Fuel Cell Market

Fuel Cell Market by Application (Vehicular and Non-vehicular), Technology (Polymer Electrolyte Membrane Fuel Cell, Solid Oxide Fuel Cell, and Others) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: AL-1333
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 2
  • No. Of Pages: 230
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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.

Fuel Cell Market By Key Takeaways

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.

Attributes

Details

Report Title

Fuel Cell Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Application (Vehicular and Non-vehicular), Technology (Polymer Electrolyte Membrane Fuel Cell, Solid Oxide Fuel Cell, and Others)

Geographical Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Cummins Inc.; Plug Power Inc.; FuelCell Energy Inc.; Ballard Power System Inc.; and Mitsubishi Power, Ltd.

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.

Fuel Cell Market By Applications

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.

Fuel Cell Market By 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
  • Vehicular
  • Non-Vehicular
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.

Fuel Cell Market By Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Fuel Cell Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Fuel Cell Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Fuel Cell Market - Supply Chain
  4.5. Global Fuel Cell Market Forecast
     4.5.1. Fuel Cell Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Fuel Cell Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Fuel Cell Market Absolute $ Opportunity
5. Global Fuel Cell Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Fuel Cell Market Size and Volume Forecast by Applications
     5.3.1. Vehicular Non-Vehicular
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Fuel Cell Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Fuel Cell Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Fuel Cell Demand Share Forecast, 2019-2026
7. North America Fuel Cell Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Fuel Cell Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Fuel Cell Market Size and Volume Forecast by Applications
     7.4.1. Vehicular Non-Vehicular
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Fuel Cell Demand Share Forecast, 2019-2026
8. Latin America Fuel Cell Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Fuel Cell Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Fuel Cell Market Size and Volume Forecast by Applications
     8.4.1. Vehicular Non-Vehicular
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Fuel Cell Demand Share Forecast, 2019-2026
9. Europe Fuel Cell Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Fuel Cell Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Fuel Cell Market Size and Volume Forecast by Applications
     9.4.1. Vehicular Non-Vehicular
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Fuel Cell Demand Share Forecast, 2019-2026
10. Asia Pacific Fuel Cell Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Fuel Cell Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Fuel Cell Market Size and Volume Forecast by Applications
     10.4.1. Vehicular Non-Vehicular
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Fuel Cell Demand Share Forecast, 2019-2026
11. Middle East & Africa Fuel Cell Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Fuel Cell Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Fuel Cell Market Size and Volume Forecast by Applications
     11.4.1. Vehicular Non-Vehicular
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Fuel Cell Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Fuel Cell Market: Market Share Analysis
  12.2. Fuel Cell Distributors and Customers
  12.3. Fuel Cell Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Cummins Inc. Plug Power Inc. FuelCell Energy Inc. Ballard Power System Inc. Mitsubishi Power, Ltd.
Segments Covered in the Report
The fuel cell market has been segmented on the basis of

Application
  • Vehicular
  • Non-Vehicular
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.

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.

Fuel Cell Market By Key Players

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