Global Fuel Cells Market Overview

Global fuel cells market was valued at US$ 5.5 Bn in 2020 and set to grow at a CAGR of 19.6% throughout the forecast period from 2021 to 2029. Technological advancement, government mandates on environment safety and subsidiaries along with improved manufacturing efficiencies are some of the prime factors accounted for exaggerated demand for fuel cells worldwide. The global appetite for fuel cell products expected to increase in dramatic fashion over the next decade.

According to U.S. department of energy report on fuel cell technology, technological advances are helping in cost reduction of fuel cells, which further encouraging the applications of fuel cells across numerous industry verticals. In addition, government mandates to apropos the use of alternative energy sources, contamination abatement and government subsidies are further propelling the fuel cell cost competitiveness. Government along with the market leaders’ are increasingly initiating to handle the market barrier for fuel cell technology. State governments and company associations are initiating to increase the utilization of fuel cells technology among different industry applications.

"Automotive End-use to Witness Significant Growth in Overall Fuel Cells Market throughout the Forecast Period"

Growing technology acceptance coupled with the increasing awareness about environment safety ensuring significant growth in automotive industry over the review period from 2021 to 2029. To reduce greenhouse gas emissions, state governments are initiating to espouse clean energy sources such as fuel cells. Government organizations, especially of developing countries, are increasingly investing in alternative sources of energy to completely eliminate the emission of CO2 gas. Moreover, leading players in automotive industry are welcoming fuel cells technology to serve changing need of nations. On 14 September 2021, Hydrogen Council, global initiative of leading energy and transportation industry players promoting hydrogen to foster the energy transition, declared that the association is committed to an ambitious goal of guaranteeing 100% of hydrogen fuel use in different modes of transportation by 2033.

"Asia Pacific Dominates Fuel Cells Market, whereas North America to emerge as Next Promising One"

Asia Pacific accounted for the leading market share in 2020; followed by North America. Growing automotive industry coupled with the increased implementation of fuel cell technology among developing economies such as China, Japan and Korea allowing Asia Pacific to continue dominating the overall fuel cells market over the forecast period from 2021 to 2029.

Number of recent indicators and industry experts suggests that China is becoming the center of a global energy transformation. Growing technology advancements coupled with the falling price of renewable-energy sources powering the overall energy transformation market in China. In addition, to increase the deployment of FCEVs in China’s existing infrastructure, the Government has announced plans to build hydrogen stations to support over 50,000 zero-emissions fuel-cell vehicles by 2025. Chinese Government further planning to expand rapidly the production of FCEVs to 1 million units by 2033. With increasing adoption of fuel cells technology, Japan also aiming to shape more than 80 new hydrogen refueling stations in place by end of 2021.

The U.S. fuel cell market projected to grow with continuous economic support from government organizations comprising Department of Energy. Increasing government participation to promote renewable energy technologies and to reduce carbon emissions will further accompany the industry outlook. On 9 October 2021, U.S. Department of Energy singed a MoU with the U.S. Army on collaborative project for development of fuel cells technology. This collaboration aims to facilitate R&D for innovative hydrogen and fuel cell technologies portfolio. In addition, with increased adoption along with the count of hydrogen fueling stations, California leading overall fuel cells market in U.S.

Competitive Insights

Product launch and introduction to new applications of fuel cell technology are some of the widely accepted approaches in overall fuel cells market.  In order to sustain the dominating position in the global market, fuel cell vendors are increasingly presenting innovative applications of fuel cells technology to the world. On 20 July 2021, Golden Gate Zero Emission Marine (GGZEM) announced that the Company planning to introduce first commercial fuel-cell ferry named Water-Go-Round to the world by 2019.

Further, some fuel cell market vendors are engaging mergers and acquisitions as one of the key strategies for business expansion. For instance, on 26 April 2020, Hyundai Motor Group signed an agreement with Audi AG to create global leading player for manufacturing fuel cell electric vehicles. After this move, on 17 August 2020, Hyundai Motor Group unveiled its all new fuel cell SUV with improved travel range during media preview in Seoul, South Korea.

Historical & Forecast Period

This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Fuel Cells market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Fuel Cells market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Fuel Cells market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2033.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Fuel Cells market?
• Which is the largest regional market for Fuel Cells market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Fuel Cells market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Fuel Cells market worldwide?