Global Fuel Cell Market to Reach US$ 33.7 Billion by 2032, Impelled by Rising Demand for Clean Power Generation

March 02, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled "Fuel Cell Market Report by Type (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), Application (Stationary, Transportation, Portable), and Region 2024-2032," the global fuel cell market reached a value of US$ 5.4 Billion in 2023. A fuel cell refers to an electrochemical cell that produces an electric current directly from a chemical reaction. It is different from most batteries as it requires a continuous source of fuel and oxygen to sustain the chemical reaction. It can generate electricity continuously for as long as fuel and oxygen are supplied. It is utilized for primary and backup power for commercial, industrial and residential buildings and in remote or inaccessible areas. It is also used to power fuel cell vehicles, including forklifts, automobiles, buses, trains, boats, motorcycles, and submarines. There are different types of fuel cells, but they all consist of an anode, a cathode, and an electrolyte that allows ions to move between the two sides of the fuel cell. A fuel cell is very beneficial to provide power to remote locations, such as communications centers, large parks, remote weather stations, spacecraft, rural areas, and specific military applications.

Global Fuel Cell Market Trends:

The global market is majorly driven by the increasing demand for clean power generation with less or no emissions. In line with this, the stringent rules and regulations of governments across various countries on carbon emissions are creating a positive outlook for the market. Furthermore, the rising efforts to augment hydrogen refueling stations are positively influencing the market. Apart from this, the growing environmental concerns among the masses and the escalating government initiatives for constructing hydrogen fuel cell infrastructure are catalyzing the market expansion. Moreover, the expanding private-public partnerships and reduced environmental impact are propelling the market growth. Besides, governments worldwide are supplementing the developments by offering support in several ways, such as funding research activities and suitable financing programs, which, in turn, are expected to favor the market. Additionally, the rapid technological upgrades for replacing electric grids are fostering the market. Some of the other factors driving the market include rapid industrialization, extensive research and development activities, the development of hydrogen-powered vehicles, and the increasing demand for fuel-cell cars and fuel-cell-powered forklifts. On account of the factors above, the market is anticipated to reach a value of US$ 33.7 Billion by 2032, exhibiting a CAGR of 21.9% during 2024-2032.

Market Summary:

On the basis of the type, the market has been categorized 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. At present, Proton Exchange Membrane Fuel Cells (PEMFC) account for a majority of the total market share.
Based on the application, the market has been classified into stationary, transportation, and portable, wherein stationary exhibits a clear dominance in the market.
On the basis of the region, the market has been divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among these, Asia Pacific holds the largest position in the market.
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key 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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Fuel Cell Market to Reach US$ 33.7 Billion by 2032, Impelled by Rising Demand for Clean Power Generation

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