Fuel Cell Market By Application (Portable, Stationary, Transport), By Product Type (Solid Oxide Fuel Cell (SOFC), Proton Exchange Membrane Fuel Cell (PEMFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), Others): Global Opportunity Analysis and Industry Forecast, 2020-2030
The global fuel cell market was valued at $3.6 billion in 2020, and is projected to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
A fuel cell is a device that converts chemical energy into electrical energy through a chemical reaction of positively charged oxygen with hydrogen ion or another oxidizing agent. Fuel cells are different for batteries, as they require a sustainable source of fuel and oxygen or air to continue the chemical reaction. Fuel cells produce electricity continuously for a long time as sustainable sources of fuels, such as hydrogen, phosphoric acid and other electrolytes are supplied. Fuel cells have higher efficiency than gas or diesel engines. Fuel cells operate silently, as compared to other engines. They are therefore, suited for use within buildings, such as hospitals and others.
Rise in demand for clean power generation for transport and power sectors across the globe is a key factor expected to drive the growth of the global fuel cell market during the forecast period. In addition, increase in the distributed power system and high efficiency of fuel cell than other power generating systems are expected to significantly contribute toward the growth of the global fuel cell market from 2021 to 2030. However, high cost of fuel cell systems and lack of hydrogen infrastructure across the globe are expected to hamper the growth of the market. Conversely, technological advancements in fuel cells, such as flexibility & improving operational efficiency and rapid investment towards R&D of fuel cell systems are expected to create potential growth opportunities for key players operating in this market.
The fuel cell market is segmented into product type, application, and region. Depending on product type, the market is categorized into Solid Oxide Fuel Cells (SOFC), Proton Exchange Membrane Fuel Cells (PEMFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric, Acid Fuel Cells (PAFC), and others. On the basis of application, it is bifurcated into portable, stationary, and transport. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
A comprehensive analysis of the factors that drive and restrict the growth of the global fuel cell market is provided.
Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
Estimations and forecast are based on factors impacting the global fuel cell market growth, in terms of value.
Key market players are profiled to gain an understanding of the strategies adopted by them.
This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.
Key Market Segments
By Application
Portable
Stationary
Transport
By Product Type
Solid Oxide Fuel Cell (SOFC)
Proton Exchange Membrane Fuel Cell (PEMFC)
Molten Carbonate Fuel Cell (MCFC)
Phosphoric Acid Fuel Cell (PAFC)
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
BALLARD POWER SYSTEMS INC.
PLUG POWER INC.
FUEL CELL ENERGY INC.
SFC ENERGY
Bloom Energy
Doosan Fuel Cell America, Inc
Ceres Power Holdings Plc
Nedstack Fuel Cell Technology B.V.
Intelligent Energy
Nuvera Fuel Cells, LLC
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