The global Fuel Cell market size is projected to reach USD 15820 million by 2027, from USD 4331 million in 2020, at a CAGR of 20.4% during 2021-2027.
One of the main reasons propelling the Fuel Cell market expansion is the rising need for alternative sources of energy. Other variables that are expected to drive demand include expanding public-private collaborations and less environmental impact. Governments from all over the world are anticipated to support the improvements by providing funding for various initiatives like research and appropriate financing programs. It is crucial to create a strong regulatory and policy framework because government firms must create an environment that is conducive to investment.
Fuel cell technology has three main applications: stationary electricity, transportation, and portable power. Any use of fuel cells at a fixed site for primary power, backup power, or combined heat and power is referred to as stationary power (CHP). Applications for transportation include motive power for heavy-, medium-, and light-duty vehicles such buses, trucks, delivery vans, cars, specialty vehicles, railroads, and machinery for material handling (MHE). Fuel cells can also be used as auxiliary power sources and range extenders for battery-powered cars in the transportation sector (APUs). These factors are expected to drive the Fuel Cell market.
The paradigm of transportation has expanded in recent years to encompass motive power in the sea and the air, including fuel cell ships, ferries, submarines, planes, and other vessels as well as hydrogen-powered drones and unmanned aerial vehicles. Applications for portable/off-grid fuel cells include systems that provide power for equipment used in distant locations, recreation, and electronics, as well as fuel cells built into portable devices. This in turn is expected to further drive the fuel cell market growth.
The demand for hydrogen power plants is driven during the predicted period by encouraging legislation by the governing bodies in developed economies and eco-friendly ambitions to eliminate emission rates. Increased focus on replacing electric networks by governments of developed countries like the U.S. and Europe and technical developments are likely to support the Fuel Cell market expansion further.
Over the course of the forecast period, the stationary segment is anticipated to become the fastest-growing application segment. High efficiency and fuel flexibility are two elements that are anticipated to help the stationary application segment flourish.
Solid oxide fuel cells (SOFC) are the product category with the largest share of units shipped. One of the key benefits of SOFCs is the absence of the necessity for electrolyte loss. Additionally, their capacity to function at high temperatures lessens the requirement for pricey catalysts like ruthenium. The majority of stationary applications favor SOFCs.
Due to the presence of supportive policies to reduce carbon footprint in the area as well as the availability of funds for fuel cell research and development, the North American fuel cell market maintained a sizable share in terms of capacity in 2020.
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.
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Report Metric |
Details |
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Report Name |
Fuel Cell Market |
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The market size in 2020 |
USD 4331 Million |
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Growth Rate |
20.4% |
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The market size in 2027 |
UAD 15820 Million |
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Base year considered |
2020 |
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Forecast period |
2021-2028 |
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Forecast units |
Value (USD) |
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Segments covered |
Type, End-User, Offerings, and Region |
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Market by Type |
Alkaline Water Electrolysis, Proton Exchange Membrane, Solid Oxide Electrolysis |
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Market by Applications/Enduser |
Transportation, Power Generation, Industrial Feedstock |
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Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
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Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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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