Global Fuel Cell Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Fuel Cell Technology Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Fuel cells are used for converting chemical energy into electrical energy. The conversion takes place via electromagnetically reactions, for example battery. Fuel Cell Technology has various applications such as transportation, stationary, and Portable Electronics.

Market Overview:

The latest research study on the global Fuel Cell Technology market finds that the global Fuel Cell Technology market reached a value of USD 8959.64 million in 2022. It’s expected that the market will achieve USD 20231.76 million by 2028, exhibiting a CAGR of 14.54% during the forecast period.

Drivers

In developing countries, the population base is large, and with the development of the economy, countries are paying more and more attention to the use and development of energy. The high efficiency, pollution-free, short construction period and easy maintenance of fuel cells are very suitable for energy generation, transportation, automotive, electronics and other industries. At the same time, it is also in line with the green revolution of new energy and environmental protection, which is very conducive to the development policies of developing countries.

In developed regions of North America and Europe, North America occupies a major market for fuel cell technology, with rapid technological advancement and high utilization. The European government's policy push will bring plenty of opportunities for the fuel cell technology market in the region. In North America, Europe and Japan, fuel cell power generation is rapidly entering the stage of industrial scale applications.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Toshiba Corporation is one of the major players operating in the Fuel Cell Technology market, holding a share of 6.12% in 2018.

Toshiba Corporation, together with its subsidiaries, manufactures and markets electronic and electrical products and systems worldwide. It operates through six segments: Energy Systems & Solutions, Infrastructure Systems & Solutions, Retail & Printing Solutions, Storage & Electronic Devices Solutions, Industrial ICT Solutions, and Others.

Doosan is committed to building a better living environment. From industrial infrastructure equipment, machinery, equipment and other infrastructure construction support industries to consumer goods business.

Segmentation Overview:

Among different product types, PEMFC segment is anticipated to contribute the largest market share in 2027.

Molten carbonate fuel cells. Molten carbonate fuel cells (MCFCs) use a molten carbonate salt suspended in a porous ceramic matrix as the electrolyte. Salts commonly used include lithium carbonate, potassium carbonate and sodium carbonate. They operate at high temperature, around 650ºC and there are several advantages associated with this. Firstly, the high operating temperature dramatically improves reaction kinetics and thus it is not necessary to boost these with a noble metal catalyst. The higher temperature also makes the cell less prone to carbon monoxide poisoning than lower temperature systems. As a result, MCFC systems can operate on a variety of different fuels, including coal-derived fuel gas, methane or natural gas, eliminating the need for external reformers.

Proton exchange membrane fuel cell. The proton exchange membrane fuel cell (PEMFC) uses a water-based, acidic polymer membrane as its electrolyte, with platinum-based electrodes. PEMFC cells operate at relatively low temperatures (below 100 degrees Celsius) and can tailor electrical output to meet dynamic power requirements. Due to the relatively low temperatures and the use of precious metal-based electrodes, these cells must operate on pure hydrogen. PEMFC cells are currently the leading technology for light duty vehicles and materials handling vehicles, and to a lesser extent for stationary and other applications. The PEMFC fuel cell is also sometimes called a polymer electrolyte membrane fuel cell (also PEMFC).

Solid oxide fuel cells. Solid oxide fuel cells work at very high temperatures, the highest of all the fuel cell types at around 800ºC to 1,000°C. They can have efficiencies of over 60% when converting fuel to electricity; if the heat they produced is also harnessed; their overall efficiency in converting fuel to energy can be over 80%. SOFCs use a solid ceramic electrolyte, such as zirconium oxide stabilized with yttrium oxide, instead of a liquid or membrane. Their high operating temperature means that fuels can be reformed within the fuel cell itself, eliminating the need for external reforming and allowing the units to be used with a variety of hydrocarbon fuels. They are also relatively resistant to small quantities of Sulphur in the fuel, compared to other types of fuel cell, and can hence be used with coal gas.

Direct methanol fuel cells. The direct methanol fuel cell (DMFC) is a relatively recent addition to the suite of fuel cell technologies; it was invented and developed in the 1990s by researchers at several institutions in the United States, including NASA and the Jet Propulsion Laboratory. It is similar to the PEM cell in that it uses a polymer membrane as an electrolyte. However, the platinum-ruthenium catalyst on the DMFC anode is able to draw the hydrogen from liquid methanol, eliminating the need for a fuel reformer. Therefore, pure methanol can be used as fuel, hence the name.

Phosphoric acid fuel cell. Phosphoric acid fuel cells (PAFCs) consist of an anode and a cathode made of a finely dispersed platinum catalyst on carbon and a silicon carbide structure that holds the phosphoric acid electrolyte. They are quite resistant to poisoning by carbon monoxide but tend to have lower efficiency than other fuel cell types in producing electricity. However, these cells operate at moderately high temperatures of around 180ºC and overall efficiency can be over 80% if this process heat is harnessed for cogeneration.

Application Overview:

By application, the Stationary segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Fuel Cell Technology market covered in Chapter 3:

Toshiba Corporation
Hydrogenics
FuelCell Energy
Siemens AG
Plug Power Inc.
Intelligent Energy
Mitsubishi Hitachi Power Systems
SFC Energy AG
Doosan Group
Ballard Power Systems Inc.
Panasonic
Air Products and Chemicals, Inc.
Oorja Fuel Cells
Bloom Energy Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Fuel Cell Technology market from 2018 to 2029 is primarily split into:

MCFC
PEMFC
SOFC
DMFC
PAFC
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Fuel Cell Technology market from 2018 to 2029 covers:

Stationary
Transportation
Portable Electronics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)