Fuel Cell Market Size, Share, Sales, Analysis, Forecast, Industry Competition & Player Profiles 2023 - 2032
Fuel cell application is growing in demand as energy efficiency, clean energy, and reliance on renewables continues to rise. Thanks to consumer demand, and energy initiatives around the world, fuel cell technology promises to extract energy up to few megawatts to thousands of megawatts as necessary. This has enabled the expansion of fuel cell technology into myriad of applications including material handling, transportation, electronic goods like laptops, and large electricity generation like power plants. Moreover, fuel cells technology provides access to alternative universe of renewable energy with application for natural gas, hydrogen, biogas, and fuel cells. Moreover, the application-scope for fuel cells continues to grow in key sectors like transportation, wherein marine vessels, trucks, buses promise a robust expansion of fuel cell technology in the near future.
Research forecast estimate that soon the fuel cell technology would replace petroleum based energy to introduce hydrogen-based, or natural gas based fuels with low cost, and low-emission technology. Fuel cell technology also enables almost any portable electronic device application today including handheld devices, which are battery-based. The rising demand for fuel cell technology to save costs, and bring about a dynamic shift in energy usage by global initiatives will remain a key driver of research investments, and potential growth in the fuel cell market.
Energy Efficiency Remains a Key Driver for Growth in the Fuel Cell Market
The state of California has over 100 fuel cell pumps, and it is in the process of building more. The move is not surprising as fuel cell technology remains a pollution-free technology, plus provides twice the efficiency of regular fuel economy. The traditional fuel-based power plant generates electricity with efficiencies of 33% or slightly more. However, fuel cell systems generate electricity at 60% efficiency, in regular plants, in with 90% efficiency with cogeneration. Similarly, gasoline in today’s transport is capable of providing 20% efficiency in conversion to chemical energy.
Fuel cells on the other hand, can increase the efficiency to 60% in vehicles. Moreover, it can also reduce gas house emissions by half. Moreover, hydrogen-based fuel systems are quieter, have less moving parts, can be easier to refuel. The hydrogen-based fuel cell technology is also suited for a wide variety of applications, and can provide storage capacities for other renewable energy like solar, and wind. This technology faces the age-old chicken-egg problem as manufactures of fuel cell technology delay installation, due to limited expansion of fuel-cell based cars. The manufactures of cars are in a similar dilemma. With states like California taking major initiatives to expand the core infrastructure, the fuel cell market will like witness major growth in the near future.
Public Transport Remains a Key Opportunity for Expansion
Public transport remains a major player in transport in emerging economies like China, India, and in many European countries. Moreover, the public buses infrastructure promises to solve traditional problems like lack of fuel cell infrastructure. Buses require tremendous power as compared to passenger vehicles. Hence, the ideal fuel efficiency with as much as 15% higher as compared to their diesel counterparts is ideal for public transportation. Public bus infrastructure also relies on central facilities to refuel, which will pave way for expansion of fuel cell infrastructure. The growing demand for renewable energy in public transportation, advancement in fuel-cell technology like compressed-roof based fuel cell systems will likely drive major growth for fuel cell market in the near future.
The key players of this market are Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited, Doosan Fuel Cell America Inc. and others.
The Fuel Cell Market Report is Segmented as Below:
By Type
- PEMFC
- PAFC
- AFC
- MFC
By Application
- Portable
- Stationary
- Transport
By End User
- Fuel Cell Vehicles
- Utilities
- Defense
By Region
North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of APAC
- South America
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Fuel Cell Market
- Global Fuel Cell Market Qualitative Analysis
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 3 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 impact
- Trends
- Global Fuel Cell Market Analysis and Forecast, by Type
- Overview and definitions
- Key segment analysis
- Global Fuel Cell Market Estimates (US$ Mn and MW), by Type, 2019 – 2032
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- Global Fuel Cell Market Analysis and Forecast, by Application
- Overview and definitions
- Key segment analysis
- Global Fuel Cell Market Estimates (US$ Mn), by Application, 2019 – 2032
- Portable
- Stationary
- Transport
- Global Fuel Cell Market Analysis and Forecast, by End Use
- Overview and definitions
- Key segment analysis
- Global Fuel Cell Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Fuel Cell Vehicles
- Utilities
- Defense
- Global Fuel Cell Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Fuel Cell Market Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Fuel Cell Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Fuel Cell Market Estimates (US$ Mn and MW), by Type, 2019 – 2032
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- North America Fuel Cell Market Estimates (US$ Mn), by Application, 2019 – 2032
- Portable
- Stationary
- Transport
- North America Fuel Cell Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Fuel Cell Vehicles
- Utilities
- Defense
- North America Fuel Cell Market Estimates (US$ Mn), Country, 2019 – 2032
- The U.S.
- Canada
- Mexico
- Rest of North America
- Europe Fuel Cell Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Fuel Cell Market Estimates (US$ Mn and MW), by Type, 2019 – 2032
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- Europe Fuel Cell Market Estimates (US$ Mn), by Application, 2019 – 2032
- Portable
- Stationary
- Transport
- Europe Fuel Cell Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Fuel Cell Vehicles
- Utilities
- Defense
- Europe Fuel Cell Market Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific Fuel Cell Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Fuel Cell Market Estimates (US$ Mn and MW), by Type, 2019 – 2032
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- Asia Pacific Fuel Cell Market Estimates (US$ Mn), by Application, 2019 – 2032
- Portable
- Stationary
- Transport
- Asia Pacific Fuel Cell Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Fuel Cell Vehicles
- Utilities
- Defense
- Asia Pacific Fuel Cell Market Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- South Korea
- Australia
- Rest of Asia Pacific
- Middle East & Africa Fuel Cell Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Fuel Cell Market Estimates (US$ Mn and MW), by Type, 2019 – 2032
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- Middle East & Africa Fuel Cell Market Estimates (US$ Mn), by Application, 2019 – 2032
- Portable
- Stationary
- Transport
- Middle East & Africa Fuel Cell Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Fuel Cell Vehicles
- Utilities
- Defense
- Middle East & Africa Fuel Cell Market Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East
- South America Fuel Cell Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Fuel Cell Market Estimates (US$ Mn and MW), by Type, 2019 – 2032
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- South America Fuel Cell Market Estimates (US$ Mn), by Application, 2019 – 2032
- Portable
- Stationary
- Transport
- South America Fuel Cell Market Estimates (US$ Mn), by End Use, 2019 – 2032
- Fuel Cell Vehicles
- Utilities
- Defense
- South America Fuel Cell Market Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Rest of South America
- Competition Analysis – Fuel Cell Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- Ballard Power Systems Inc.
- Business overview
- Geographic presence
- Product portfolio
- Financial facts
- Relevant news and strategic view
- Bloom Energy Corporation
- Toshiba Fuel Cell Power Systems Corporation
- FuelCell Energy Inc
- Plug Power Inc
- Nuvera Fuel Cells Inc
- AFC Energy plc
- SFC Energy AG
- Mitsubishi Hitachi Power Systems, Ltd.
- Panasonic Corporation
- Intelligent Energy Limited
- Doosan Fuel Cell America Inc.
- Ballard Power Systems Inc.
- Conclusion & Recommendations
Frequently asked questions about this report
How can I get a sample report for the Fuel Cell market?
The sample report for the Fuel Cell Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
Which are leading players in the Fuel Cell market?
Major participants in the Fuel Cell industry comprise Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited, Doosan Fuel Cell America Inc. and others..
What are the different types of Fuel Cell used?
Based on type, the Fuel Cell market is segmented into PEMFC , PAFC, AFC and MFC.