Fuel Cell Market Size - By Product (PEMFC, DMFC, SOFC, PAFC & AFC, MCFC), By Application (Stationary, Portable, Transport), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

Fuel Cell Market Size

Fuel Cell Market size surpassed USD 3 billion in 2021 and is projected to grow at over 10% CAGR between 2022 and 2030. The fuel cell demand will likely reach 5.6 GW by 2030. The market growth is driven by increasing investments from the private & public authorities to establish hydrogen structures coupled with growing demand for FCEVs.
 

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Favorable mandates and norms to accelerate the deployment of clean energy along with the growing funding for the electrification of off-grid and remote areas will enhance the fuel cell market revenue. Further, the implementation of various investment programs to shift the focus toward distributed power generation techniques will boost the market expansion. In addition, growing consumer awareness to reduce GHG emissions and increasing focus on clean energy will stimulate the product demand.
 

Fuel Cell Market Analysis

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The Germany fuel cell market is estimated to reach 262 MW capacity by 2030. The rapid commercialization of FCEVs owing to expanding consumer base will enhance the product demand. Robust investments from both public authorities and private institutions leading to the expansion and development of hydrogen refueling networks will impel the market growth. Additionally, the imposition of stringent laws & emission reduction targets will propel the industry demand.
 

The growing need for sustainable energy across the developing economies, shifting focus toward FCEVs, and the thriving power sector are anticipated to augment the market size. The increasing replacement of batteries with DMFCs specifically in material handling applications comprising forklift trucks among others will drive the market revenue.
 

The Italy fuel cell industry is poised to observe significant growth rate during the forecast period. Ongoing efforts to develop stationary fuel cells primarily for power supply along with mobile fuel cells for transportation use will augment the market growth. Shifting focus toward fuel cell innovation coupled with stringent environment regulations will contribute to the industry scenario. Further, research, design and development activities by the industry manufacturers will enhance the fuel cell deployment across the economy.
 

The PEMFC fuel cell market demand is anticipated to exceed 3.7 GW by 2030. The rising need for backup energy sources to supply power at off grid locations accompanied by growing dependency on FCEVs and portable electronics will complement the industry landscape. Improved electrical efficiency across varying power ranges, substantial power-to-area ratio, low operating temperature, and easy accessibility are some of the important features that will boost the market growth.
 

Increasing consumer awareness toward clean energy technologies and solutions coupled with growing implementation of regulatory norms and mandates to augment the use of fuel cell electric vehicles will strengthen the product penetration in transportation sector. Shifting customer preference is set to drive major industry leaders to expand their charging networks combined with technological and modern advancements.
 

Ongoing installation of mobile charging sources along with the booming recreational industry across the developed economies will propel the demand for portable fuel cells. Numerous applications including auxiliary power units, skid-mounted FC gensets, portable soldier power, mp3 players, torches, cameras, radios, and vine-trimmers, among others are equipped with fuel cells. Additionally, features comprising lightweight, ability of the units to offer longer run time, rapid recharging, low operating costs, convenience, and reliability are set to bring an upsurge in the product installation primarily across the portable application.
 

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The China fuel cell market was valued at over USD 150 million in 2021. Exponential increase in electricity consumption along with growing investments to enhance the development of stationery & transport applications is set to sway the industry dynamics. Additionally, SFC Energy and Toyota plan to launch hydrogen & DC FC systems especially in the Asia market comprising Thailand, the Philippines, and China to achieve a sales volume of Euro 100 million by 2025, thereby supporting the expansion of product demand. The market for fuel cell in North America will cross a valuation of USD 2 billion during the forecast period.
 

Growing funding programs from government and private institutions including Credit Suisse, DOE, among others along with surging deployment of FCEVs will significantly enhance the fuel cell market growth. For instance, the South Korean government introduced a policy, Fuel Cell Vehicle 10 Percent Era to achieve its 2030 target, wherein 10% of the total new car sales should be fuel cell electric vehicles.
 

Government announced incentives for green hydrogen manufacturing coupled with shifting focus toward decarbonization will accelerate the market expansion in India. Inorganic strategic ventures by various manufacturers will strengthen the deployment for fuel cells. In addition, R&D projects undertaken by the government focused on commercial vehicles will enhance the product penetration.
 

Fuel Cell Market Share

The major companies operating across the fuel cell market consist of

• Cummins
• Ceres Power
• Ballard Power
• Plug Power
• SFC Energy
• Fuel Cell Energy
• Arcola Energy Limited
• Bloom Energy
• AFC Energy
• Panasonic Corporation

Increasing investments in research & development along with growing strategic measures including joint ventures to expand their worldwide presence across the developing economies are some of the significant steps adopted by major industry players. Continuous technical advancements coupled with declining overall cost of the FC installations will strengthen the product deployment.
 

The fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” and “MW” from 2018 to 2030, for the following segments:

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Market, By Product

• PEMFC
• SOFC
• DMFC
• PAFC & AFC
• MCFC

Market, By Application

• Stationary
• Portable
• Transport

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
• Asia Pacific
  • Japan
  • South Korea
  • China
  • India
  • Philippines
  • Vietnam
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil
  • Peru
  • Mexico