High-Performance Fuel Cells Market Research Report - Global Forecast till 2030

High-Performance Fuel Cells Market Research Report: Information by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell and Microbial Fuel Cell), Application (Transport, Stationary and Portable), End-Use (Fuel Cell Vehicles, Utilities and Defence) and Region - Forecast till 2030

ID: MRFR/E&P/8602-HCR | 111 Pages | Published By Priya Nagrale on March 2023         

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High-Performance Fuel Cells Market

High-Performance Fuel Cells Market share is projected to reach USD 14,891 Million by 2030, with 24% CAGR during the forecast period.

Segmentation
By Type Proton Exchange Membrane Fuel Cell Phosphoric Acid Fuel Cell Alkaline Fuel Cell Microbial Fuel Cell
By Application Transport Stationary Portable
By End-Use Fuel Cell Vehicles Utilities Defence
Key Players
Companies Profiled   Ballard Power Systems (Canada)    Hydrogenics (Canada)    Toshiba Energy Systems & Solutions Corporation (Japan)    SFC Energy (Germany)    Mitsubishi Hitachi Power Systems (Japan)    Ceres Power (UK)    Horizon Fuel Cell Technologies (Singapore)    Aisin Seiki Co. (Japan)    Kyocera (Japan)    AFC Energy (UK)    Altergy (US)    Nuvera Fuel Cells LLC (US)
Drivers
Market Driving Forces   Lack of hydrogen infrastructure    Growing demand for electricity generation from renewable energy sources    The need to de-carbonize energy end-use
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High-Performance Fuel Cells Market size is projected to reach USD 14,891 Million by 2030, with 24% CAGR during the forecast period.


High-Performance Fuel Cells Market Scenario


High-performance fuel cells function to help convert the chemical potential energy into electrical energy. Electrical energy is witnessing a wholesome demand globally. The by-products of the reaction undertaken by the fuel cells are water, electricity, and heat. Also, some types of high-performance fuel cells help convert waste methane into electrical energy to cater to the market demand. Many types of fuel cells are a part of the global market and include alkaline fuel cells and phosphoric acid fuel cells, amongst others like microbial fuel cells.


There has been a growing electricity demand for renewable energy sources. Vehicular application of the global market is expected to dominate the market. There has been an increase in the degree of innovation in the EV sector, followed by other factors like the rising economic viability of the technology. Also, the developing interest in heavy-duty transport and energy storage applications and huge market potential in regions like the Asia-Pacific for fuel cells are expected to create significant opportunities for the fuel cell market. The globally participating regions and their governments are developing numerous initiatives that aim to increase the adoption of high-performance fuel cells.


The key factors driving the growth of the global high-performance fuel cells market are the growing demand for electricity generation from renewable energy sources and the need to de-carbonize energy end-use. Energy generation companies are focusing on reducing carbon emissions, which is expected to drive the demand for high-performance fuel cells during the forecast period. Furthermore, government bodies across the globe have developed various initiatives to increase the adoption of high-performance fuel cells, which is expected to drive the market growth during the forecast period. However, a lack of hydrogen infrastructure is expected to restrict the growth of the global high-performance fuel cells market.


High-Performance Fuel Cells Market Key Players Insight


The key players operating in the global market for high-performance fuel cells are Ballard Power Systems (Canada), Hydrogenics (Canada), Toshiba Energy Systems & Solutions Corporation (Japan), SFC Energy (Germany), Mitsubishi Hitachi Power Systems (Japan), Ceres Power (UK), Horizon Fuel Cell Technologies (Singapore), Aisin Seiki Co. (Japan), Kyocera (Japan), AFC Energy (UK), Altergy (US), Nuvera Fuel Cells, LLC (US).


Recent Developments



  • Per the IEA's Global EV Outlook 2021 in 2020, the high-performance fuel cells market trends highlight South Korea has gained a leading market share in FCEVs. After surpassing major market players like the United States and China, the region gained the market position. The market value had reached more than 10,000 vehicles. To support these FCEVs, the developing region has increased the hydrogen refueling station (HRS) by 50% capacity and has set up as many as 18 new stations in 2020.

  • Also, in November 2021, one of the prominent market players, Hyzon, delivered the fuel cell trucks, including its delivery of 62 hydrogen vehicles.


High-Performance Fuel Cells Market Segmentation Outlook


High-Performance Fuel Cells Share


The global high-performance fuel cells market has been segmented based on type and application. Based on type, the global market is divided into proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell, alkaline fuel cell, and microbial fuel cell. The PEMFC segment is expected to hold the largest share of the global fuel cells market technology and grow with the fastest rate during the forecast period. The alkaline fuel cell segment also holds a substantial share of the high-performance fuel cells market.


Based on application, the global high-performance fuel cells market is segmented into portable, stationary, and transport. The transport segment is estimated to grow at the fastest rate during the forecast period due to the increasing sales of fuel cell vehicles, including fuel cell buses, in North America and Asia-Pacific.  


Based on end-use, the global high-performance fuel cells market has been divided into fuel cell vehicles, utilities, and defence. The fuel cell vehicle segment is expected to hold the largest share within the global high-performance fuel cells market.


Fuel cells help convert chemical potential energy into electrical energy. The by-products of the reaction in the fuel cells are water, electricity, and heat. Moreover, there are high-performance fuel cells that convert waste methane into electrical energy. There are various types of fuel cells, including alkaline fuel cells, phosphoric acid fuel cells, microbial fuel cells, and others.


Many major players, such as Ballard Power Systems, SFC Energy, and Hitachi Power Systems, are actively participating in fuel cell development projects. For instance, in April 2020, Mitsubishi Hitachi Power Systems began developing a hybrid power system, which combines a solid oxide fuel cell with a micro gas turbine. Such developments are expected to drive the growth of the global high-performance fuel cells market during the forecast period. 


High-Performance Fuel Cells Market Regional Analysis


Based on the region, the global high-performance fuel cells market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America holds the largest high-performance fuel cell market share as it is the second-largest producer of crude oil, and the major manufacturers of fuel cells are headquartered in the US and Canada. However, the high-performance fuel cells market in Asia-Pacific is expected to grow at the fastest rate during the forecast period, primarily to the numerous government initiatives introduced in the region to increase the adoption of renewable energy market sources.


Intended Audience



  • Government and research organization

  • Consulting companies in the high-performance fuel cells market

  • Raw material suppliers

  • Research consultants

  • Investors and shareholders



Report Scope:

Report Attribute/Metric Details
聽聽Market Size 路聽 2027: USD 7.81 Billion 路聽 2030: 14,891 Million
聽聽CAGR 聽聽24% (2022-2030)
聽聽Base Year 聽聽2021
聽聽Forecast Period 聽聽2022-2030
聽聽Historical Data 聽聽2019 & 2020
聽聽Forecast Units 聽聽Value (USD Million)
聽聽Report Coverage 聽聽Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
聽聽Segments Covered 聽聽Type, Application and End-Use
聽聽Geographies Covered 聽聽North America, Europe, Asia-Pacific, and Rest of the World (RoW)
聽聽Key Vendors 聽聽Ballard Power Systems (Canada), Hydrogenics (Canada), Toshiba Energy Systems & Solutions Corporation (Japan), SFC Energy (Germany), Mitsubishi Hitachi Power Systems (Japan), Ceres Power (UK), Horizon Fuel Cell Technologies (Singapore), Aisin Seiki Co. (Japan), Kyocera (Japan), AFC Energy (UK), Altergy (US), Nuvera Fuel Cells, LLC (US)
聽聽Key Market Opportunities 聽聽lack of hydrogen infrastructure
聽聽Key Market Drivers 路聽 growing demand for electricity generation from renewable energy sources 路聽 the need to de-carbonize energy end-use


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Frequently Asked Questions (FAQ) :

The global high-performance fuel cells market is predicted to grow at a 24.0% CAGR between 2022- 2030.

The global high-performance fuel cells market is predicted to reach USD 14,891 Million by 2030.

North America will lead the global high-performance fuel cells market.

Rising focus on sustainable energy technologies is driving the global high-performance fuel cells market growth.

Key contenders profiled in the global high-performance fuel cells market include Ballard Power Systems (Canada), Hydrogenics (Canada), Toshiba Energy Systems & Solutions Corporation (Japan), SFC Energy (Germany), Mitsubishi Hitachi Power Systems (Japan), Ceres Power (UK), Horizon Fuel Cell Technologies (Singapore), Aisin Seiki Co. (Japan), Kyocera (Japan), AFC Energy (UK), Altergy (US), Nuvera Fuel Cells, LLC (US).