The global fuel cell market accounted for a value of USD 252 million in 2019 and is projected to register growth at a CAGR of 22.2% during forecast period.
COVID-19 has impacted fuel cell market significantly. The number of new renewable power installations is declining across the world due to pandemic. The renewable electricity generation has been declined approx. 13.0% in 2020. The supply chain is disrupted which affects hydrogen-based technologies. The demand for hydrogen is decreasing from chemical industry, steel manufacturing and oil refining due to spread of corona virus. The market is likely recover from 2021.
For more details, visit: Global Fuel Cell Market By Type (Phosphoric Acid Fuel Cell, PEMFC, MFC, Others), By Application (Transport, Stationary and Stationary), By End-Users (Fuel Cell Vehicles, Defense and Utilities), By Region, Forecast & Opportunities to 2026
Many countries such as US, UK, China, Japan, and Germany are investing in fuel cell technology. The advancement in technology is increasing around the world. The awareness about increasing pollution is rising among population and this leads to high demand of hydrogen based fuel cell in the market and this drives growth in fuel cell market during forecast period.
On the basis of type, the fuel cell market is segmented into MFC, AFC, PAFC and PEMFC. The proton exchange membrane fuel cell (PEMFC) segment is estimated to dominate the market during forecast period. The demand for generation of clean energy is increasing around the world. Many regions are shifting public transportation which is based on fuel cell technology. PMEFC offers high efficiency and it is easy to maintain. It has low operational cost. It has high reliability and enhanced operability. This segment is highly preferred and this drives growth in PEMFC segment during forecast period.
On the basis of application, the fuel cell market is segmented into portable, transport and stationary. The transport segment is estimated to be the fastest growing segment during forecast period. The use of fuel cell technology is increasing in heavy duty vehicles. Many countries are adopting fuel cell based vehicles. The public transport is adopting fuel cell based technology majorly and this drives growth in transport segment during forecast period.
On the basis of application, the fuel cell market is segmented into utilities, fuel cell vehicles and defense. The fuel cell vehicles segment is estimated to be fastest growing segment during forecast period. The advancement in fuel cell technology is increasing around the world. The pollution from conventional vehicles is increasing due to which government is promoting use of clean energy. The fuel cell vehicles contribute in reducing carbon emission and the adoption of such vehicles is increasing around the world. This drives growth in fuel cell vehicle segment during forecast period.
Asia-Pacific region is projected to hold largest market share during forecast period. The demand for advancement in fuel cell technology is increasing in this region. The use of fuel cell vehicles in increasing in this region as the pollution is increasing rapidly and fuel cell vehicle reduces carbon emission which reduces pollution. The government in this region is taking initiatives to promote fuel cell vehicles. This drives growth in fuel cell vehicles segment during forecast period.
The key market players in fuel cell market are Cummins, Fuel Cell Energy, Plug Power, Ballard power System, SFC Energy, Bloom Energy, Intelligent Energy, Ceres Power, Toshiba Energy systems & Solutions Corporation, Aisin Seiki Energy, Horizon Fuel Cell, Nuvera, Mitsubishi, Hitachi Power System, Doosan Fuel Cell America, AFC Energy, Kyocera, Altergy and Solid Power.
- What are the expected industry trends over the next three to five years?
- Which of the fuel cell type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?