ID: MRFR/E&P/0314-HCR | February 2021 | Region: Global | 185 pages
Fuel Cell Technology Market is projected to be worth USD 35.37 billion by 2028, registering a CAGR of 21% during the forecast period, The market was valued at USD 4.9 billion in 2021.
The demand for fuel cell vehicles is growing at an exponential pace. The utilization of fuel cells in vehicles is highly advantageous. Also, it is a reliable, high end and clean energy fuel source. The demand for the fuel cell is rising in vehicles, defence and other cell-powered utilities. Cell fuel is evolving as a versatile market with plenty of applications.
Some of the crucial applications of fuel cell technology are transport, stationary and portable applications. The operation of fuel cell technology in heavy-duty public transports is tremendous. The energy efficiency and cost-effectiveness of fuel cell technology attract many end-users across the world. Also, there are other benefits of this technology such as low operational cost, reliability and ease of maintenance. Due to all these factors, the Fuel-Cell Technology Market Value is tremendous for the forecast period. Also, the adoption rate of fuel cell technology will reach the highest rate.
Based on EIA, the outbreak of covid 19 has a significant impact on renewable power technology. The amount of renewable installation is going to face a decline in the upcoming years. The expansion rate of the renewable electricity capacity will reduce by 13%. These factors can change the Fuel Cell Technology Market Outlook. The outbreak of covid 19 is affecting the supply chain of the fuel cell technology market. The fuel consumption of the jet and vehicles is declining due to global lockdowns. However, the hydrogen fuel cell market is witnessing significant demand. It provides plenty of growth opportunities for the market in the forecast year. Also, the global market will gradually resume its operations in the upcoming years.
The fuel cell market has high investments from the top regional players. China, Japan, the US, UK and Germany are allocating more investments for fuel cell technology. The investments in energy utilities are rising to meet the current demand. The need for clean energy is essential today. Clean energy is a more reliable, sustainable and cost-efficient energy source. In the upcoming years, the key players of the market will increase their investments by 39 million. Therefore, massive investments are a crucial driver for the market.
Further, the deployments of hydrogen fuel cell technology are another crucial driver for the market. The hydrogen fuel cell is beneficial and reliable energy for vehicles. The launch of the hydrogen cell is fuelling the demand of the overall market. Also, there is an exceptional development in the UAV utilities and applications in the defence sector. This portable power generation unit in the defence sector is propelling the fuel-cell technology market growth. All these drivers of the market will have a significant impact on the demand and revenue rates.
The fuel cell energy is generated from methanol and natural gas. The requirement of the fuel cell operations depends on the catalyst and type of membrane used in the cell. Some of the fuel cell technology uses the proton exchange membrane and some require pure hydrogen energy. Also, there are fuel-flexible cells that offer ease of operations in any utility. There are plenty of variations in the Fuel Cell Technology Industry. Also, fuel cells such as solid oxide, acid fuel, and phosphoric cells can sustain without the use of pure hydrogen gas.
The launch of more fuel-flexible cells will provide development opportunism for the market. These flexible fuel cells are suitable for both conventional and non-conventional operations. The advancement to provide flexible fuel will provide lucrative growth opportunities. Also, this exceptional opportunity will provide expansion possibilities and product variation in the market. The increasing R&D investments in the market will further enhance the future growth opportunities for fuel cell technology.
Fuel cell technology is more dependent on hydrogen gas. The requirement of hydrogen leads to the storage, production transportation and dispersion of the hydrogen gas. The hydrogen gas is supplied through point to point pumps to various fuel cell markets. The availability of hydrogen fuel pumps is less in many regions. The US has plenty of hydrogen pumps and refueling station. However, the other regional players do not have suitable infrastructure to maintain the hydrogen gas. The lack of hydrogen infrastructure is a crucial resistance to the market. The demand for hydrogen fuel cells is increasing in many regions. However, the absence of hydrogen infrastructure can affect future growth opportunities for the market.
The international energy agency assumes that the renewable fuel cell energy market will witness the highest demand in the forecast. Renewable fuel sources such as solar, hydrogen, bio-energy and wind will witness 70% more demand. The investments in these renewable fuel cells are tremendous in Asia pacific region. Due to the increased demand for renewable energy, there is advancement in the batteries industry. The less cost and efficiency of renewable batteries technology pose a challenge to fuel cell technology.
The fuel cell technology market will witness a tremendous growth rate in the forecast period. The market has plenty of drivers and growth opportunities. The proton membrane segment of the market will witness the highest demand in the forecast period. The demand for clean energy will fuel this market segment. Also, the PEMFC is a highly efficient, reliable, cost-efficient, and easy to maintain fuel cell. The high investments from the key players will lead to plenty of advancements in the market. The lack of hydrogen infrastructure is a serious issue in the market. Also, increasing demand for batteries poses a challenge. However, the Fuel Cell Technology Market Trends looks promising.
The Asia Pacific region is accountable for the highest Fuel-Cell Technology Market Share. The market will record the highest demand rate from 2020 to 2025. The demand is massive due to the increased use of fuel cell-powered vehicles in Asia pacific. The requirement for clean and renewable energy is driving market growth. Also, the governments in Asia pacific encourage the use of fuel cell technology to reduce carbon emissions. The fuel-cell vehicle segment of the market witnesses exceptional demand. Further, due to increased investments in R&D, this is the region that will first introduce new variations of fuel cell technology. The use of fuel cells in heavy-duty public transport will grow further in this region. The market scenario in Asia pacific region will remain positive in the forecast period.
The fuel cell technology market is diversified into Asia Pacific, Europe and North America. The Asia Pacific will record the highest demand rate for fuel cell technology in the forecast period. Also, the adoption of fuel cell-powered vehicles will increase over the forecast period. There are promising growth opportunities for the market. The innovation and investments will reach their peak in the upcoming years. China is a key hub of fuel cell facilities.
The awareness about renewable energy is higher in this region. Therefore, the maximum contribution for the market will be from China. Japan is accepted to add 50000 fuel cell utilities in the forecast period. The Asia Pacific fuel cell technology market will prove profitable during the forecast. However, the lack of hydrogen infrastructure can be problematic for the European market. North America will reach a high demand rate next to Asia pacific. Also, the market growth opportunities are higher in this region.
The competition in the fuel cell technology market will be higher in the forecast year. The rising adoption of renewable batteries poses a challenge to the market. However, the key players are implementing strategies to provide innovatively and cost-efficient fuel cell technologies.
|CAGR||21% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fuel Cell Energy (US), Hydrogenics (Canada), Plug Power (US), Ballard Power Systems (Canada), Panasonic Corporation (Japan), Toshiba Corporation (Japan), Doosan Corporation (South Korea), Kyocera (Japan), Plug Power, AFC energy (UK)|
|Key Market Opportunities||Advent of new technologies|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Fuel Cell Market is projected to be worth USD 35.37 billion by 2028
The global Fuel cell technology is projected to register a 24.85% CAGR in the forecast period.
The PEMFC segment is slated to expand as the fastest-growing segment.
The transportation segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global Fuel cell technology are Panasonic Corporation (Japan), Toshiba Corporation (Japan), among others.