The fuel cell market size is projected to expand at a significant CAGR of about 14.06% during the forecast period, 2021–2028. The growth of the market is attributed to growing need to reduce dependency on oil and other conventional fuel sources.
Fuel cells are devices that generate energy by a chemical reaction within them. This is owing to the fuel cell's competitive benefits, which include increased efficiency, environment friendliness, and a long life as compared to competing technologies.
The Covid-19 pandemic affected the demand and supply of fuel cell market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing use of fuel cells in the portable electronics is anticipated to propel the market during the forecast period.
- Rising private sector investment is key factor fueling the market in the coming years.
- High cost of catalyst is estimated to hamper the market growth.
- Lack of hydrogen fueling infrastructure act as major challenge that can restrict the market expansion in the coming years.
- R&D investment and technological advancement in fuel cells is expected to create lucrative opportunities for the market players.
Scope of the Report
The report on the fuel cell market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Fuel Cell Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Application (Vehicular and Non-vehicular), Technology (Polymer Electrolyte Membrane Fuel Cell, Solid Oxide Fuel Cell, and Others)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cummins Inc.; Plug Power Inc.; FuelCell Energy Inc.; Ballard Power System Inc.; and Mitsubishi Power, Ltd.
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Market Segment Insights
The vehicular segment is projected to hold a major market share
On the basis of application, the market is bifurcated into vehicular and non-vehicular. The vehicular segment is expected to represent a key share of the market during the forecast period. Increasing regional transportation sector and high fossil fuel use, environmental concerns such as climate change and poor air quality have arisen, necessitating the use of renewable energy sources. Fuel cells produce no pollutants and help to reduce greenhouse gas emissions. Furthermore, due to high performance, reduced refueling time, and long range offered by the systems, fuel cell-based automotive has become more profitable in recent years. On a traditional vehicle, fuel cell technology gives a driving range of over 300 miles. When compared to battery electric cars, it minimizes the weight of hauling large batteries, driving market during the forecast period. Furthermore, government laws aimed at decreasing pollution encourage the use of fuel cells in the automobile industry. To enhance public transportation while decreasing harmful emissions, the governments are focused on R&D and investing in fuel cell technology.
For instance, the government of South Korea intends to replace 26,000 CNG buses with fuel cell buses. Large corporations like Toyota and Hyundai-Kia are attempting to become leaders in fuel cell technology, while countries like China, Japan, and South Korea are likely to play an essential role in improving fuel cell electric vehicle technology in the future.
The polymer electrolyte membrane fuel cell segment is projected to expand at a rapid pace
On the basis of technology, the market is segregated into polymer electrolyte membrane fuel cell, solid oxide fuel cell, and others. The polymer electrolyte membrane fuel cell segment is anticipated to represent a key share of the market during the forecast period. It is a kind of fuel cell that is primarily being developed for transportation uses, as well as stationary and portable fuel-cell applications. PEMFCs produce electricity and work in the opposite direction of PEM electrolysis, which consumes it. They're a strong contender to take over from the space shuttle's outdated alkaline fuel-cell technology.
Asia Pacific is expected to dominate the market
On the basis of regions, the fuel cell market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Due to favorable government regulations in nations like China, Japan, and South Korea, the Asia-Pacific area is one of the most potential regional markets for fuel cells in the coming years.
Zhangjiakou City in China has placed an order for 74 fuel cell electric buses (FCEBs) in preparation for the 2022 winter Olympics. FCEB implementation is expected to increase in additional Chinese cities in the near future.
In 2015, Japan's Ene-farm initiative, one of the most successful fuel cell commercialization efforts, was launched. Over 120,000 home fuel cell units have been installed as a result of the initiative. In 2018, Japan added over 50,000 home micro-CHP fuel cell devices (about 35 MW) under the Ene-farm program.
Segments
Segments Covered in the Report
The fuel cell market has been segmented on the basis of
Application
Technology
- Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- Solid Oxide Fuel Cell (SOFC)
- Other Fuel Cell Technologies
Geography
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Cummins Inc.
- Plug Power Inc.
- FuelCell Energy Inc.
- Ballard Power System Inc.
- Mitsubishi Power, Ltd.
Competitive Landscape
Key players competing in the fuel cell market include Cummins Inc.; Plug Power Inc.; FuelCell Energy Inc.; Ballard Power System Inc.; and Mitsubishi Power, Ltd.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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