Fuel Cell Market: Information by Type (Proton Exchange Membrane Fuel Cells, Solid Oxide Fuel Cells, Phosphoric Acid Fuel Cells), Application, End-User, and Region — Forecast till 2029

Nov 25, 2020   Market Overview The global population levels are increasing consistently and considerably. The year 2019 was a landmark as it witnessed the shipping of around 1.1 GW of fuel cells on account of the burgeoning fuel cell supply chain. However, the number of shipments has not registered significant growth, with the number remaining at around 70,000 in the year 2018. This shows that despite the high energy demands, the number of shipments is low. In addition, many significant economies are now char...
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Report Description

Market Overview

The global population levels are increasing consistently and considerably. The year 2019 was a landmark as it witnessed the shipping of around 1.1 GW of fuel cells on account of the burgeoning fuel cell supply chain. However, the number of shipments has not registered significant growth, with the number remaining at around 70,000 in the year 2018. This shows that despite the high energy demands, the number of shipments is low. In addition, many significant economies are now charting out roadmaps for a sustainable hydrogen economy.

The fuel cell industry has untapped potential and is anticipated to register a considerably high growth rate, owing to the dominance by two major players, Toyota and Hyundai. These players are active in the fuel cell market through car sales. Though Honda and Daimler to are big names, but their contributions dwarf as compared with Toyota.

Fuel cells generate power from hydrogen and oxygen, and therefore the power generated does not result in the emission of any environmental pollutants. However, the high costs associated with the manufacturing of the fuel cells might restrict market growth. Furthermore, additional risks include operational costs, investment costs, and under-utilization of an array of facilities related to fuel cell electric vehicles, which may hinder the growth of the fuel cell market.

One of the main challenges in the fuel cell market is the on-board storage of hydrogen. Hydrogen is a highly flammable gas and burns as soon as it comes in contact with air, making it dangerous, which is why it has to be handled carefully. Chemical industries and other end-users are consuming most of the hydrogen. However, automotive manufacturers are coming up with solutions to effectively use hydrogen for powering passenger and commercial vehicles.

Fuel-Cell-Shipment-2015-2019

Source: The Fuel Cell Industry Review, 2019

Government Initiatives and Incentives to Drive the Growth of the Fuel Cell Market

Various government and international authorities are formulating policies and initiatives which encourage the use of fuel cells in various capacities by providing incentives and strengthening infrastructure for easy production and transport of fuel cells. Developed economies, such as Europe and the U.S., are actively investing in research and development for technological advancements and searching for replacements of electric grids. These factors are likely to usher in a high growth rate in the near future.

Some of the emerging economies are also aware of the potential of the fuel cell and the need to use cleaner sources of energy. These economies are using various strategies such as public-private partnerships and other similar strategies for faster adoption of hydrogen-based applications. For instance, the Gas Authority of India Ltd. (GAIL) signed a memorandum of understanding (MoU) with Bloom Energy for deploying fuel cell technology in India by using natural gas.

Expensive Catalysts to Restrict the Growth of the Market

Catalysts are counted as the most important part of the fuel cell, which can enhance the working of the fuel cell by over 40% by increasing the density of power. Proton Exchange membrane and phosphoric acid-based fuel cells use platinum and other rare earth metals in a bid to enhance the rate of reaction. These metals are expensive, which further increases the overall cost of the fuel cell. The cost of the catalysts used in the fuel cell is around 25% when the number of fuel cell units produced is 1,000 per annum. However, when this number increases to as high as 500,000 per year, the total cost contribution of the catalysts in the fuel cell is around 40%. The high costs will inevitably affect the final price of the fuel cell and hamper the market growth to a certain extent.

Regional Overview

The U.S.: Largest Economy for the Fuel Cell Market

The U.S. has always been at the forefront of adopting the latest technologies, which will prove to be useful in mitigating the effects of climate change. The U.S. Department of Energy has been funding to the office of fuel cell technologies and many other similar fuel cell development programs. These aspects make the U.S. the largest economy for the fuel cell market. In addition to this, the federal government of Canada has provided funds to various fuel cell companies and organizations. For instance, the government has invested over USD 40 million in the production of clean energy technology innovation.

Key Players

  • Fuel Cell Energy Inc.
  • Ballard Power Systems
  • Hydrogen Corporation
  • SFC Energy AG
  • Nedstack Fuel Cell Technology B.V.
  • Bloom Energy
  • Doosan Fuel Cell America, Inc.
  • Ceres Power Holdings, PLC
  • Plug Power, Inc.
  • Nuvera Fuel Cells LLC
  • Proton Power Systems PLC
  • AFC Energy PLC
  • ITM Power PLC
  • United Technologies

Study of the Fuel Cell Market Considers the Scope, as Mentioned in the Table Below:

Application Type

Portable

Stationary

Transport

Definition

Units which are built into, or are used for charging up, products which are designed for movement (to be moved), which also includes small auxiliary power units (APUs)

Units providing electricity (and sometimes heat) but are not produced and designed for movement

Units providing range extension or propulsive power to a vehicle

Typical power range

1 W to 20 kW

0.5 kW to 2 MW

1 kW to 300 kW

Typical technology

  •    PEMFC
  •    DMFC
  •    SOFC
  •    PEMFC
  •    MCFC
  •    AFC
  •    SOFC
  •    PAFC
  •     PEMFC
  •     DMFC
  •     SOFC

Example

  •   Small ‘movable’ APUs (campervans, boats, lighting)
  •   Military applications (portable soldier-borne power, skid-mounted generators)
  •   Portable products (torches, battery chargers), small personal electronics (mp3 player, cameras)
  •   Large stationary prime power and combined heat and power (CHP)
  •    Small stationary micro-CHP
  •   Uninterruptible power supplies (UPS)
  •    Larger ‘permanent’ APUs (e.g., trucks and ships)
  •   Materials handling vehicles
  •    Fuel cell electric vehicles (FCEV)
  •    Trucks and buses Rail vehicles
  •     Autonomous vehicles (air, land, or water)

Fuel Cell Market: Segmentation

By Type

  • Proton Exchange Membrane Fuel Cells
  • Solid Oxide Fuel Cells
  • Phosphoric Acid Fuel Cells
  • Molten Carbonate Fuel Cells

By Application

  • Portable
  • Stationary
  • Transport

By End-User

  • Fuel Cell Vehicles
  • Utilities
  • Defense

By Region

  • North America
  • Europe
  • Asia Pacific
  • Central and South America and the Caribbean
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

Fuel Cell Vehicles Segment is expected to be the leading segment in Fuel Cell Market during the forecast period.
Fuel Cell Energy Inc., Ballard Power Systems, Hydrogen Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings, PLC, Plug Power, Inc., Nuvera Fuel Cells LLC are the top players in Fuel Cell Market.
US is expected to hold the highest market share in Fuel Cell Market.
Government initiatives and incentives are the key factors expected to drive Fuel Cell Market during the forecast period.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.

Market Overview

The global population levels are increasing consistently and considerably. The year 2019 was a landmark as it witnessed the shipping of around 1.1 GW of fuel cells on account of the burgeoning fuel cell supply chain. However, the number of shipments has not registered significant growth, with the number remaining at around 70,000 in the year 2018. This shows that despite the high energy demands, the number of shipments is low. In addition, many significant economies are now charting out roadmaps for a sustainable hydrogen economy.

The fuel cell industry has untapped potential and is anticipated to register a considerably high growth rate, owing to the dominance by two major players, Toyota and Hyundai. These players are active in the fuel cell market through car sales. Though Honda and Daimler to are big names, but their contributions dwarf as compared with Toyota.

Fuel cells generate power from hydrogen and oxygen, and therefore the power generated does not result in the emission of any environmental pollutants. However, the high costs associated with the manufacturing of the fuel cells might restrict market growth. Furthermore, additional risks include operational costs, investment costs, and under-utilization of an array of facilities related to fuel cell electric vehicles, which may hinder the growth of the fuel cell market.

One of the main challenges in the fuel cell market is the on-board storage of hydrogen. Hydrogen is a highly flammable gas and burns as soon as it comes in contact with air, making it dangerous, which is why it has to be handled carefully. Chemical industries and other end-users are consuming most of the hydrogen. However, automotive manufacturers are coming up with solutions to effectively use hydrogen for powering passenger and commercial vehicles.

Fuel-Cell-Shipment-2015-2019

Source: The Fuel Cell Industry Review, 2019

Government Initiatives and Incentives to Drive the Growth of the Fuel Cell Market

Various government and international authorities are formulating policies and initiatives which encourage the use of fuel cells in various capacities by providing incentives and strengthening infrastructure for easy production and transport of fuel cells. Developed economies, such as Europe and the U.S., are actively investing in research and development for technological advancements and searching for replacements of electric grids. These factors are likely to usher in a high growth rate in the near future.

Some of the emerging economies are also aware of the potential of the fuel cell and the need to use cleaner sources of energy. These economies are using various strategies such as public-private partnerships and other similar strategies for faster adoption of hydrogen-based applications. For instance, the Gas Authority of India Ltd. (GAIL) signed a memorandum of understanding (MoU) with Bloom Energy for deploying fuel cell technology in India by using natural gas.

Expensive Catalysts to Restrict the Growth of the Market

Catalysts are counted as the most important part of the fuel cell, which can enhance the working of the fuel cell by over 40% by increasing the density of power. Proton Exchange membrane and phosphoric acid-based fuel cells use platinum and other rare earth metals in a bid to enhance the rate of reaction. These metals are expensive, which further increases the overall cost of the fuel cell. The cost of the catalysts used in the fuel cell is around 25% when the number of fuel cell units produced is 1,000 per annum. However, when this number increases to as high as 500,000 per year, the total cost contribution of the catalysts in the fuel cell is around 40%. The high costs will inevitably affect the final price of the fuel cell and hamper the market growth to a certain extent.

Regional Overview

The U.S.: Largest Economy for the Fuel Cell Market

The U.S. has always been at the forefront of adopting the latest technologies, which will prove to be useful in mitigating the effects of climate change. The U.S. Department of Energy has been funding to the office of fuel cell technologies and many other similar fuel cell development programs. These aspects make the U.S. the largest economy for the fuel cell market. In addition to this, the federal government of Canada has provided funds to various fuel cell companies and organizations. For instance, the government has invested over USD 40 million in the production of clean energy technology innovation.

Key Players

  • Fuel Cell Energy Inc.
  • Ballard Power Systems
  • Hydrogen Corporation
  • SFC Energy AG
  • Nedstack Fuel Cell Technology B.V.
  • Bloom Energy
  • Doosan Fuel Cell America, Inc.
  • Ceres Power Holdings, PLC
  • Plug Power, Inc.
  • Nuvera Fuel Cells LLC
  • Proton Power Systems PLC
  • AFC Energy PLC
  • ITM Power PLC
  • United Technologies

Study of the Fuel Cell Market Considers the Scope, as Mentioned in the Table Below:

Application Type

Portable

Stationary

Transport

Definition

Units which are built into, or are used for charging up, products which are designed for movement (to be moved), which also includes small auxiliary power units (APUs)

Units providing electricity (and sometimes heat) but are not produced and designed for movement

Units providing range extension or propulsive power to a vehicle

Typical power range

1 W to 20 kW

0.5 kW to 2 MW

1 kW to 300 kW

Typical technology

  •    PEMFC
  •    DMFC
  •    SOFC
  •    PEMFC
  •    MCFC
  •    AFC
  •    SOFC
  •    PAFC
  •     PEMFC
  •     DMFC
  •     SOFC

Example

  •   Small ‘movable’ APUs (campervans, boats, lighting)
  •   Military applications (portable soldier-borne power, skid-mounted generators)
  •   Portable products (torches, battery chargers), small personal electronics (mp3 player, cameras)
  •   Large stationary prime power and combined heat and power (CHP)
  •    Small stationary micro-CHP
  •   Uninterruptible power supplies (UPS)
  •    Larger ‘permanent’ APUs (e.g., trucks and ships)
  •   Materials handling vehicles
  •    Fuel cell electric vehicles (FCEV)
  •    Trucks and buses Rail vehicles
  •     Autonomous vehicles (air, land, or water)

Fuel Cell Market: Segmentation

By Type

  • Proton Exchange Membrane Fuel Cells
  • Solid Oxide Fuel Cells
  • Phosphoric Acid Fuel Cells
  • Molten Carbonate Fuel Cells

By Application

  • Portable
  • Stationary
  • Transport

By End-User

  • Fuel Cell Vehicles
  • Utilities
  • Defense

By Region

  • North America
  • Europe
  • Asia Pacific
  • Central and South America and the Caribbean
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

Fuel Cell Vehicles Segment is expected to be the leading segment in Fuel Cell Market during the forecast period.
Fuel Cell Energy Inc., Ballard Power Systems, Hydrogen Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings, PLC, Plug Power, Inc., Nuvera Fuel Cells LLC are the top players in Fuel Cell Market.
US is expected to hold the highest market share in Fuel Cell Market.
Government initiatives and incentives are the key factors expected to drive Fuel Cell Market during the forecast period.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.