The emissions from vehicles account for more than 15% of the global greenhouse emissions. Hence, governments all over the world are finding alternative power sources for use in the transportation sector. The adoption of fuel cell vehicles (FCVs) in the sector is expected to increase in the near future, as there is zero owing to the absence of CO2 emissions during vehicle operation. Therefore, many automotive manufacturers are making considerable investments to incorporate fuel cell vehicles in their product offerings.
The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%.
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A key factor driving the growth of the fuel cell industry is government policies and incentives provided for fuel cells. States such as California, Delaware, and Connecticut in the US lead in fuel cell research programs and offer incentives and subsidies for fuel cell installations, leading to the adoption of SOFC and other fuel cells in the US. Earlier, fuel cells installed till December 31, 2016, were eligible for a tax rebate of USD 3,000/kW or 30% of the cost of the project in the US which was one of the market drivers in North America.
Key market players
Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), Plug Power Inc. (US), Ceres (UK), Ballard Power Systems (Canada), and Powercell Sweden AB (Sweden) are the key players in the global fuel cell market.
Bloom Energy (US) held the majority of the global fuel cell market share in 2020. Bloom Energy is increasing its market presence and is in process of making a strong foothold across the global fuel cell market. Doosan Fuel Cell Co., Ltd. (South Korea) followed in second place in global fuel cell industry. Doosan Fuel Cell Co., Ltd. was spun off from its parent company Doosan group and since then its revenue in fuel cell market is witnessing a positive growth.
Plug Power Inc. which is a US based fuel cell supplier company. The company operates under single segment under which it offers hydrogen and fuel cell based solutions & products . The company recently expanded its services in US with inauguration of a innovation center.
This research report categorizes the fuel cell market based on Type, Application, End User, and Region.
Based on the type:
- PEMFC
- SOFC
- PAFC
- MFC
- AFC
- DMFC
Based on the application:
- Portable
- Stationary
- Fuel Cell Vehicles
Based on the end user:
- Commercial & Industrial
- Data Centers
- Transportation
- Military & Defense
- Residential
- Utilitis & Government/Municipal Institute
Based on the size:
- Small Scale
- Large Scale
Based on the region:
- North America
- Asia Pacific
- Europe
- Rest of the world
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Recent Developments
- In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement
- In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells
- In March 2022, Ceres and HORIBA MIRA entered into a partnership for fuel cell testing and development of a Ceres fuel cell test facility at HORIBA MIRA West Midlands site in UK.
