Reports
Reports
Sale
The global fuel cell market size is being aided by the growing stationary fuel cell shipments, which reached a volume of about 366.49 megawatts in 2023. The global demand for stationary fuel cell shipments is further expected to grow at a CAGR of 9% in the forecast period of 2024-2032.
Type of Fuel Cell | Usage | Reason |
PEMFC | Fuel Cell Electric Vehicles (FCEVs) | Quick start-up time |
MCFC | Large-scale, stationary power generation | High efficiency |
SOFC | Distributed power generation | High efficiency and fuel flexibility |
Fuel cells are the cells that generate electricity through a mechanism that does not involve combustion. These cells transform the chemical energy in a hydrogen-rich fuel to electricity through an electrolytic process. This means fuel cells produce relatively fewer pollutants compared to conventional, combustion-based power generation technologies. Further, they are fuel-flexible, highly efficient, and operate at very low noise levels. Thus, they serve as an efficient alternative to traditional power generation technologies, offering improved reliability and environmental benefits.
The global fuel cell market growth is driven by the increasing demand for clean energy sources across the globe due to rising environmental concerns. Favourable government initiatives and advancements in fuel cell technologies, such as PEMFC, PAFC, and others, have further boosted the growth of the market. Over the forecast period, the growing adoption of fuel cell-based vehicles and the thriving power sector are expected to significantly contribute to the market share. The transportation sector's shift towards cleaner, alternative energy sources to power vehicles has led to increased interest in fuel cell electric vehicles (FCEVs), especially in the commercial and public transportation segments.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Growing focus on green hydrogen; integration of fuel cells with renewable energy systems; emphasis on energy security and decarbonisation efforts; and advancements in fuel technology are the major trends impacting the fuel cell market
Date | Company/ Organisation | Event |
Feb 5th, 2024 | Honda | Commenced mass production of fuel cells at its Fuel Cell System Manufacturing (FCSM) plant located in Brownstown, Michigan in a collaborative effort with General Motors. |
Feb 6th, 2024 | Hyzon Motors Inc. | Disclosed a Joint Development Agreement (JDA) with New Way Trucks to develop fuel cell electric garbage truck tailored for the North American market. |
Feb 6th, 2024 | Hyundai and Kia Corporation | Entered into a partnership with a U.S.-based materials company to advance the development of hydrogen fuel cell technology. |
Feb 6th, 2024 | India Energy Week (IEW) | During the opening ceremony of India Energy Week (IEW), which began on February 6th in Goa, India unveiled its first bus powered by green hydrogen fuel cell technology. |
Trends | Description |
Growing focus on green hydrogen | There is a growing emphasis on producing hydrogen through renewable energy sources, known as green hydrogen, offering a zero-emission source of hydrogen for fuel cells. |
Increased integration of fuel cells with renewable energy systems | Fuel cells are being integrated with renewable energy systems as they can store surplus renewable energy in the form of hydrogen and generate electricity when needed. |
Growing emphasis on energy security and decarbonisation efforts | As countries seek to enhance their energy security and meet decarbonisation goals, fuel cells are becoming an increasingly attractive option. |
Advancements in fuel technology | Ongoing research and development are leading to improvements in fuel cell performance, durability, and cost-effectiveness. |
The growing emphasis on producing hydrogen through renewable energy sources, leading to the production of what is known as green hydrogen, represents a significant shift towards more sustainable and environmentally friendly energy solutions. Green hydrogen is produced by splitting water (H2O) into hydrogen (H2) and oxygen (O2) using electrolysis, a process that requires electricity. When this electricity is sourced from renewable energy such as solar, wind, or hydroelectric power, the hydrogen produced is considered "green," since the entire process can be achieved without emitting carbon dioxide or other greenhouse gases.
Hyundai and Kia Corporation established a partnership with a U.S.-based materials company in February 2024, to advance the development of hydrogen fuel cell technology. This collaboration aims to leverage the specialised expertise of the materials company to improve the efficiency, durability, and affordability of hydrogen fuel cells. By combining Hyundai and Kia's automotive manufacturing capabilities with cutting-edge material sciences, the partnership seeks to push the boundaries of fuel cell technology, making it more viable for widespread use in vehicles.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Market Segmentation
“Fuel Cell Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup | Categories |
Type | Proton Exchange Membrane Fuel Cells (PEMFC), Molten Carbonate Fuel Cells (MCFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cells (PAFC), Others |
Application | Stationary, Portable, Transport, Others |
End Use | Fuel Cell Vehicles, Utilities, Defence, Others |
Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
The stationary segment accounts for a major fuel cell market share due to the rising usage of fuel cells as a source of stationary power
Based on application, the stationary segment occupies a significant share in the market. Fuel cells can be used as stationary power units for primary power, backup power, or combined heat and power (CHP). The increasing demand for stationary fuel cells can be attributed to their ability to power anything from a laptop to a single-family home or even larger needs (200 kW and above), thus, becoming a versatile option for a wide range of markets like retail, residential, telecommunications, and others. This has significantly contributed to the growth of the fuel cell market.
Meanwhile, the transportation segment is expected to witness a significant growth in the forecast period owing to the increasing adoption of fuel cell-powered forklifts and favourable government initiatives, particularly in developed economies.
Fuel cell vehicles maintain their dominance in the market due to growing efforts regarding the reduction of carbon emissions
Fuel cell vehicles (FCV) dominate the fuel cell market due to the increasing emphasis on reducing carbon emissions, improving air quality, and the global shift towards sustainable transportation solutions. FCVs, including passenger cars, buses, and commercial vehicles, benefit from fuel cells' high energy efficiency and the ability to refuel quickly, making them particularly attractive for heavy-duty and long-range applications.
The utilities segment is also expected to grow robustly in the fuel cell market as these are used for distributed power generation, backup power, and as part of microgrids. The utility sector's interest in fuel cells is driven by the need for reliable, clean, and efficient energy solutions that can support grid stability and provide power in areas where grid access is challenging.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
The market players are increasing their research investments, collaboration efforts, and are entering into joint ventures to gain a competitive edge in the fuel cell market
Company | Products and Services |
Toshiba Energy Systems & Solutions Corporation | Development and manufacturing of energy systems, including hydrogen solutions such as hydrogen production systems, storage, and fuel cell systems. |
FuelCell Energy, Inc. | Design, manufacture, and operation of fuel cell power plants, including solutions for on-site power generation, microgrids, and utility-scale power generation. |
Mitsubishi Heavy Industries, Ltd | Provider of clean energy technologies, including fuel cells, traditional power generation systems, renewable energies, and next-generation technologies like solid oxide fuel cells (SOFCs). |
SFC Energy AG | Provider of hydrogen and direct methanol fuel cells, including EFOY Pro fuel cells for industrial and EMILY fuel cells for defence and security. |
Other notable players in the fuel cell market include Plug Power Inc., and Nuvera Fuel Cells, LLC, among others. These companies are involved in various aspects of the fuel cell ecosystem, including manufacturing, technology development, and system integration, serving sectors such as transportation, stationary power generation, portable power, and speciality markets.
North America and Europe account for a significant share of the market owing to the stringent environmental regulations and increased government investments to encourage the adoption of renewable energy sources across the regions. The United States is one of the largest global manufacturers of fuel cells and a leading global exporter. It is also home to some of the leading companies and research institutions in fuel cell technology. This region has been pivotal in developing and commercialising various types of fuel cells, including PEM (Proton Exchange Membrane) and SOFC (Solid Oxide Fuel Cells), for a range of applications from portable power to large-scale stationary power generation.
Meanwhile, the Asia Pacific fuel cell market is expected to witness a robust growth in the forecast period due to the increasing focus on reducing the economic dependence on fossil fuels, advances in fuel cell technology, and a growing shift from the grid to clean, onsite power production. Fuel cells, offering zero-emission power generation, are a crucial part of the clean energy transition, especially for sectors where electrification is challenging, such as transportation and industrial processes.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
Breakup by Type |
|
Breakup by Application |
|
Breakup by End Use |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
|
Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Fuel Cell Market Analysis
8.1 Key Industry Highlights
8.2 Global Fuel Cell Historical Market (2018-2023)
8.3 Global Fuel Cell Market Forecast (2024-2032)
8.4 Global Fuel Cell Market by Type
8.4.1 Proton Exchange Membrane Fuel Cells (PEMFC)
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Molten Carbonate Fuel Cells (MCFC)
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Solid Oxide Fuel Cell (SOFC)
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Phosphoric Acid Fuel Cells (PAFC)
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Others
8.5 Global Fuel Cell Market by Application
8.5.1 Stationary
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Portable
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Transport
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Fuel Cell Market by End Use
8.6.1 Fuel Cell Vehicles
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Utilities
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Defence
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Fuel Cell Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Fuel Cell Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Fuel Cell Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Fuel Cell Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Fuel Cell Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Fuel Cell Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Toshiba Energy Systems & Solutions Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 FuelCell Energy, Inc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Mitsubishi Heavy Industries, Ltd
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 SFC Energy AG
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Plug Power Inc.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Nuvera Fuel Cells, LLC
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fuel Cell Market: Key Industry Highlights, 2018 and 2032
2. Global Fuel Cell Historical Market: Breakup by Type (Megawatts), 2018-2023
3. Global Fuel Cell Market Forecast: Breakup by Type (Megawatts), 2024-2032
4. Global Fuel Cell Historical Market: Breakup by Application (Megawatts), 2018-2023
5. Global Fuel Cell Market Forecast: Breakup by Application (Megawatts), 2024-2032
6. Global Fuel Cell Historical Market: Breakup by End Use (Megawatts), 2018-2023
7. Global Fuel Cell Market Forecast: Breakup by End Use (Megawatts), 2024-2032
8. Global Fuel Cell Historical Market: Breakup by Region (Megawatts), 2018-2023
9. Global Fuel Cell Market Forecast: Breakup by Region (Megawatts), 2024-2032
10. North America Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2023
11. North America Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2024-2032
12. Europe Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2023
13. Europe Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2024-2032
14. Asia Pacific Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2023
15. Asia Pacific Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2024-2032
16. Latin America Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2023
17. Latin America Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2024-2032
18. Middle East and Africa Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2023
19. Middle East and Africa Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2024-2032
20. Global Fuel Cell Market Structure
The global fuel cell market, driven by the stationary fuel cell shipments which attained a volume of nearly 366.49 megawatts in 2023.
The stationary fuel cell shipments market is projected to grow at a CAGR of 9% between 2024 and 2032, likely to aid the fuel cell market.
The major market drivers are increasing demand for stationary fuel cells, increasing adoption of fuel cell powered forklifts, and favourable government initiatives.
The increasing demand for clean energy sources and advancements in fuel cell technologies are the key trends supporting the market demand.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The different fuel cell types include proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cell (SOFC), and phosphoric acid fuel cells (PAFC), among others.
The various applications of fuel cell include stationary, portable, and transport, among others.
The significant end uses of fuel cell include fuel cell vehicles, utilities, and defence, among others.
The major players in the market are Toshiba Energy Systems & Solutions Corporation, FuelCell Energy, Inc., Mitsubishi Heavy Industries, Ltd, SFC Energy AG, Plug Power Inc., and Nuvera Fuel Cells, LLC, among others.
Mini Report
Single User License
Five User License
Corporate License
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.