Fuel Cell Market Size, Growth, Trends | Report 2022-2030
The global fuel cell market was surpassed at USD 4.7 billion in 2021 and is expected to hit around USD 34.06 billion by 2030, growing at a CAGR of 24.62% from 2022 to 2030
The rise in demand for unconventional energy sources is a key factor driving the growth.
North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.
Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.
Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas, and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 4.7 billion |
| Revenue Forecast by 2030 | USD 34.06 billion |
| Growth rate from 2022 to 2030 | CAGR of 24.62% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Product ,Application , Region |
| Companies Covered | Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Nuvera Fuel Cells, LLC |
Application Insights
Based on application, the fuel cell market has been segmented into stationary, transportation, and portable. The stationary segment is expected to emerge as the largest application segment over the forecast period. Factors such as high efficiency and flexibility to use different fuels are expected to boost the growth of the stationary application segment.
Transportation application segment is expected to progress at the fastest growth rate over the forecast period owing to the growing demand for fuel cell cars and fuel cell-powered forklifts. Furthermore, increasing research & development activities in Europe to develop hybrid vehicles powered by hydrogen are likely to drive the growth of the segment.
European countries such as Germany, France, and the UK are heavily investing in research related to the utilization of fuel cells for power generation. This is anticipated to boost the growth of the stationary application segment over the forecast period. The stationary segment is expected to emerge as the dominant application segment over the forecast period.
Product Insights
Based on product, the global fuel cell market has been segmented into PEMFC, PAFC, SOFC, MCFC, and others. Proton exchange membrane fuel cell (PEMFC) was the dominant product segment in 2021 in terms of units. The segment’s high share is primarily due to the extensive use of PEMFC in stationary, transportation, and portable applications.
In terms of shipped units, solid oxide fuel cell (SOFC) emerge as the product segment with a significant share. In SOFCs need for electrolyte loss is negated, which acts as one of the major advantages. In addition, their ability to operate at high temperatures reduces the need for costly catalysts such as ruthenium. SOFCs are majorly favored for stationary applications.
PEMFC requires pure hydrogen, oxygen, and water for its working. It operates at a comparatively lower temperature of around 80°C, making it eligible for quick start and less prone to wearing of system components. As a result, PEMFC is more durable than other product types. In addition, it provides advantages such as low weight and volume as compared with other available fuel cell types.
Due to the rise in environmental concerns, government authorities are shifting toward a hydrogen economy by executing numerous policies to develop hydrogen-based fuel cells and hydrogen refueling stations for vehicles. This is likely to boost the demand for PEMFC in the coming years across the world. For instance, in 2020, South Korea's government announced that it would build hydrogen refueling stations in line with its policy related to hydrogen that encourages the usage of clean energy in the automobile industry.
Regional Insights
Asia Pacific accounted for the largest share of the global fuel cell market in 2021 in terms of units mainly due to the ENE-FARM program in Japan, which has driven the use of PEMFCs and SOFCs for micro-CHP applications in the country. Moreover, supporting policies and plans for fuel cell systems for transportation application in China and South Korea have fueled the growth of the fuel cell market in the region.
North American fuel cell market held a significant share in 2020 in terms of capacity owing to the presence of supporting policies to limit carbon footprint in the region coupled with the availability of funds for the research & development related to fuel cells. Furthermore, the presence of vendors such as Bloom Energy has driven the installation of fuel cells for stationary applications in the U.S. in sectors such as data centers, sports stadiums, and commercial buildings.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Fuel Cell Market
5.1. COVID-19 Landscape: Fuel Cell Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Fuel Cell Market, By Product
8.1. Fuel Cell Market, by Product, 2022-2030
8.1.1. PEMFC
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. PAFC
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. SOFC
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. MCFC
8.1.4.1. Market Revenue and Forecast (2017-2030)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Fuel Cell Market, By Application
9.1. Fuel Cell Market, by Application, 2022-2030
9.1.1. Stationary
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Transportation
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Portable
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Fuel Cell Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.5.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.5.3.2. Market Revenue and Forecast, by Application (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
Chapter 11. Company Profiles
11.1. Fuel Cell Energy, Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Ballard Power Systems
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. SFC Energy AG
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Nedstack Fuel Cell Technology B.V.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Bloom Energy
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Doosan Fuel Cell America, Inc.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Ceres Power Holdings Plc
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Plug Power, Inc.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Nuvera Fuel Cells, LLC
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers