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Fuel Cells - Global Strategic Business Report

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    Report

  • 562 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338395

Global Fuel Cells Market to Reach $40.7 Billion by 2030

The global market for Fuel Cells estimated at US$9.7 Billion in the year 2022, is projected to reach a revised size of US$40.7 Billion by 2030, growing at a CAGR of 19.7% over the analysis period 2022-2030. Proton Exchange Membrane, one of the segments analyzed in the report, is projected to record 19.7% CAGR and reach US$26.8 Billion by the end of the analysis period. Growth in the Phosphoric Acid segment is estimated at 20.1% CAGR for the next 8-year period.

The U.S. Market is Estimated at $2.3 Billion, While China is Forecast to Grow at 27.5% CAGR

The Fuel Cells market in the U.S. is estimated at US$2.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$7 Billion by the year 2030 trailing a CAGR of 27.5% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16.3% and 19.3% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 18.5% CAGR.

Select Competitors (Total 151 Featured)

  • Ballard Power Systems, Inc.
  • Bloom Energy Corporation
  • Altergy Systems
  • Ceres Power Holdings PLC
  • AFC Energy PLC
  • Arcola Energy Ltd.
  • Antig Technology Co. Ltd.
  • BayoTech Inc.
  • Allatherm
  • Alvatek Limited
  • Aspen Systems, LLC.
  • Air Products Inc.
  • Coatema Coating Machinery
  • CandleLand
  • Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM)

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Fuel Cells Market

What is the estimated value of the Fuel Cells Market?

The Fuel Cells Market was estimated to be valued at $9.7 Billion in 2022.

What is the growth rate of the Fuel Cells Market?

The growth rate of the Fuel Cells Market is 19.6%, with an estimated value of $40.7 Billion by 2030.

What is the forecasted size of the Fuel Cells Market?

The Fuel Cells Market is estimated to be worth $40.7 Billion by 2030.

Who are the key companies in the Fuel Cells Market?

Key companies in the Fuel Cells Market include Ballard Power Systems, Inc., Bloom Energy Corporation, Altergy Systems, Ceres Power Holdings PLC, AFC Energy PLC, Arcola Energy Ltd., Antig Technology Co. Ltd., BayoTech Inc., Allatherm and Alvatek Limited.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Fuel Cell Shipments Exhibit a Deceleration Amid the Pandemic
  • Fuel Cells Gain Prominence to Meet Additional Energy Requirements
  • SOFCs: Ensuring Uninterrupted Power Supply amid COVID-19
  • Intriguing Applications of SOFCs in Post-COVID-19 Scenario
  • Post-COVID-19 Developments Make Fuel Cells a More Dynamic Industry
  • Fuel Cells: An Introduction
  • Classification of Fuel Cells
  • Major Applications of Fuel Cells
  • Fuel Cells: Clean, Efficient, Reliable and Eco-friendly Alternative to Conventional Petroleum-based Fuels
  • Fuel Cells Market: Prospects and Outlook
  • Major Market Drivers & Restraints
  • Government Subsidies to Promote Fuel Cell Technology
  • Increasing Adoption of EVs and Hybrid Vehicles
  • Strong Focus on Alternative Energy Sources
  • Potential for Use in Distributed Generation Applications
  • Increasing Popularity of Hydrogen Fuel
  • Stationary & PEM Fuel Cells and Fuel Cell Vehicles to Post Solid Growth
  • Polymer Electrolyte Membrane Fuel Cell Dominates Fuel Cells Market
  • Stationary and Transport Applications Lead the Fuel Cells Market
  • Clean Energy Focus Drives Use of Fuel Cells in Transportation Sector
  • Developed Economies at the Forefront of Innovation and Adoption of Fuel Cells-based Applications
  • Developing Economies Emerge as Promising Regions for Fuel Cell Adoption
  • Cost Reductions to Benefit Market Growth
  • Cost Structure of Fuel Cell: Breakdown (%) of Cost by Key Components
  • Competitive Landscape
  • A Fairly Competitive Market
  • Revenues of Select Publicly Traded Fuel Cell Companies for 2018 and 2019 (In $ Million)
  • Participants Focus on Product Innovation and Expansion to Gain Competitive Edge
  • Recent Market Activity
  • Startups Enter the Fray
  • World Brands
  • Fuel Cells - Global Key Competitors Percentage Market Share in 2023 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Ambitious Vision of an All-Hydrogen Economy Drives Interest in Fuel Cells
  • Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology
  • Carbon Neutrality Goals of Various Countries
  • Auto Industry Banks on Fuel Cells as a Sustainable Fuel Technology of the Future
  • PEM Fuel Cells in Automobiles
  • Strong Investments to Promote Growth
  • Automakers Eye on Hydrogen Fuel Cells to Boost Gains in Post-Pandemic Era
  • Global Sales of Hydrogen Fuel Cell Vehicles by Model for 2019
  • Hydrogen Fuel cell Powered Vehicles Unveiled During the Period 2014-2018
  • Hydrogen FCEVs Combat GHG Emissions
  • FCEV Targets Set by the Hydrogen Council for the Years 2030 and 2050
  • Global Greenhouse Gas Emissions: Breakdown (in %) by Sector for 2019
  • Hydrogen Refueling Infrastructure: Critical for the Success of FCVs
  • Number of Public and Private Hydrogen Refueling Stations by Region (As of 2019)
  • Top Countries in Terms of Number of Hydrogen Refueling Stations (As of 2019-End)
  • High Costs: The Achilles Heel of Hydrogen Fuel cells
  • Deployments of Fuel Cell Electric Bus (FCEB)
  • Focus on Enhancing Durability and Lowering Cost of Fuel Cells Increases
  • Hydrogen Fuel Cells for Motorbikes: An Opportunity to Tap
  • Fuel Cells Find Niche Applications in 2-Stroke Engine Motorcycles
  • Fuel Cell-Powered Trains and Trams: Tremendous Potential for Fuel Cell Industry
  • Material Handling: A Successful Application of Fuel Cells
  • Global Material Handling Equipment Revenues Estimates and Forecasts in US$ Billion: 2016-2024
  • Global e-Commerce Sales as Percentage of Total Retail Sales (2015-2021E)
  • Marine Sector: A Nascent yet Promising Application of Fuel Cells
  • Need for Alternative Propulsion Solutions Drives Demand for Fuel Cells in Marine Vessels Market
  • Expanding Applications in the Military Sector Augur Well for the Market
  • A Glance at Use of Fuel Cell Systems in Select Military Applications
  • Strong Demand for Portable Electronic Devices to Spur Opportunities for Portable Fuel Cells
  • Global Consumer Electronics Market (In US$ Billion) for the Years 2018- 2024
  • Environmental Benefits Drive Adoption of Fuel Cells in the Power Sector
  • Rising Investments in Distributed Renewable Energy Generation Enhances Prospects for Fuel Cells
  • Renewable Energy Consumption by Region (in Million tonnes oil equivalent): 2008-2018
  • Global Energy Mix: 1990 Vs 2020 Vs 2030
  • Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
  • Global Wind Power Market: Cumulated Installed Capacity (in GW) for the Years 2012 through 2018
  • Demand Response: An Expanding Application for Fuel Cells
  • Aircraft Manufacturers Take a Closer Look at Fuel-Efficient and Eco-Friendly Fuel Cells
  • Fuel Cells for Data Center Market to Witness Notable Expansion
  • Global Data centers Market Growth Outlook (In %) For Years 2019 Through 2025
  • Stationary Fuel Cells Market: An Overview
  • Telecom Industry Moving towards Stationary Fuel Cells for Backup Power
  • Stationary Fuel Cells Gather Steam in Backup and UPS Stationary Applications
  • Residential Sector Drives Demand for Stationary Fuel Cells
  • Stationary and Distributed Energy Applications Garner Attention
  • MFCs Technology: Promising Source of Alternative Power
  • Technological Benefits Continue to Propel Micro Fuel Cells Market
  • Direct Methanol Fuel Cell Preferred Choice for Portable Devices
  • Broader Adoption in Key Applications Fuels PEM Fuel Cells Market
  • Alkaline Fuel Cell Market Heading for Massive Gains
  • SOFCs: A Technology of Interest to the Developed Countries
  • Key Applications of SOFCs
  • SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments
  • SOFCs: Ideal for Distributed Power Generation
  • Technology Innovations and Research Efforts in Fuel Cell Market - A Review of Select Developments
  • Researchers Develop Proton-Driven Fuel Cell Technology for Powering Space Shuttles
  • Boeing’s Insitu Improves Hydrogen Fuel Cell Propulsion System for UAVs
  • Ballard Power Systems Joins Hand with W. L. Gore for Advancing Fuel Cell Technology
  • A WSU Research Team Uses Molybdenum Doped Nickle Catalyst for Making SOFCs more Efficient
  • Innovative Fuel Cell Technology to Improve Carbon Fuel Utilization in DCFCs
  • Self-Healing Membrane to Potentially Extend Hydrogen Fuel Cells' Life
  • New Nanomaterial to Allow Cost-Efficient Production of Hydrogen for Fuel Cell Cars
  • Researchers at NETL Develop Innovative Method to Improve SOFC Performance
  • Advances in Nanotechnology Enables More Efficient Fuel Cell Applications
  • Raw Material : A Review
  • Important Materials Used in Fuel Cells and Batteries
  • Challenges in Fuel Cell Commercialization
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Proton Exchange Membrane by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Proton Exchange Membrane by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Proton Exchange Membrane by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Phosphoric Acid by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Phosphoric Acid by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Phosphoric Acid by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Molten Carbonate by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Molten Carbonate by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Molten Carbonate by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for Solid Oxide by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for Solid Oxide by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for Solid Oxide by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Other Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Stationary by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Stationary by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Stationary by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 19: World Recent Past, Current & Future Analysis for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 20: World Historic Review for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 21: World 16-Year Perspective for Transportation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 22: World Recent Past, Current & Future Analysis for Portable by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 23: World Historic Review for Portable by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 24: World 16-Year Perspective for Portable by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2023 & 2030
  • TABLE 25: World Fuel Cells Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
  • TABLE 26: World Recent Past, Current & Future Analysis for Fuel Cells by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 27: World Historic Review for Fuel Cells by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 28: World 16-Year Perspective for Fuel Cells by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Market Overview
  • Hydrogen Fuel cell Vehicle Sales (in Units) by Model in the US for the Year 2020
  • Cumulative Hydrogen Fuel cell Vehicle Sales (in Units) in the US for the Years 2016, 2018, and 2020
  • Unreliability of Power Grid Turns Focus onto Fuel Cells
  • Small Fuel Cell Sector Solidifies Presence in Market
  • Residential Sector Drives Stationary Fuel Cell Industry
  • Innovation in Mobile Technology Fuels Micro Cell Advancement
  • Government's Vital Role in Promoting a Hydrogen Economy
  • CANADA
  • Market Overview
  • JAPAN
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • Market Overview
  • CHINA
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • Market Overview
  • Transportation: The Major Application Segment for Fuel Cells
  • Hydrogen Fuel cells Market in China: An Overview
  • Hydrogen Fuel-Cell Vehicles Production in China (in Units) for the Years 2016-2019
  • EUROPE
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Europe: A Major Market for Fuel Cells
  • COVID-19 Outbreak to Curtails Market Momentum
  • A Review of the European SOFCs Market
  • Stationary SOFC Systems on the Upward Trajectory
  • FCH JU Projects Foster Fuel Cell Micro CHP Installations
  • FRANCE
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • Market Overview
  • GERMANY
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • Germany: A Technology Leader in Hydrogen and Fuel Cells
  • ITALY
  • UNITED KINGDOM
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • Hydrogen and Fuel Cells: Growth Opportunities in the UK
  • Government Funding Programs for Hydrogen Vehicles and Infrastructure
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • SOUTH KOREA
  • Market Overview
  • REST OF ASIA-PACIFIC
  • Taiwan: A Potential Market for Fuel Cells
  • LATIN AMERICA
  • Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • REST OF WORLD
  • South Africa: Hydrogen to Light up Remote South African Communities
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Ballard Power Systems, Inc.
  • Bloom Energy Corporation
  • Altergy Systems
  • Ceres Power Holdings PLC
  • AFC Energy PLC
  • Arcola Energy Ltd.
  • Antig Technology Co. Ltd.
  • BayoTech Inc.
  • Allatherm
  • Alvatek Limited
  • Aspen Systems, LLC.
  • Air Products Inc.
  • Coatema Coating Machinery
  • CandleLand
  • Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM)