The fuel cell technology market Fuel Cell Technology Market is projected to be worth USD 35.37 billion by 2028, registering a CAGR of 21% during the forecast period (2021 - 2028), according to the latest Market Research Future (MRFR) analysis. A fuel cell, put simply, is a device that generates electricity through electrochemical reactions, not combustion. In the fuel cell, oxygen and hydrogen are combined for generating water, heat, and electricity.
Various factors are fuelling the global fuel cell technology market growth. As per the recent MRFR market estimates, such factors include the increasing application in electric cars, hybrid electric cars, and plug-in hybrid cars, burgeoning need for electric cars, growing carbon emissions, demand for clean energy generation, growing use of cars which are fuel-based, booming power sector, improved power generation capacities across the globe, increasing need for unconventional energy sources, growing public-private partnerships, reduced environmental impact, strict government regulation for reducing the growing pollution levels, improved efficiency of fuel cells, and increasing adoption in portable devices such as smartphones, PCs, power backup batteries, and tablets.
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On the contrary, high catalyst cost and lack of adequate fuel infrastructure may limit the fuel cell technology market growth in the forecast period.
Almost every industry has fallen prey to the COVID-19 outbreak which also includes the fuel cell technology market. The government imposed lockdowns the world over has resulted in the global economic crisis which has unfortunately pushed the automotive industry to near collapse, thus shutting down factories and emptying showrooms. The auto sector has been profoundly impacted by the pandemic. The key players are in the initial levels of committing to electrification. Companies are experiencing immense revenue losses along with a slowdown in the production of passenger and commercial cars due to the unavailability of workers. Disruptions in supply chains along with the halt in the release, distribution, and final assembly of fuel cells for vehicles have impeded the market growth. Besides, the pause in the supply of raw materials from China resulted in a gap between demand and supply. The delay in the capacity deployment of the electrolyzer resulted in immense revenue losses thus hindering the growth of the market. Further, the current need for hydrogen from various industries such as oil refining sector, steel manufacturing, and chemicals has also been impacted by the outbreak.
Following the release of the lockdown, there has been resumption in several manufacturing operations yet at reduced capacities that are anticipated to increase the production and sales of hydrogen fuel-cell cars that in turn may boost the market growth.
The Market Research Future report throws light on an inclusive segmental analysis of the global fuel cell technology market based on method, application, and fuel type.
Based on fuel type, the market has been bifurcated into hydrogen, methane, & others. Among these, the methane segment will dominate the market in the forecast period owing to its noteworthy system efficiency, higher reliability, and durability.
By method, the market is bifurcated into DMFC, MCFC, PEM, SOFC, PAFC, and AFC. Among these, PEM will lead the market in the forecast period owing to its extensive applications such as portable power, backup power, specialty vehicles, distributed generation, and transportation.
By application, the market is bifurcated into stationary, portable power, and transportation. Among these, the transportation segment will have the lions share in the market over the forecast period.
By region, the global fuel cell technology market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), South America, North America, and the Middle East and Africa (MEA). Among these, the APAC region will rule the market in the forecast period. Burgeoning need from the automotive sector in China, South Korea, and Japan, stringent government regulations related to carbon emissions, increasing use of fuel cell technology in fuel cell-powered vehicles, growing power generation from cleaner energy sources and advances in fuel cell technology are adding to the global fuel cell technology market growth in the region.
In North America, the fuel cell technology market is likely to have promising growth over the forecast period. Constant technological advances, high use of fuel cell technology, increasing promotion as well as acceptance of electric cars, and increasing research and development investments by various players are adding to the market growth in this region.
The prominent players in the global fuel cell technology market report include Intelligent Energy Holdings PLC (UK), Ceres Power Holdings PLC (UK), FuelCell Energy, Inc (US), SFC Energy (Germany), Doosan Fuel Cell (US), Ballard Power Systems (Canada), Kyocera (Japan), Hydrogenics Corporation (US), Acal Energy Ltd (UK), FuelCell Energy, Inc (US), AFC Energy (UK), Ceramic Fuel Cells Limited (Australia), Plug Power Inc (US), Toshiba Corporation (Japan), and Panasonic Corporation (Japan).
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