Fuel Cell Market 2021 Latest Industry Analysis, Top Companies and Regional Forecast by 2027

New product launches are one of the most followed trends among the fuel cell market players. The manufacturers are focusing on introducing the latest fuel cells to provide augmented efficiency and productivity. Recently, a world-leading supplier of methanol-based fuel cell solutions has unveiled the launch of its 4th generation of methanol fuel cell units, Serena.

Either stand-alone or hybrid with direct solar and wind energy, the new methanol fuel cell units are designed sustainably, as methanol can be formed by renewable sources and it is easier to store or handle methanol. Also, methanol has become one of the largest commodities all across the world. Moreover, the company aims to offer many benefits with this new generation fuel cell including longer lifespan, low service and maintenances, and advanced total cost of ownership.

Strict governmental regulations, increase in distributed power systems, and high efficiency of fuel cells are the major driving forces that will escalate the demand for fuel cells with applications in automation and power generation set ups. Unlike conventional power generation sources, fuel cells do not emit hazardous gases and pollution that is harmful to the environment. Also, depletion of natural resources, carbon emissions, and rising cost of fossil fuels is paving the way for alternate means of transportation and power generation. Therefore, both public and private sectors have taken continuous efforts to reduce carbon emissions and save fuel.

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Strict government regulations related to CO2 & SO2 emissions is driving the fuel cell market. In addition, the 'Go Green' revolution is also driving the growth of the market. Stringent government regulations related to carbon emissions are expected to propel the growth of the fuel cell market during the forecast period. Furthermore, stationary fuel cells can be used as a means of distributed power generation, which offers various advantages. Power is generated near the consumer area and so the loss of energy in transmission is extremely small in comparison with the losses seen in large and centralized generation systems.

Lack of fuel cell infrastructure coupled with high cost of the catalyst that is required for catalytic reactions in fuel cells are restraining the growth of the market. However, new technological advancement in the fuel cell technology leads to the development of new types of fuel cell such as Solid oxide fuel cell (SOFC), Polymer exchange membrane fuel cell (PEMFC), Molten carbonate fuel cell (MCFC), Phosphoric acid fuel cell (PAFC) and others, which help in reducing the cost of the fuel cell.

The rising automotive business and growing electronic sector in China and India is gaining traction. In addition, Japan is the largest market in Asia-Pacific for fuel cells, which is followed by China and South Korea. In addition, the demand for fuel cells is anticipated to grow in countries such as Australia, India, and Singapore, which would further support the fuel cell market in different industry verticals.

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The prominent fuel cell market players include Ballard Power Systems Inc., Plug Power Inc., Proton Power Systems PLC, ITM Power Plc, AFC Energy Plc, Fuel Cell Energy Inc., SFC Energy, United Technologies, Hydrogenics, and Fuji Electric India Pvt. Ltd.

Key Findings of Fuel Cell Market:
• Molten carbonate fuel cells (MCFC) occupied approximately two-fifths of the total share.

• Solid oxide fuel cell market is anticipated to expand with a CAGR of 18.54% by 2022.

• LAMEA is projected to be the fastest growing market in proton exchange membrane fuel cells market with a CAGR of 24.74% during the forecast period.

• The transport fuel cell market in Asia-Pacific is anticipated to grow with a CAGR of 30.13%

• Asia-Pacific dominated the fuel cell market occupying more than three fifths of the total share in terms of geography.

• With a CAGR of 26.62% during the forecast period, India is projected to be the fastest growing market in fuel cells.

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