Fuel Cell Market Size to Hit USD 42.3 Billion by 2030

Published Date : 24, 2022

The global fuel cell market size was estimated at US$ 5.63 billion in 2021 and is projected to hit around US$ 42.3 billion by 2030, poised to grow at a CAGR of 25.1% from 2021 to 2030.

Demand for fuel cell remains strong in 2021. Some sales insight revealing the strong growth of fuel cell market during the past few years are listed below:

  • The global fuel cell market value is projected to reach at US$42.3 billion by 2030
  • The government in South Korea is planning to replace 26,000 CNG powered buses with fuel cell powered buses by 2030
  • South Korea surpassed US in terms of market share in the Fuel Cell Electric Vehicles
  • China captures around 94% of the global fuel cell buses and 99% of the fuel cell trucks
  • By volume, the stationery fuel cell segment captured around 70% of the market share in 2020

Fuel Cell Market

Leading Regions Market Review

Asia Pacific Insights

The nations like China and South Korea have significant contributions towards the growth of the global fuel cell market. Rapid industrialization in the Asia Pacific region has resulted in increased pollution levels. The rising government initiatives to fight against climate change and achieving zero carbon emission targets has significantly propelled the growth of the fuel cell market. China is the largest producer and consumer of the fuel cell and fuel cell vehicles in the globe. The huge government investments in replacing the traditional vehicles with the fuel cell electric vehicles have fueled the demand for the fuel cells in the region. The ENE-FARM Program in Japan has significantly driven the demand for the PEMFCs and SOFCs for the microchip applications. The rising awareness regarding the benefits of adopting hydrogen fuel is expected to further drive the growth of the Asia Pacific fuel cell market during the forecast period.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 5.63 Billion
Revenue Forecast by 2028 USD 27 Billion
Growth Rate from 2021 to 2030 25.1%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation
  • Product
  • Application
  • Region

 

What are the key trends in the Global Fuel Cell Market?

Growing consumer awareness among the consumers regarding the clean energy solutions and clean energy technology along with the implementation of strict government regulations pertaining to the adoption of the clean energy sources is significantly driving the growth of the global fuel cell market. Transportation industry is one of the leading contributors to the global carbon emission. The rising government initiatives to control carbon emission are boosting the penetration of the fuel cell vehicles in the transport industry across the globe. The technological advancements in the fuel cell technology is expected to decline the fuel prices, which will positively impact the market. Furthermore, the rising investments towards the development of charging networks and growing installation of mobile charging sources coupled with booming recreational industry is anticipated to be the key driver of the global fuel cell market. Furthermore, the rising demand for the portable fuel cells is growing rapidly owing to its lightweight, low operating cost, rapid charging, and longer run time.

What are the key challenges in the Global Fuel Cell Market?

The most prominent challenge for the fuel cell market is the lack of proper infrastructure in the current scenario. The lack of technologically advanced hydrogen infrastructure in numerous nations may restrict the market growth. Moreover, a high initial cost is involved in the acquisition of the fuel cell systems. The fuel cell systems are made using different components such as membrane electrode assemblies, bipolar plates, gaskets, and catalysts. These components are costly, which subsequently increases the cost of fuel cell systems. Therefore, the high capital investments and the lack of proper infrastructure are the major challenges that may restrict the growth of the fuel cell market during the forecast period.

North America Forecast the Strongest Growth Rate of during the Forecast Year (2021-2030)

North America is expected to witness a significant growth rate during the forecast period. The increasing government focus towards achieving zero emission targets is fostering the adoption of hydrogen fuel. The shifting preferences towards adopting hydrogen and fuel cell to curb carbon emissions from the transport industry is expected to boost the growth of the fuel cell market in North America. The US government’s policies regarding the fuel cell and hydrogen economy for achieving the zero emissions target is expected to drive the demand for the fuel cells. The rising needs for swiftly shifting towards the carbon-free economy and rising adoption of alternative fuel vehicles in the region is expected to boost the growth of the North America fuel cell market during the forecast period.

Top Fuel Cell Manufacturers in 2020

AFC Energy PLC, SFC Energy, ITM Power PLC, Hydrogenics, Fuji Electric India Pvt. Ltd, Proton Power Systems PLC, Plug Power Inc., Ballard Power Systems Inc., United Technologies, and Fuel Cell Energy Inc. are several prominent players operating in the global fuel cell market.

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