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Portable Fuel Cell Market Segmentation by Type (Hydrogen, Methanol, Oxide, and Others); by Application (Stationary, and Transportation); and by End-User (Marine, Automotive, Government Utilities, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Portable 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, 2020: Mitsubishi Power received order pan-Europe for solid oxide fuel cell (SOFC). The system will be put into operation by March 2022 and is developed to supply heat and electricity independently of the existing power grid.
  • March, 2019: Plug Power Inc., a global leader for energy solutions announced the launch of its new product, a 30-kilowatt (kW) hydrogen fuel cell engine.

Global Portable Fuel Cell Market Highlights over 2022 – 2030

The global portable fuel cell market is estimated to grow at a CAGR of ~20% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing demand for fuel cells, for various applications, including electric vehicles. Fuel cells are electrochemical cells which use chemical energy of primarily hydrogen to convert into electrical energy. Hydrogen deployment has witnessed massive leaps for growth over the past few decades, owing to its application in aircrafts, EVs, and others. The growing application of hydrogen as a fuel, backed by government initiatives to promote hydrogen deployment, is estimated to boost the market growth. For instance, government programs, such as, IEA Hydrogen Technology Collaboration Program and the International Partnership for Hydrogen and Fuel Cells in the Economy, are some of initiatives undertaken by International Energy Agency (IEA) at the G20, 2019.  Along with this, the increasing usage of fuel cell-based vehicles, combined with the surge in development in the power sector are also expected to boost market growth.

Global Portable Fuel Cell MarketAlong with this, the rising number of public-private partnerships promoting the adoption of hydrogen-based applications, and growing awareness regarding environmental pollution caused by traditional methods of generating electricity, are estimated to boost the market growth. According to a report by IEA, the share of renewable energy sources in electricity generation grew from 27% in 2019 to 29% in 2020. Moreover, the consumption of renewable energy increased by 3% in 2020. Furthermore, governments of developed countries are extensively involved in implementing eco-friendly initiatives for the elimination of emission rates, and promote energy conservation. As per the data by IEA, 7024.9 TWh electricity was generated by renewable sources in 2019.

Electricity

The market is segmented by end-user into marine, automotive, government utilities, and others, out of which, the automotive segment is anticipated to hold the notable share in the global portable fuel cell market over the forecast period on account of increasing demand for fuel-cell based vehicles, along with rising demand for EVs. Moreover, growing public awareness regarding environment degradation, is further estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

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 Portable Fuel Cell Market Regional Synopsis

On the basis of geographical analysis, the global portable 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 region is estimated to witness noteworthy growth over the forecast period on the back of rising demand for EVs in Japan and South Korea, along with increasing usage of fuel cells in vehicles in the region. Apart from this, the growing government investments in clean power generation is also expected to boost the market growth in the region.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing adoption of fuel cells, among other green fuels, along with rising demand for electric vehicles in the region. According to a report by the IEA, in 2020, around 1,138,654 BEV were actively being used in the U.S., up from 882,281 cars in 2019.

Portable Fuel Cell Market

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

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • 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 Market Players Analysis & Opportunity Outlook

Market Segmentation

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

By Type

  • Hydrogen
  • Methanol
  • Oxide
  • Others

By End-User

  • Marine
  • Automotive
  • Government Utilities
  • Others

Growth Drivers

  • Increasing Adoption of Electric Vehicles
  • Growing Demand for Hydrogen-based Fuel
  • Rising Environmental Awareness amongst the People

Challenges

  • Low Production of Portable Fuel Cells
  • Large Investments Required in Research and Development

Top Featured Companies Dominating the Market

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

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