion in the coming years. In addition, rising demand for portable devices and improved fuel cell efficiency are some of the key trends in the market. As people become more aware of the benefits of fuel cells, their influence is projected to grow dramatically. The high cost of catalysts used in fuel cells, which raises the cost of fuel cells, and the lack of fuel cell infrastructure are two of the major barriers to the growth of the market. However, fuel cell costs are likely to decrease in the future years as technology advances.

The trade of fuel cells, which are primarily used in electric motors and generators, was valued at $19.2 billion in 2018, as per the International Trade Center (ITC). Fuel cells are essential components of many devices that transform chemical energy into electrical energy, and they have a wide range of home and commercial applications. However, the high cost of fuel cell devices and a lack of fuel infrastructure are limiting the growth of the market. On the other hand, increased investment in fuel cell R&D to improve operating efficiency is expected to generate prospective growth prospects in the coming years.

Fuel Cell Market Size - Global Opportunities and Trends Analysis Report 2018-2028

COVID-19 Impact Analysis

Due to the COVID-19 pandemic, a temporary ban on import and export, as well as manufacturing and processing activities, was implemented across many industries and electrical utilities, reducing demand for fuel cells from these customers. In addition, due to a lack of personnel, a pause in the development of new electric utility infrastructures, renewable power plants, grid networks, and other power plants, as well as a rise in the demand-supply gap, market growth is expected to be hampered throughout the pandemic period. As a result, market growth in the second, third, and fourth quarters of 2020 has slowed. However, by the end of 2021, the fuel cell market has rebounded due to the availability of the COVID-19 vaccine in a number of economies throughout the world, which is predicted to boost the global economy.

Market Growth Factors:

Favorable Regulatory Policies and high priority to decrease greenhouse gas emissions

Fuel cells systems are increasingly being used to generate combined heat and power (CHP) for powering and heating small households as well as commercial spaces such as hotels, hospitals, educational institutions, public buildings, and other similar structures. As a result, different state and federal governments have enacted advantageous regulatory frameworks and subsidy programs to encourage the integration of devices into a variety of applications. For example, the state of New Jersey has modified its financial incentives for FC CHP installations completed on or after October 1, 2020. Its CHP-FC Program framework is meant to help more firms succeed by providing financial assistance of up to USD 3 million per project.

The growing number of Vehicular Applications

Due to tremendous growth in the regional transportation sector and high fossil fuel use, environmental challenges such as climate change and poor air quality have arisen, necessitating the use of clean energy sources. Fuel cells produce no pollutants and help to reduce greenhouse gas emissions. Fuel cells primarily employ hydrogen or methanol, which reduces economic reliance on oil and gas while improving energy security. The demand for the vehicular fuel cell is credited to the rising environmental concerns and expanding infrastructure connected to hydrogen refilling stations over the forecast period.

Marketing Restraining Factor:

The need for massive initial investments and rising use of renewable energy

Bipolar plates, catalysts, membrane electrode assemblies (MEAs), gaskets, and other components are used in the production of FC systems. As a result, these products are quite costly, and manufacturing a limited number of FC systems may result in unacceptably high prices for the manufacturers. Furthermore, the market prospects may be hampered by the restricted availability of critical high-tech hydrogen infrastructure in numerous countries. On the other hand, government divisions such as the United States Department of Energy (DOE) are constantly taking initiatives to introduce financial support and benefits in order to bridge the gap and allow manufacturers and customers to use zero-emission technologies.

Fuel Cell Market Share and Industry Analysis Report 2021

Product Type Outlook

Based on Product Type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), and Others. In 2021, the Solid Oxide Fuel Cell segment acquired a significant revenue share of the Fuel Cell Market. High CHP efficiency, fuel flexibility, and high-power output during processes ranging up to several megawatts are just a few of the advantages SOFC has over other options. As a result, their increasing usage is likely to boost segment growth. One of the key advantages of SOFCs is that there is no requirement for electrolyte loss. Furthermore, their capacity to operate at high temperatures eliminates the need for expensive catalysts like ruthenium. SOFCs are most commonly used in stationary applications.

Application Outlook

Based on Application, the market is segmented into Stationary, Portable, and Transport. The Transport Segment garnered a promising revenue share of the Fuel Cell Market in 2021. This is due to the widespread use of fuel cell technology in heavy-duty operations such as public transportation in regions such as the Asia Pacific. In addition, the growth of the segment would be driven by the increasing demand for fuel cell automobiles and fuel cell-powered forklifts. Furthermore, increased research and development initiatives in Europe to produce hydrogen-powered hybrid vehicles are expected to propel the segment forward.

Fuel Cell Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 3.6 Billion
Market size forecast in 2028 USD 11.9 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 19.2% from 2022 to 2028
Number of Pages 182
Number of Tables 283
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Product Type, Application, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Favorable Regulatory Policies and high priority to decrease greenhouse gas emissions
  • The growing number of Vehicular Applications
  • The need for massive initial investments and rising use of renewable energy

Regional Outlook

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2021, the APAC emerged as the leading region in the overall Fuel Cell Market. The growth of the regional market can be attributed to the availability of a large customer base, quick development of the hydrogen sector, fuel cell systems, and the presence of significant businesses in the region. Moreover, the presence of emerging nations in Asia-Pacific, including China, Japan, India, and South Korea, is expected to raise demand for fuel cells in transportation applications, contributing to the growth of the Asia-Pacific fuel cell market.

Free Valuable Insights: Global Fuel Cell Market size to reach USD 11.9 Billion by 2028

KBV Cardinal Matrix - Fuel Cell Market Competition Analysis

Fuel Cell Market - Competitive Landscape and Trends by Forecast 2028

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Cummins, Inc. is the forerunners in the Fuel Cell Market. Companies such as Ballard Power Systems, Inc., Plug Power, Inc., Doosan Fuel Cell Co., Ltd. are some of the key innovators in the Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ballard Power Systems, Inc., Plug Power, Inc., SFC Energy AG, Bloom Energy Corporation, Cummins, Inc., Hyster-Yale Materials Handling, Inc., Doosan Fuel Cell Co., Ltd., Intelligent Energy Limited (Meditor Group), FuelCell Energy, Inc., and Nedstack Fuel Cell Technology BV.

Recent Strategies Deployed in Fuel Cell Market

» Partnerships, Collaborations and Agreements:

  • Feb-2022: Ballard power systems partnered with ABB, a leader in global technology. Under this partnership, the companies would focus on developing a high-power fuel cell concept with the ability to generate 3 megawatts of electrical power.
  • Feb-2022: SFC Energy came into an agreement with Oneberry Technologies, a service, and technology provider. Under this agreement, the companies would develop 150 EFOY fuel cells for environment surveillance, security, and monitoring applications for delivery in two iterations.
  • Dec-2021: Plug Power entered into an agreement with Edison Motors, a United States-based automotive company. Under this agreement, the companies would develop and commercialize a hydrogen fuel cell-powered electric city bus comprised of a 125kW ProGen fuel cell engine of Plug Power.
  • Dec-2021: FUEL CELL ENERGY came into an agreement with POSCO, a steel-making company, and its entity Korea Fuel Cell. Following this agreement, the companies aimed to commercialize its diverse fuel cell platforms in the Asian market in order to meet the increasing demand for reliable clean energy sources in Asia.
  • Oct-2021: Ballard Power Systems signed a MoU with Forsee Power, a leading smart battery systems provider. With this partnership, the companies would develop fully integrated fuel battery and cell solutions, which are optimized for cost, installation, and performance for heavy-duty hydrogen mobility applications.
  • Oct-2021: Doosan Fuel Cell collaborated with SK Energy, an energy provider. Under this collaboration, the companies aimed to combine their capabilities in order to expand their capacities in the eco-friendly energy sector. In addition, the companies would also cooperate in hydrogen fuel cell technology development as well as business expansion.
  • Sep-2021: Ballard Power Systems came into a partnership with Quantron, the zero-emission transport solutions provider. Following this partnership, the companies would expedite the implementation adoption of fuel cell technologies.
  • Aug-201: SFC Energy came into a partnership with Nel ASA, a global solutions provider. Under this partnership, the companies aimed to develop a novel product category in order to replace diesel generators in a wide way with a completely sustainable as well as emission-free solution.
  • Jun-2021: Ballard Power Systems signed an agreement with W. L. Gore & Associates, a materials science company. Following this agreement, the companies aimed to advance the applications and advantages of fuel cell technologies.
  • Jun-2021: Plug Power and Renault Group, an automotive company, formed a joint venture, HYVIA. This joint venture aimed to bring new innovations to the low-carbon mobility sector. Moreover, the HYVIA integrated hydrogen technology would increase the vehicle range to 500 km with a reduced recharge duration of 3 minutes.
  • Apr-2021: Bloom Energy joined hands with SK Engineering & Construction, a general construction contracting company. With this collaboration, the companies aimed to deploy 100 kilowatts solid-oxide fuel cells that run on hydrogen. Moreover, these fuel cells are installed across South Korea in order to produce zero-carbon onsite electricity.
  • Mar-2021: SFC Energy partnered with Toyota Tsusho, a Toyota Group member. This partnership aimed to introduce powerful and environmentally friendly hydrogen as well as direct methanol fuel cell systems across the EFOY range to markets across Southeast Asian countries.
  • Dec-2020: Ballard Power Systems teamed up with Eltek Nordic, a leading vendor of high-efficiency power electronics and energy conversion. With this collaboration, the companies would provide reliable backup power solutions for telecom networks as well as other communication infrastructures.
  • Dec-2020: SFC Energy entered into a partnership with Axsol, a developer of stationary and mobile energy storage systems. Through this partnership, the companies would combinely commercialize SFC fuel cell and ARVEY series power storage units. In addition, the companies would integrate their expertise in sales and marketing of the SFC fuel cell and Axsol’s ARVEY series products.

» Acquisitions and Mergers:

  • Nov-2021: Ballard Power Systems acquired Arcola Energy, a systems engineering company based in the UK. Through this partnership, the companies aimed to enhance and optimize FCEV powertrain and vehicle performance, reduce lifecycle costs, and streamline vehicle and powertrain systems integration and service for its clients.
  • Jun-2020: Plug Power took over Giner ELX and United Hydrogen Group. Through this acquisition, the company aimed to strengthen its position in the hydrogen market. In addition, this acquisition would expand the capabilities of Plug Power in liquefaction, generation, and hydrogen fuel distribution.

» Product Launches and Product Expansions:

  • Nov-2021: Ballard Power Systems introduced FCmove HD+, the latest product in Ballard’s 8th generation heavy-duty power module portfolio. The new product aimed to enhance the convenience of vehicle integration with its 100kW power output. In addition, it is lighter and compact along with more efficient, and developed for rooftop configuration and engine bay.
  • Jul-2021: Bloom Energy rolled out a high-temperature electrolyzer. Through this launch, the company aimed to enter the hydrogen production market with a product that is capable of leveraging thermal energy as a power source.
  • Jul-2021: Bloom Energy released Bloom Electrolyzer, an energy-efficient electrolyzer. The new product aimed to provide clean hydrogen along with 15 to 45 percent increased efficiency in contrast to other products. In addition, the Bloom Electrolyzer operates on the same solid oxide technology platform that is used by Bloom Energy Servers.
  • Sep-2020: Ballard Power Systems launched FCwave, a 200-kilowatt (kW) modular unit fuel cell product. The new product aimed for primary propulsion power in marine vessels, which can be scaled in a range up to the multi-megawatt power level. Moreover, the FCwave is designed to provide primary propulsion power to several marine vessels, like river push boats, passenger and car ferries, and fishing boats.

Scope of the Study

Market Segments Covered in the Report:

By Product Type

  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Solid Oxide Fuel Cell (SOFC)
  • Molten Carbonate Fuel Cell (MCFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Others

By Application

  • Stationary
  • Portable
  • Transport

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Ballard Power Systems, Inc.
  • Plug Power, Inc.
  • SFC Energy AG
  • Bloom Energy Corporation
  • Cummins, Inc.
  • Hyster-Yale Materials Handling, Inc.
  • Doosan Fuel Cell Co., Ltd.
  • Intelligent Energy Limited (Meditor Group)
  • FuelCell Energy, Inc.
  • Nedstack Fuel Cell Technology BV
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Frequently Asked Questions About This Report

The global fuel cell market size is expected to reach $12.1 billion by 2028.

The growing number of Vehicular Applications are driving the market in coming years, however, the need for massive initial investments and rising use of renewable energy growth of the market.

Ballard Power Systems, Inc., Plug Power, Inc., SFC Energy AG, Bloom Energy Corporation, Cummins, Inc., Hyster-Yale Materials Handling, Inc., Doosan Fuel Cell Co., Ltd., Intelligent Energy Limited (Meditor Group), FuelCell Energy, Inc., and Nedstack Fuel Cell Technology BV.

The expected CAGR of the fuel cell market is 19.2% from 2022 to 2028.

The Stationary segment acquired maximum revenue share in the Global Fuel Cell Market by Application in 2021, thereby, achieving a market value of $8.5 billion by 2028.

The Asia Pacific market dominated the Global Fuel Cell Market by Region in 2021, and would continue to be a dominant market till 2028.



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