Fuel Cell Technology Market Analysis
The Fuel Cell Technology Market will obtain a value of around 10.25 Billion and a high CAGR of 20.15 % between 2025 to 2027, states the latest Market Research Future (MRFR) report.
COVID-19 Analysis
The global fuel cell technology market has been impacted by the COVID-19 pandemic adversely that has led to supply chain shortages, lack of financial funding for RD operations, and project delays. The impact of the current deadly pandemic on the worldwide supply chains had an impact on the hydrogen-based systems that need a well-coordinated supply chain and a huge amount of resources to demonstrate. The crisis has impacted the existing need for hydrogen from different economies like chemicals, steel production, and oil refining, as per IEA. The pandemic has possessed a major effect on the addition of renewable power energy. Owing to the unprecedented COVID-19 global crisis, the number of latest renewable power installations is likely to decline in 2020.
Key Players
Eminent industry players profiled in the global fuel cell technology market growth include Solution Corporation, Ballard Power Systems, Toshiba Energy Systems, SFC Energy, Fuel Cell Energy, Bloom Energy, Intelligent Energy, Horizon Fuel Cells, Mitsubishi Hitachi Power Systems, and Intelligent Energy.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 20.15 % CAGR |
Revenue forecast in 2022-2030 | USD 10.25 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2021 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
The global fuel cell technology market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more.
Drivers
Burgeoning Need for EV/HEV/PHV to Boost Market Growth
The burgeoning demand for electric vehicles, plug-in hybrid vehicles, and hybrid electric vehicles will boost the fuel cell technology market value over the forecast period. The electric cars market is increasing rapidly thus resulting in a strong need for fuel cells. Besides, carbon emissions have increased government interest in the use of plug-in hybrid and electric cars.
Opportunities
Increasing Use in Various Handheld Devices to offer Robust Opportunities
The increasing use of fuel cells in various handheld devices like PCs, tablets, and smartphones, and also in power backup batteries will offer robust opportunities for the market over the forecast period.
Restraints
High Catalyst Cost to act as Market Restraint
The high cost of catalyst will act as a market restraint over the forecast period.
Challenges
Lack of Proper Fuel Infrastructure to act as Market Challenge
The lack of proper fuel infrastructure will act as a market challenge over the forecast period.
Market Segmentation
The global fuel cell technology market is bifurcated based on type and application.
By type, the PEMFC segment will lead the market over the forecast period. Growing need for clean energy generation as well as reliance on fuel cell-based public transportation systems in developed regions is adding to the segmental growth. Besides, the perks offered by PEMFC like low operational cost, enhanced reliability and operability, and quick maintenance are also adding market growth.
By application, the transportation segment will dominate the market over the forecast period for the widespread use of fuel cell technology in heavy-duty operations like public transport especially in the APAC region.
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Regional Analysis
APAC to Have Lions Share in Fuel Cell Technology Market
The APAC region will hold the lions share in the fuel cell technology market over the forecast period. Highest demand for fuel cell technology, the adoption of fuel cell-powered vehicles, constant innovation and investments, China being the hub for fuel cell facilities, the growing awareness about renewable energy being high, utmost contribution coming from China, Japan accepting to add 50000 fuel cell utilities, advances in fuel cell technology, and increasing power generation from cleaner energy sources are adding to the global fuel cell technology market growth in the region. Besides, the ENE-FARM program in Japan that has driven the use of SOFCs and PEMFCs for micro-CHP applications, plans and supporting policies for fuel cell systems for transportation application in South Korea and China, well performing economy, numerous infrastructural and technological developments, strong automotive sector that is supported by the growing automotive manufacturing industry in South Korea, China, and India, significant disposable income among the populations of Australia and Japan, the presence of a strong automotive sector, surging number of passenger car manufacturers, Japan, South Korea, China, and India being the leading vehicle manufacturing countries are also adding to the global fuel cell technology market share.
Industry Updates
Leading auto maker Hyundai Motor Group is all set to turn into a hydrogen energy player by 2040, offering hydrogen-based mobility solutions for industrial and automotive sectors and launch a variety of hydrogen fuel cell electric vehicles.
