The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment.
Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the country. This has resulted in end users opting for clean energy technologies to comply with the mandate and limit their carbon footprint. Bloom Energy, one of the major fuel cell vendors in the U.S., provides its bloom energy servers for power generation application to aid commercial and industrial end users limit their carbon footprint.
Gather more insights about the market drivers, restrains and growth of the Fuel Cell Market
Product Insights
Proton exchange membrane fuel cell (PEMFC) accounted for more than 60.0% of the global market in terms of revenue in 2023. PEMFC is widely used in applications such as forklifts, automobiles, telecommunications, primary systems, and backup power systems. Versatility is a major factor slated to bolster their demand in the forecast period.
Components Insights
Based on Components, the fuel cell market has been segmented into stack and balance of plant. In 2023, the stack segment accounted for the largest share of more than 60.0% in the global fuel cell market. The fuel stack is the heart of a fuel cell system, responsible for the electrochemical conversion of fuel into electricity. Its complexity and high-value materials make it the most expensive component, contributing significantly to the total cost. Also, currently, there are fewer players in the fuel stack market compared to other components like balance of plant (BOP). This concentrated market leads to higher prices for stacks.
Fuel Insights
The hydrocarbon segment accounted for the largest share of over 90.0% in 2023, owing to extensive infrastructure for production, transportation, and storage of hydrocarbons is already in place, making them readily available and affordable. Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, and Direct Hydrocarbon Fuel Cells offer promising potential for using hydrocarbons. Hydrocarbon as a fuel type are utilized in combined heat and power systems and portable power for remote locations.
Size Insights
On the basis of size, the fuel cell market is categorized into small-scale and large-scale. The large-scale holds a share of about 70.0% in 2023 of the global fuel cell market. They typically generate electricity above 100 kW, catering to applications like stationary power generation, heavy-duty transportation, and industrial. Also, vendors operating in the segment launch innovative products to scale up their presence in the market. For instance, in November 2023, Kohler Energy unveiled a 100kW hydrogen fuel cell power system suitable for off-highway equipment and standby and prime power applications for residential and industrial solutions.
Application Insights
Stationary fuel cells dominated the global market in terms of revenue, accounting for a market share of more than 69.0% in 2023, owing to the increasing demand for fuel cells from distributed generation facilities and backup power applications. Furthermore, fuel cells are increasingly utilized in combined heat & power applications. Versatile factors and high efficiency enable the stationary segment to maintain a leading position.
End-use Insights
Based on End-use, the fuel cell market has been segmented into transportation, commercial & Industrial, residential, data center, military & defense, and utilities & government. The transportation segment led the market and accounted for over 48.0% of the global revenue share in 2023. Growing adoption of fuel cell electric vehicles (FCEVs), particularly in heavy-duty trucks and buses is a key driver for the market growth. Also, government investments in hydrogen infrastructure to build a robust hydrogen fueling network is crucial for widespread FCEV adoption.
Regional Insights
Asia Pacific held a significant revenue share of more than 65% in 2023 and is expected to grow at the fastest CAGR over the forecast period. The growth of the fuel cell market in the Asia Pacific region has been boosted by strategies and policies that encourage fuel cell systems for transportation applications in China, India, South Korea, and Japan. Japan is the primary market in the region that deals in fuel cells, followed by South Korea. Owing to the significant demand for combined heat and power systems in Japan and other countries in this region, the market for fuel cells is slated to register a robust growth rate.
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• The global refrigerant market size was estimated at USD 14.26 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030.The industry is experiencing growth due to increased demand from various end-use sectors, particularly the commercial & industrial refrigeration industry.
Key Fuel Cell Company Insights
• In November 2023, Honda in association with General Motors displayed a prototype of its next-generation hydrogen fuel cell system at European Hydrogen Week in Brussels. The company is planning to expand its portfolio in fuel cell technology.
• In December 2023, General Motors and Komatsu announced to develop a hydrogen fuel cell power module for the Japanese construction machinery maker's 930E electric drive mining truck.
• In January 2023, Cochin Shipyard Limited initiated research activities for the development of a hydrogen-fueled electric vessel based on low-temperature proton exchange membrane technology.
• In January 2023, Advent Technologies collaborated with Alfa laval to explore the application of high-temperature proton exchange membrane fuel cells in marine applications.
Key Companies profiled:
• Ballard Power Systems
• Bloom Energy
• Ceres Power Holdings PLC
• Doosan Fuel Cell America, Inc.
• FuelCell Energy, Inc.
• Hydrogenics Corporation
• Nedstack Fuel Cell Technology B.V.
• Nuvera Fuel Cells LLC
• Plug Power, Inc.
• SFC Energy AG
Fuel Cell Market Segmentation
Grand View Research has segmented the global fuel cell market report based on product, components, fuel, size, application, and end-use, and region:
Fuel Cell Product Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• PEMFC
• PAFC
• SOFC
• MCFC
• AFC
• Others
Fuel Cell Components Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Stack
• Balance of Plant
Fuel Cell Fuel Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Hydrogen
• Ammonia
• Methanol
• Ethanol
• Hydrocarbon
Fuel Cell Size Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Small-scale
• Large-scale
Fuel Cell Application Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Stationary
• Transportation
• Portable
Fuel Cell End-use Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Residential
• Commercial & Industrial
• Transportation
• Data Centers
• Military & Defense
• Utilities & Government
Fuel Cell Regional Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
• Asia Pacific
o China
o Japan
o South Korea
o India
o Taiwan
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
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