Fuel Cell Market: Current Analysis and Forecast (2021-2027)

A fuel cell is a type of device consisting of a cathode and an anode submerged in an electrolyte medium to effectively conduct and generate electricity. These units operate like a battery providing the necessary power to the system but use hydrogen-based fuel rather than charging at various time intervals. Moreover, fuel cell technologies enable the highly efficient conversion of hydrogen into heat and power. Amongst other applications, fuel cells in the transportation sector can extend the portfolio of electric vehicles. Here, fuel cell vehicles present a decisive advantage in terms of refueling times over battery‐electric options, as hydrogen can be refueled in comparable time periods to conventional liquid fuels. Also, Fuel cell is basically small and modular in nature, which makes it perfect for use as power source in various applications ranging from electric vehicles to grid-connected utility power units. The market growth is attributed to demand for clean energy generation in developed regions, increased use of fuel cell-based vehicles, booming power sector, and augmented power generation capacities globally. However, some of the restraints in the market include High manufacturing costs of fuel cell system, High capital and operational costs for setting up facilities & limited availability of necessary highly technological hydrogen infrastructure in several nations are some factors impeding the growth of this market all over the world.
Based on technology type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Microbial Fuel Cell (MFC). The Proton Exchange Membrane Fuel Cell (PEMFC) segment grabbed XX% market share of the Global Fuel Cell Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability.
Based on application, the market is segmented into Transport, Portable & Stationary. In 2020, the transport segment dominated the Fuel Cell Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to widespread usage of fuel cell technology in heavy-duty operations such as public transport in regions such as Asia Pacific.
Based on end user, the market is classified into Fuel cell vehicles, Utilities and Defense. The fuel cell vehicle segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027.
For a better understanding of the market adoption of Fuel Cell, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Norway and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the favorable government policies in countries, such as China, Japan, and South Korea, which are driving clean energy usage.
Some of the major players operating in the market include Ballard Power Systems, Cummins Inc., Horizon Fuel Cell Technologies, SFC Energy AG, Mitsubishi Power, Ltd. Bloom Energy etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Frequently Asked Questions