Fuel Cell Market Size, Share and Analysis | Industry Forecasts 2027

Fuel Cell Market

The Fuel Cell Market is anticipated to expand at a significant CAGR during the forecast period (2020-2027).

The factors driving the growth of Fuel Cell Market includes rise in the number of hydrogens refueling stations across the globe, growing emphasis on reducing carbon emission levels and increasing popularity of Fuel Cell Vehicles (FCVs). According to the report published by Bloomberg, the Global Green Hydrogen Market was estimated around USD 897.5 million in 2020 and is predicted to reach USD 2,565.7 million by the end of 2028, expanding at a CAGR of 14.1% over the forecast period, which will boost the Fuel Cell Market share in the approaching years. Moreover, rise in Government’s expenditure on the renewable energy projects, increasing sales of automobiles and growing dependency on Non-Conventional Energy Sources across the globe, are some of the additional factors supplementing the Fuel Cell Market Growth. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further propelling the Fuel Cell Market size.

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However, the growth of Fuel Cell Market is hindered due to high cost of fuel cell systems and insufficient infrastructure for delivery of hydrogen.

The prominent players operating in the market are Intelligent Energy Limited, AISIN SEIKI Co., Cummins Inc., Ballard Power Systems, PLUG POWER INC., Bloom Energy, SFC Energy AG, Ceres Ltd., FuelCell Energy, Inc., and Toshiba Energy Systems & Solutions Corporation, among others.

Type – Segment Analysis

As per the Fuel Cell Market Analysis, the Proton Exchange Membrane Fuel Cell segment is anticipated to expand at a robust CAGR during the forecast period. Increasing application of proton exchange membrane fuel cells in the backup power systems, and stationary systems of automobiles along with its high-power density features, are some of the factors responsible for the segment’s growth.

Application – Segment Analysis

According to the Fuel Cell Market Forecast, the Transportation segment is predicted to grow at a remarkable CAGR over the forecast period due to increasing demand for fuel cell-powered forklifts and rise in research and development activities for developing hybrid vehicles.

Regional – Segment Analysis

Based on Region, the Asia-Pacific region is predicted to capture a sizeable market share during the forecast period. Government regulations regarding the use of clean energy, growing concerns related to carbon dioxide emissions and climate change, rapid growth in the Automotive industry, rising per capita incomes and high population growth rates, are some of the important factors augmenting the Fuel Cell Market Growth in Asia-Pacific.

Market Segmentation

Segmentation by Type

  • Molten Carbonate Fuel Cell
  • Proton Exchange Membrane Fuel Cell
  • Solid Oxide Fuel Cell
  • Phosphoric Acid Fuel Cell
  • Others

Segmentation by Application

  • Transportation
  • Stationary
  • Portable

Segmentation by Region  

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

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