Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2030

Published Date: Aug 2021  |  Report ID: GMI621  |  Authors: Ankit Gupta, Srishti Agarwal

Report Format: PDF   |   Pages: 370   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Fuel Cell Market size exceeded USD 3 billion in 2020 and the industry volume is set to cross 275 thousand units by 2030. Rising investments from public authorities in the establishment of hydrogen structures along with the accelerating demand for FCEVs are set to provide industry growth opportunities.
 

Enforcement of favorable norms & subsidies to propel the adoption of renewable energy coupled with increasing funding for electrification of remote & off-grid areas is set to augment system installation. The implementation of various investment programs to increase the emphasis on distributed power generation techniques and the expansion of fuel cell setup will further stimulate industry statistics. However, inadequate infrastructure, high fuel cell costs, and hydration & storage are few major weaknesses associated with product deployment.
 

Fuel Cell Market

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The outbreak of COVID-19 has adversely affected the economic health of various regions, leading to slow economic growth. The enforcement of lockdowns and curfews has halted exploration & production processes, resulting in increased fuel prices. Additionally, escalated prices and consumer awareness to reduce GHG emissions have stimulated fuel cell demand. These cells also offer fuel flexibility, leading to easy and wide availability in non-conventional or conventional fuels. This feature offers lucrative opportunities to manufacturers, encouraging upgrades even during the lack of availability of pure hydrogen.
 

Replacement of batteries with direct methanol fuel cells is fueling the Europe market revenue

An increasing need for clean energy production across developed economies, shifting focus toward fuel cell-driven vehicles accompanied by the thriving power sector will favor the market growth. Furthermore, the replacement of batteries with DMFCs in material handling applications including forklift trucks will also boost the industry expansion. Growing awareness of renewable energy and rising need for zero-emission fuel sources are set to encourage product installation globally.
 

The Germany fuel cell market is estimated to witness an upsurge of 460 MW by 2030 in the capacity. The rapid commercialization of FCEVs due to an increasing consumer base across the country is set to enhance the business scenario. Robust investments from private & public authorities in the development and expansion of hydrogen refueling networks coupled with the imposition of strict emission laws & reduction targets will facilitate industry demand. In 2021, the German government accepted an amendment draft for the Energy Act, comprising new provisions that aim to develop hydrogen networks. The Act focuses on developing a hydrogen infrastructure in Germany.
 

Inadequate grid infrastructure and increasing interest in recreational activities will spur the adoption of portable fuel cell

The PEMFC fuel cell market demand is anticipated to exceed 150 thousand units by 2030. A growing requirement for backup electricity sources to deliver power in remote regions with an escalating dependency on portable electronics and FCEVs will drive the segment growth. Easy accessibility & improved electric efficiency across different power ranges, low operating temperature, and substantial power-to-area ratio are a few important features fostering the global market size.
 

The wide applicability as a portable electricity source comprising movable battery chargers, consumer electronics, and power to test equipment is set to augment the DEMFC market share. There is a rising inclination toward the adoption of these cells as they can be refilled within minutes, whereas batteries take a longer time to recharge. Moreover, switching batteries with DMFCs will lead to the elimination of battery charging infrastructures inside plants, which in turn, will foster product adoption.
 

Ongoing adoption of FCEVs is boosting the fuel cell market share across the transport segment

Growing consumer awareness of clean energy solutions along with the increasing implementation of favorable regulatory incentives & subsidies to propel fuel cell electric vehicles will strengthen product demand in the transportation segment. A shift in consumer preference is encouraging major companies to expand their charging networks with improved innovations & technological advancements.
 

Rising investments in the development of hydrogen fuel infrastructure in Asia Pacific

India Fuel Cell Market, By Application

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The growing deployment of FCEVs along with enhanced funding from private & government institutions comprising DOE, Credit Suisse, New Enterprise Associates, and DAG Ventures will significantly increase the Asia Pacific fuel cell market size. The South Korean government introduced a policy, Fuel Cell Vehicle 10 Percent Era to achieve its 2030 target. According to this policy, 10% of the total new car sales should be fuel cell electric vehicles.
 

The China fuel cell industry size valued at around USD 130 million in 2021. An exponential increase in electricity consumption coupled with escalated investments to boost the development of stationery & transport applications will sway the market outlook. Toyota and SFC Energy plan to launch hydrogen & DC FC systems in the Asian market including China, Thailand, and the Philippines to achieve a sales volume of Euro 100 million by 2025.
 

Prominent companies are focusing on strategic mergers & acquisitions to maintain their market reach

Accelerating investments in R&D and constant mergers & acquisitions to expand their market presence across developing nations are significant steps of major players. Continuous technological upgrades and a decline in the overall cost of FC installations are augmenting product deployment.
 

The key companies operating across the fuel cell market comprise Ceres Power, Cummins, Ballard Power, SFC Energy, Plug Power, FuelCell Energy, Bloom Energy, Arcola Energy Limited, AFC Energy, Hyundai Motor Company, and Panasonic Corporation among others.
 

This market research report on fuel cell includes in-depth coverage of the industry with estimates & forecast in terms of “USD”, “MW” and “000 Units” from 2017 to 2030, for the following segments:

Market, By Product

  • PEMFC
  • SOFC
  • DMFC
  • Others

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

 

Frequently Asked Questions (FAQ) :

Fuel cell market crossed USD 3 billion in 2020 and the industry is set to cross 275 thousand units by volume in 2030.
PEMFC fuel cell industry will exceed 150 thousand units by volume in 2030 with rising demand for backup electricity sources to deliver power in remote regions.
China fuel cell market was valued at around USD 130 million in 2021 due to rising electricity consumption and increased investments in stationery and transport applications in the country.
Germany fuel cell industry is expected to account for 460 MW in capacity by 2030 owing to the rapid commercialization of FCEVs due to an increasing consumer base across the country.

Premium Report Details

  • Published Date: Aug 2021
  • Pages: 370
  • Tables: 640
  • Charts / Figures: 30
  • Companies covered: 18
  • Countries covered: 20

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