The latest report by IMARC Group, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global fuel cell market reached a value of US$ 3.4 Billion in 2021. Fuel cells are energy-producing devices that use the chemical energy of hydrogen or other fuels to efficiently produce electricity. They contain various components including an anode, cathode, and electrolyte. They are also environment-friendly in nature and prevent the production of air pollutants and greenhouse gases. In recent years, fuel cell technology has gained wider acceptance as these cells act as an alternative to conventional energy sources. They also help lower environmental pollution as well as reduce the economic dependence on diesel and crude oil imports.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Fuel Cell Market Trends:
The market is primarily driven by the increasing demand for unconventional energy sources. Fuel cells do not require conventional fuels like oil and gas, thereby reducing the economic dependence on oil-producing countries and the depletion of fossil fuels. The rise in private-public partnerships is also propelling the market growth. Besides this, the growing penetration of portable devices and the expanding production capacity of hydrogen fuel cell vehicles are positively influencing the market growth. Moreover, governments across various countries are encouraging research activities and suitable financing programs, which, in turn, is providing a positive impact on the market. For instance, the US government and the European Union (EU) are replacing electric grids with fuel cell infrastructure as part of their city redevelopment process. Furthermore, governments of various nations are implementing numerous policies and initiatives to promote the use of sustainable energy alternatives. Looking forward, the market is expected to grow at a CAGR of 25.1% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into proton exchange membrane (PEMFC), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others. Currently, PEMFC dominate the market, holding the largest market share.
- On the basis of the application, stationary represents the largest segment, followed by transportation and portable.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific hold the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being 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 Limited, Panasonic Corporation, Intelligent Energy Limited, and Doosan Fuel Cell America Inc.
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