Global Fuel Cell Market to Reach US$ 16.5 Billion by 2028, Impelled by Increasing Demand for Unconventional Energy Sources

July 06, 2022

According to the latest report by IMARC Group, titled Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global fuel cell market reached a value of US$ 4.3 Billion in 2022. A fuel cell is an electrochemical cell that converts chemical potential energy into electrical energy. It includes a cathode, anode, and electrolyte, which carries electrically charged particles from one electrode towards the other. It offers higher efficiency, flexibility, longer operating time, enhanced reliability, minimal maintenance costs, and production of zero toxicity. A fuel cell is also environment-friendly, reduces greenhouse gas emissions and has a longer life span. As compared to a battery, a fuel cell does not run-on electricity; instead, it is recharged using oxygen or hydrogen. As a result, it is widely used for material handling, transportation, and emergency backup power and to provide power to vehicles like forklifts, automobiles, buses, boats, and motorcycles.

Global Fuel Cell Market Trends:

The increasing demand for unconventional energy sources across the globe is creating a positive outlook for the market. Fuel cells are widely used for power storage and backup options as they have the potential to produce electricity using a variety of fuels. In line with this, the widespread product utilization to produce combined heat and power (CHP) in households and commercial spaces like hotels, hospitals, educational centers, and public buildings is favoring the market growth. Apart from this, various government initiatives promoting the use of environment-friendly, clean, and sustainable energy substitutes like fuel cells, due to the increasing depletion of fossil fuels, are providing a considerable boost to the market growth. Additionally, the significant growth in the automotive industry is positively impacting the market growth. Fuel cells are widely installed to power the electric motor of buses, utility vehicles, and electric scooters due to their quick start and high-power densities. Other factors, including the rising awareness about the benefits of fuel cells, various initiatives on reducing greenhouse gas emissions, and constant depletion of fossil fuels, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 16.5 Billion by 2028, exhibiting a CAGR of 24.89% during 2023-2028.

Market Summary:

  • Based on the type, the market has been classified into proton exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others.
  • On the basis of the application, the market has been segmented into stationary, transportation and portable.
  • Based on the region, the market has been categorized into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.


About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800

Global Fuel Cell Market to Reach US$ 16.5 Billion by 2028, Impelled by Increasing Demand for Unconventional Energy Sources
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More