The global fuel cell market is anticipated to attain a valuation of USD 7.2 billion in 2023 and is expected to reach USD 35 billion by 2033, trailing a CAGR of 17.1% during the forecast period.
Fuel cell systems are increasingly being deployed for Combined Heat and power (CHP) generation, catering to small households’ energy and heating needs and commercial spaces such as hotels, hospitals, educational centers, and public buildings. As a result, several state and federal authorities have introduced favorable legislative frameworks and subsidy programs to drive the adoption of these systems across various applications. For example,
- The government of New Jersey has updated its financial incentives for FC CHP installations starting from October 1st, 2020. The CHP-FC Program offers monetary support of up to USD 3 million per project to encourage many manufacturers in this sector.
Carbon emissions play a significant role in climate change, leading to adverse effects on both humans and the environment. Solid oxide fuel cell (SOFCs) are utilized in both mobile and stationary applications, bolstering and diversifying the energy infrastructure.
They offer a reliable, clean, and advanced energy-efficient solution to meet the increasing power demand. As a result, the growing adoption of zero-emission equipment and the improved fuel efficiency provided by the fuel cell is expected to drive demand for CHP applications in the forecast period.
Leading market players are actively enhancing their market presence in developing countries by investing in research and development and engaging in frequent mergers and acquisitions. Moreover, ongoing technological advancements and cost reductions in fuel cell installations are facilitating the deployment of these products. I
Increasing government investments in hydrogen infrastructure construction, coupled with the growing demand for fuel-cell electric vehicles, are anticipated to drive the growth of the fuel-cell market.
The fuel cell demand is expected to rise due to increasing demand for portable devices, stringent government regulations to curb pollution, and improved fuel cell efficiency. All these factors are expected to have a significant impact as the advantages of fuel cells become widely recognized.
Key Takeaways:
- The market in Asia Pacific is projected to expand with a promising CAGR of 19.4% during the forecast period.
- The demand for fuel cells in North America is expected to thrive at a significant CAGR of 18.2% in the forecast period.
- The market in Europe is predicted to capture a CAGR of 17.8% from 2023 to 2033.
- By application, the stationary power segment is expected to generate demand with a CAGR of 17.8% between 2023 and 2033.
Increasing demand for portable devices and rising demand for alternative energy resources is expected to fuel the demand for fuel cells in the coming years- comments an FMI Analyst.
Competitive Landscape:
The market for fuel cells is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
Key Developments in the Fuel Cell Market:
- In February 2023, SFC Energy AG, a hydrogen and methanol fuel cell supplier, and FC TecNrgy Pvt Ltd signed a strategic cooperation agreement to establish a manufacturing facility for hydrogen and methanol fuel cells in India.
- In August 2022, Bosch announced a USD 200 million investment in manufacturing fuel cell stacks at its South Carolina facility.
- In June 2022, Doosan Fuel Cell Corporation Limited signed a Memorandum of Understanding (MoU) with Korea Southern Power, Samsung C&T, and the Korea Institute of Energy Research.
- In August 2021, SFC Energy AG and Nel ASA joined forces to develop the world’s first integrated electrolyzer and hydrogen fuel cell system.
Key Players in the Industry:
- Toshiba Corporation
- Panasonic Corporation
- Hydrogenics Corporation
- Kyocera
- AFC Energy
- Ballard Power Systems, Inc.
- Ceres Power Holdings PLC
- Aisin Seiki Co. Ltd.
- Ceramic Fuel Cells Limited
- Doosan Corporation
Market Segmentation Analysis:
By Source:
- Hydrogen powered
- Methanol powered
- Biogas powered
- Natural gas powered
- Hydrocarbons powered
By Design:
- Solid oxide fuel cell (SOFC)
- Proton exchange membrane (PEM)
- Molten carbonate fuel cell (MCFC)
- Others
By Application:
- Stationary power
- Portable power
- Transportation power
- Specialty vehicles
- Fuel cell electric vehicles
- Auxiliary power units
- Material handling equipment
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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