The global Fuel Cell Market size is expected to reach USD 36.98 billion by 2030, exhibiting a
CAGR of 27.1% from 2024 to 2030, according to a new report published by Grand
View Research, Inc. The rise in demand for unconventional energy sources
is a key factor driving the growth.
North America accounted for the largest market share
in 2019 and is projected to continue leading over the forecast period, due to
the commercialization and adoption of electric vehicles. However, Asia Pacific
emerged as a growing market in terms of shipments. Rising demand for combined
heat and power systems in is projected to drive the demand for fuel cell in the
region.
Power-based electricity generation is effective in
minimizing emission of carbon dioxide or any other hazardous pollutants. Hence,
fuel cell technology plays a vital role in dealing with environmental issues as
well as encouraging the use of renewable carriers of energy. Ongoing product
developments and innovation is expected to open new opportunities for emerging
players.
Using fuel cells can minimize the dependency on
non-renewable energy sources such as coal, natural gas, and petrochemical
derivatives. Fuel cells employ electrochemical process for generation of energy
and result in less combustion of fuels. Hybrid systems using conventional
engines and fuel cells are deployed in most of electric vehicles.
List of Key Players of Fuel Cell Market
- Ballard Power Systems
- Bloom Energy
- Ceres Power Holdings PLC
- Doosan Fuel Cell America, Inc.
- FuelCell Energy, Inc.
- Hydrogenics Corporation
- Nedstack Fuel Cell Technology B.V.
- Nuvera Fuel Cells LLC
- Plug Power, Inc.
- SFC Energy AG
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Fuel Cell Market Report Highlights
- Proton
exchange membrane fuel cell (PEMFC) accounted for more than 60.0% of
the global market in terms of revenue in 2023. PEMFC is widely used in
applications such as forklifts, automobiles, telecommunications, primary
systems, and backup power systems.
- Based on Components, the fuel cell market has been segmented into
stack and balance of plant. In 2023, the stack segment accounted for the
largest share of more than 60.0% in the global fuel cell market.
- The hydrocarbon segment accounted for the largest share of over
90.0% in 2023, owing to extensive infrastructure for production,
transportation, and storage of hydrocarbons is already in place, making
them readily available and affordable.
- On the basis of size, the fuel cell market is categorized into
small-scale and large-scale. The large-scale holds a share of about 70.0%
in 2023 of the global fuel cell market.
- Stationary fuel cells dominated the global market in terms of
revenue, accounting for a market share of more than 69.0% in 2023, owing
to the increasing demand for fuel cells from distributed generation
facilities and backup power applications.
- Based on End-use, the fuel cell market has been segmented into
transportation, commercial & Industrial, residential, data center,
military & defense, and utilities & government.
- Asia Pacific held a significant revenue share of more than 65% in
2023 and is expected to grow at the fastest CAGR over the forecast period.
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or view report summary: Fuel Cell Market Report
Fuel Cell Market Report
Scope
|
Report Attribute |
Details |
|
Market
size value in 2024 |
USD 8.77
billion |
|
Revenue
forecast in 2030 |
USD 36.98
billion |
|
Growth
rate |
CAGR of
27.1% from 2024 to 2030 |
|
Historical
data |
2018 -
2023 |
|
Forecast period |
2024 - 2030 |
Fuel Cell Market Segmentation
Grand View Research has segmented the global fuel
cell market report based on product, components, fuel, size, application, and
end-use, and region:
Fuel Cell Product Outlook (Volume, Units; Capacity,
MW, Revenue, USD Million, 2018 - 2030)
- PEMFC
- PAFC
- SOFC
- MCFC
- AFC
- Others
Fuel Cell Components Outlook (Volume, Units; Capacity,
MW, Revenue, USD Million, 2018 - 2030)
- Stack
- Balance of Plant
Fuel Cell Fuel Outlook (Volume, Units; Capacity, MW,
Revenue, USD Million, 2018 - 2030)
- Hydrogen
- Ammonia
- Methanol
- Ethanol
- Hydrocarbon
Fuel Cell Size Outlook (Volume, Units; Capacity, MW,
Revenue, USD Million, 2018 - 2030)
- Small-scale
- Large-scale
Fuel Cell Application Outlook (Volume, Units; Capacity,
MW, Revenue, USD Million, 2018 - 2030)
- Stationary
- Transportation
- Portable
Fuel Cell End-use Outlook (Volume, Units; Capacity, MW,
Revenue, USD Million, 2018 - 2030)
- Residential
- Commercial & Industrial
- Transportation
- Data Centers
- Military & Defense
- Utilities & Government
Fuel Cell Regional Outlook (Volume, Units; Capacity, MW,
Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia Pacific
- China
- Japan
- South Korea
- India
- Taiwan
- Australia
- Central & South America
- Brazil
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
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About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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