According to the most recent report by Emergent Research, the Worldwide Fuel Cell Market size reached USD 4.26 billion in 2021 and is anticipated to experience a revenue CAGR of 22.8% over the projected period. Global military applications’ increasing reliance on fuel cells is the main reason fueling the market’s expansion in terms of revenue.
Other variables that are expected to drive demand include expanding public-private collaborations and less environmental impact. Governments from all over the world are anticipated to support the improvements by providing funding for various initiatives like research and appropriate financing programs. It is crucial to create a strong regulatory and policy framework because government firms must create an environment that is conducive to investment. The demand for hydrogen power plants is driven during the predicted period by encouraging legislation by the governing bodies in developed economies and eco-friendly ambitions to eliminate emission rates. Increased focus on replacing electric networks by governments of developed countries like the U.S. and Europe and technical developments are likely to support the expansion even further.
It is predicted that ongoing projects in Europe will allow market participants to broaden their product offerings. The majority of market actors’ ability to be inventive is put to the test by the deployment of cleaner technologies at a higher expense. Because more research and development are being put into creating hydrogen-powered cars, the application of fuel cell technology in many modes of transportation is expanding quickly.
Some Key Highlights from the Report:
- A contract to improve hydrogen fuel cell operation and maintenance capabilities were signed in January 2022 between Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP). According to the terms of the agreement, the two businesses will collaborate to create a plan for technical training in hydrogen fuel cell operation and maintenance as well as a nearby green hydrogen fuel cell project for distributed power.
- Revenue from the Polymer Electrolyte Fuel Cells (PEFCs) segment is anticipated to grow steadily during the forecast period as a result of PEFCs’ expanding use in stationary and transportation applications. PEMFCs generate electricity and operate under the opposite tenet of PEM electrolysis. It has a good chance of taking over alkaline fuel-cell technology.
- Due to the increasing use of fuel cells in automobiles, the transportation sector is anticipated to have extremely rapid revenue development over the projection period. Worldwide demand for fuel cell vehicles is increasing as people become more conscious of the environmental impact of fossil fuel pollution. Renault, a large French automaker, said in May 2022 that it would introduce an electric-hydrogen hybrid vehicle.
- Doosan Fuel Cell Co., Ltd., Fuel Cell Energy, Inc., SFC Energy AG, Bloom Energy, Kyocera Corporation, Plug Power Inc., Nuvera Fuel Cells, LLC, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Cummins Inc., PowerCell Sweden AB, and Toshiba Corporation are a few notable companies mentioned in the global market report.
Emergen Research has segmented the global fuel cell market based on size, type, application, end-user, and region:
Size Outlook (Revenue, USD Billion; 2019-2030)
- Small Scale
- Large Scale
Type Outlook (Revenue, USD Billion; 2019-2030)
- Proton-Exchange Membrane Fuel Cell (PEMFC)
- Polymer Electrolyte Fuel Cell (PEFC)
- Direct Methanol Fuel Cell (DMFC)
- Molten Carbonate Fuel Cell (MCFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Others
Application Outlook (Revenue, USD Billion; 2019-2030)
- Portable
- Stationary
- Transport
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Commercial & Industrial
- Military & Defense
- Data Centers
- Transportation
- Residential
- Utilities & Government
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- the U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- the U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- the Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA