Global Fuel Cell Market Report and Forecast 2023-2028

Global Fuel Cell Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global fuel cell market is being aided by the growing stationary fuel cell shipments, which reached a volume of about 336.23 megawatts in 2022. The global demand for stationary fuel cell shipments is further expected to grow at a CAGR of 9% in the forecast period of 2023-2028

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Fuel cells are devices that generate electricity through a chemical reaction by converting a fuel (often hydrogen) into electricity. Unlike batteries, which need recharging, fuel cells operate as long as they have a fuel supply. Beyond their potential as an energy source, fuel cells are remarkably efficient and environmentally friendly, emitting only water vapor and heat as by-products.

The exigency for clean energy alternatives is the primary driving force propelling the global fuel cell market growth. Traditional energy sources, such as coal and petroleum, have been linked to environmental degradation and increasing carbon emissions. Fuel cells, with their negligible greenhouse gas emissions and high energy conversion rates, emerge as a viable replacement, aligning with the global shift towards sustainable energy sources.

Furthermore, the automotive industry's foray into fuel cell technology has significantly bolstered market dynamics. Fuel cell vehicles (FCVs), which utilise hydrogen as a primary fuel source, offer extended ranges and swift refuelling times compared to conventional battery electric vehicles. As concerns over petroleum reserves depleting rise and environmental regulations tighten, FCVs present a compelling green alternative, thereby enhancing fuel cell demand.

As per the fuel cell market analysis, the burgeoning application field for fuel cells is in backup power solutions and off-grid power systems. With their ability to provide consistent power without requiring grid connectivity, fuel cells have found increasing adoption in remote areas and critical infrastructures like hospitals, data centres, and telecommunications facilities. Their reliability and sustainability make them an optimal choice for such applications.

The industrial sector, too, has been quick to recognise the advantages of fuel cells. In sectors such as manufacturing, where consistent power is vital, fuel cells can act as both primary and backup power sources. Their scalability and modularity mean they can be tailored to suit varied industrial needs, further propelling their demand.

Moreover, technological advancements in fuel cell design and materials have played a crucial role in positively impacting the fuel cell market outlook. Recent innovations have resulted in more durable, efficient, and cost-effective fuel cell systems. As research continues and newer materials are explored, these advancements are expected to drive down costs and increase fuel cell efficiency, thereby enhancing their commercial viability.

Market Segmentation

The market can be divided based on type, application, end use, and region.

Market Breakup by Type

• Proton Exchange Membrane Fuel Cells (PEMFC)
• Molten Carbonate Fuel Cells (MCFC)
• Solid Oxide Fuel Cell (SOFC)
• Phosphoric Acid Fuel Cells (PAFC)
• Others

Market Breakup by Application

• Stationary
• Portable
• Transport
• Others

Market Breakup by End Use

• Fuel Cell Vehicles
• Utilities
• Defence
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global fuel cell market. Some of the major players explored in the report by Expert Market Research are as follows:

• Toshiba Energy Systems & Solutions Corporation
• FuelCell Energy, Inc.
• Mitsubishi Heavy Industries, Ltd
• SFC Energy AG
• Plug Power Inc.
• Nuvera Fuel Cells, LLC
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.