Fuel Cell Market
According to a new report published by Allied Market Research, The fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.
What is a Fuel Cell?
Fuel cells are electrochemical devices that convert the chemical energy from fuels directly into electricity through a reaction with oxygen or another oxidizing agent. They offer a clean and efficient way to generate power, with applications in various fields, including transportation, stationary power generation, and portable power devices.
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Asia-Pacific fuel cell market share is expected to grow at the fastest rate, registering a CAGR of 19.7%, during the forecast period.
In 2020, Asia-Pacific dominated the global fuel cell market with more than 67.4% of the share, in terms of revenue.
The key players operating and profiled in the fuel cell industry report include Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC. Other players operating in the fuel cell market are Kyocera, Solid Power, Altergy, Horizon Fuel Cell, and others.
Transport is the rapidly growing segment in the global fuel cell market, and is expected to grow at a CAGR of 19.6% during 2021–2030.
Fuel cells are energy producing devices, which produce energy with the help of sustainable chemical reactions, which is expected to witness notable growth in the coming years.
This is due to the competitive advantages of fuel cells, such as enhanced efficiency, eco-friendly, and longer life span as compared to others.
Increasing applications of fuel cell in the transport sector, such as in cars and buses is expected drive the fuel cell market growth in the coming years.
Growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cell are some other driving factors of this market.
Some of the restraints associated with the fuel cell market are high price of catalyst use in it, which raise the price of fuel cell and lack of fuel cell infrastructure.
Based on product type, the Proton Exchange Membrane Fuel Cell (PEMFC) segment accounted for more than two-thirds of the global fuel cell market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 19.6% throughout the forecast period, due to rise in demand for clean power generation and increasing dependence on fuel cell-based transport applications.
Based on application, the stationary segment held nearly three-fourths of the global fuel cell market revenue in 2020, and is expected to lead the trail by 2030. Increase in demand for fuel cells from distributed generation facilities drives the segment growth.
Advantages
- Clean Energy: Minimal environmental impact due to low emissions.
- High Efficiency: Converts fuel to electricity more efficiently than traditional combustion processes.
- Scalability: Can be used in a variety of applications, from portable devices to large power plants.
Applications
- Transportation:
- Used in fuel cell vehicles (FCVs), buses, and trains, providing an alternative to battery-electric vehicles.
- Stationary Power:
- Powers homes, businesses, and remote installations, often in conjunction with renewable energy sources.
- Backup Power:
- Serves as a reliable backup power source for critical infrastructure.
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In 2020, the Proton Exchange Membrane Fuel Cells (PEMFC) segment accounted for about 74.4% of the share in the global fuel cell market, and is expected to maintain its dominance during the forecast period.
In 2020, the molten carbonate fuel cell (MCFC) segment is anticipated to grow at a rate of 18.0% in terms of revenue during the forecast period.
In 2020, the stationary segment accounted for 72.0% market share, and is anticipated to grow at a rate of 19.4% in terms of revenue during the forecast period.
Key Characteristics
- Types of Fuel Cells:
- Proton Exchange Membrane Fuel Cells (PEMFC): Common in vehicles, known for quick startup and high power density.
- Solid Oxide Fuel Cells (SOFC): Operate at high temperatures, suitable for stationary applications.
- Alkaline Fuel Cells (AFC): Used in space applications, offering high efficiency.
- Efficiency:
- Generally more efficient than combustion engines, with efficiencies ranging from 40% to 60%, and even higher in combined heat and power systems.
- Emissions:
- Produces only water and heat as byproducts when using hydrogen, making it an environmentally friendly option.
Covid-19 scenario-
The outbreak of the pandemic affected a number of industries and gave way to huge imbalance in the supply-demand chain, which in turn, decreased the demand for fuel cell, thereby impacting the global fuel cell market negatively, especially during the initial phase.
Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for fuel cells from consumers.
However, the fuel cell market is expected to recover by the end of 2021, as COVID-19 vaccination is made available in various economies across the globe, which is expected to improve the global economy.
