Fuel Cell Market Forecast - Industry Size, Share | 2030

A fuel cell is an electrochemical device that converts the chemical energy of a fuel directly into electricity and heat through a controlled chemical reaction. It operates like a battery, but unlike batteries, fuel cells do not store energy but continuously generate electricity as long as fuel and an oxidizing agent (usually oxygen from the air) are supplied.

The fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.

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The basic components of a fuel cell include:

Anode: The fuel is fed into the anode side of the fuel cell, where it undergoes a chemical reaction. Common fuels used in fuel cells include hydrogen, natural gas, methanol, and other hydrocarbons.

Cathode: The oxidizing agent, typically oxygen from the air, is supplied to the cathode side of the fuel cell.

Electrolyte: The electrolyte is a special material that allows ions to pass through but does not allow electrons to flow freely. It separates the anode and cathode and facilitates the movement of ions during the chemical reaction.

Electrochemical Reaction: At the anode, the fuel molecules are split into ions and electrons. The ions pass through the electrolyte to the cathode, while the electrons flow through an external circuit, generating electricity. At the cathode, the ions and electrons combine with the oxidizing agent to produce water (in the case of hydrogen fuel cells) or carbon dioxide and water (in the case of hydrocarbon-based fuels).

Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 19.7%, during the forecast period.

The key players operating and profiled in the report include Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC. Other players operating in the fuel cell market are Kyocera, Solid Power, Altergy, Horizon Fuel Cell, and others.

In 2020, Asia-Pacific dominated the global fuel cell market with more than 67.4% of the share, in terms of revenue.

Transport is the rapidly growing segment in the global fuel cell market, and is expected to grow at a CAGR of 19.6% during 2021-2030.

Fuel cells are energy producing devices, which produce energy with the help of sustainable chemical reactions, which is expected to witness notable growth in the coming years.

This is due to the competitive advantages of fuel cells, such as enhanced efficiency, eco-friendly, and longer life span as compared to others.

Increasing applications of fuel cell in the transport sector, such as in cars and buses is expected drive the growth of the market in the coming years.

Growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cell are some other driving factors of this market.

Some of the restraints associated with the fuel cell market are high price of catalyst use in it, which raise the price of fuel cell and lack of fuel cell infrastructure.

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Types of fuel cells include:

Proton Exchange Membrane Fuel Cell (PEMFC): PEM fuel cells use a solid polymer electrolyte and operate at relatively low temperatures (around 80-100°C). They are commonly used in applications such as automotive vehicles, backup power systems, and portable electronic devices.

Solid Oxide Fuel Cell (SOFC): SOFCs operate at higher temperatures (typically between 500-1,000°C) and use a solid ceramic electrolyte. They are more suitable for stationary power generation and can utilize a variety of fuels.

Molten Carbonate Fuel Cell (MCFC): MCFCs operate at high temperatures (around 650-1,000°C) and use a molten carbonate electrolyte. They are primarily used in large-scale power generation applications.

Phosphoric Acid Fuel Cell (PAFC): PAFCs use a phosphoric acid electrolyte and operate at temperatures around 150-200°C. They are commonly used in combined heat and power systems for buildings and industrial applications.

Fuel cells offer a promising alternative to conventional combustion-based power generation technologies, providing a pathway to cleaner, more efficient, and sustainable energy solutions. However, challenges such as the high cost of materials, fuel storage and distribution, and limited fuel availability for certain types of fuel cells continue to be addressed through research and development efforts.

Fuel cells are characterized by their high efficiency, low emissions, and quiet operation. They have the potential to provide a clean and sustainable energy source for various applications, including transportation, stationary power generation, and portable electronics.

Based on product type, the Proton Exchange Membrane Fuel Cell (PEMFC) segment accounted for more than two-thirds of the global fuel cell market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 19.6% throughout the forecast period, due to rise in demand for clean power generation and increasing dependence on fuel cell-based transport applications.

Based on application, the stationary segment held nearly three-fourths of the global fuel cell market revenue in 2020, and is expected to lead the trail by 2030. Increase in demand for fuel cells from distributed generation facilities drives the segment growth.

Covid-19 scenario-

The outbreak of the pandemic affected a number of industries and gave way to huge imbalance in the supply-demand chain, which in turn, decreased the demand for fuel cell, thereby impacting the global fuel cell market negatively, especially during the initial phase.

Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for fuel cells from consumers.

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However, the fuel cell market is expected to recover by the end of 2021, as COVID-19 vaccination is made available in various economies across the globe, which is expected to improve the global economy.

Similar Reports:-

Hydrogen Fuel Cell Market By Type (Proton Exchange Membrane Fuel cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Others), By Application (Stationary, Transportation, Portable), By End User (Fuel Cell Vehicles, Utilities, Defense): Global Opportunity Analysis and Industry Forecast, 2021-2031

https://www.alliedmarketresearch.com/hydrogen-fuel-cell-market

Stationary Fuel Cell Market by Capacity (Less than 1kW, 1 KW to 5kW, 5kW to 250kW, 250kW to 1MW, More than 1MW), by Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), Others), by Application (Combined Heat and Power (CHP), Prime Power, Uninterrupted Power Supply (UPS), Others), by End-Use Industry (Transportation, Defense, Oil and Gas, Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

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