The fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030. A fuel cell is a device that generates electricity through an electrochemical reaction between a fuel, typically hydrogen, and an oxidant, typically oxygen or air. Fuel cells are similar to batteries in that they produce electricity from a chemical reaction, but unlike batteries, they can produce electricity continuously as long as fuel and oxidant are supplied.
Fuel cells have several advantages over traditional combustion-based power generation technologies, including higher efficiency, lower emissions, and quieter operation. They are also highly versatile, with applications in transportation, stationary power generation, and portable electronics.
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Overall, fuel cells are a promising technology for clean and efficient energy generation, particularly in combination with renewable energy sources. Ongoing research and development are needed to improve the performance and cost-effectiveness of fuel cells and to address any remaining technological and logistical challenges.
Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 19.7%, during the forecast period.
The key players operating and profiled in the report include Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC. Other players operating in the fuel cell market are Kyocera, Solid Power, Altergy, Horizon Fuel Cell, and others.
One of the main challenges of fuel cells is the high cost of production and deployment, although the cost has been declining with technological advancements and economies of scale. Another challenge is the availability of hydrogen, which is typically produced through fossil fuel-based processes and requires storage and transportation infrastructure.
In 2020, Asia-Pacific dominated the global fuel cell market with more than 67.4% of the share, in terms of revenue.
Transport is the rapidly growing segment in the global fuel cell market, and is expected to grow at a CAGR of 19.6% during 2021–2030.
Fuel cells are energy producing devices, which produce energy with the help of sustainable chemical reactions, which is expected to witness notable growth in the coming years.
This is due to the competitive advantages of fuel cells, such as enhanced efficiency, eco-friendly, and longer life span as compared to others.
Increasing applications of fuel cell in the transport sector, such as in cars and buses is expected drive the growth of the market in the coming years.
Growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cell are some other driving factors of this market.
Some of the restraints associated with the fuel cell market are high price of catalyst use in it, which raise the price of fuel cell and lack of fuel cell infrastructure.
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Based on product type, the Proton Exchange Membrane Fuel Cell (PEMFC) segment accounted for more than two-thirds of the global fuel cell market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 19.6% throughout the forecast period, due to rise in demand for clean power generation and increasing dependence on fuel cell-based transport applications.
Based on application, the stationary segment held nearly three-fourths of the global fuel cell market revenue in 2020, and is expected to lead the trail by 2030. Increase in demand for fuel cells from distributed generation facilities drives the segment growth.
Covid-19 scenario-
The outbreak of the pandemic affected a number of industries and gave way to huge imbalance in the supply-demand chain, which in turn, decreased the demand for fuel cell, thereby impacting the global fuel cell market negatively, especially during the initial phase.
Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for fuel cells from consumers.
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However, the fuel cell market is expected to recover by the end of 2021, as COVID-19 vaccination is made available in various economies across the globe, which is expected to improve the global economy.
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