Fuel Cell Market to increase by USD 13.63 billion between 2022 to 2027, The growing demand for efficient and clean energy sources to boost growth - Technavio

NEW YORK, Feb. 5, 2024 /PRNewswire/ -- The fuel cell market size is expected to grow by USD 13.63 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progressing at a CAGR of 23.29% during the forecast period. The fuel cell market is driven by the increasing demand for efficient and clean energy sources. This is because fuel cells offer reliable electricity generation with high efficiency and minimal emissions. They provide power through electrochemical reactions, emitting mostly water and heat, making them environmentally friendly compared to fossil fuels like coal, which contribute significantly to CO2 emissions.

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• The main challenge for the fuel cell market is its high cost, particularly in producing hydrogen fuel through electrolysis, which requires significant energy. Additionally, the construction and maintenance expenses for hydrogen fueling stations are considerable. Moreover, factors like the lack of infrastructure, expensive materials such as platinum catalysts, and limited economies of scale pose obstacles to market growth.

By Geography

• Europe is anticipated to contribute 33% to the global Fuel Cell Market growth, with North America showing steady growth, led by the US. The US accounts for the largest share of global shipments and offers state and federal incentives for clean energy technologies, reducing carbon footprints and ensuring reliable power sources, especially in mission-critical applications.

The fuel cell market is fragmented due to presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid fuel cell market is expected to grow rapidly during the forecast period due to the Growing demand for efficient and clean energy sources. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Doosan Corp., FuelCell Energy Inc., General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Intelligent Energy Ltd., KYOCERA Corp., Mitsubishi Heavy Industries Ltd., Niterra Co. Ltd., Panasonic Holdings Corp., Plug Power Inc., PowerCell Sweden AB, Proton Motor Fuel Cell GmbH, SFC Energy AG, Toshiba Corp., Watt Fuel Cell Corp., and Fuji Electric Co. Ltd.

Ballard Power Systems Inc. - The company offers fuel cells such as Fcgen Lcs Mea and FCveloCity 9SSL Mea.

By Product, the Proton Exchange Membrane Fuel Cell (PEMFC) segment is poised for significant growth during the forecast period. 

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Imperative Insights on the following aspects:

• What was the size of the global fuel cell market by value?
• What will be the size of the global fuel cell market in 2027?
• How has industry perform over last 5 years?
• What factor are affecting the strength of competition in the global fuel cell market?
• What main segments make up the global fuel cell market?

Applications 

The fuel cell industry encompasses various types such as proton-exchange membrane fuel cells (PEMFC) and fuel cell vehicles, offering sustainable energy solutions crucial for environmental preservation and mitigating climate change. It operates at the intersection of chemistry, physical sciences, and energy technology, providing innovative and eco-friendly energy development solutions vital for a sustainable future amidst growing environmental concerns.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Product Categories

Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio