Fuel Cells Market

GMI Research analysis indicates that the Fuel Cell Market size was estimated at USD 3.8 billion in 2022 and is slated to register a single digit CAGR of 24.5% over the forecast period, and is projected to reach USD 21.9 billion in 2030.

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Fuel Cells Market Key Drivers

The global fuel cell market is forecast to witness a promising growth over the upcoming years, primarily because of the rising demand for unconventional energy sources and technological advancements. The growing awareness about the benefits of fuel cells electric cars and increasing installation of fuel cells systems to produce combined heat and power for commercial spaces like educational institutions, hotels, and hospitals are projected to expand the Fuel Cell Market size. Increasing deployment of fuel cells in the automotive industry to provide power to the vehicles will add to the market growth. Favourable policies implemented by governments to encourage the deployment of sustainable energy substitutes is projected to pave the way for market. The need for conventional fuels like oil or gas has reduced economic dependence on oil producing countries, thus, strengthening the market growth.

Increasing installation of fuel cell to provide combined heat and power (CHP) to heat small households and commercial spaces like hospitals, public buildings, and hotels, will expand the market growth. Moreover, the government has introduced several legislative norms and subsidy schemes to encourage the incorporation of these devices in several applications, which is expected to expand the market growth. For example, the New Jersey government updated the beneficial benefits of FC CHP installations on or after October 1st, 2020. The growing emphasis of government bodies across the developed economies, like Europe and the U.S., to encourage technological modernizations for the substitution of electric grids will propel the market growth. The rapid drift towards heavy-duty transport and energy storage applications and intensified investment from the private & public authorities to develop hydrogen structures have stimulated the Fuel Cell Market growth. For instance, Bloom Energy signed a Memorandum of Understanding with GAIL (India) Limited to encourage the deployment of fuel cell technology in India using natural gas. However, the fuel cell electric vehicle will hamper the market growth, due to the rising prices of fuel cell systems.

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Type – Segment Analysis

Proton exchange membrane fuel cell is estimated to witness a faster CAGR over the forecast period, owing to their growing adoption in several applications like backup power systems, automobiles, and stationary systems. As per the Fuel Cell Market forecast, the emerging need for backup energy sources to provide power at off grid locations and the growing reliance on condensed electronics will strengthen the segment’s growth. Besides, the better electrical efficiency across different power ranges, lower operating temperature, and easy accessibility is predicted to fuel the growth. The higher power density, higher energy conversion efficiency, and lower orientation sensitivity will accelerate the demand for PEMF. In addition, PEMFC is suitable for to be operated at lower temperature making it less vulnerable to wearing of system components. Moreover, PEMFC is stronger than other product types and are lower in weight and volume over other available fuel cell types, propelling the market growth.

Application – Segment Analysis

Transportation application is predicted to expand at a higher CAGR during the forecast period, owing to the increasing application of fuel cells across the transportation sector aided by the growing demand for clean energy vehicles. Fuel cells generate zero emissions and contribute to eliminating greenhouse gases. The Fuel Cell Market report projects that the growing use of hydrogen or methanol to minimize the economic reliance on oil and gas while optimizing energy security environmental concerns and expansion of infrastructural facilities related to hydrogen refueling stations are expected to propel the market growth. For example, Toyota introduced the latest hydrogen fuel cell car with a 30% higher range to propel the zero-emission technology. This car is integrated with autonomous parking feature and lower design accomplished by switching the hydrogen power unit to the front.

The stationary application is estimated to lead the market over the upcoming years, due to the high efficiency and flexibility to use different fuels.

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Regional – Segment Analysis:

Globally, Asia-Pacific is estimated to witness a faster CAGR over the forecast period, primarily because of the strategic government norms to encourage the adoption of clean energy vehicles. For example, in 2020, China unveiled its revised subsidy policy for fuel cell vehicles, emphasizing on the expansion of fuel cell vehicles sector of China in different areas. In addition, the increasing allowance programs from government and private institutions including Credit Suisse, DOE, etc., with the rising deployment of FCEVs will drastically impact the fuel cell market growth.

On the other hand, North American fuel cell market will hold a larger share during the upcoming years. The North America home to several leading players like Bloom Energy have augmented the installation of fuel cells across different industries which include sports stadiums, commercial buildings, and data centers which will propel the market growth. Increasing investment in the research and development for advanced FC systems and the strategic policies to minimize the carbon footprint will strengthen the regional growth. For example, in December 2020, the California Air Resources Board (CARB) issued over 7,530 rebates to FCEVs under its Clean Vehicle Rebate Project (CVRP), with the funding cumulative value to exceed over USD 38.49 million in the same period to deploy clean vehicles on the state’s roads.

Top Market Players

Various notable players operating in the market include FuelCell Energy, Inc., Cummins Inc., Ballard Power Systems, PLUG POWER INC., Bloom Energy, SFC Energy AG, Ceres, Intelligent Energy Limited, AISIN SEIKI Co., Ltd., and Toshiba Energy Systems & Solutions Corporation, among others.

Key Developments: 

• • In 2021, Ballard Power Systems received an order for the 15 units of the company’s 70-kilowatt (kW) FCmoveTM-HD fuel cell systems to electrify zero-emission Fuel Cell Electric Buses (FCEBs), which is acquired by Indian based Tata Motors. Ballard decide to complete the order by 2022 to stand by Tata Motor’s plans to interpret the potential of deploying FCEBs in Faridabad, a city under the country’s National Capital Region.
  • In 2021, Bloom Energy decided the deployment of a 4.2 MW solid oxide fuel cell system for the utility-scale Combined heat and power (CHP) initiative along with SK ecoplant in Donghae City, South Korea. The next-generation plant is established to produce about 35,000 MWh of clean electricity per year along with the thermal energy capacity of 4 million mega calories through SK ecoplant and Power Tower’s heat recovery system.
  • In 2021, Switzerland-based EH Group Engineering announced the expansion of fuel cell production capabilities and switch its operations to a new unit in Nyon, Switzerland. The latest facility is designed with the dedicated laboratory space, different FC testing stations to assess units with more than 250 kW ratings, optimized hydrogen supply, high-speed prototyping, and manufacturing capabilities, among other advantages. The company also stated the plans to further expand the dedicated production facility with an area of 4,000 m2 by 2022.
  • In 2021, Plug Power entered into a collaberation with BAE Systems to establish and offer low carbon powertrains for heavy-duty transit bus applications primarily across North America. Under the collaboration, the new solution will incorporate BAE System’s smart electric drive systems with Plug Power’s ProGen fuel cell engines to encourage the deployment of hydrogen-powered FCEBs.
  • In 2020, SFC Energy AG signed a contract with VINCORION; both the company’s focus on working together for the development and marketing of the portable, sustainable energy management system “P2M2”. Through this contract, SFC Energy AG offers the core system of the EFOY Pro 12000 Duo fuel cell as the key component of the power unit and its in-depth know-how in portable power supply solutions.
  • In 2019, Ballard Power Systems received a contract from BEHALA, a port & logistics specialist company based in Berlin, to deliver 3 of its FCveloCity 100kW fuel cell modules to power the zero-emission push boat. 

Segments covered in the Report:

The global fuel cell market has been segmented on the basis of type, application, and regions. Based on the type, the market is segmented into molten carbonate fuel cell, proton exchange membrane fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, and others. Based on the application, the market is segmented into transportation, stationary, and portable. 

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Key questions answered in this research report:

• • At what pace is the global fuel cells market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the fuel cells market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global fuel cells market?
  • Which type generated maximum revenues in 2022 and identify the most promising type during the forecast period?
  • What are the various application areas of the global fuel cells market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Fuel Cells Market by Type

• • Molten Carbonate Fuel Cell
  • Proton Exchange Membrane Fuel Cell
  • Solid Oxide Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Others

Global Fuel Cell Market by Application

• • Transportation
  • Stationary
  • Portable

Global Fuel Cells Market by Region

• • North America Fuel Cells Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Fuel Cells Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Fuel Cells Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Fuel Cells Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Fuel Cells Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • FuelCell Energy, Inc.
  • Cummins Inc.
  • Ballard Power Systems
  • PLUG POWER INC.
  • Bloom Energy
  • SFC Energy AG
  • Ceres
  • Intelligent Energy Limited
  • AISIN SEIKI Co., Ltd.
  • Toshiba Energy Systems & Solutions Corporation