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2022
Fuel Cell Market

Fuel Cell Market by Application (Portable, Stationary, Transport), by Product Type (Solid Oxide Fuel Cell (SOFC), Proton Exchange Membrane Fuel Cell (PEMFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

✷  A00057
Pages: 250
Apr 2022 | 29375 Views
Author(s) : Saurabh Dixit , Yerukola Eswara Prasad
Tables: 118
Charts: 59
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Fuel Cell Market Research, 2030

The global fuel cell market size was valued at $3.6 billion in 2020, and is projected to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.

The COVID-19 pandemic across the globe affected various industries, manufacturing, supply-demand imbalance, and others decreases demand for fuel cells which further affected the global fuel cell market in 2020

Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for fuel cell from these consumers. In addition, halt in building & construction activities of new electric utility infrastructures, renewable power plants, grid network, and other power plants, owing to unavailability of workers and increase in demand–supply gap are projected to hamper the market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the fuel cell market recovered by the end of 2021, as COVID-19 vaccination was made available in various economies across the globe, which is expected to improve the global economy.

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For the purpose of analysis, the fuel cell market is segmented into product type, application, and region. The study highlights various product types of fuel cells available in the market, such as Solid Oxide Fuel Cells (SOFC), Proton Exchange Membrane Fuel Cells (PEMFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric, Acid Fuel Cells (PAFC), and others. On the basis of application, the market is segmented into portable, stationary, and transport. Region-wise, the market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global fuel cell market are Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC. Other players operating in the fuel cell market are Kyocera, Solid Power, Altergy, Horizon Fuel Cell, and others.

These players are adopting numerous strategies, such as product launch, agreement, and partnership to stay competitive in the fuel cell market.

For instance, in November 2021, Ballard Power Systems collaborated with Caterpillar Inc. and Microsoft. This collaboration aimed at demonstrating megawatt-scale hydrogen fuel cell backup generator system for datacenters. Through this collaboration, Ballard is expected to provide an advanced, 1.5 MW ClearGenTM-II hydrogen fuel cell power generator.

The fuel cell market is analyzed in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the fuel cell market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the fuel cell industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the fuel cell market growth.

Fuel Cell Market
By Product Type

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The proton exchange membrane fuel cell (PEMFC) is projected as the most lucrative segment

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By type, the proton exchange membrane fuel cell (PEMFC) segment held the largest fuel cell market share in 2020, owing to rise in demand for clean power generation and dependence on fuel cell-based transport applications. In addition, PEMFC offers various advantages, such as low operational cost, improved reliability, less maintenance time, high operational efficiency, and others that are further projected to fuel the growth of the market in the coming years.

Fuel Cell Market
By Application

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The stationary application is projected as the most lucrative segment

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On the basis of application, the stationary segment dominated the global market in 2020, in terms of share, owing to rise in demand for fuel cells from backup power applications and distributed generation facilities. In addition, fuel cell is increasingly used in the combined heat & power applications, which in turn is further expected to drive the fuel cell market growth of this segment in the upcoming years.

Fuel Cell Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

The Asia-Pacific is projected as the most lucrative segment

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Asia-Pacific garnered the highest share in the fuel cell market in 2020, in terms of revenue, and is anticipated to maintain its dominance during the forecast period. This is attributed to the presence of huge consumer base, rapid development of the hydrogen sector, fuel cell systems, and existence of key players in the region. Moreover, presence of the developing countries in Asia-Pacific, such as China, Japan, India, and South Korea increase the demand for fuel cells in transport applications, which in turn is anticipated to contribute toward the growth of the fuel cell market in Asia-Pacific.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fuel cell market analysis from 2020 to 2030 to identify the prevailing fuel cell market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the fuel cell market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global fuel cell market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments & Key Market Players

Segments Sub-segments
By Application
  • Portable
  • Stationary
  • Transport

By Product Type
  • Solid Oxide Fuel Cell (SOFC)
  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Molten Carbonate Fuel Cell (MCFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Others

By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players
  • BALLARD POWER SYSTEMS INC.
  • PLUG POWER INC.
  • FUEL CELL ENERGY INC.
  • SFC ENERGY
  • Bloom Energy
  • Doosan Fuel Cell America, Inc
  • Ceres Power Holdings Plc
  • Nedstack Fuel Cell Technology B.V.
  • Intelligent Energy
  • Nuvera Fuel Cells, LLC
 

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The huge potential in Asia-Pacific to set up hydrogen infrastructure & industries and surge in demand for fuel cells from stationary and transportation applications are expected to provide lucrative opportunities to leading fuel cell manufacturers. Rapid industrialization and growth of the renewable energy sector are the key factors attributed to the leading position of Asia-Pacific.

Increase in demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cells are expected drive the growth of the fuel cell market during the forecast period. In addition, rise in awareness towards advantages associated with fuel, such as reduced greenhouse gas emissions, high reliability, flexibility installation & operation, and others is anticipated to fuel the growth of the fuel cell market during the forecast period. However, high cost is a major limitation for purchasing fuel cell systems. On the contrary, numerous players are stepping in the fuel cell market with innovative products and emerging technologies. For instance, new type of fuel cells is expected to increase the competition in the upcoming years.

Among the analyzed regions, Asia-Pacific is likely to account for the highest revenue in the market during the fuel cell market forecast period, followed by North America, Europe, and LAMEA.

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FREQUENTLY ASKED QUESTIONS?

A. Rise in demand for clean power generation for transport and power sector is expected to be the key trend in the global fuel cell market

A. Stationary is the leading application of fuel cell market

A. Asia-Pacific & Europe will provide more business opportunities for Fuel Cell Market in future

A. Agreement, product launch and investments are key growth strategies of key players in the fuel cell market

A. Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC are the leading players active in the Fuel Cell Market

A. On the basis of product type, proton exchange membrane fuel cell will drive the fuel cell market growth during the forecast period. By application, transport application will drive the growth of the market in the coming years

A. Potential customers of fuel cell industry includes transportation, power, and others

A. Transport and stationary application will drive the adoption of fuel cell market during the forecast period

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