The global fuel cell market was valued at USD 3.8 billion in 2018 and is anticipated to grow at a CAGR of 17.5% during the forecast period. A fuel cell is a device developed for generating electricity through a chemical reaction. A fuel cell comprises two electrodes namely anode and cathode, an electrolyte, and a catalyst. Fuel cells generate electricity with very little pollution as most hydrogen and oxygen used in generating electricity combine to form water.

The different kinds of fuel cell include Alkali fuel cells, Molten Carbonate fuel cells, Phosphoric Acid fuel cells, Proton Exchange Membrane (PEM) fuel cells, and Solid Oxide fuel cells among others. A PEM cell uses hydrogen gas and oxygen gas as fuel. The products of the reaction in the cell are water, electricity, and heat. Fuel cells are preferred over internal combustion engines, coal burning power plants, and nuclear power plants owing to reduced generation of harmful by-products.

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The growing need for energy efficiency, increasing energy costs, and rising demand for unconventional energy sources drive the market growth. There has been increasing adoption of power efficient energy systems, further supporting the industry growth. Stringent government regulations regarding energy use, and growing need for improved and resilient energy systems boost the adoption of fuel cells. Higher efficiency offered by fuel cells as compared to other power generating systems further propels the market growth.

Other factors driving the market include supportive government regulations and incentives, increasing awareness, growth in adoption of distributed power system, and technological advancements. Growing demand from emerging economies, rising shift and adoption towards green technologies, and increasing environmental concerns are expected to accelerate the adoption of fuel cell during the forecast period. Technological advancements in hydrogen storage, growing private and public investments, and increasing demand of fuel cell vehicles are factors expected to provide numerous growth opportunities in the global fuel cell industry in the coming years.

Segment Analysis

The global fuel cell market is segmented on the basis of type, application, and region. Based on type, the market is segmented into Solid Oxide Fuel Cells, Phosphoric Acid Fuel Cells, Proton Exchange Membrane Fuel Cells, Molten Carbonate Fuel Cells, and Others. The Proton Exchange Membrane Fuel Cells accounted for the largest share in the global fuel cell industry owing to high installation costs, high power to area ratio, increasing demand for electricity in remote areas, and growing adoption of fuel vehicles.

On the basis of application, the fuel cell industry is segmented into stationary, portable, and transport. The stationary segment accounted for the largest share in the global fuel cell industry owing to increasing demand from hospitals, offices, homes, telecommunication base stations, and data centers among others.

Fuel Cell Market Scope

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Regional Analysis

The report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., and Canada. Europe is divided into Germany, UK, France, Italy, Spain, Belgium, Russia, Netherlands, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, Korea, Singapore, Malaysia, Indonesia, Thailand, Philippines and Rest of Asia-Pacific.

Asia-Pacific generated the highest revenue in the global fuel cell industry in 2018, and is expected to lead the global market throughout the forecast period. The increasing awareness among consumers, and growing applications drive the market growth in the region. The increasing penetration of fuel cell electric vehicles, significant increase in power consumption, and increasing adoption of fuel cells in transport and stationary applications is expected to drive the growth in this region during the forecast period.

Competitive Landscape

The leading players in the report include Aisin Seiki Co. Ltd., Ceres Power Holdings PLC, Plug Power Inc., Panasonic Corporation, Ballard Power Systems, Inc., Nedstack Fuel Cell Technology, Horizon Fuel Cell Technologies, Intelligent Energy Limited, Mitsubishi Hitachi Power Systems, Ltd., and Toshiba Fuel Cell Power Systems Corporation. These leading players in the market are introducing innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.

Report Content

Qualitative Analysis

• Industry overview
• Industry trends
• Market drivers and restraints
• Market size
• Growth prospects
• Porter’s analysis
• PESTEL Analysis
• Value Chain Analysis
• Key market opportunities prioritized
• Competitive landscape
  • Overview
  • Financials
  • Product benchmarking
  • Latest strategic developments

Quantitative Analysis

• Market size, estimates, and forecasts from 2018 - 2026
• Market revenue estimates for type up to 2026
• Market revenue estimates for application up to 2026
• Regional market size and forecast up to 2026
• Company financials