Fuel Cell Market to Reach US$ 21.54 Billion by 2030 at a CAGR of 22.8% by Emergen Research

Fuel Cell Market

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.

For military applications, fuel cells are gaining popularity. Its capacity to produce clean, dependable electricity from hydrogen on-site is employed in a number of ways to help soldiers defend national security while also enhancing energy efficiency. Unmanned aerial vehicles (UAVs) can fly for up to eight hours using hydrogen fuel cells, and they can land and refill in less than 15 minutes. Additionally, the UAV powered by fuel cells requires minimal maintenance and no lubricants. A long-range autonomous underwater vehicle was created by the Navy’s U.S. Naval Research Laboratory and General Motors (GM) (UUV). In order to enable greater payloads and longer runtimes, the Navy started replacing the batteries in UUVs with fuel cells. The collaboration between General Motors and Liebherr-Aerospace to create a hydrogen fuel cell-based electrical power production system for aircraft applications was announced on June 17, 2021. Increasing use of fuel cell technology for military purposes is anticipated to stimulate market revenue growth over the course of the projected period.

By 2030, the fuel cell market in Germany is predicted to have a 262 MW capacity. Due to a growing consumer base, FCEVs will quickly enter the commercial market, increasing demand for the product. The industry will grow as a result of significant investments made by both public and commercial entities that will expand and develop hydrogen refuelling networks. Furthermore, the implementation of strict regulations and emission reduction goals would increase industry demand.

The market size is expected to increase because to the rising demand for sustainable energy in developing nations, the shift in emphasis toward FCEVs, and the robust power sector. The market revenue will be driven by the growing replacement of batteries with DMFCs, particularly in material handling applications, including forklift trucks among others.

During the anticipated period, the fuel cell industry in Italy is anticipated to experience a considerable growth rate. The market will rise as a result of ongoing attempts to create stationary fuel cells, which are primarily used for power generation, and mobile fuel cells, which are used for mobility. The industry scenario will be influenced by a shift in emphasis toward fuel cell innovation combined with strict environmental laws. Additionally, the industry manufacturers’ research, design, and development efforts will accelerate the use of fuel cells throughout the economy.

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Some Key Highlights from the Report

  • Revenue from the Polymer Electrolyte Fuel Cells (PEFCs) segment is anticipated to grow steadily during the forecast period as a result of PEFCs’ expanding use in stationary and transportation applications. PEMFCs generate electricity and operate under the opposite tenet of PEM electrolysis. It has a good chance of taking over for alkaline fuel-cell technology.
  • A contract to improve hydrogen fuel cell operation and maintenance capabilities was signed in January 2022 between Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP). According to the terms of the agreement, the two businesses will collaborate to create a plan for technical training in hydrogen fuel cell operation and maintenance as well as a nearby green hydrogen fuel cell project for distributed power.
  • Renault Group and Plug Power Inc. formed HYVIA as a joint venture in February 2022 to work on hydrogen fuel cells and low-carbon mobility.
  • A cooperation between Ceres and HORIBA MIRA for fuel cell testing and the construction of a Ceres fuel cell test facility at the HORIBA MIRA West Midlands plant in the UK was established in March 2022.
  • Due to the increasing adoption of fuel cell vehicles in nations throughout the region, particularly in China, Japan, South Korea, and Japan, the market in Asia Pacific accounted for the biggest revenue share in the worldwide fuel cell market in 2021. By 2025, the Chinese government hopes to have 50,000 fuel cell vehicles on the road. The country’s fuel cell ecosystem will evolve between 2025 and 2035, according to the hydrogen strategy. By 2025, the nation also plans to produce 200,000 tonnes of renewable hydrogen annually.
  • Some major companies in the global market report include 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.
  • SFC Energy AG, a German fuel-cell expert, and Austria-Wolftank Group, an Austrian company, came to an agreement on 15 March 2022 to work together on hydrogen fuel cell power supply for essential infrastructure and hydrogen filling stations in Italy and Austria. As a result of their partnership, the two businesses will provide a solution that combines Wolftank’s unique hydrogen tank and SFC Energy’s hydrogen fuel cell technology.

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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