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Fuel Cell Market Segmentation by Product Type (Polymer Electrolyte Fuel Cell (PEFC), Solid Oxide Fuel Cell (SOFC), Microbial Fuel Cell (MCFC), Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), and Alkaline Fuel Cell (AFC)); by Application (Transportation, and Stationary) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Fuel Cell Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • October 28, 2020: Mitsubishi Power received its first order for the supply of solid oxide fuel cell (SOFC) all across Europe. The system will be put into operation by March 2022 and is developed to supply heat and electricity independently of the existing power grid.

Global Fuel Cell Market Highlights 2022 – 2030

The global fuel cell market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for clean energy generation in developed nations, and rising number of public-private partnerships emphasizing on faster adoption of hydrogen-based applications. According to the International Energy Agency (IEA), the share of renewables in electricity generation across the world grew up to 29% in 2020, up from 27% in 2019. Along with these, increasing usage of fuel cell-based vehicles and surge in developments in power sector are also expected to boost market growth in the forthcoming years. Furthermore, government bodies in developed countries are extensively involved in implementing eco-friendly initiatives for the elimination of emission rates, giving rise to the growing establishment of hydrogen power plants since the last few years. This in turn is projected to offer ample growth opportunities to the market in the near future.

Global-Fuel-Cell-Market-Overview

The market is segmented by product type into polymer electrolyte fuel cell (PEFC), solid oxide fuel cell (SOFC), microbial fuel cell (MCFC), proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), and alkaline fuel cell (AFC), out of which, the PEMFC segment is anticipated to hold the largest share in the global fuel cell market on account of the high usage of this type of fuel cells in automobiles, backup power systems, forklifts and telecommunications, coupled with increasing advancements in PEMFC technologies. Additionally, on the basis of application, the stationary segment is evaluated to occupy the largest share over the forecast period owing to the high efficiency and product versatility of stationary cells. Moreover, the transportation segment is assessed to witness the highest CAGR by the end of 2030 accounting to the rising use of fuel cells in heavy duty operations and in public transport. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Global-Electricity-Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Fuel Cell Market Regional Synopsis

On the basis of geographical analysis, the global fuel cell market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of rise in demand for combined heat and power systems in Japan and South Korea, and increasing usage of fuel cells in vehicles in the region. As per another report by the IEA, the total electricity and heat energy generated by CHP plants increased in the year 2018, accounting for a total energy generation of 6,317 ktoe and 5,375 ktoe units respectively.  Apart from these, growing government investments for clean power generation is also expected to boost the market growth in the region. Moreover, the market in North America is predicted to gather the largest share during the forecast period in view of the growing investments for innovation in clean technology and increasing venture funding by fuel cell companies in the region.

Global-Fuel-Cell-Market-Share

The global fuel cell market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global fuel cell market includes the following segments:

By Product Type

  • Polymer Electrolyte Fuel Cell (PEFC)
  • Solid Oxide Fuel Cell (SOFC)
  • Microbial Fuel Cell (MCFC)
  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Alkaline Fuel Cell (AFC)

By Application

  • Transportation
  • Stationary

Growth Drivers

  • Increasing Demand for Clean Energy Generation in Major Economies
  • Rising Use of Fuel Cell Based Vehicles Globally

Challenges

  • High Cost of Fuel Cell Systems

Top Featured Companies Dominating the Market

  • FuelCell Energy Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Ballard Power Systems Inc.
  • Mitsubishi Power, Ltd.
  • Plug Power Inc.
  • Cummins Inc.
  • Bloom Energy
  • TW Horizon Fuel Cell Technologies
  • Intelligent Energy Limited
  • SFC Energy AG
  • Hydrogenics Corporation

 

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