London, Feb. 03, 2022 (GLOBE NEWSWIRE) -- The global fuel cell market size was estimated at US$ 5.63 billion in 2020. Fuel cells produce no pollutants and help to reduce greenhouse gas emissions. Fuel cells primarily employ methanol and hydrogen, reducing economic reliance on oil and gas while improving regional energy security. The expansion of fuel cell market is expected to be supported by rising environmental concerns and expanding infrastructure connected to hydrogen refilling stations over the forecast period.
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One of the primary factors driving the fuel cell market expansion is rising demand for unconventional energy sources. Other factors expected to drive the demand include growing public and private collaborations and lower environmental impact. The governments all around the world are expected to assist the developments by providing funding for research and development activities. This factor is contributing towards the growth of the global fuel cell market.
Scope of the Fuel Cell Market
| Report Highlights | Details | |
| Market Size by 2030 | USD 42.3 Billion | |
| Growth Rate from 2021 to 2030 | 25.01% | |
| Fastest Growing Region | Asia Pacific | |
| Largest Revenue Holder | North AMerica | |
| By Product |
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| By Application |
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Report Highlights
- Based on the product, the proton exchange membrane fuel cell segment dominated the global fuel cell market in 2020 with highest market share. The segment expansion is being driven by rising demand for renewable energy generation and reliance of proton exchange membrane fuel cell based public transportation systems in developed nations.
- Based on the application, the stationary segment dominated the global fuel cell market in 2020 with highest market share. The expanding demand for fixed backup power generators for remote sites, as well as the growing number of power generation plants being built across the globe, encourages the adoption of technology, which is propelling the segment growth.
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Regional Snapshot
North America is the largest segment for fuel cell market in terms of region.The advancements in the fuel cell technology market in the North America region are projected to be boosted by rising power generation from clean energy sources. North America’s fuel cell market will also be boosted by significant investments in sophisticated fuel cell system research and development, as well as long term technology adoption.
Asia-Pacific region is the fastest growing region in the fuel cell market.The fuel cell market in Asia-Pacific region will be driven by an exponential expansion in electricity consumption, as well as increased investments to enhance the development of transportation and stationary applications.
Market Dynamics
Drivers
Rising focus on reducing greenhouse gas emissions
The growing need to reduce global greenhouse gas emissions from a variety of sources, as well as important steps toward achieving a carbon free society, is projected to boost the global fuel cell market. Furthermore, the growing demand for automobiles with hydrogen fuel cells to meet severe government goals to enhance clean energy development is expected to boost the adoption and implementation of battery cell systems in various countries. As a result, the rising focus on reducing greenhouse gas emissions is driving the growth of the global fuel cell market over the projected period.
Restraints
High initial costs
The catalysts, bipolar plates, gaskets, membrane electrode assemblies, and other components are used in the manufacturing of the fuel cell systems. As a result, these products are quite expensive, and manufacturing a limited number of fuel cell systems may result in unacceptably high prices for the manufacturers. Thus, the high initial costs are hampering the growth of the fuel cell market during the forecast period.
Opportunities
Growing government initiatives
The fuel cell systems are increasingly being used to generate heat and power for application in residential and commercial spaces such as educational institutions, public buildings, hotels, restaurants, and hospitals. As a result, different state and federal governments have enacted advantageous legislative frameworks and subsidy programs to encourage the integration of devices into a wide range of applications. As a result, the growing government initiatives are creating lucrative opportunities for the growth of the fuel cell market.
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Challenges
Lack of infrastructure
The hydrogen is essential in fuel cell operations. The infrastructure for hydrogen production, storage, transportation, and distribution is known as hydrogen infrastructure. The hydrogen must be distributed once it has been produced. It can be delivered to its final destination via pipelines or other modes of transport. The availability of hydrogen fuel pumps is critical for the commercialization of hydrogen fuel cell vehicles. Various parts of the world, however, lack the necessary infrastructure for hydrogen delivery. The scarcity of hydrogen fueling infrastructure may have an impact on future demand for hydrogen generation by fuel cell-powered vehicles. Developing hydrogen fueling stations would necessitate significant investment and intensive support from both public and private entities. Thus, the lack of infrastructure is a huge challenge for the growth of the fuel cell market during the forecast period.
Some of the prominent players in the global fuel cell market include:
- AFC Energy PLC
- Fuji Electric India Pvt. Ltd
- Hydrogenics
- SFC Energy
- ITM Power PLC
- United Technologies
- Proton Power Systems PLC
- Ballard Power Systems Inc.
- Plug Power Inc.
- Fuel Cell Energy Inc.
Segments Covered in the Report
By Product
- Proton Exchange Membrane Fuel Cell
- Phosphoric Acid Fuel Cell
- Solid Oxide Fuel Cell
- Molten Carbonate Fuel Cell
- Others
By Application
- Stationary
- Transportation
- Portable
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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