Fuel Cell Market Size, Share Global Analysis Report, 2021 – 2026

Industry Insights

[225+ Pages Report] We at Facts & Factors have recently published a report titled “Global Fuel Cell Market” that encompasses the spectacle of the market in an analytical and comprehensive manner. In this report, the global fuel cell market is projected to value around USD 859 Million in the year 2026 from an initial value of USD 254 Million in the year 2020 growing at a CAGR of 25.7%.

Market Overview

Fuel cells are electrochemical cells that have the ability to convert the chemical energy of a certain fuel cell with the aid of an oxidizing agent into electricity with a pair of redox-based reactions. Fuel cells differ from conventional batteries in quality as the latter does not require a continuous supply of fuel and oxygen for achieving a sustainable chemical reaction. Batteries often require chemical energy to be extracted from metals and their ions or oxides.

Industry Growth Factors

The primary driving factors for the significant rise of market value for the global fuel cell market attributes to key developments in technology such as PEMFC, PAFC, AFC, and MFC coupled with the rising usage of cell-based automobiles to name a few.

Additionally, regulated power generation capacities on a global scale coupled with increased usage of portable power generation units will increase the footprint of the global fuel cell market during the advent of the forecast period. Moreover, the integration of fuel-based cells in the agricultural sector coupled with increased funding for research and development activities will boost the growth of the global fuel cell market during the advent of the forecast period.

The global fuel cell market will be driven by increasing instances of robust regulatory and policy framework coupled with rising awareness about developing economic friendly objectives for reducing emission rates to name a few. Factors pertaining to rising intertwined measures between the public and private sector coupled with rising applications for more power generation will push the existing boundaries of the global fuel cell market to a larger horizon. However, a higher reliance on fuel cells on hydrogen and its accompanying factors coupled with a serious lack of infrastructure will decrease the growth of the global fuel cell market during the advent of the forecast period.

Segmentation Analysis

The global fuel cell market is segmented into product, application, and region.

On the basis of product, the global fuel cell market is divided into proton-exchange membrane fuel cell (PEMFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cell (SOFC), molten carbonate fuel cell (MCFC), and others. The PEMFC segment is expected to witness the largest market share during the advent of the forecast period owing to extensive use case scenarios in stationary, portable, and transportation applications coupled with a lower working temperature when compared to its counterparts to name a few. Additionally, properties such as increased durability and low weight and volume will further boost the segment to a higher market occupancy. Based on application, the global fuel cell market is segmented into stationary, transportation, and portable. The stationary segment is expected to witness the largest market share during the advent of the forecast period owing to higher efficiency and flexibility measures to name a few. Transportation is expected the witness the fastest growing CAGR during the advent of the forecast period owing to the rising demand for fuel cell cars and fuel cell-powered lift coupled with rising development-based activities to name a few.

Report Scope

Regional Analysis

Asia-Pacific is expected to witness the largest market share during the advent of the forecast period owing to the rise of ENE-FARM-based programs in Japan and Malaysia which trigger a rise in PEMFCs and SOFCs for microchip-based applications in the region coupled with favorable government policies to name a few. Additionally, increased usage of fuel cells in the transportation sector in the region coupled with rising consumer awareness about clean energy initiatives and advantages will increase the footprint of the fuel cell market during the forecast duration. North America is expected to occupy a substantial market share during the forecast due to the presence of additional supporting policies aimed at reducing the carbon footprint coupled with an increasing number of reliable vendors in the region to name a few.

Competitive Players

The key market participants for the global fuel cell market are :

• Fuel Cell Energy Inc.
• Ballard Power Systems
• SFC Energy AG
• Nedstack Fuel Cell Technology B.V.
• Bloom Energy
• Doosan Fuel Cell America Inc.
• Ceres Power Holdings plc.
• Plug Power Inc.
• Nuvera Fuel Cells LLC
• Toshiba Energy Systems
• Solution Corporation
• Proton Power Inc.
• ITM Power plc.
• United Technologies Hydrogenic

By Product Segment Analysis

• Proton-Exchange Membrane Fuel Cell (PEMFC)
• Phosphoric Acid Fuel Cells (PAFC)
• Solid Oxide Fuel Cell (SOFC)
• Molten Carbonate Fuel Cell (MCFC)
• Others

By Application Segment Analysis

• Stationary
• Transportation
• Portable

By Regional Segment Analysis

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA