Published Date: Feb 2020 | Report ID: GMI621 | Authors: Ankit Gupta, Abhishek Chopra



Report Format: PDF | Pages: 300 | Base Year: 2019

Industry Trends

Fuel Cell Market size is valued over USD 3.5 billion in 2019 and the annual installation is anticipated to exceed 400 thousand units by 2026. Surging investments toward development of hydrogen infrastructure coupled with increasing demand for fuel cell electric vehicles will provide favorable opportunities for the market players across the globe.



The high cost of cells, lack of proper infrastructure, hydration and storage are some of the major concerns associated with the product installation. Favorable government subsidies and norms toward adoption of renewable energy technologies coupled with rising investments for electrification of off-grid and remote areas will augment the deployment of product globally.



Several public and private funding programs and expansion of hydrogen infrastructure along with growing focus toward distributed power generation technologies will propel the fuel cell market growth.



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The study features a detailed analysis of industry trends on a global scale segmented on a regional and country-wise basis across various products and applications. In addition, the market estimates and forecast are in line with data represented by various government authorities including Fuel Cell & Hydrogen Energy Association, Department of Energy, Energy Information Administration, European Hydrogen & Fuel Cell Association government regulatory bodies and company press releases.



Fuel Cell Market Report Coverage Report Coverage Details Base Year: 2019 Market Size in 2019: 3.5 Billion (USD) Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026 Forecast Period 2020 to 2026 CAGR: 13% 2026 Value Projection: 400 (Thousand Units) Pages: 300 Tables, Charts & Figures: 499 Geographies covered (23): U.S, Canada, Mexico, Germany, UK, France, Italy, Spain, Austria, Japan, South Korea, China, India, Philippines, Vietnam, Brazil, Peru, Ecuador, Nigeria, Kenya, UAE, South Africa, Saudi Arabia Segments covered: Product, Application, Region Companies covered (17): Hydrogenics Corporation, Ballard Power Systems, Inc., Nedstack Fuel Cell Technology, Bloom Energy, Panasonic, Plug Power, SFC Energy AG, Toshiba, Doosan Fuel Cell America, Aisin Seiki Co. Ltd., Arcola Energy, Ceres Power Holding, Nuvera Fuel Cells, Horizon Fuel Cell Technologies, AFC Energy PLC, Fuel Cell Energy, Fuji Electric Growth Drivers: Government positive outlook and incentives

Environment-friendly and a better alternative than existing options

More efficient than batteries Pitfalls & Challenges: Lack of infrastructure

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Rapid deployment of fuel cell electric vehicles will propel the fuel cell market

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PEMFC cell deployment is set to reach 1.5 GW by 2026. Increasing demand for reliable and uninterrupted electricity supply across remote and off-grid areas along with growing sale for fuel cell electric vehicles (FCEV’s) will augment the market demand.



These cells use a water-based acid polymer membrane as an electrolyte and platinum-based electrodes. It operates at a relatively low temperature and can provide electrical output to meet the dynamic power requirements. Light weight, high efficiency, excellent dynamic and high-power density are some of the key features which will boost the product demand.



Accelerating demand for portable power sources in military applications, forklifts, commercial warehouses, consumer electronics and movable battery chargers will propel the DMFC segment growth. DMFC uses polymer sheath as an electrolyte and platinum-ruthenium catalyst as an anode. The reaction between them separates hydrogen from liquid methanol and reduces the use of fuel reformer.



High energy density, comparatively low cost and wide temperature range are some of the key features which will boost the product adoption.



Ongoing deployment of FCEV’s is propelling the fuel cell industry share across transport applications

Increasing adoption of fuel cell electric vehicles as an efficient alternative to conventional automobiles along with upsurge in investments toward research & development will propel the fuel cell across transport applications substantially. Wide use across light vehicles, ferries, forklifts, two & three vehicles, small boats, goods handling vehicles and trams will boost the market revenue.



As per the DOE there were 6,500 fuel cell vehicles across the U.S. in 2019 when compared with 4,000 in 2015. In addition, ongoing deployment of fuel cell in e-bikes, UAVs, and in numerous commercial vehicles will also complement the industry growth.



Increasing demand for electricity on account of rapid commercialization and industrial development will boost the stationary fuel cell market size. Upsurge in demand for space heating across residential establishments, hospitals, telecommunication base stations, data centers, schools, hotels and tetra networks will positively influence the product demand.



In addition, growing need for large scale multi-megawatt units to provide electricity to remote and off-grid areas will propel the business growth.



Asia Pacific region will dominate the regional market share owing to rapid development of hydrogen infrastructure

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In 2019, Europe, North America and Asia Pacific collectively accounted for over 95% in the global market share. Extensive research and development programs being undertaken by manufacturers along with ongoing funding by government organizations and private institutions including DOE, Credit Suisse, New Enterprise Associates and DAG Ventures has provided favorable opportunities for the market expansion.



Rapid commercialization of Fuel Cell Electric Vehicles (FCEV) owing to increasing consumer base and development of hydrogen fueling infrastructure has been a key strategic advantage for the development of fuel cell across Asia Pacific. In addition, major market players including Daimler and Hyundai are focusing toward the technological advancement in design and development of product has also led to more efficient and comparatively low-cost product across the regions.



The Asia Pacific fuel cell market size will witness a substantial growth owing to rapid commercial area development along with growing energy demand. Increasing power consumption and government backed electrification programs across the emerging economies will propel the industry growth.



Furthermore, the ongoing investments by industry players including Hyundai toward the development of hydrogen infrastructure will complement the market outlook. For instance, in 2019, the government of Western Australia, launched a USD 10 million “Renewable Hydrogen Fund” that will assist both public and private companies to attract investment in hydrogen infrastructure and develop renewable infrastructure.



Strategic alliance and partnerships are acting as the focal point by leading manufacturers

The leading industry participants are focusing toward strategic alliance and public-private partnerships with various companies as a part of their key strategy outlook. In addition, increasing funding and extensive research & development activities have led to an increase in the profitability landscape of these players and enhanced their business presence.



The key players operating across the market includes SFC, Hydrogenics, Panasonic, Nuvera, Ballard Power Systems, Toshiba, Nedstack, Doosan, Bloom Energy, Aisin Seiki, Plug Power, Arcola, Fuji Electric, Horizon Fuel Cell, AFC Energy and Fuel Cell Energy.



The market research report for fuel cell includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, “MW” and “USD” from 2015 to 2026 , for the following segments:



Market by Product

PEMFC

DMFC

SOFC

Others

Market by Application

Stationary

Portable

Transportation

The above information has been provided for the following regions and country:

North America U.S. Canada Mexico

Europe Germany UK France Italy Spain Austria

Asia Pacific China India Japan South Korea Philippines Vietnam

Middle East & Africa Saudi Arabia UAE Kenya Nigeria South Africa

Latin America Brazil Peru Ecuador





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