Report Code : BII973 Jan-2022 Energy & Power Format : PDF Pages : 213
The rising need for unconventional energy sources is one of the key factors driving the fuel cell market's rise. A fuel cell is a device that conducts and generates electricity by immersing a cathode and an anode in an electrolyte solution. These units, like batteries, give the necessary power to the system, but instead of charging at regular intervals, they use hydrogen-based fuel. The system leverages a fundamental electromechanical mechanism to convert chemical energy into electrical energy. Hydrogen is created as the fuel is split into protons and electrons on the anode, while oxygen is available at the cathode. The protons flow through the electrolyte medium while the electrons complete a circuit between the electrodes.
The growing need to reduce global greenhouse gas (GHG) emissions from a variety of sources, as well as substantial initiatives to attain a carbon-free society, bodes well for the worldwide fuel cell market's growth. Furthermore, the growing demand for cars with hydrogen fuel cells to meet severe government targets for clean energy deployment is projected to accelerate the adoption of battery cell systems across several geographies. Fuel cell systems are increasingly being used to generate heat and electricity for usage in residential and commercial settings such as educational institutions, public buildings, hotels, restaurants, and hospitals. With political leaders all over the world banding together to lower their countries' carbon footprints and the signing of the Paris Agreement, green and renewable technology are gaining traction in the market. Fuel cells, being a zero-emission option for power generation, fall under the category of green and renewable technologies, and their use is increasing as carbon emission standards tighten.
According to Business Intelligence Insights “Fuel Cell Market is expected to grow from USD 2,491.5 million in 2021 to USD 7,463.9 million by 2030 at a CAGR of 14.7% during the
forecast period 2022-2030
The COVID-19 pandemic outbreak resulted in a temporary prohibition on import and export, as well as manufacturing and processing activities across different industries and electrical utilities, which reduced demand for fuel cells from these users. In addition, a halt in the development of new electric utility infrastructures, renewable power plants, grid networks, and other power plants owing to a lack of workers, as well as an increase in the demand-supply gap, are predicted to hinder market growth throughout the pandemic period. As a result, market growth in the second, third, and fourth quarters of 2020 will decline. However, the fuel cell industry recovered by the end of 2021, as the COVID-19 vaccine became available in a number of economies throughout the world, which is likely to boost worldwide demand.
PEMFC category dominated the market with a major share of the market share
PEMFC is the most established technology, and this category is expected to dominate in terms of volume and value during the forecast period due to rising demand for clean power generation and reliance on fuel cell-based transportation applications. Furthermore, PEMFC has numerous benefits such as reduced operational cost, higher dependability, minimal maintenance time, high operational efficiency, and others that are expected to fuel market expansion in the approaching years. PEMFC requires clean hydrogen, oxygen, and water to function. It operates at a lower temperature of around 80°C, making it suited for quick start and less susceptible to system component wear. As a result, PEMFC outlasts other types of products.
Stationary category dominated the market with a major share of the market share
The stationary sector is likely to be the largest application category over the forecast period. The stationary application segment is expected to grow as a result of characteristics such as high efficiency and the ability to use a variety of fuels. European nations such as Germany, France, and the United Kingdom are investing heavily in research related to the use of fuel cells for power generation. During the projection period, this is expected to fuel development in the stationary application category. The stationary sector is likely to emerge as the most important application segment during the projection period. Furthermore, fuel cells are increasingly being used in combined heat and power applications, which is expected to boost fuel cell market expansion in the coming years.
By Type
By Application
By End User
By Size
By Region
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East and Africa
o UAE
o South Africa
o Rest of Middle East and Africa (MEA)
List of Key Players in the Global Fuel Cell Market:
World map title will be here...
Asia Pacific dominated the market and had a market value of USD 1.41 billion in 2020
Asia Pacific had a market value of USD 1.41 billion in 2020 and is expected to maintain its dominance in the worldwide market over the forecast period. This is owing to rising demand for FC vehicles, as well as quickly building hydrogen infrastructure. Furthermore, some countries have set favorable goals to transition from existing energy infrastructure and fossil fuel reliance to carbon-free power generation. South Korea, China, and Japan are key nations with active operations in the region. The Asia-Pacific fuel cell market will be driven by an exponential increase in energy consumption, as well as increased investments to improve the development of transportation and stationary applications.
Report Attributes |
Details |
---|---|
Market Size Value in 2021 | USD 2,491.5 Million |
Market Size Value in 2030 | USD 7,463.9 Million |
Growth Rate | +14.7% |
Base Year | 2021 |
Forecast Period | 2021-2030 |
Historical Data | 2018-2020 |
Forecast Units | (USD Million) |
Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
Segments Covered | By Type, By Application, By End User, By Size, By Region |
Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
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