Fuel Cell Market Size, Share & Trends Report

Fuel Cell Market Size, Share & Trends Analysis Report By Raw Material, By Product (PEMFC, PEFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), And Segment Forecasts, 2019 - 2025

  • Published Date: Sep, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-087-3
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 125

Industry Insights

The global fuel cell market size was estimated at USD 8.19 Billion in 2018, growing at a CAGR of 17.2% over the forecast period. Rising demand for unconventional energy sources is one of the key factors driving the market growth. Increasing private-public partnerships and reduced environmental impact propels the market demand.

Governments across the world are expected to supplement the developments by offering support in various forms such as funding research activities, and funding suitable financing programs. Developing a robust regulatory and policy framework is especially important as government enterprises need to provide an environment which is suitable for investment.

U.S. fuel cell market

Stationary fuel cells accounted for a share of 70% of the overall market. Factors such as flexibility to use different fuels, high efficiency and utilization of direct current are the key factors expected to propel the stationary fuel demand.

Favorable regulations by the governing bodies in developed economies and eco-friendly objectives to eliminate emission rates propels the market demand for hydrogen power plants in the forecast period. Rising emphasis by governments in matured economies such as Europe and U.S and adoption to technological advancements to replace electric grids is more likely to foster the market growth in the estimated time span.

Ongoing projects in the European market is anticipated to enable market participants to extend their product portfolio. Deploying cleaner technologies under a higher cost, challenges the innovative streak of most of the market participants. Use of fuel cell technology in various transportation modes is growing rapidly due to increase in research and developments for developing hydrogen powered vehicles.

Increasing public-private partnerships results into a faster adoption of hydrogen based applications. For instance, Bloom Energy signed MoU with GAIL (India) Limited to deploy fuel cell technology in India using Natural gas. Doosan Fuel Cell signed a deal with Samsung C&T Group and Korea Hydro & Nuclear Power to manufacture and deliver 70 fuel cells for a residential complex in Busan.

Fuel cells generate electricity directly from hydrogen and oxygen and hence the power generated does not result in emission of carbon dioxide or any other environmental pollutants. When hydrogen is formed under this method, small amount of harmful substances are released. However, high cost of fuel cell systems resulting in high cost of FCEV results in challenging the market growth. Investment risks such as capital & operational costs and under-utilization of various facilities pertaining to FCEV is likely to hinder the market growth.

Product Insights

Proton exchange membrane fuel cell (PEMFC) accounted for over 66.9% of the global units shipped in 2018. PEMFC is widely used in applications such as forklifts, automobiles, telecommunications, primary systems, and backup power systems. Versatility is a major factor slated to bolster their demand in the forecast period.

Solid oxide fuel cell (SOFC) is likely to emerge as a faster growing segment and is anticipated to grow at an estimated CAGR of 40.8% in the forecast period. All the components in SOFC are solid and hence the need for electrolyte loss is negated. Their ability to operate at high temperatures minimizes the need for costly catalysts such as ruthenium.

MCFC (Molten carbonate fuel cells) emerged as the largest product segment, registered a demand of 226 MW in 2018 and is anticipated to reach 873 MW by 2025. Since MCFC are widely used in large stationary power plants, they are expected to witness a steady growth in the forecast period.

Application Insights

Stationary fuel cells dominate the global market in terms of shipped units accounting for a revenue share of USD 5.3 billion in 2018. Versatile factors and high efficiency enables the stationary segment to maintain a leading position.

Global fuel cell market

Transportation segment is a fastest growing segment due to rising demand for fuel cell powered forklifts and increasing research and developments activities in mature economies of Europe. Portable fuel cells comprise applications such as personal electronics, portable products, laptops, mobile phones, APU, and consumer products.

Regional Insights

Asia Pacific holds a greater share in the global market in terms of volume.Japan is the major market in the Asia-Pacific region that deals in fuel cells followed by South Korea. Due to the large demand of Combined Heat and Power systems in Japan and other countries in this region, the market for fuel cells is slated to register a robust growth rate.

North America was the second-largest market for fuel cell market in 2018 due to commercialization and effective adoption of fuel cells for electric vehicles. European market will shift focus on public-private partnership to accomplish the target of turning a low carbon economy and maintain a higher competitive edge. 

Fuel Cell Market Share Insights

In order to deploy hydrogen fuel to the expanding application base and to implement economically viable new technologies, a proactive involvement and co-ordination between public and private companies will be required.

In recent years, the market has witnessed a number of public-private partnerships with an aim to synchronize action between stakeholders to secure funding. Also for the successful introduction of hydrogen-powered vehicles, several initiatives undertaken by automobile manufacturers, oil and gas suppliers and fuel cell producers in order to bear the investment risk.

Companies such as Ballard power systems, FuelCell Energy, Hydrogenics Corporation, Plug Power, Ceres Power, etc. have high integration throughout the value chain. These companies have established themselves as key manufacturers and have focused on research and development activities to develop cost effective fuel cell technology for automobile industry.

Mergers and acquisition, product launches are some of the key strategies adopted by market players. Ceres Power signed a development agreement with Honda R & D Co Ltd to develop solid oxide fuel cell stacks. This initiative helps the company to endorse its steel cell technology.

Some of the key players in the market include Fuel Cell Energy, Inc. Ballard Power Systems, Hydrogenics Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, Doosan Fuel Cell America, Inc. Ceres Power Holdings Plc, Plug Power, Inc. and Nuvera Fuel Cells LLC.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S. Canada, Mexico, Germany, UK, France, Spain, Italy, China, Japan, South Korea, Taiwan, Australia, Brazil, South Africa

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments covered in the report

This report forecasts revenue growth at regional and country levels, and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global fuel cell market based on product, application and region.

  • Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)

    • PEMFC

    • PAFC

    • SOFC

    • MCFC

    • Others

  • Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)

    • Stationary

    • Transportation

    • Portable

  • Region Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Spain

      • Italy

    • Asia Pacific

      • China

      • Japan

      • South Korea

      • Taiwan

      • Australia

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

Key questions answered by the report
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