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Global Fuel Cell Market Size Worth USD 29.36 Billion in 2032 | Emergen Research

Emergen Research
Emergen Research

Rising demand for fuel cell vehicles is a major factor driving Fuel Cell Market revenue growth.

Vancouver, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The global Fuel Cell (FC) market size is expected to reach USD 29.36 Billion in 2032 and register a steady revenue CAGR of 26.0% during the forecast period, according to latest analysis by Emergen Research. Advancements in Research & Development (R&D) for fuel cells and government rebates is a key factor driving market revenue growth. Fuel cells use the chemical energy of hydrogen to produce electricity efficiently. These cells need not be periodically recharged like batteries instead should continue to generate electricity as long as a fuel source is provided.

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For instance, on July 10, 2023, the U.S. Department of Energy (DOE) announced that small businesses would be eligible to receive funding totaling USD 72 million for Research & Development (R&D) and demonstration projects in the areas of science, renewable energy, and climate change. This grant covers 43 hydrogen and fuel cell projects worth a combined USD8.6 million that are scattered throughout 16 states. The declaration demonstrates Biden-Harris administration's unwavering commitment to advancing America's standing as a global leader in science and developing cutting-edge climate solutions, both of which are necessary to achieving the president's goals of a carbon-free grid by 2035 and net-zero emissions by 2050.

However, high cost of catalysts used in fuel cells is a key factor, which could restrain market growth. Some of the most widely used fuel cells are Direct Methanol Fuel Cell (DMFC), Phosphoric Acid Fuel Cell (PAFC), and Proton-Exchange Membrane (PEM), which rely on rare-earth metals, such as platinum, to speed up the reaction rate. Research indicates that the cost of platinum was about USD 1.500 per troy ounce. The cost of the catalysts used by fuel cell amounts for around 26% of the total cost when 1,000 systems are produced each year. In the next years, it is expected that high cost of catalysts would impede the advancements of fuel cell technology.

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Scope of Research

Report Details

Outcome

Market Size in 2022

USD 2.90  Billion

CAGR (2023–2032)

26.0%

Revenue Forecast To 2032

USD 29.36 Billion

Base Year For Estimation

2022

Historical Data

2019–2021

Forecast Period

2023–2032

Quantitative Units

Revenue in USD Million and CAGR in % from 2023 to 2032

Report Coverage

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

Segments Covered

Type, size, application, end-use, and region

Regional Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Country Scope

U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa

Key Companies Profiled

Bloom Energy, Doosan Fuel Cell Co., Ltd., Aisin Corporation, Plug Power Inc., Kyocera Corporation, Ceres, Cummins Inc., Powercell Sweden AB, Toshiba Corporation, and Ballard Power Systems

Customization Scope

10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global fuel cell market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective fuel cell. Some major players included in the global Fuel Cell (FC) market report are:

  • Bloom Energy

  • Doosan Fuel Cell Co., Ltd.

  • Aisin Corporation

  • Plug Power Inc.

  • Kyocera Corporation

  • Ceres

  • Cummins Inc.

  • Powercell Sweden AB

  • Toshiba Corporation

  • Ballard Power Systems

Strategic Development

  • On 29 November 2021, Alstom signed a partnership agreement with Liebherr - Aerospace & Transportation SAS, a French business that specializes in the production of fuel cell compressors. This agreement aims to improve fuel cells' dependability and durability, increase their power density, and lower the price of such technologies in order to optimize hydrogen systems.

  • On 9 May 2023, GE Power Conversion signed a contract with Nedstack Fuel Cell Technology to continue working together to develop maritime fuel cell solutions. The deal is a continuation of a prior cooperative work agreement. A cruise provider's technical and financial assessment of decarbonization options benefited greatly by feasibility support from a pilot project for a large-scale maritime fuel cell application. GE Power Conversion and Nedstack Fuel Cell Technology are excited about the chance to continue their collaboration and actively provide alternative marine fuel and electric power technological solutions to the larger commercial marine industry.

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Some Key Highlights from the Report

  • Proton-Exchange Membrane Fuel Cell (PEMFC) segment is expected to account for largest revenue share in the global fuel cell market over the forecast period. This is due to increasing use of PEMFCs to power tiny electronic gadgets, automobiles, buses, and submarines in addition to fixed power generation systems. A Proton Exchange Membrane (PEM) fuel cell is made up of an electrolyte membrane, an anode, and a cathode. Hydrogen is oxidized at the anode, while oxygen is reduced at the cathode.

  • The residential segment is expected to register steadily fast revenue growth rate in the global fuel cell market over the forecast period. This is because uninterrupted energy is becoming more crucial due to the high standard of living and increasing energy requirements of residences. As a result, systems are required that will provide the energy needed if the fuel cell is not connected to the grid and function as backup systems when the fuel cell is connected to the grid.. For this purpose, a hydrogen-powered fuel cell system can be employed.. Alternatively, harnessing hydrogen energy at home is a different approach, especially for supplying the necessary power to permanent or portable equipment.

  • The North America market accounted for largest revenue share in the global fuel cell market in 2022 owing to increasing investments and partnership activities in the region. For instance, Stadler Rail, rolling stock manufacturer contracted with Ballard Power Systems to provide fuel cell engines for the country's first hydrogen-powered train. Ballard will provide six 100kW FCmove-HD+ fuel cell engines. The arrangement was made when Stadler received a contract from the San Bernardino County Transportation Authority (SBCTA) for provision of a FLIRT H2 type train. This agreement also provides for four more trains. In 2024, the train, which has room for over 100 passengers, will start operating in San Bernardino, California.

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For the purpose of this report, Emergen Research has segmented the global fuel cell market on the type, size, application, end-use, and region:

  • Type Outlook (Revenue, USD Billion; 2019–2032)

    • Proton Exchange Membrane Fuel Cell (PEMFC)

    • Solid Oxide Fuel Cell (SOFC)

    • Phosphoric Acid Fuel Cell (PAFC)

    • Alkaline Fuel Cell (AFC)

    • Microbial Fuel Cell (MFC)

    • Direct Methanol Fuel Cell (DMFC)

    • Other Types of Fuel Cells

  • Size Outlook (Revenue, USD Billion; 2019–2032)

    • Small Scale (Up to 200 KW)

    • Large Scale (Above 200 KW)

  • Application Outlook (Revenue, USD Billion; 2019–2032)

    • Portable

    • Stationary

      1. Primary

      2. Back-Up

      3. Combined Heat & Power (CHP)

    • Fuel Cell Vehicles

      1. Passenger Light Duty Fuel Cell Vehicles

      2. Fuel Cell Buses

      3. Fuel Cell Trucks

      4. Others

  • End-use Outlook (Revenue, USD Billion; 2019–2032)

    • Residential

    • Commercial & Industrial

    • Transportation

    • Data Centers

    • Military & Defense

    • Utilities & Government/Municipal Institutes

  • Regional Outlook (Revenue, USD Billion; 2019–2032)

    • North America

      1. U.S.

      2. Canada

      3. Mexico

    • Europe

      1. Germany

      2. UK

      3. France

      4. Spain

      5. BENELUX

      6. Rest of Europe

    • Asia Pacific

      1. China

      2. India

      3. Japan

      4. South Korea

      5. Rest of APAC

    • Latin America

      1. Brazil

      2. Rest of LATAM

    • Middle East & Africa

      1. Saudi Arabia

      2. UAE

      3. Israel

      4. Rest of Middle East & Africa

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