Fuel Cell Market: Global Industry Trends, Size, Share, Growth, Opportunities and Forecast 2022-2027
The global fuel cell market reached a value of US$ 3.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2027, exhibiting a CAGR of 25.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A fuel cell refers to an electrochemical cell which converts the chemical energy from a fuel to electricity. The major components of a fuel cell include anode, cathode and electrolyte. Some of the advantages offered by fuel cells are energy-efficiency, high operating time, ease of maintenance, etc. Apart from this, they are environment-friendly in nature as they prevent production of air pollutants or greenhouse gases. Owing to this, they are used to provide power to vehicles like forklifts, automobiles, buses, boats, motorcycles, etc.
Various initiatives and favourable policies by governments supporting the use of sustainable energy substitutes represents one of the major factors catalysing the growth of the global fuel cell market. Moreover, as fuel cells do not require conventional fuels such as oil or gas, it reduces economic dependence on oil producing countries, thereby broadening the growth prospects of the market. Other growth inducing factors include technological advancements, constant depletion of fossil fuels and rising awareness about the benefits of fuel cells.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fuel cell market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type and application.
Breakup by Type:
Proton Exchange Membrane Fuel Cells (PEMFC)
Solid Oxide Fuel Cells (SOFC)
Molten Carbonate Fuel Cells (MCFC)
Direct Methanol Fuel Cells (DMFC)
Phosphoric Acid Fuel Cells (PAFC)
Based on the type, the market has been segmented as proton exchange membrane fuel cells, solid oxide fuel cells, molten carbonate fuel cells, direct methanol fuel cells, phosphoric acid fuel cells and others. Proton exchange membrane fuel cells currently account for the highest market share.
Breakup by Application:
On the basis of application, stationary represents the largest segment, followed by transportation and portable.
Breakup by Region:
Middle East and Africa
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.
The competitive landscape of the market has also been examined with some of the key players being Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.
This report provides a deep insight into the global fuel cell market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the fuel cell industry in any manner.
Key Questions Answered in This Report:
How has the global fuel cell market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global fuel cell market?
What are the key regions in the global fuel cell market?
Which are the popular product types in the global fuel cell market?
What are the key application segments in the global fuel cell market?
What are the various stages in the value chain of the global fuel cell market?
What are the key driving factors and challenges in the global fuel cell market?
What is the structure of the global fuel cell market and who are the key players?
What is the degree of competition in the global fuel cell market?
How are fuel cells manufactured?
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