Global Fuel Cells Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Fuel Cells Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

A fuel cell is a device that generates electricity through electrochemical reactions rather than combustion. They convert the chemical energy of fuels such as hydrogen or methane directly into electricity by combining them with oxygen. Fuel cells are extremely efficient because chemical energy does not need to be converted to heat and mechanical energy first. Fuel cells are a clean, efficient, reliable, and quiet source of power. Fuel cells can provide electricity for applications in several fields, including transportation, industry, buildings, and long-term energy storage for grids in reversible systems.

Market Overview:

The latest research study on the global Fuel Cells market finds that the global Fuel Cells market reached a value of USD 4448.78 million in 2023. It’s expected that the market will achieve USD 7311.07 million by 2029, exhibiting a CAGR of 8.63% during the forecast period.

The outbreak of the COVID-19 pandemic has resulted in workplace closures, nationwide lockdowns and travel restrictions. Major investment slumped as industry ground to a halt, a shortage of working professionals and disruptions in cash flow led to a decline in revenues for businesses of all kinds. The lockdown resulted in a temporary ban on import, export, and manufacturing and processing activities by various industries and power companies, reducing demand for fuel cells from these consumers. The halt in construction activities of new electricity infrastructure, renewable energy plants, grids, and other power plants due to worker absence and widening gap between supply and demand. Fuel cells have long maintained smooth, seamless power operations for a wide range of customers in healthcare, technology, communications, banking and logistics. In the harsh reality of a global pandemic, these sectors are more important than ever. During COVID-19, stay-at-home play, work-from-home, and teach-from-home policies around the world have limited social and business interactions. People need food, toiletries, and medicines to keep their bodies alive. Books, games, home repair tools, and music are keeping everyone's spiritual life alive.

In response to the escalating COVID-19 outbreak, industry players in fuel cell technology have temporarily halted manufacturing plant operations, but their energy platforms are still running, relying on the ability to operate remotely to provide customers with continuous, clean baseload power and heat output. Clean fuel cell power has many unique advantages that help make supply chains more robust, stable and secure. For example, tens of thousands of fuel cell-powered forklifts are operating in storage warehouses and distribution centers across the country, working to move food and other goods from one end of the supply chain to the other. As a result, more and more retailers are choosing to replace their traditional battery and combustion-powered forklift fleets with hydrogen fuel cells.

Customer Preference Change

Consumer behavior for fuel cells depends on cost, technology, energy prices, and public policy. Consumers are most sensitive to cost reductions, such as future fuel costs, the importance of fuel availability and limited driving range will have an important impact on the commercialization of hydrogen vehicles. Government financial incentives for clean fuel vehicles are facilitating the shift to environmentally friendly vehicles. In terms of technology, fuel cell manufacturers usually conduct cooperative research and directional development with well-known domestic universities, technologically superior companies, and major customers and suppliers. Manufacturers will master a large number of cutting-edge technologies in the fuel cell industry under the premise of national science and technology orientation by undertaking and completing national projects. By cooperating with OEMs to develop fuel cell vehicles, we can deeply understand the core demands of downstream customers and obtain a large amount of real-time operation data of fuel cell vehicles. After analyzing policy guidance and customer needs, manufacturers carry out independent product research and development, and improve technological advancement by transforming cutting-edge technological achievements and applying them to actual products. In addition, in order to gain high recognition from end users, manufacturers need to provide customers with complete solutions, including continuous product iteration, stable and reliable product quality, and good after-sales service support.

Region Overview:

In 2022, the share of the Fuel Cells market in Europe stood at 37.12%.

Company Overview:

The major players operating in the Fuel Cells market include Bloom Energy, Panasonic, Toshiba, Plug Power, Doosan, etc. Among which, Bloom Energy ranked top in terms of sales and revenue in 2023.

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid-oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. The Bloom Energy Server is a distributed electric power solution built for the digital age and capable of delivering highly reliable, uninterrupted, 24x7 constant power that is also clean and sustainable. Bloom’s unique on-site power generation systems are among the most efficient on the planet, providing significantly reduced operating costs and producing dramatically lower greenhouse gas emissions. By generating power where it is consumed, Bloom Energy offers increased electrical reliability and improved energy security, providing a clear path to energy independence. Some of the largest companies in the world trust Bloom Energy to provide their businesses with clean, reliable and resilient energy. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries.

Bloom Energy is one of the major players operating in the Fuel Cells market, holding a share of 22.95% in 2023.

Segmentation Overview:

By type, PEMFC segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Stationary Power Supply segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Fuel Cells market covered in Chapter 3:

Toshiba
Panasonic
Beijing SinoHytec Co
AFC Energy
Bloom Energy
Ballard Power
CeresPower
Aisin Seiki
Doosan
FuelCell Energy
Plug Power

In Chapter 4 and Chapter 14.2, on the basis of types, the Fuel Cells market from 2019 to 2030 is primarily split into:

PEMFC
SOFC
MCFC
PAFC
AFC
RFC
DCFC

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Fuel Cells market from 2019 to 2030 covers:

Stationary Power Supply
Portable Power Supply

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) 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)