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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

  • Report ID: GMI621
  • Published Date: Jan 2022
  • Report Format: PDF

Industry Trends

Fuel Cell Market size exceeded USD 3 billion in 2021 and is projected to grow at over 10.1% CAGR from 2022 to 2030. The fuel cell capacity is likely to exceed 5.6 GW by 2030. Increasing investments from the private & public authorities to establish hydrogen structures coupled with the growing demand for FCEVs are set to provide ample opportunities for various industry players.

Fuel cell Market

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High fuel cell costs, inadequate infrastructure, and storage & hydration are some setbacks associated with product deployment. 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 market landscape. Further, the implementation of various investment programs to shift the focus toward distributed power generation techniques and ongoing development of hydrogen infrastructure will augment the industry outlook.

COVID-19 has affected the economic health of numerous regions, causing slow economic development. Curfews and lockdown enforcements have halted many production and exploration processes, resulting in the hike of fuel prices. Additionally, growing consumer awareness to reduce GHG emissions and increasing focus on clean energy will stimulate the fuel cell market demand.

Replacement of batteries with DMFC in European market

Italy fuel cell market size by product

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The growing need for sustainable energy across the developing economies, shifting focus toward FCEVs, and the thriving power sector are anticipated to spur the market expansion. The replacement of batteries with DMFCs specifically in material handling applications comprising forklift trucks among is increased in the region. Shifting customer focus toward clean energy and surging requirement for zero-emission fuel sources will further strengthen the fuel cell deployment.

The Germany fuel cell market is estimated to witness an upsurge to 262 MW by 2030. The rapid commercialization of FCEVs owing to the expanding consumer base will enhance the industry statistics. Robust investments from both public authorities and private institutions leading to the expansion and development of hydrogen refueling networks will expedite the market growth.

Moreover, the imposition of stringent laws & emission reduction targets is predicted to drive the fuel cell business scenario. For instance, in 2021, the German government approved an amendment draft of the Energy Act consisting of new provisions aiming at the development of hydrogen networks. It will further focus on developing the hydrogen infrastructure in the country.

Growing interest in recreational/leisure activities

The PEMFC fuel cell market is poised to cross around 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 is expected to 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 fueling the demand.

Extensive applicability as a portable electricity source including power to test equipment, movable battery chargers, and consumer electronics is set to support the DMFC market revenue. Its ability to be refilled within minutes in comparison to the batteries that take a longer time to recharge will shift the customer inclination toward DMFC. Furthermore, replacing batteries with DMFCs will cause the elimination of battery charging infrastructures, thereby enhancing the product adoption.

Ongoing adoption of FCEVs across the transportation sector

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

Rising installation of mobile charging sources and the booming recreational industry across the developed economies is likely to strengthen the portable fuel cells market demand. However, features comprising lightweight, ability of the units to offer longer run time, rapid recharging, low operating costs, convenience, and reliability are bringing an upsurge in the product installation primarily across the portable application.

Growing investments to develop hydrogen fuel infrastructure in Asia Pacific

India Fuel Cell Market by Application

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Growing funding programs from government and private institutions including Credit Suisse, DOE, among others along with surging deployment of FCEVs will significantly boost 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 FCEVs.

The China market size valued at about USD 150 million in 2021. Exponential increase in electricity consumption and growing investments to enhance the development of stationery & transport applications is estimated to sway the fuel cell industry dynamics. 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 market expansion.

Key players are focusing on inorganic growth ventures to expand their market reach

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, and Panasonic Corporation, among others.

Increasing investments in research & development combined 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 with declining overall cost of the fuel cell installations will strengthen the product deployment.

This 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:

Market, By Product

  • 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


Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of fuel cell valued at more than $3 billion in 2021 and is anticipated to surpass the capacity of 5.6 GW by 2030, while recording a robust CAGR of 10.1%.

Proton-Exchange Membrane Fuel Cell (PEMFC) segment is set to exceed 3.7 GW capacity by 2030 as there are several benefits associated with using PEMFCs, including low operating temperature, great power-to-area ratio, ease of accessibility, and enhanced electrical efficiency, among others.

China fuel cell sector crossed USD 150 million in 2021 due to a tremendous increase in the electricity consumption and rising investments to develop the stationery and transport applications.

Reputed organizations, such as Cummins, Ballard Power, Bloom Energy, Arcola Energy Limited, Panasonic Corporation, SFC Energy, and Ceres Power, among many others, are positively impacting the fuel cell industry outlook.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 18
  • Tables & Figures: 517
  • Countries covered: 20
  • Pages: 350

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