Fuel Cell Market Growth and Forecast by 2027

In terms of revenue, the fuel cell market was valued at US$ 709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027; it is expected to grow at a CAGR of 26.8% from 2020 to 2027.

The fuel cell market is broadly segmented into five major regions North America, Europe, APAC, MEA, and SAM. In terms of market share, the APACregion dominated the fuel cell market in 2019.The Asian countries are witnessing huge steps by the auto makers that is contributing toward fuel cell. Yamaha, Toyota, Tata Motors, are some of the companies taking steps for encouraging fuel cell. For instance, Toyota has deployed their SimpleFuelTMrefueling station in Motomachi Plant in Toyota City. Similarly, Railway Technology Institute of Japan has created a hybrid train with a 540 kW Li-ion battery and two 90 kW fuel cells. Such initiatives from companies play a major role in propelling the market growth.

Impact of COVID-19 Pandemic on Fuel Cell Market

The COVID-19 outbreak has been affecting every business globally since December 2019. The rapid spread of the virus has urged governments across the world to impose strict restrictions on the movement of humans and vehicles. Earlier, in the first quarter, the global automotive industry was suffering serious disruptions due to supply chain breaks, technology events cancellations, and factory and office shutdowns, as a result of COVID-19 outbreak. The automotive industry is facing the biggest existential crisis, with 97% of the light vehicle manufacturing plants in North America and Europe are temporarily shut down. In addition to this, the global travel bans imposed by countries in Europe, Asia,North America, and others are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to negatively affect the automotive industry and hamper the market growth in the coming 6–9 months; however, the overall growth is anticipated to be positive during the forecast period.

Published Report - Fuel Cell Market: Strategic Insights

Market Insights–Fuel Cell Market

Growing Need to Lower Dependency on Oil and Fuel

Over the recent years, there has been a global augmentation in the demand of fuel cell technology. Conventional petroleum and fuels have incrementally created severe ecological concerns owing to excessive emissions of CO, CO2, NOx, and SOx. Fuel cells serve as an alternative energy source to the conventional energy source, and thereby reduce the dependency on oil, diesel, and other sources. Therefore, the transport segment is anticipated to witness a high growth rate of fuel cells owing to the increasing demand for eco-friendly vehicles across the world and need to lower impact of harmful gases released in the environment.

Type SegmentInsights

Based on type, the fuel cell market is dominated by the proton exchange membrane fuel cell segment.These fuel cells are majorly used for transport applications, portable fuel-cell applications, and stationary fuel-cell applications. In addition, it is also used for mobile applications. Companiessuch as Horizon Fuel Cellare focused on developing larger fuel cell systems.

Application SegmentInsights

Based on application, the fuel cell market is dominated by the stationary segment. Solid oxide fuel cells are heavily adopted for stationary purpose. Companies such as Bosch and Ceres are  collaborating for the development of fuel cell stacks for stationary power applications. Such contractual alliances will promote the market growth.

End User Segment Insights

Based on end user, the fuel cell market is dominated by the utilities segment. Fuel cells have huge potential of generating power, thereby ensuring further reduction of carbon footprints. As a vital environmental solution, hydrogen fuel cells can be used as one of the major resources for power generation across the world.

The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

• In 2020, Doosan Fuel Cell signed and Kyonggi University with a motive to provide students of university with job training and internship to ensure they have proper knowledge, workplace skills, and equipment to analyze fuel cell materials and components.
• In 2020, The Horizon’s deployment of JMC trucks is going to be an easy largest fuel cell heavy duty truck fleet globally and an important step toward clean mobility for heavy vehicles.
• In 2019, In the Gyeonggi province of South Korea, two new fuel cell-based electricity generation plants have been powered on. The new installations utilize the solid-oxide fuel cells of Bloom Energy.

Fuel Cell

Published Report - Fuel Cell Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Fuel Cell Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

The global fuel cell market has been segmented as follows:

Fuel Cell Market– By Type

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

Fuel Cell Market– ByApplication

• Transport
• Portable
• Stationary

Fuel Cell Market – ByEnd User

• Fuel Cell Vehicles
  • Passenger Car
  • Commercial Vehicle
    • Class 1
    • Class 2
    • Class 3
    • Class 4
    • Class 5
    • Class 6
    • Class 7
• Utilities
• Defense
• Others

Fuel Cell Market- By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• RoW (MEA)
  • MEA
  • SAM

Fuel Cell Market –Companies Profiles

• Hydrogenics Corp.
• FuelCell Energy, Inc.
• Plug Power Inc.
• Bloom Energy
• Ballard Power Systems
• SFC Energy AG
• Intelligent Energy Limited
• Doosan Fuel Cell Co., Ltd.
• TW Horizon Fuel Cell Technologies
• Toshiba Energy Systems & Solutions Corporation