Pune, March 04, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) presumes the global high-performance fuel cells market to reach USD 7.8 billion at a CAGR of 24.0% from 2020 to 2026 (forecast period).
Fuel cells help convert the chemical potential energy into electrical energy. The by-products of the reaction in fuel cells are water, electricity, and heat. In addition, there are high-performance fuel cells that convert waste methane into electrical energy. There are many types of fuel cells, including alkaline fuel cells, phosphoric acid fuel cells, microbial fuel cells, and others.
The growing demand for electricity from renewable energy sources and the need to decarbonize energy end-use are the main factors accelerating the growth of the global high-performance fuel cell market. Energy generation companies are focused on reducing carbon emissions, which are expected to boost demand for high-performance fuel cells during the forecast period. In addition, government entities across the globe have developed numerous initiatives to increase the adoption of high-performance fuel cells, which are expected to push market growth during the forecast period. However, the dearth of a hydrogen infrastructure is expected to hinder the development of the global market for high-performance fuel cells.
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COVID-19 Impact on the Global High-Performance Fuel Cells Market
Implementation of a set of regulations by governments of various countries to deal with the COVID-19 crisis, such as a complete shutdown of manufacturing units, is found to have significant effects on the growth of the global high-performance fuel cells industry.
Market Segmentation
The global high-performance fuel cells industry has been segmented based on type, application, and end-use.
Based on type, the global high-performance fuel cells market has been segmented into alkaline fuel cells, microbial fuel cells, proton exchange membrane fuel cells (PEMFC), and phosphoric acid fuel cells. The PEMFC segment is anticipated to hold the largest share of the global market and grow at the fastest rate over the predicted period. The alkaline fuel cell segment also holds a significant share of the high-performance fuel cells market.
By application, the global high-performance fuel cells market has been segmented into portable, stationary, and transport. The transport segment is projected to grow at the fastest rate during the forecast period due to the growing sales of fuel cell vehicles, like fuel cell buses, in North America and the Asia Pacific.
By end-use, the global high-performance fuel cells market has been segmented into fuel cell vehicles, utilities, and defense. The fuel cell vehicle segment is anticipated to hold the largest share within the global high-performance fuel cells market.
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Regional Analysis
Region-wise, the global high-performance fuel cells market has been segmented into the Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
North America to capture the largest market share.
North America is predicted to retain the largest market share in the forecast period. This is partly due to the fact that the countries in the region are increasingly focused on developing renewable energy sources to minimize carbon emissions. In North America, the US earned the largest market share and is projected to rise at the fastest CAGR during the predicted period due to policies that are focused on research and promoting the use of renewable fuels for energy requirements.
Asia Pacific is projected to rise at the fastest pace during the forecast period, mainly as a result of the various government initiatives introduced in the region to increase the adoption of renewable energy sources. In Asia Pacific, China had the largest market share in 2019 due to robust government support for the introduction of renewable energy sources. However, the high-performance fuel cell market is expected to expand at the fastest CAGR in Japan during the projected period owing to the rising demand for fuel cell vehicles in the country.
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Competitive Landscape
The key players active in the global market for high-performance fuel cells are.
- Ballard Power Systems (Canada)
- Toshiba Energy Systems & Solutions Corporation (Japan)
- Hydrogenics (Canada)
- SFC Energy (Germany)
- Mitsubishi Hitachi Power Systems (Japan)
- Aisin Seiki Co. (Japan)
- Ceres Power (UK)
- Altergy (US)
- Horizon Fuel Cell Technologies (Singapore)
- Kyocera (Japan)
- AFC Energy (UK)
- Nuvera Fuel Cells, LLC (US).
Many major players like Ballard Power Systems, SFC Energy, and Hitachi Power Systems are participating in fuel cell development projects. For example, in April 2020, Mitsubishi Hitachi Power Systems started developing a hybrid power system that blends a solid oxide fuel cell with a microgas turbine. Such developments are expected to improve the growth of the global high-performance fuel cell market during the forecast period.
Summary
The global high-performance fuel cells market size is predicted to reach USD 7.8 billion at a CAGR of 24.0% from 2020 to 2026 (forecast period). The fuel cell generates electrical energy till the fuel and oxidant are supplied to the electrodes. Fuel cells are much more reliable than heat engines because they have no moving parts during operation. The growing demand for electricity from renewable energy sources and the need to decarbonize energy end-use are the main aspects boosting the growth of the global high-performance fuel cell market. Energy generation companies are working on reducing carbon emissions, which are estimated to boost demand for high-performance fuel cells during the forecast period. In addition, government bodies worldwide have developed multiple initiatives to increase the adoption of high-performance fuel cells, which are estimated to push market growth during the forecast period. However, the lack of hydrogen infrastructure is expected to hamper the growth of the global high-performance fuel cell market.
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