The global Fuel Cell market size is projected to reach US$ 15820 million by 2027, from US$ 4331 million in 2020, at a CAGR of 20.4% during 2021-2027. Strict government regulations aimed at reducing the increasing levels of pollution, and enhanced fuel cell efficiency are other factors that are expected to propel the growth of fuel cell market size.
A fuel cell is an electrochemical cell that converts the chemical energy of a fuel (often hydrogen) and an oxidizing agent (often oxygen into electricity through a pair of redox reactions.
Due to favorable regulatory policies and increasing emphasis on renewable energy technologies, the rapid implementation of the FCVs (Fuel Cell Vehicles) is stimulating the growth of the Fuel Cell market size. Furthermore, extensive R&D activities and innovations along with shifting preference towards low-emission fuels will boost the outlook for the industry.
Continuous deployment through small and large power generation systems to provide electricity to remote and off-grid areas would significantly accelerate the growth of fuel cells market size. This growing demand for electricity is fostering the deployment of SOFC fuel cells.
The growth of the DMFC segment will be driven by accelerating demand for portable power sources in military applications, forklifts, commercial warehouses, consumer electronics and mobile battery chargers DMFC uses polymer sheath as an anode catalyst for electrolyte, and platinum-ruthenium. Their reaction separates hydrogen from liquid methanol and reduces fuel reformer usage.
The generation of power-based electricity is efficient in reducing carbon dioxide emissions or any other harmful pollutants. Fuel cell technology, therefore, plays a vital role in addressing environmental issues, as well as in encouraging the use of renewable energy carriers. Ongoing product innovations and innovations are expected to offer emerging players new opportunities.
Based on Type, PEMFCs is the main type, with a share of about 70%.
Stationary is the main application, which holds a share of about 70%.
The global Fuel Cell market is split into two segments, type, and application. The product type briefs on the various types of products available in the market. The report also provides data for each product type by revenue and sales for the forecast time period. It covers the price of each type of product. The other segment on the report, application, explains the various uses of the product and end-users. In the report, the researchers have also provided sales according to the consumption of the product.
Asia-Pacific and Europe are the main markets, they occupy about 60% of the global market. Asia-Pacific is one of the promising regional fuel cell markets in the coming years, owing to favorable government policies in countries like China, Japan, and South Korea that push clean energy use. Among the technologies available for fuel cells, the PEMFC is the most used fuel cell in the region
The high cost is a big constraint in purchasing fuel cells. However, recent innovations such as the incorporation of portable high-efficiency technologies are likely to reach a broader audience segment. With new goods, multiple players enter the market. Emerging technology, such as a new type of fuel cells, is expected to boost competition in the coming years.
The industry's leading producers are Bloom Energy, Panasonic, and Toshiba ESS, which accounted for 27.22%, 13.74%, and 7.33% of revenue in 2019.
Ans. The major players in the global fuel cell market include Bloom Energy, Panasonic, Toshiba ESS, etc. The top 3 players occupy about 50% shares of the global market.
Ans. The global Fuel Cell market size is projected to reach US$ 15820 million by 2027, from US$ 4331 million in 2020, at a CAGR of 20.4% during 2021-2027.
Ans. Asia-Pacific and Europe are main markets, they occupy about 60% of the global fuel cell market.
Ans. The forecast period considered for the global rare fuel cell market is 2021 to 2027.
Ans. Strict government regulations aimed at reducing the increasing levels of pollution, and enhanced fuel cell efficiency are other factors that are expected to propel the growth of fuel cell market size.
Ans. Based on application, the magnet segment is expected to hold the largest rare earth elements market share during the forecast period.
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