Fairfield Market Research
Fuel Cell Market

Fuel Cell Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Energy & Natural Resources | Author Name: Harshad

Focus on Decrease in Greenhouse Gas Emissions to Fuel Growth of Fuel Cell Market

The global fuel cell market is expected to expand in response to the growing need to reduce global greenhouse gas emissions, as well as key moves toward reaching a carbon-free society. Furthermore, the rising demand for autos with hydrogen fuel cells is predicted to drive the adoption and deployment of battery cell systems in many nations to achieve stringent government goals for clean energy development. As a result, the growing emphasis on lowering greenhouse gas emissions will propel the global fuel cell market forward over the forecast period. According to International Energy Agency, the production of hydrogen results in CO2 emissions of roughly 830 million tonnes per year, which is equal to the combined CO2 emissions of the United Kingdom, and Indonesia.

The global output of hydrogen surpassed 60 million metric tonnes in 2020. By 2030, this quantity is predicted to have risen considerably, reaching over 300 million metric tonnes. A novel approach for separating hydrogen from gas mixtures, polymeric separation membranes, is projected to result in a significant increase in hydrogen production.

The growing need to reduce global greenhouse gas (GHG) emissions from a variety of sources, as well as important steps toward achieving a carbon-free society, are projected to boost the worldwide fuel cell industry. In addition, the growing demand for cars with hydrogen fuel cells to meet the government's demanding clean energy deployment goals is projected to accelerate the adoption of battery cell systems in various locations. According to the IEA's Global EV Outlook 2021, South Korea will have surpassed the United States and China in terms of FCEV market share in 2020, with more than 10,000 vehicles. South Korea raised the number of hydrogen refuelling stations (HRS) by 50 percent in 2020, with 18 new stations. For example, the South Korean government declared in January 2019 that by 2022, it plans to have over 81,000 FCEVs on national highways, with the number rising to around 1.8 million by 2030.

Transpiration Industry Growth to Enhance Growth of Fuel Cell Market

The fuel cell vehicles are expected to be the fastest-growing segment of the fuel Cell market over the forecast period. The tremendous growth in the regional transportation industry and high fossil fuel use, environmental challenges such as climate change and poor air quality have arisen, necessitating the use of clean energy sources. Fuel cells produce no pollutants and help to reduce greenhouse gas emissions. Fuel cells primarily employ hydrogen or methanol, which reduces economic reliance on oil and gas while improving energy security. The expansion of the vehicular fuel cell market is expected to be supported by rising environmental concerns and expanding infrastructure connected to hydrogen refilling stations over the forecast period.

Their excellent performance and quick refuelling, fuel cell-based automobiles have become increasingly profitable in recent years. The amount of water in the exhaust, the reduction in the proportion of emissions, and the increased power and torque output all play a role in the adoption of fuel cell technologies for automobiles. On a typical automobile, fuel cell technology delivers a driving range of over 300 miles. When compared to battery electric cars, it minimises the weight of carrying hefty batteries, promoting market growth throughout the projection period.

Favourable Government Regulations to Drive Growth of Asia Pacific Fuel Cell Market

Asia-Pacific will be dominating the fuel cell market in the forecast period. Because of favourable government regulations in nations like China, Japan, and South Korea, the Asia-Pacific area is one of the most promising regional markets for fuel cells in the next years. The PEMFC is the most widely used fuel cell technology in the region among the existing fuel cell technologies.

China's fuel cell business has a lot of promise, as the government is increasingly focusing on methods to use sustainable energy technologies to transition to a low-carbon economy. Furthermore, the hydrogen fuel cell industry in the country has been gaining traction because of favourable national and provincial government subsidies as well as local government incentive programmes to encourage the use of hydrogen vehicles to reduce pollution. The government of Zhangjiakou City in China has placed an order for 74 fuel cell electric buses (FCEBs) in preparation for the 2022 Winter Olympics. FCEB implementation is expected to increase in more Chinese cities soon.

In March 2022, China revised its fuel cell policy and announced a roadmap for fuel cell technology adoption in the country by 2035. The National Development and Reform Commission created this blueprint. In comparison to other regions, China has the world's largest automobile market, which encourages the rapid growth of technology such as fuel cell vehicles. By 2025, China will have roughly 50,000 hydrogen fuel cell cars, or FCVs, on the road, according to the National Development and Reform Commission. China accounts for 94 percent of global fuel cell buses and 99 percent of global fuel cell trucks, according to the IEA's Global EV Outlook 2021. The market for fuel cell electric vehicles nearly doubled, thanks to strong growth in China, Japan, and Korea. The supporting government regulations and initiatives to use fuel cell technology in transportation and other applications will propel the region's fuel cell market forward over the forecast period.

Global Fuel Cell Market: Competitive Landscape

In March 2021, Toyota Corporation has unveiled a new hydrogen production plant and refuelling station at its defunct automobile factory in Melbourne, Australia, ahead of the release of its Mirai FCEV, the company's second-generation fuel-cell vehicle. On the other hand, in September 2021, Hyzon Motors Inc. signed an agreement with Shanghai Hydrogen HongYun Automotive Co. Ltd to purchase 500 hydrogen-powered electric trucks. The first 100 vehicles will be delivered by the end of 2021, with the remaining 400 vehicles arriving in 2022.

Players in the Fuel Cell market include Bloom Energy (US), Aisin Corporation (Japan), Plug Power Inc. (US), Kyocera Corporation (Japan), Toyota Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), Ceres (UK), PowerCell Sweden AB (Sweden), Hyzon Motors Inc (US), Cummins Inc. (US), Toshiba Corporation (Japan), SFC Energy AG (Germany), Ballard Power Systems (Canada).

Global Fuel Cell Market is Segmented as Below:

By Type

  • SOFC
  • PAFC
  • MFC
  • AFC
  • DMFC

By Application

  • Portable
  • Stationary
  • Fuel Cell Vehicles

By End-User

  • Commercial & Industrial
  • Data Centers
  • Transportation
  • Military & Defense
  • Residential
  • Utilities & Government/Municipal Institute

Based on the size:

  • Small Scale
  • Large Scale

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Fuel Cell Market

  • Fuel Cell Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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