Global Fuel Cells Strategic Business Report 2023: Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology

Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Fuel Cells: Global Strategic Business Report" report has been added to's offering.

The global market for Fuel Cells estimated at US$9.7 Billion in the year 2022, is projected to reach a revised size of US$40.7 Billion by 2030, growing at a CAGR of 19.7% over the analysis period 2022-2030.

Proton Exchange Membrane, one of the segments analyzed in the report, is projected to record a 19.7% CAGR and reach US$26.8 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Phosphoric Acid segment is readjusted to a revised 20.1% CAGR for the next 8-year period.

The U.S. Market is Estimated at $2.3 Billion, While China is Forecast to Grow at 27.5% CAGR

The Fuel Cells market in the U.S. is estimated at US$2.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$7 Billion by the year 2030 trailing a CAGR of 27.5% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.3% and 19.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 18.5% CAGR.

Select Competitors (Total 151 Featured) -

  • AFC Energy Plc
  • Air Liquide S.A.
  • Ballard Power Systems, Inc.
  • Bloom Energy Corporation
  • Ceres Power Holdings plc
  • Doosan Fuel Cell America, Inc.
  • FuelCell Energy, Inc.
  • Horizon Fuel Cell Technologies Pte Ltd.
  • Hydrogenics Corporation
  • ITM Power Plc
  • Mitsubishi Heavy Industries Ltd.
  • Mitsubishi Hitachi Power Systems, Ltd.
  • Nuvera Fuel Cells, LLC
  • Plug Power Inc.
  • Proton OnSite
  • SFC Energy AG
  • Siemens Industry, Inc.
  • Teledyne Energy Systems, Inc.
  • UltraCell LLC

What`s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Attributes:

Report AttributeDetails
No. of Pages562
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$9.7 Billion
Forecasted Market Value (USD) by 2030$40.7 Billion
Compound Annual Growth Rate19.6%
Regions CoveredGlobal

Key Topics Covered:




  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Fuel Cell Shipments Exhibit a Deceleration Amid the Pandemic
  • Fuel Cells Gain Prominence to Meet Additional Energy Requirements
  • SOFCs: Ensuring Uninterrupted Power Supply amid COVID-19
  • Intriguing Applications of SOFCs in Post-COVID-19 Scenario
  • Post-COVID-19 Developments Make Fuel Cells a More Dynamic Industry
  • Fuel Cells: An Introduction
  • Classification of Fuel Cells
  • Major Applications of Fuel Cells
  • Fuel Cells: Clean, Efficient, Reliable and Eco-friendly Alternative to Conventional Petroleum-based Fuels
  • Fuel Cells Market: Prospects and Outlook
  • Major Market Drivers & Restraints
  • Government Subsidies to Promote Fuel Cell Technology
  • Increasing Adoption of EVs and Hybrid Vehicles
  • Strong Focus on Alternative Energy Sources
  • Potential for Use in Distributed Generation Applications
  • Increasing Popularity of Hydrogen Fuel
  • Stationary & PEM Fuel Cells and Fuel Cell Vehicles to Post Solid Growth
  • Polymer Electrolyte Membrane Fuel Cell Dominates Fuel Cells Market
  • Stationary and Transport Applications Lead the Fuel Cells Market
  • Clean Energy Focus Drives Use of Fuel Cells in Transportation Sector
  • Developed Economies at the Forefront of Innovation and Adoption of Fuel Cells-based Applications
  • Developing Economies Emerge as Promising Regions for Fuel Cell Adoption
  • Cost Reductions to Benefit Market Growth
  • Cost Structure of Fuel Cell: Breakdown (%) of Cost by Key Components
  • Competitive Landscape
  • A Fairly Competitive Market
  • Revenues of Select Publicly Traded Fuel Cell Companies for 2018 and 2019 (In $ Million)
  • Participants Focus on Product Innovation and Expansion to Gain Competitive Edge
  • Recent Market Activity
  • Startups Enter the Fray
  • World Brands
  • Fuel Cells - Global Key Competitors Percentage Market Share in 2021 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2021 (E)



  • Ambitious Vision of an All-Hydrogen Economy Drives Interest in Fuel Cells
  • Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology
  • Carbon Neutrality Goals of Various Countries
  • Auto Industry Banks on Fuel Cells as a Sustainable Fuel Technology of the Future
  • PEM Fuel Cells in Automobiles
  • Strong Investments to Promote Growth
  • Automakers Eye on Hydrogen Fuel Cells to Boost Gains in Post-Pandemic Era
  • Global Sales of Hydrogen Fuel Cell Vehicles by Model for 2019
  • Hydrogen Fuel cell Powered Vehicles Unveiled During the Period 2014-2018
  • Hydrogen FCEVs Combat GHG Emissions
  • FCEV Targets Set by the Hydrogen Council for the Years 2030 and 2050
  • Global Greenhouse Gas Emissions: Breakdown (in %) by Sector for 2019
  • Hydrogen Refueling Infrastructure: Critical for the Success of FCVs
  • Number of Public and Private Hydrogen Refueling Stations by Region (As of 2019)
  • Top Countries in Terms of Number of Hydrogen Refueling Stations (As of 2019-End)
  • High Costs: The Achilles Heel of Hydrogen Fuel cells
  • Deployments of Fuel Cell Electric Bus (FCEB)
  • Focus on Enhancing Durability and Lowering Cost of Fuel Cells Increases
  • Hydrogen Fuel Cells for Motorbikes: An Opportunity to Tap
  • Fuel Cells Find Niche Applications in 2-Stroke Engine Motorcycles
  • Fuel Cell-Powered Trains and Trams: Tremendous Potential for Fuel Cell Industry
  • Material Handling: A Successful Application of Fuel Cells
  • Global Material Handling Equipment Revenues Estimates and Forecasts in US$ Billion: 2016-2024
  • Global e-Commerce Sales as Percentage of Total Retail Sales (2015-2021E)
  • Marine Sector: A Nascent yet Promising Application of Fuel Cells
  • Need for Alternative Propulsion Solutions Drives Demand for Fuel Cells in Marine Vessels Market
  • Expanding Applications in the Military Sector Augur Well for the Market
  • A Glance at Use of Fuel Cell Systems in Select Military Applications
  • Strong Demand for Portable Electronic Devices to Spur Opportunities for Portable Fuel Cells
  • Global Consumer Electronics Market (In US$ Billion) for the Years 2018- 2024
  • Environmental Benefits Drive Adoption of Fuel Cells in the Power Sector
  • Rising Investments in Distributed Renewable Energy Generation Enhances Prospects for Fuel Cells
  • Renewable Energy Consumption by Region (in Million tonnes oil equivalent): 2008-2018
  • Global Energy Mix: 1990 Vs 2020 Vs 2030
  • Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Global Wind Power Market: Cumulated Installed Capacity (in GW) for the Years 2012 through 2018
  • Demand Response: An Expanding Application for Fuel Cells
  • Aircraft Manufacturers Take a Closer Look at Fuel-Efficient and Eco-Friendly Fuel Cells
  • Fuel Cells for Data Center Market to Witness Notable Expansion
  • Global Data centers Market Growth Outlook (In %) For Years 2019 Through 2025
  • Stationary Fuel Cells Market: An Overview
  • Telecom Industry Moving towards Stationary Fuel Cells for Backup Power
  • Stationary Fuel Cells Gather Steam in Backup and UPS Stationary Applications
  • Residential Sector Drives Demand for Stationary Fuel Cells
  • Stationary and Distributed Energy Applications Garner Attention
  • MFCs Technology: Promising Source of Alternative Power
  • Technological Benefits Continue to Propel Micro Fuel Cells Market
  • Direct Methanol Fuel Cell Preferred Choice for Portable Devices
  • Broader Adoption in Key Applications Fuels PEM Fuel Cells Market
  • Alkaline Fuel Cell Market Heading for Massive Gains
  • SOFCs: A Technology of Interest to the Developed Countries
  • Key Applications of SOFCs
  • SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments
  • SOFCs: Ideal for Distributed Power Generation
  • Technology Innovations and Research Efforts in Fuel Cell Market - A Review of Select Developments
  • Researchers Develop Proton-Driven Fuel Cell Technology for Powering Space Shuttles
  • Boeing's Insitu Improves Hydrogen Fuel Cell Propulsion System for UAVs
  • Ballard Power Systems Joins Hand with W. L. Gore for Advancing Fuel Cell Technology
  • A WSU Research Team Uses Molybdenum Doped Nickle Catalyst for Making SOFCs more Efficient
  • Innovative Fuel Cell Technology to Improve Carbon Fuel Utilization in DCFCs
  • Self-Healing Membrane to Potentially Extend Hydrogen Fuel Cells' Life
  • New Nanomaterial to Allow Cost-Efficient Production of Hydrogen for Fuel Cell Cars
  • Researchers at NETL Develop Innovative Method to Improve SOFC Performance
  • Advances in Nanotechnology Enables More Efficient Fuel Cell Applications
  • Raw Material : A Review
  • Important Materials Used in Fuel Cells and Batteries
  • Challenges in Fuel Cell Commercialization




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Global Market for Fuel Cells

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