Fuel Cell Market Size to Grow Worth USD 28.95 Billion at a CAGR of 36% by 2028 | Fortune Business Insights

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Fortune Business Insights

According to Fortune Business Insights, the global fuel cell market size is projected to grow from USD 3.36 billion in 2021 to USD 28.95 billion in 2028, at CAGR of 36% during forecast period. Growing demand for zero-emission emitting vehicles worldwide to propel market growth.

Pune, India, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The global fuel cell market to grow at a CAGR of 36% and reach USD 28.95 billion during forecast period of 2021-2028. The market was valued USD 2.62 billion in 2020. The market growth is attributed to factors such as growing demand for innovative energy products and the increasing focus on developing zero-emission vehicles across the globe. Increasing focus on development of hydrogen fuel infrastructure in Asia-Pacific to stoke demand.

Key Industry Development:

Ceres Power and Bosch announced their collaboration to boost the prototyping and large-scale SOFC systems production. The two companies aim to develop a system with an initial capacity of 200 MW for a wide range of industries by 2024.

Navistar Inc., General Motors, and OneH2 announced their partnership to develop advanced solutions for long haul transportation systems with zero emissions. The companies aim to develop an ecosystem for hydrogen-powered trucks.

Hydrogen conversion specialist, Ulemco, Ocado, Lyra Electronics, and Promech Technologies announced the development of London’s first-ever hydrogen ambulance, Zerro.


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Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

36.0%

2028 Value Projection

USD 28.95 billion

Base Year

2020

Market Size in 2020

USD 2.62 billion

Historical Data for

2017-2019

No. of Pages

210

Segments covered

By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), Others), By Application (Portable, Stationary, Transport) and Regional

Growth Drivers

Increasing Focus on Deployment of Zero-Emission Vehicles to Aid Growth

 

Collaboration between Major Companies to Expand Their Product Portfolio and Boost Sales Revenue


Market Highlights:

Driving Factors:

The government of the State of New Jersey updated the financial benefits for battery cell CHP installations on or after October 1st, 2020. The structure of its CHP-FC Program is designed to propel more manufacturers with a monetary aid of up to USD 3 million per project. Similarly, other government agencies are focusing on formulating supportive regulatory frameworks to support the development of advanced hydrogen fuel charge infrastructures across the globe. In addition to this, the rising greenhouse emission is propelling the manufacturers to develop sustainable energy generation products across the globe. These factors are expected to contribute to the global fuel cell market growth during the forecast period.

The fuel cells are primarily developed to ensure uninterrupted electricity to a system by burning oxygen and fuel. Moreover, the production of electricity is efficient and clean, and therefore, these cells are adopted across several automotive applications. Owing to their superior performance, durability, and efficiency, they play a pivotal part in reducing harmful emissions and, thus, widely adopted across buses, trucks, and submarines. Therefore, the growing demand for zero-emission vehicles is expected to boost the global fuel cell market growth in the forthcoming years.

COVID-19 Impact:

COVID-19 – Market to Exhibit a Stellar Growth of 14% in 2020

The market has experienced a seismic effect due to the COVID-19 pandemic while major disruption in the supply chain dampening the demand for battery cell products. Therefore, it will experience a slow-paced growth with a stellar CAGR of 14% in 2020. However, several government agencies focusing on economic booster packages and the proactive step by several companies to reinstate the operations will contribute to the fuel cell industry’s growth in the long run.


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Market Segmentation:

We have segregated the market based on type, application, and region.

On the basis of type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), and Others.

Based on type, the SOFC segment held a market share of about 25.1% in 2020 and is expected to experience exponential growth during the forecast period. This is ascribable to the several benefits offered by SOFC, including fuel flexibility, high CHP efficiency, and high output power units that make them favorable across the globe.

Based on application, the market is divided into portable, stationary, and transport. Lastly, on the basis of region, the market is segmented into Asia-Pacific, Rest of the World, North America, and Europe.

Regional Insights:

Asia-Pacific – The region stood at USD 1.41 billion in 2020 and is expected to hold the largest global fuel cell market share in terms of revenue during the forecast period. This is attributable to the increasing focus on developing hydrogen fuel charge infrastructures in countries such as China, South Korea, and Japan in the region.

North America – The market in the region is expected to experience considerable growth backed by the increasing investment in building advanced hydrogen refueling infrastructures in countries such as the U.S. between 2021 and 2028.

Europe – The region is expected to showcase exponential growth owing to the imposition of stringent rules and regulations to promote sustainable energy generation.


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Competitive Landscape:

The market is witnessing fierce competition among the players positioned in it. These players are strategically collaborating with other companies to expand their product portfolio and gain a global footprint. Additionally, other key players are focusing on organic and inorganic growth strategies to maintain their presence that will contribute to the growth of the market in the forthcoming years.

A List of Key Manufacturers Operating in the Global Market:

  • Horizon Fuel Cell Technologies

  • ElringKlinger

  • Hydrogenics

  • SOLIDpower Italia

  • Ceres Power

  • Ballard Power Systems

  • AVL

  • Bosch

  • Pragma Industries

  • Mitsubishi Heavy Industries

  • W. L. Gore & Associates

  • Nedstack Fuel Cell Technology

  • Proton Motor Fuel Cell GmbH

  • Bloom Energy

  • AISIN

  • Convion

  • ITM Power

  • Plug Power

  • Nuvera Fuel Cells, LLC

Fuel Cell Market Segmentation:

By Type:

  • Proton Exchange Membrane Fuel Cell (PEMFC)

  • Phosphoric Acid Fuel Cell (PAFC)

  • Solid Oxide Fuel Cell (SOFC)

  • Others

By Application:

  • Portable

  • Stationary

  • Transport


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Table of Content:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Latest Technological Advancement

    • Regulatory Landscape

    • Industry SWOT Analysis

    • Porters Five Forces Analysis

    • Value Chain Analysis

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on the Fuel Cell Market

    • Steps Taken by the Government to Overcome the Impact

    • Key Developments by the Industry Players in Response to COVID-19

    • Potential Opportunities and Challenges due to COVID-19 Outbreak

  • Global Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Type

      • Proton Exchange Membrane Fuel Cell (PEMFC)

      • Phosphoric Acid Fuel Cell (PAFC)

      • Solid Oxide Fuel Cell (SOFC)

      • Others

    • Market Analysis, Insights and Forecast – By Application

      • Transport

      • Stationary

      • Portable

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Rest of the World

  • North America Fuel Cell Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Type

      • Proton Exchange Membrane Fuel Cell (PEMFC)

      • Phosphoric Acid Fuel Cell (PAFC)

      • Solid Oxide Fuel Cell (SOFC)

      • Others

    • Market Analysis, Insights and Forecast – By Application

      • Transport

      • Stationary

      • Portable

    • Market Analysis, Insights and Forecast – By Country

      • U.S. Market Analysis, Insights and Forecast – By Application

        • Transport

        • Stationary

        • Portable

      • Canada Market Analysis, Insights and Forecast – By Application

        • Transport

        • Stationary

        • Portable

Continued…


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