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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Report ID: 3701 | Published On: Feb 07, 2023
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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

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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

Global Portable Fuel Cell Market
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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.

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


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

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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

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 Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the portable fuel cell market?

Ans: The growing application of portable fuel cells in vehicles, and high demand for EVs is estimated to boost the market growth.

2) What would be the CAGR of portable fuel cell market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the portable fuel cell market growth?

Ans: Low production rate, and high investment are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of portable fuel cell market in future?

Ans: The market in the North America region is estimated to provide more business opportunities over the forecast period owing to the growing adoption of electric vehicles in the region.

5) Who are the major players dominating the portable fuel cell market?

Ans: The major players in the market are Mitsubishi Power, Ltd., Plug Power Inc., Cummins Inc., Panasonic Corporation, Bloom Energy, TW Horizon Fuel Cell Technologies, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the portable fuel cell market?

Ans: The market is segmented by type, application, end-user, and by region.

8) Which segment captures the largest market size in end-user segment in the portable fuel cell market?

Ans: The automotive segment is anticipated to hold largest market over the forecast period and display significant growth opportunities.

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