Report Overview

Global Fuel Cells Market- Industry Trends & Forecast Report 2027

Global fuel cells market was worth USD 2,230.12 million in 2020 and is further projected to reach USD 7,456.40 million by the year 2027, growing at a CAGR of 18.82% in the forecast period. The growth of the market can be attributed to several factors, such as increasing demand for unconventional sources of energy, such as wind, tidal, solar, etc., and the requirement for a constant supply of electricity. Furthermore, increasing private-public partnership for boosting the adoption of green energy infrastructure such as hydrogen-based energy is also propelling the growth of the global fuel cells market.

Source: BlueWeave Consulting

Global Fuel Cells Market- Overview

A fuel cell is an electrochemical cell which is used as an energy storage device that uses a pair of redox reactions to turn the chemical energy of the fuel (typically hydrogen) and an oxidizing agent (commonly oxygen) into electricity. Unlike batteries, fuel cells can continuously provide power in the presence of oxygen and fuel, They are commonly employed in commercial, residential, and industrial settings as primary and backup power sources. Additionally, hydrogen fuel cells are widely employed in spacecraft propulsion and are one of the most well-established methods for launching spacecraft into orbit. However, fuel cells are also very expensive.

Global Fuel Cells Market Forecast and Trends

Growth Drivers

Increasing Penetration of Hydrogen Fuel Cells

Hydrogen fuel cells are considered more efficient for electric vehicles as compared to their conventional counterparts. This is because it produces zero emissions and emits only water vapor and warm air. Therefore, leading EV manufacturers are increasingly shifting towards hydrogen fuel cells, which is likely to drive its market growth in the forecast period. For instance, Hyundai Motor Group has announced its plans to develop hydrogen fuel cell versions of all its commercial vehicle models by the year 2028. The South Korean industrial giant also plans on introducing a ‘next-generation fuel cell system’ by 2023.

Advancements in Fuel Cells Technology

With the growing demand for fuel cells, manufacturers are investing significantly in Research & Development to innovate and increase their potential. For instance, the US Department of Energy announced an investment of USD 39 million in fuel cell technology in 2018. Most often these researches are focused around improving the fuel cell capacity to power vehicles to boost its market growth. These developments are also intended to lower fuel cell costs by reducing the use of precious metals and increase the longevity of fuel cells through new catalyst layer designs. The global fuel cell market is expected to benefit from such advances.

Restraints

High Initial Investment Involved in Fuel Cells

It is extremely costly to extract hydrogen and develop fuel cells as well as need production, storage, transportation and distribution infrastructure. The catalysts in fuel cells are made with expensive raw materials, such as precious metals like platinum and iridium, which ultimately increases the cost. The lack of sufficient infrastructure in most of the countries for hydrogen delivery may restricts the growth of the market. Furthermore, hydrogen fuel cells also require government funding and support to become a viable energy source which may limits its adoption among general public

Impact of COVID-19 on Global Fuel Cells Market

The sudden outbreak of COVID-19 pandemic has severely impacted the global fuel cells market. Many manufacturing and production industries had their operations drastically curtailed as the nations prepared for lockdowns to stop the spread of the deadly virus. The transportation, portable, and stationary production processes were temporarily halted, resulting in a dramatic drop in fuel cell demand. One of the biggest end-user industries was hydrogen fuel cell vehicle manufacturers. The growth of the global fuel cells market is being hampered by supply chain interruptions and a standstill in the production, marketing, and final assembly operations of new hydrogen fuel-cell vehicles. Thus, the global fuel cell market had to suffer significant losses due to constraints in operations and distribution channels.

Global Fuel Cells Market - By Type

Based on types, the global fuel cells market is segmented into proton exchange membrane fuel cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), alkaline fuel cell (AFC), and microbial fuel cell (MFC). Among these. the proton exchange membrane fuel cell (PEMFC) segment holds the largest market share. The growth of this segment is attributed to its prominent use in use in several industries such as transport, defense, stationary, etc. The growing investment of automobile manufacturers towards efficient and high-power vehicles that uses clean fuel will present growth opportunities to the PEMFC segment. On the other hand, the PEMFC segment is also flourishing at a high rate as it works purely on hydrogen, oxygen, and water and requires a comparatively low temperature to operate.

Global Fuel Cells Market - By End-User

Based on end-users, the global fuel cells market is segmented into fuel cell vehicles, utilities, and defense. Th utilities segment accounts for the largest market share among all the segments because of its wide range of application. Fuel cells are being used to power something as small as laptops and as large as utility power station. In addition, the utility sector is also rapidly adopting fuel cells as a result of favorable government initiatives aimed at developing unconventional energy sources. On the other hand, the vehicle segment is projected to witness highest growth rate during the forecast period with the increasing demand for zero-emission vehicles due to growing environmental concern.

Global Fuel Cells Market - Regional Insights

Geographically, the global fuel cells market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Because of the established electric car manufacturing industry in growing economies such as China, India, Japan, and South Korea, the Asia-Pacific region dominates the fuel cell market. The rapid shift to renewable energy sources and the expansion of energy infrastructure due to government initiatives are driving the region’s fuel cell industry forward. China is emerging as the leading country for renewable energy generation and therefore, holds significant growth potential for fuel cells. On the other hand, North America is also catching up as the fastest-growing market. The high level of awareness of fuel cells propels the growth of this sector in North America.

Competitive Landscape

The leading players in the global fuel cells market are Ballard Power Systems Inc., Cummins Inc., Horizon Fuel Cell Technologies Pte. Ltd, Mitsubishi Power Ltd, Toshiba Fuel Cell Power Systems Corporation, SFC Energy AG, FuelCell Energy Inc., Intelligent Energy Limited, Plug Power Inc., Nuvera Fuel Cells LLC, Proton Power Systems PLC, ITM Power Plc, United Technologies, Hydrogenics, Fuji Electric India Pvt. Ltd., AFC Energy Plc, Nedstack Fuel Cell Technology B.V., Doosan Fuel Cell America, Inc., Ceres Power Holdings PLC, and other prominent players.

The market is highly competitive and consolidated, with the presence of multiple players who are consistently focusing on introducing innovations and advancements into their products. The industry participants are also adopting competitive strategies like mergers, acquisitions, partnerships, collaborations, etc., to increase their product penetration in the regional market and expand their user base.

Recent Developments

• In September 2021, Eaton Corporation, an American-Irish power management company, announced its partnership with Ballard Fuel Cell Systems and the Department of Energy’s National Renewable Energy Laboratory (NREL) to develop the heavy-duty truck fuel market.

• In September 2021, Hyson Motors, an American hydrogen truck maker, signed an agreement to supply 500 hydrogen fuel cell electric trucks to a Shanghai-based logistics company.

Scope of the Report

By Type

• Proton Exchange Membrane Fuel Cell (PEMFC)

• Phosphoric Acid Fuel Cell (PAFC)

• Alkaline Fuel Cell (AFC)

• Microbial Fuel Cell (MFC)

By Application

• Portable

• Stationary

• Transport

By End-Use

• Fuel Cell Vehicles

• Utilities

• Defense

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

1. Research Framework
   1. Research Objective
   2. Type Overview
   3. Key Market Segments
2. Research Methodology
   1. Qualitative Research
   2. Methodology
   3. Regional Split of Primary & Secondary Research
   4. Secondary Research
   5. Primary Research
      1. Breakdown of Primary Research Respondents, By Region
      2. Breakdown of Primary Research Respondents, By Industry Participants
   6. Market Size Estimation
   7. Assumptions for the Study
   8. Market Breakdown & Data Triangulation
3. Executive Summary
4. Industry Insight and Growth Strategy
   1. Value Chain Analysis
   2. DROC Analysis
      1. Market Drivers
         1. Increasing Penetration of Hydrogen Fuel Cells
         2. Advancements in Fuel Cells Technology
      2. Market Restraints
         1. High Initial Investment Involved in Fuel Cells
      3. Market Challenges
         1. Negative Influence of the COVID-19 Pandemic
      4. Market Opportunity
         1. Increasing Demand for Green Energy Sources
         2. High Efficiency of Fuel Cells
   3. Recent Developments
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Buyers
      2. Bargaining Power of Suppliers
      3. Intensity of Rivalry
      4. Threat of New Entrants
      5. Threat of Substitutes
5. Global Fuel Cells Market Overview
   1. Market Size & Forecast by Value, 2017-2027
   2. Market Size and Forecast, By Segment
      1. By Type
         1. Proton Exchange Membrane Fuel Cell (PEMFC)
         2. Phosphoric Acid Fuel Cell (PAFC)
         3. Alkaline Fuel Cell (AFC)
         4. Microbial Fuel Cell (MFC)
      2. By Application
         1. Portable
         2. Stationary
         3. Transport
      3. By End-Use
         1. Fuel Cell Vehicles
         2. Utilities
         3. Defense
      4. By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle East & Africa
6. North America Fuel Cells Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By End-Use
      4. By Country
         1. U.S.
         2. Canada
7. Europe Fuel Cells Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By End-Use
      4. By Country
         1. Germany
         2. U.K.
         3. Russia
         4. France
         5. Italy
         6. Spain
         7. Rest of Europe
8. APAC Fuel Cells Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By End-Use
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of APAC
9. LATAM Fuel Cells Market Overview
   1. Market Size and Forecast
      1. By Value (USD Million), 2020-2027
   2. Market Share and Forecast
      1. By Type
      2. By Application
      3. By End-Use
      4. By Country
         1. Mexico
         2. Brazil
         3. Rest of LATAM
10. MEA Fuel Cells Market Overview
    1. Market Size and Forecast
       1. By Value (USD Million), 2020-2027
    2. Market Share and Forecast
    3. By Type
    4. By Application
    5. By End-Use
    6. By Country
       1. Saudi Arabia
       2. The UAE
       3. South Africa
       4. Rest of MEA
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis (2020)
    3. Competitive Benchmarking by Operating Parameters
12. Impact of COVID-19 on Global Fuel Cells Market
13. Company Profiles (Company Overview, Financial Matrix, Key Type landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *
    1. Ballard Power Systems Inc.
    2. Cummins Inc.
    3. Horizon Fuel Cell Technologies Pte. Ltd
    4. Mitsubishi Power Ltd
    5. Toshiba Fuel Cell Power Systems Corporation
    6. SFC Energy AG
    7. FuelCell Energy Inc.
    8. Intelligent Energy Limited
    9. Plug Power Inc.
    10. Nuvera Fuel Cells LLC
    11. Proton Power Systems PLC
    12. ITM Power Plc
    13. United Technologies
    14. Hydrogenics
    15. Fuji Electric India Pvt. Ltd.
    16. AFC Energy Plc
    17. Nedstack Fuel Cell Technology B.V.
    18. Doosan Fuel Cell America, Inc.
    19. Ceres Power Holdings Plc
    20. Other Prominent Players
14. Key Strategic Recommendations

List of Figures:

Figure 1: Global Fuel Cells Segmentation

Figure 2: Global Fuel Cells Market Value Chain Analysis,

Figure 3: Company Market Share Analysis, 2020

Figure 4: Global Fuel Cells Market Size, By Value (USD Million), 2020-2027

Figure 5: Global Fuel Cells Market Share (%), By Type, By Value, 2020-2027

Figure 6: Global Fuel Cells Market Share (%), By Application, By Value, 2020-2027

Figure 7: Global Fuel Cells Market Share (%), By End-Use, By Value, 2020-2027

Figure 8: Global Fuel Cells Market Share (%), By Region, By Value, 2020-2027

Figure 9: North America Fuel Cells Market Size, By Value (USD Million), 2020-2027

Figure 10: North America Fuel Cells Market Share (%), By Type, By Value, 2020-2027

Figure 11: North America Fuel Cells Market Share (%), By Application, By Value, 2020-2027

Figure 12: North America Fuel Cells Market Share (%), By End-Use, By Value, 2020-2027

Figure 13: North America Fuel Cells Market Share (%), By Country, By Value, 2020-2027

Figure 14: Europe Fuel Cells Market Size, By Value (USD Million), 2020-2027

Figure 15: Europe Fuel Cells Market Share (%), By Type, By Value, 2020-2027

Figure 16: Europe Fuel Cells Market Share (%), By Application, By Value, 2020-2027

Figure 17: Europe Fuel Cells Market Share (%), By End-Use, By Value, 2020-2027

Figure 18: Europe Fuel Cells Market Share (%), By Country, By Value, 2020-2027

Figure 19: the Asia-Pacific Fuel Cells Market Size, By Value (USD Million), 2020-2027

Figure 20: the Asia-Pacific Fuel Cells Market Share (%), By Type, By Value, 2020-2027

Figure 21: the Asia-Pacific Fuel Cells Market Share (%), By Application, By Value, 2020-2027

Figure 22: the Asia-Pacific Fuel Cells Market Share (%), By End-Use, By Value, 2020-2027

Figure 23: the Asia-Pacific Fuel Cells Market Share (%), By Country, By Value, 2020-2027

Figure 24: Latin America Fuel Cells Market Size, By Value (USD Million), 2020-2027

Figure 25: Latin America Fuel Cells Market Share (%), By Type, By Value, 2020-2027

Figure 26: Latin America Fuel Cells Market Share (%), By Application, By Value, 2020-2027

Figure 27: Latin America Fuel Cells Market Share (%), By End-Use, By Value, 2020-2027

Figure 28: Latin America Fuel Cells Market Share (%), By Country, By Value, 2020-2027

Figure 29: Middle East & Africa Fuel Cells Market Size, By Value (USD Million), 2020-2027

Figure 30: Middle East & Africa Fuel Cells Market Share (%), By Type, By Value, 2020-2027

Figure 31: Middle East & Africa Fuel Cells Market Share (%), By Application, By Value, 2020-2027

Figure 32: Middle East & Africa Fuel Cells Market Share (%), By End-Use, By Value, 2020-2027

Figure 33: Middle East & Africa Fuel Cells Market Share (%), By Region, By Value, 2020-2027

List of Tables

Table 1: Global Fuel Cells Market Size, By Type, By Value, 2020-2027

Table 2: Global Fuel Cells Market Size, By Application, By Value (USD Million), 2020-2027

Table 3: Global Fuel Cells Market Size, By End-Use, By Value (USD Million), 2020-2027

Table 4: Global Fuel Cells Market Size, By Region, By Value (USD Million), 2020-2027

Table 5: North America Fuel Cells Market Size, By Type, By Value (USD Million), 2020-2027

Table 6: North America Fuel Cells Market Size, By Application, By Value (USD Million), 2020-2027

Table 7: North America Fuel Cells Market Size, By End-Use, By Value (USD Million), 2020-2027

Table 8: North America Fuel Cells Market Size, By Country, By Value (USD Million), 2020-2027

Table 9: Europe Fuel Cells Market Size, By Type, By Value (USD Million), 2020-2027

Table 10: Europe Fuel Cells Market Size, By Application, By Value (USD Million), 2020-2027

Table 11: Europe Fuel Cells Market Size, By End-Use, By Value (USD Million), 2020-2027

Table 12: Europe Fuel Cells Market Size, By Country, By Value (USD Million), 2020-2027

Table 13: the Asia-Pacific Fuel Cells Market Size, By Type, By Value (USD Million), 2020-2027

Table 14: the Asia-Pacific Fuel Cells Market Size, By Application, By Value (USD Million), 2020-2027

Table 15: the Asia-Pacific Fuel Cells Market Size, By End-Use, By Value (USD Million), 2020-2027

Table 16: the Asia-Pacific Fuel Cells Market Size, By Country, By Value (USD Million), 2020-2027

Table 17: Latin America Fuel Cells Market Size, By Type, By Value (USD Million), 2020-2027

Table 18: Latin America Fuel Cells Market Size, By Application, By Value (USD Million), 2020-2027

Table 19: Latin America Fuel Cells Market Size, By End-Use, By Value (USD Million), 2020-2027

Table 20: Latin America Fuel Cells Market Size, By Country, By Value (USD Million), 2020-2027

Table 21: The Middle-East & Africa Fuel Cells Market Size, By Type, By Value (USD Million), 2020-2027

Table 22: The Middle-East & Africa Fuel Cells Market Size, By Application, By Value (USD Million), 2020-2027

Table 23: The Middle-East & Africa Fuel Cells Market Size, By End-Use, By Value (USD Million), 2020-2027

Table 24: The Middle-East & Africa Fuel Cells Market Size, By Country, By Value (USD Million), 2020-2027

Table 25: Ballard Power Systems Inc. Financial Analysis

Table 26: Ballard Power Systems Inc. Business Overview

Table 27: Cummins Inc. Financial Analysis

Table 28: Cummins Inc. Business Overview

Table 29: Horizon Fuel Cell Technologies Pte. Ltd Corporation Financial Analysis

Table 30: Horizon Fuel Cell Technologies Pte. Ltd Corporation Business Overview

Table 31: Mitsubishi Power Ltd Financial Analysis

Table 32: Mitsubishi Power Ltd Business Overview

Table 33: Toshiba Fuel Cell Power Systems Corporation Financial Analysis

Table 34: Toshiba Fuel Cell Power Systems Corporation Business Overview

Table 35: SFC Energy AG Financial Analysis

Table 36: SFC Energy AG Business Overview

Table 37: FuelCell Energy Inc. Financial Analysis

Table 38: FuelCell Energy Inc. Business Overview

Table 39: Intelligent Energy Limited Financial Analysis

Table 40: Intelligent Energy Limited Business Overview

Table 41: Plug Power Inc. Financial Analysis

Table 42: Plug Power Inc. Business Overview

Table 43: Nuvera Fuel Cells LLC Financial Analysis

Table 44: Nuvera Fuel Cells LLC Business Overview

Table 45: Proton Power Systems PLC Financial Analysis

Table 46: Proton Power Systems PLC Financial Analysis

Table 47: ITM Power Plc Financial Analysis

Table 48: ITM Power Plc Business Overview

Table 49: United Technologies Financial Analysis

Table 50: United Technologies Business Overview

Table 51: Hydrogenics Financial Analysis

Table 52: Hydrogenics Business Overview

Table 53: Fuji Electric India Pvt. Ltd. Financial Analysis

Table 54: Fuji Electric India Pvt. Ltd. Business Overview

Table 55: AFC Energy Plc Financial Analysis

Table 56: AFC Energy Plc Business Overview

Table 57: Nedstack Fuel Cell Technology B.V. Financial Analysis

Table 58: Nedstack Fuel Cell Technology B.V. Business Overview

Table 59: Doosan Fuel Cell America, Inc.  Financial Analysis

Table 60: Doosan Fuel Cell America, Inc.  Business Overview

Table 61: Ceres Power Holdings Plc Financial Analysis

Table 62: Ceres Power Holdings Plc Business Overview