Industry Outlook of Fuel Cell Market 2023 Trends to 2030

 

Fuel Cell Industry Overview

The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment.

Gather more insights about the market drivers, restrains and growth of the Fuel Cell Market

Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the country. This has resulted in end users opting for clean energy technologies to comply with the mandate and limit their carbon footprint. Bloom Energy, one of the major fuel cell vendors in the U.S., provides its bloom energy servers for power generation application to aid commercial and industrial end users limit their carbon footprint.

For instance, in September 2023, FuelCell Energy, Inc. and Toyota Motor North America announced the completion of Tri-gen system at Toyota's Port of Long Beach operations. Tri-gen is an example of FuelCell Energy's ability to scale hydrogen-powered fuel cell technology. Such innovative ideas is expected to foster the demand of fuel cell market over forecast period.

Fuel cell market is a rapidly growing sector with a wide range of potential opportunities. The technology is constantly improving, with new materials and designs leading to increased efficiency and performance. This is making fuel cells more attractive for a wider range of applications. Transportation sector is one of the largest markets for fuel cells. Fuel cell electric vehicle (FCEVs) offer several advantages over battery-electric vehicles (BEVs), such as longer range and faster refueling times. As the cost of FCEVs comes down and the hydrogen infrastructure grows, the market for fuel cell vehicles is expected to boom. Companies operating in the market continuously launch new products in order to pace up with the growing fuel cell technology. For instance, in January 2024, Nikola Corporation launched 42 and wholesaled 35 Class 8 Nikola hydrogen-powered fuel cell electric vehicles (FCEVs) under HYLA brand for U.S. and Canada customers. The trucks are featured to run with a range of 500 miles with an estimated fueling time as low as 20 minutes.

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• The global battery market size was estimated at USD 118.20 billion in 2023 and is projected to grow at a CAGR of 16.1% from 2024 to 2030. The market is experiencing rapid growth, driven primarily by the increasing adoption of electric vehicles (EVs) and the expansion of renewable energy infrastructure.

• The global refrigerant market size was estimated at USD 14.26 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030.The industry is experiencing growth due to increased demand from various end-use sectors, particularly the commercial & industrial refrigeration industry.

Fuel Cell Market Segmentation

Grand View Research has segmented the global fuel cell market report based on product, components, fuel, size, application, and end-use, and region:

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
o US
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Spain
• Asia Pacific
o China
o Japan
o South Korea
o India
o Taiwan
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa

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Key Companies profiled:

• Ballard Power Systems
• Bloom Energy
• Ceres Power Holdings PLC
• Doosan Fuel Cell America, Inc.
• FuelCell Energy, Inc.
• Hydrogenics Corporation
• Nedstack Fuel Cell Technology B.V.
• Nuvera Fuel Cells LLC
• Plug Power, Inc.
• SFC Energy AG

Key Fuel Cell Company Insights

• In November 2023, Honda in association with General Motors displayed a prototype of its next-generation hydrogen fuel cell system at European Hydrogen Week in Brussels. The company is planning to expand its portfolio in fuel cell technology.
• In December 2023, General Motors and Komatsu announced to develop a hydrogen fuel cell power module for the Japanese construction machinery maker's 930E electric drive mining truck.
• In January 2023, Cochin Shipyard Limited initiated research activities for the development of a hydrogen-fueled electric vessel based on low-temperature proton exchange membrane technology.
• In January 2023, Advent Technologies collaborated with Alfa laval to explore the application of high-temperature proton exchange membrane fuel cells in marine applications.