Overview and Scope
The fuel cell use the chemical energy of hydrogen or any other fuel to produce electricity by electrochemical reactions. The reactants have been continuously supplied to the electrodes from the reservoir. Fuel cells are unique in terms of the variety of their potential applications. They will use a wide range of fuels and feedstocks and will provide power for systems as large as a utility power station and as small as a laptop computer.
Sizing and Forecast
The fuel cell market size has grown exponentially in recent years. It will grow from $5.11 billion in 2023 to $6.6 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to government subsidies and incentives, environmental regulations, global energy demand, grid modernization, economic growth.
The fuel cell market size is expected to see exponential growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 27.3%. The growth in the forecast period can be attributed to rising demand for low-emission vehicles, rising electrification of transport, hydrogen infrastructure development, rising data centers. Major trends in the forecast period include advancements in material science, energy storage integration, microgrid integration, innovation in fuel cell technologies, partnership and collaboration.
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Segmentation & Regional Insights
The fuel cell market covered in this report is segmented –
1) By Type: Polymer Electrolyte Membrane Fuel Cells (PEM), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Other Types
2) By Application: Portable, Stationary, Transport
3) By End User: Commercial and Industrial, Data Centres, Transportation, Military and Defense, Utiilities and Government, Other End Users
Asia-Pacific was the largest region in the fuel cells market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fuel cell market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
An increasing focus on reducing greenhouse gas emissions is expected to propel the growth of the fuel cell market going forward. Greenhouse gas refers to any gas that has the property of absorbing infrared radiation that is emitted from Earth’s surface and reradiating it back to Earth’s surface. Like electric vehicles, fuel cell vehicles (FCVs) are zero-emission vehicles that will have no smog-related or greenhouse gas tailpipe emissions. For instance, according to the data released by the government of the Netherlands, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 and a 95% reduction by 2050. Therefore, the increasing focus on reducing greenhouse gas emissions will drive the growth of the fuel cell market.
Key Industry Players
Major companies operating in the fuel cell market include Ballard Power Systems Inc., Proton Motor Fuel Cell GmbH, AFC Energy PLC., FuelCell Energy Inc., SFC Energy AG, Pragma Industries SAS, Cummins Inc., Horizon Fuel Cell Technologies Pte Ltd., Nuvera Fuel Cells LLC, Doosan Fuel Cell America Inc., Solidpower S.p.A., Convion Oy, Hydrogenics Corporation, Panasonic Corporation, Plug Power Inc., Toshiba Corporation, Nedstack Fuel Cell Technology BV, Bloom Energy Corporation, Intelligent Energy Holdings PLC, Ceres Power Holdings PLC, Altergy Systems Inc., Ceramic Fuel Cells Limited, ClearEdge Power Inc., Elcore GmbH, GenCell Energy, H2 Logic A/S, ITM Power PLC, Jadoo Power Systems Inc., MyFC AB
The fuel cell market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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