Fuel Cell Market Size, Share & Trends Report

Fuel Cell Market Size, Share & Trends Analysis Report By Product (PEMFC, MCFC, PAFC, SOFC, AFC, MFC), By Components, By Fuel, By Size, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

Report ID: 978-1-68038-087-3
Number of Pages: 95
Format: Electronic (PDF)

Historical Range: 2018 - 2023
Industry: Energy & Power

Market Segmentation

Fuel Cell Product Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- PEMFC
- PAFC
- SOFC
- MCFC
- AFC
- Others
Fuel Cell Components Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- Stack
- Balance of plant
Fuel Cell Fuel Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- Hydrogen
- Ammonia
- Methanol
- Ethanol
- Hydrocarbon
Fuel Cell Size Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- Small-scale
- Large-scale
Fuel Cell Application Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- Stationary
- Transportation
- Portable
Fuel Cell End-use Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- Residential
- Commercial & Industrial
- Transportation
- Data Centers
- Military & Defense
- Utilities & Government
Fuel Cell Regional Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
- North America
  - North America Fuel Cell Market, By Product
    - PEMFC
    - PAFC
    - SOFC
    - MCFC
    - AFC
    - Others
  - North America Fuel Cell Market, By Component
    - Stack
    - Balance of Plant
  - North America Fuel Cell Market, By Fuel
    - Hydrogen
    - Ammonia
    - Methanol
    - Ethanol
    - Hydrocarbon
  - North America Fuel Cell Market, By Size
    - Small-scale
    - Large-scale
  - North America Fuel Cell Market, By Application
    - Stationary
    - Transportation
    - Portable
  - North America Fuel Cell Market, By End-use
    - Residential
    - Commercial & Industrial
    - Transportation
    - Data Centers
    - Military & Defense
    - Utilities & Government
  - U.S.
    - U.S. Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - U.S. Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - U.S. Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - U.S. Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - U.S. Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - U.S. Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Canada
    - Canada Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Canada Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Canada Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Canada Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Canada Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Canada Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Mexico
    - Mexico Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Mexico Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Mexico Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Mexico Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Mexico Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Mexico Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
- Europe
  - Europe Fuel Cell Market, By Product
    - PEMFC
    - PAFC
    - SOFC
    - MCFC
    - AFC
    - Others
  - Europe Fuel Cell Market, By Component
    - Stack
    - Balance of Plant
  - Europe Fuel Cell Market, By Fuel
    - Hydrogen
    - Ammonia
    - Methanol
    - Ethanol
    - Hydrocarbon
  - Europe Fuel Cell Market, By Size
    - Small-scale
    - Large-scale
  - Europe Fuel Cell Market, By Application
    - Stationary
    - Transportation
    - Portable
  - Europe Fuel Cell Market, By End-use
    - Residential
    - Commercial & Industrial
    - Transportation
    - Data Centers
    - Military & Defense
    - Utilities & Government
  - Germany
    - Germany Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Germany Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Germany Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Germany Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Germany Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Germany Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - UK
    - UK Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - UK Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - UK Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - UK Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - UK Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - UK Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - France
    - France Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - France Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - France Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - France Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - France Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - France Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Italy
    - Italy Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Italy Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Italy Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Italy Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Italy Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Italy Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Spain
    - Spain Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Spain Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Spain Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Spain Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Spain Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Spain Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
- Asia Pacific
  - Asia Pacific Fuel Cell Market, By Product
    - PEMFC
    - PAFC
    - SOFC
    - MCFC
    - AFC
    - Others
  - Asia Pacific Fuel Cell Market, By Component
    - Stack
    - Balance of Plant
  - Asia Pacific Fuel Cell Market, By Fuel
    - Hydrogen
    - Ammonia
    - Methanol
    - Ethanol
    - Hydrocarbon
  - Asia Pacific Fuel Cell Market, By Size
    - Small-scale
    - Large-scale
  - Asia Pacific Fuel Cell Market, By Application
    - Stationary
    - Transportation
    - Portable
  - Asia Pacific Fuel Cell Market, By End-use
    - Residential
    - Commercial & Industrial
    - Transportation
    - Data Centers
    - Military & Defense
    - Utilities & Government
  - China
    - China Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - China Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - China Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - China Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - China Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - China Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - India
    - India Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - India Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - India Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - India Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - India Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - India Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Japan
    - Japan Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Japan Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Japan Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Japan Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Japan Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Japan Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - South Korea
    - South Korea Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - South Korea Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - South Korea Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - South Korea Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - South Korea Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - South Korea Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Taiwan
    - Taiwan Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Taiwan Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Taiwan Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Taiwan Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Taiwan Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Taiwan Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Australia
    - Australia Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Australia Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Australia Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Australia Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Australia Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Australia Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
- Central & South America
  - Central & South America Fuel Cell Market, By Product
    - PEMFC
    - PAFC
    - SOFC
    - MCFC
    - AFC
    - Others
  - Central & South America Fuel Cell Market, By Component
    - Stack
    - Balance of Plant
  - Central & South America Fuel Cell Market, By Fuel
    - Hydrogen
    - Ammonia
    - Methanol
    - Ethanol
    - Hydrocarbon
  - Central & South America Fuel Cell Market, By Size
    - Small-scale
    - Large-scale
  - Central & South America Fuel Cell Market, By Application
    - Stationary
    - Transportation
    - Portable
  - Central & South America Fuel Cell Market, By End-use
    - Residential
    - Commercial & Industrial
    - Transportation
    - Data Centers
    - Military & Defense
    - Utilities & Government
  - Brazil
    - Brazil Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Brazil Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Brazil Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Brazil Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Brazil Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Brazil Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - Argentina
    - Argentina Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Argentina Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Argentina Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Argentina Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Argentina Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Argentina Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
- Middle East & Africa
  - Middle East & Africa Fuel Cell Market, By Product
    - PEMFC
    - PAFC
    - SOFC
    - MCFC
    - AFC
    - Others
  - Middle East & Africa Fuel Cell Market, By Component
    - Stack
    - Balance of Plant
  - Middle East & Africa Fuel Cell Market, By Fuel
    - Hydrogen
    - Ammonia
    - Methanol
    - Ethanol
    - Hydrocarbon
  - Middle East & Africa Fuel Cell Market, By Size
    - Small-scale
    - Large-scale
  - Middle East & Africa Fuel Cell Market, By Application
    - Stationary
    - Transportation
    - Portable
  - Middle East & Africa Fuel Cell Market, By End-use
    - Residential
    - Commercial & Industrial
    - Transportation
    - Data Centers
    - Military & Defense
    - Utilities & Government
  - Saudi Arabia
    - Saudi Arabia Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - Saudi Arabia Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - Saudi Arabia Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - Saudi Arabia Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - Saudi Arabia Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - Saudi Arabia Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - South Africa
    - South Africa Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - South Africa Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - South Africa Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - South Africa Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - South Africa Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - South Africa Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government
  - UAE
    - UAE Fuel Cell Market, By Product
      - PEMFC
      - PAFC
      - SOFC
      - MCFC
      - AFC
      - Others
    - UAE Fuel Cell Market, By Component
      - Stack
      - Balance of Plant
    - UAE Fuel Cell Market, By Fuel
      - Hydrogen
      - Ammonia
      - Methanol
      - Ethanol
      - Hydrocarbon
    - UAE Fuel Cell Market, By Size
      - Small-scale
      - Large-scale
    - UAE Fuel Cell Market, By Application
      - Stationary
      - Transportation
      - Portable
    - UAE Fuel Cell Market, By End-use
      - Residential
      - Commercial & Industrial
      - Transportation
      - Data Centers
      - Military & Defense
      - Utilities & Government

Fuel Cell Market Dynamics

Driver: Increasing Private-Public Partnerships

The deployment of hydrogen fuel to the existing application base as well as to scale it and to implement economically viable innovative technologies requires proactive participation of both the public and private companies. Governments globally are expected to catalyze the partnerships between public and private companies by funding research and offering suitable financing programs for the implementation of hydrogen fuel. Governments should also create a favorable environment wherein both the private and public companies attract investments for the increasing the adoption of fuel cells. The government can also lay down a robust regulatory and policy framework, which encourages investments in these technologies. For instance, Europe is witnessing an increase in the deployment and development of fuel cell systems due to the projects announced by the European Commission through organization such as Fuel Cells and Hydrogen Joint Undertaking (FCH JU). These projects aid in development of supportive hydrogen infrastructure for fuel cell vehicles in the major European countries. These factors are anticipated to propel market growth in Europe.

Driver: Reduced Environmental Impact

The direct generation of electricity from hydrogen and oxygen by fuel cells does not cause any emission of carbon dioxide or other pollutants. Hydrogen generation from electrolysis technology is termed as clean hydrogen manufacturing. Therefore, the increased use of fuel cells may decrease the dependency on conventional fuel resources, such as natural gas, coal, petrochemical derivatives, etc. Combined heat and power (CHP) system is an upcoming trend which provides both power and heat. In CHP, fuel cells use hydrogen and oxygen to produce heat, electricity, and water. If deployed on large scale, fuel cell can emerge as one of the sustainable alternatives which can aid to limit carbon emissions considerably, thus significantly reducing the environmental impact compared to that of other energy sources. Hybrid systems using traditional engines and fuel cells have been developed and are deployed in most of the fuel cell electric vehicles (FCEV). This helps in emission control as well as overall cost reduction. These factors will result in propelling the growth of the market over the forecast period.

Restraint: High Cost Of Fuel Cell Systems Resulting In High Cost Of Fcev

The effective total vehicle costs is impacted by the high cost of fuel cell systems. Inefficient electrolysis process to produce hydrogen is resource and energy intensive. The produced hydrogen needs to be compressed to be filled in a vehicle tank. These factors makes the fuel cell electric vehicle (FCEV) very much cost ineffective. The battery-operated electric vehicle (BeV) have higher efficiency than FCEVs., which further questions the usage of FCEVs. Direct use of energy produced from traditional resources is much more economical than the using it first for electrolysis and then using the fuel cell for further power generation. As per studies, electric cars can achieve overall Well-to-Wheel efficiency of 70-90% whereas fuel cell vehicles provide Well-to-Wheel efficiency in range of 25-35%. These factors can act as a restraint to market growth.

What Does This Report Include?

This section will provide insights into the contents included in this fuel cell market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Fuel cell market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Fuel cell market quantitative analysis

Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

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