Fuel Cell Market Trends and Growth Projections: Industry Analysis by 2031

Global fuel cell market is estimated to grow at a CAGR of 20.0% during the forecast period. Fuel cells are unique in terms of the variety of their potential applications, they use a wide range of fuels and feedstocks and provide power for systems as large as a utility power station and as small as a laptop computer. Favorable government initiatives for the adoption of fuel cell technology are offering enormous opportunities for the growth of the market. The government and several private sector companies are working to leverage their commitments to fuel cells and hydrogen, to strengthen its energy infrastructure.

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According to the Hydrogen Fuel Cell Partnership's data, during the fourth quarter of 2022, 720 new hydrogen fuel cell cars were sold in the US, which is 20% more than a year ago. It develops a 68% (ultimately 72%) peak-efficient direct hydrogen fuel cell power system for heavy-duty trucks that can achieve durability of 25,000 hours (ultimately 30,000 hours) and be mass-produced for $80/kW (ultimately $60/kW).

Moreover, in January 2023, the US Department of Energy's (DOE) Office of Energy Efficiency and Renewable Energy (EERE) offers a funding opportunity announcement (FOA) to support the R&D, and demonstration (RD&D) of affordable hydrogen and fuel cell technologies. With these initiatives, the organization focuses on key hydrogen delivery and storage technologies and durable fuel cell technologies, particularly for heavy-duty trucks to reduce carbon dioxide emissions and eliminate pollution from the tailpipe.

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Mergers and acquisitions, collaborations, and product launches are some of the key strategies adopted by market players. For instance, in January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power. Moreover, in February 2022, Renault Group and Plug Power Inc. entered a joint venture with the formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells. This joint venture integrates the entire hydrogen mobility ecosystem uniquely, from the vehicle to infrastructure and turnkey services for customers. The development of this cutting-edge technology enables the strengthening of the company's industrial base and setting up new value-generating activities in France in this segment.

Market Coverage

• Segment Covered-

o By Type

o By Application

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Ballard Power Systems, Inc., Ceres Power Holdings plc, Fuel Cell Energy, Inc., Plug Power Inc., Hydrogenics Corp., and others.

Key questions addressed by the report

• What is the market growth rate?

• Which segment and region dominate the market in the base year?

• Which segment and region will project the fastest growth in the market?

• Who is the leader in the market?

• How players are addressing challenges to sustain growth?

• Where is the investment opportunity?

Global Fuel Cell Market Report Segment

By Type

Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Solid Oxide Fuel Cell (SOFC)
Molten Carbonate Fuel Cell (MCFC)
Phosphoric Acid Fuel Cell (PAFC)
Others (Alkaline Fuel Cell (AFC) and Direct Methanol Fuel Cell (DMFC))

By Application

Stationary
Portable
Transportation

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2. More than 120 countries are for analysis.
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