Fuel Cell Market By Type, Application, Region By Demand and Top Key Players

Global Fuel Cell Market Research, Share, Size, Trends and Forecast Till 2024

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Fuel Cell Market Report By Type (proton exchange membrane fuel cells, solid oxide fuel cells, molten carbonate fuel cells, direct methanol fuel cells, phosphoric acid fuel cells and others), Application (stationery, transportation and portable), Region The global fuel cell market is expected to witness a robust growth in the upcoming years. This can be accredited to several initiatives implemented by the governments of Australia, Germany, Korea, Japan, etc. to increase the employment of hydrogen fuel cells in the production of automobiles and gas distribution systems so as to curb their carbon footprint.

Market Overview: IMARC Group’s latest study, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global fuel cell market reached a value of US$ 4.5 Billion in 2018. A fuel cell refers to an electrochemical energy conversion device which contains two electrodes. It also includes an electrolyte which carries ions between the electrodes and a catalyst to speed up the reaction. Owing to the advantages offered by fuel cells, such as easy maintenance, high operating time and better efficiency, they find applications in automobiles, data centres, forklifts, telecommunications, etc. Moreover, as modern fuel cells work on pure hydrogen, they emit negligible amount of greenhouse gases in comparison to diesel- or gas-based fuel cells which makes them environment-friendly in nature.

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Constant depletion of fossil fuels has led governments across the world to implement numerous policies and initiatives, and use sustainable energy alternatives. For instance, the Australian government has proposed to convert gas distribution system to clean hydrogen by 2030. Similarly, the German government aims to reduce greenhouse gas emissions by 40% till 2020 and has invested in hydrogen fuel cells for trains. Along with this, an increase in the number of fuel cell vehicles and buses in China, Japan and Korea has further broaden the growth prospects of the market. Additionally, employment of fuel cells reduces economic dependence on crude oil imports, thereby being financially beneficial to the countries.

Looking forward, the market value is projected to reach US$ 9.5 Billion by 2024, expanding at a CAGR of 13.2% during 2019-2024.

Global Fuel Cell Market Segmentation: Market Segmentation by Type o o o o o

Proton Exchange Membrane Fuel Cells (PEMFC) Solid Oxide Fuel Cells (SOFC) Molten Carbonate Fuel Cells (MCFC) Direct Methanol Fuel Cells (DMFC) Phosphoric Acid Fuel Cells (PAFC)

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Market Forecast

Sample Figure: Global: Fuel Cell Market Forecast: Sales Value (in Billion US$), 2019-2024

184.3

191.7

199.3

207.3

2019

2020

2021

2022

215.6

224.2

2023

2024

Market Segmentation

Report Description •

Others

Based on type, proton exchange membrane fuel cells dominate the market, holding the largest share.

Other types of fuel cells include solid oxide, molten carbonate, direct methanol and phosphoric acid.

Market Segmentation by Application • • • •

Stationary Transportation Portable Others

On the basis of application, the market has been segregated into stationery, transportation and portable. Currently, stationery applications account for the majority of the total market share, representing the largest segment.

Market Segmentation by Region •

North America

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Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description • • • •

Europe Asia Pacific Latin America Middle East and Africa

Region-wise, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • • • •

Ballard Power Systems Inc. Bloom Energy Corporation Toshiba Fuel Cell Power Systems Corporation FuelCell Energy Inc Plug Power Inc Nuvera Fuel Cells Inc AFC Energy plc

Market Segmentation

Report Description • • • • •

SFC Energy AG Mitsubishi Hitachi Power Systems, Ltd. Panasonic Corporation Intelligent Energy Limited Doosan Fuel Cell America Inc.

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