July 23, 2024

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Fuel Cell Market Size Worth USD 21.54 Billion in 2030 by Emergen Research

The Global Fuel Cell Market size reached USD 4.26 Billion in 2021 and is expected to register a revenue CAGR of 22.8% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of fuel cells in military applications across the globe is the key factor driving revenue growth of the market.

Fuel cells are becoming an attractive option for military applications. Its ability to generate clean, reliable electricity from hydrogen on-site is being used in a variety of ways to assist soldiers in protecting national security while also improving energy efficiency. Hydrogen fuel cells can extend Unmanned Aerial Vehicle (UAV) flight time to approximately eight hours and can be refueled in less than 15 minutes after landing. The fuel cell-powered UAV also requires less maintenance and no lubricants. The Navy’s U.S. Naval Research Laboratory and General Motors (GM), developed a long-endurance unmanned undersea vehicle (UUV). The Navy began using fuel cells in UUVs instead of batteries to allow for larger payloads and longer runtimes. On 17 June 2021, General Motors and Liebherr-Aerospace announced to collaborate on the development of an electrical power generation system based on hydrogen fuel cell technology for aircraft applications. Growing adoption of fuel cell technology in military applications is expected to boost revenue growth of the market during the forecast period.

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Increasing development of hydrogen fueling stations across the globe is creating ample opportunities for the fuel cell market. According to research, there were 685 hydrogen refueling stations in operation worldwide at the end of 2021. There are already concrete plans in place for 252 additional refueling station locations. Rising adoption of fuel cell vehicles creates high demand for hydrogen fueling stations. On 24 February 2022, Chevron U.S.A. Inc. partnered with Iwatani Corporation of America (ICA) to develop and build 30 hydrogen fueling stations in California by 2026. On 13 June 2022, Amara Raja Power Systems, an India-based power system manufacturing company, was awarded a contract by National Thermal Power Corporation (NTPC) to build India’s first green hydrogen fueling station in the Leh district of Ladakh. In the region, NTPC is running a pilot project with five hydrogen fuel cell buses.

Scope of Research

The market size value in 2021 USD 4.26 Billion
CAGR (2022-2030) 22.8%
The Revenue forecast in 2030 USD 26.70 Billion
Base year for estimation 2021
Historical data 2019-2020
Forecast period 2022-2030
Quantitative units Revenue in USD Billion and CAGR in % from 2022 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Size, type, application, end-use, Region
Regional scope North America; Europe; Asia-Pacific; Latin America; Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA
Key companies profiled Doosan Fuel Cell Co., Ltd., Fuel Cell Energy, Inc., SFC Energy AG., Bloom Energy, Kyocera Corporation, Plug Power Inc., Nuvera Fuel Cells, LLC, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Cummins Inc., PowerCell Sweden AB, and Toshiba Corporation
Customization scope 10 hrs of free customization and expert consultation

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Some Key Highlights from the Report

  • Polymer Electrolyte Fuel Cells (PEFCs) segment revenue is expected to increase at a steady rate over the forecast period due to the rising adoption of PEFCs in transportation and stationary applications. PEMFCs produce electricity and work on the inverse principle of PEM electrolysis. It is a strong contender to replace alkaline fuel-cell technology.
  • The transportation segment is expected to register a significantly fast revenue growth rate over the forecast period due to the growing adoption of fuel cells in automotive. Rising awareness of fossil fuel emissions across the globe creates high demand for fuel cell vehicles across the globe. In May 2022, French multinational automobile manufacturer Renault announced to launch electric-hydrogen hybrid concept car.

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Emergen Research has segmented global fuel cell market on the basis of size, type, application, end-use, and region:

  • Size Outlook (Revenue, USD Billion; 2019-2030)
    • Small Scale
    • Large Scale
  • Type Outlook (Revenue, USD Billion; 2019-2030)
    • Proton-Exchange Membrane Fuel Cell (PEMFC)
    • Polymer Electrolyte Fuel Cell (PEFC)
    • Direct Methanol Fuel Cell (DMFC)
    • Molten Carbonate Fuel Cell (MCFC)
    • Phosphoric Acid Fuel Cell (PAFC)
    • Alkaline Fuel Cell (AFC)
    • Others
  • Application Outlook (Revenue, USD Billion; 2019-2030)
    • Portable
    • Stationary
    • Transport
  • End-Use Outlook (Revenue, USD Billion; 2019-2030)
    • Commercial & Industrial
    • Military & Defense
    • Data Centers
    • Transportation
    • Residential
    • Utilitis & Government
  • Regional Outlook (Revenue, USD Billion; 2019–2030)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Turkey
      5. Rest of MEA

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Table of Contents:

  • Chapter 1 includes an introduction of the global Fuel Cells market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.
  • Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.
  • Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.
  • In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.
  • Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application.

Thank you for reading our report. Please get in touch with us for further queries about the report and our team will assist you according to your needs.