Global Fuel Cell Market Report 2022: Increased Efforts to Augment Hydrogen Fueling Stations & Increased Adoption of Fuel Cells for Backup Power in Data Centers Presents Lucrative Opportunities

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Aug 04, 2022, 12:30 ET

DUBLIN, Aug. 4, 2022 /PRNewswire/ -- The "Global Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and is projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. The market has a promising growth potential due to several factors, including the stringent norms on GHG emission across the globe, increasing R&D grants, increasing need of energy efficient power generation, and spur in demand of public as well as personal fuel cell electric vehicles.

Stationary, The largest segment of fuel cell market, by application

In the stationary application of fuel cells, the output required can be as high as multi megawatts (MW) or as low as less than 1 kW. Fuel cells with larger capacities are larger in size as well. These fuel cells can further be used for capacity addition and carbon capturing operations in a thermal power plant. Thus, the use of fuel cells consequently helps in reducing the carbon footprint in the residential, commercial, and industrial sectors.

Transportation: The largest segment of fuel cell market, by end user

The rising demand for personal mobility and increased concerns for low emission vehicles are driving the growth of the transportation end user. Several FCEV models, such as the Toyota Mirai, Honda Clarity, Mercedes Benz GLC FCEV, Nissan X-Trail FCEV, and Riversimple RASA are available in the market. Realizing the significant potential in the passenger light duty market, various companies are planning to launch new models in the coming years.

Asia Pacific: The largest region in the fuel cell market

Asia Pacific is one of the leading markets which is continuously shifting its focus towards green and renewable technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt fuel cell technology.

Market Dynamics
Drivers

Rise in the Demand for Fuel Cell Vehicles
Advancements in Research & Development on Fuel Cells and Government Rebates
Stringent Emission Norms in Europe and North America Leading to Demand for Clean Energy Sources
Faster Refueling of FCEVs Compared to BEVs

Restraints

High Cost of Catalysts Used in Fuel Cells
Storage Issues Associated with Using Hydrogen as Fuel
High Initial Investments in Hydrogen Fueling Infrastructure

Opportunities

Increased Efforts to Augment Hydrogen Fueling Stations
Rise in Distributed Power Generation and Combined Heat & Power Applications Across Regions
Increased Adoption of Fuel Cells for Backup Power in Data Centers
Growing Investments in Space Programs and Rising Utilization of Fuel Cells in the Military

Challenges

Water Management in Proton Exchange Membrane Fuel Cells
High Operating Temperatures and Start-Up Time of Solid Oxide Fuel Cells
High Cost of Fuel Cell Vehicles
Competition from BEVs and HEVs

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Fuel Cell Market, by Type

7 Fuel Cell Market, by Application

8 Fuel Cell Market, by End-user

9 Fuel Cell Market, by Size

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

13 Appendix

Companies Mentioned