Fuel Cell Market Estimated to Reach $9.1 Billion by 2027 Globally, at a CAGR of 26.0%, says MarketsandMarkets™

Chicago, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Fuel Cell Market size is expected to reach USD 9.1 billion by 2027, at a CAGR of 26.0% during the forecasted period, as per the recent study by MarketsandMarkets™. The emissions from vehicles account for more than 15% of the global greenhouse emissions. Hence, governments all over the world are finding alternative power sources for use in the transportation sector. The adoption of fuel cell vehicles (FCVs) in the sector is expected to increase in the near future, as there is zero owing to the absence of CO2 emissions during vehicle operation. Therefore, many automotive manufacturers are making considerable investments to incorporate fuel cell vehicles in their product offerings.

A key factor driving the growth of the fuel cell industry is government policies and incentives provided for fuel cells. States such as California, Delaware, and Connecticut in the US lead in fuel cell research programs and offer incentives and subsidies for fuel cell installations, leading to the adoption of SOFC and other fuel cells in the US. Earlier, fuel cells installed till December 31, 2016, were eligible for a tax rebate of USD 3,000/kW or 30% of the cost of the project in the US which was one of the market drivers in North America.

Browse in-depth TOC on "Fuel Cell Market”

331 - Tables
64 - Figures
321 - Pages

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Scope of the Report

Report Metric Details
Fuel Cell Market Size Values
  • CAGR 26.0%
  • USD 9.1 billion by 2027
  • USD 2.9 billion in 2022
Base Year 2022
Forecast Period 2022–2027s
Forecast Unit Value (USD Billion)
Segments Covered Type, Application, End-User, Size and Region
Geographic Regions Covered Asia Pacific, North America, Europe, and Rest of the World
Companies Covered Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), KYOCERA Corporation (Japan), Ceres (UK), Cummins Inc. (US), PowerCell Sweden AB (Sweden), TOSHIBA CORPORATION (Japan), Ballard Power Systems (Canada), SFC Energy AG (Germany). (Total 30 companies)

Increasing urge for cleaner transportation system by various government is contributing to the development of fuel cell for transportation purposes. Currently PEMFC is majorly employed for transportation application as it has a advantage of operating in low temperature. Major focus is shifting toward marine transportation. Fuel cell can be a good option as it is easy to carry liquid electrolyte than hydrogen in a marine vessel. Also, railway locomotives are gaining attraction in European countries based on fuel cell technologies. Japan is already using fuel cell based public transport and has pledged to increase the use of fuel cells. Additionally, the rise in the development of hydrogen refuelling stations is supporting the adoption of fuel cells. Major automobile manufacturers like as Honda (Japan), Toyota (Japan), and Nissan (Japan) are forming joint agreements with gas companies to develop a 100-station hydrogen highway within Japan
Commercial & Industrial segment is the fastest growing segment by fuel cell end user in the forecast period. Countries like Japan has made it mandatory for commercial sectors, power generators to reduce their carbon footprint either by adopting the renewable and green technologies or by purchasing the carbon credit. Hence, adoption of fuel cells in malls, hospitals, office buildings, sports centers can result in reliable electricity, decarbonisation, and long-term cost savings.

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As adoption of fuel cells rise in data centers, space programs, hydrogen refuelling stations, and distributed power generation, major players have an extensive end user pool to grow their business. As more and more governments are issuing decarbonisation mandates, major players can tap into these initiatives and grow their fuel cell businesses. Governments are also offering grants to conduct research in fuel cells for making them more cost effective & efficient, which opens up an opportunity for major players to accelerate their growth.

Asia Pacific is likely to emerge as the largest Fuel Cell Market

Asia Pacific is estimated to be the largest market for fuel cell during the forecast period. The Asia Pacific market is principally driven by government regulations on energy and climate, strict laws on emission of GHG. The increasing production of vehicles in China, Japan, and South Korea and the growing demand for electric vehicles, especially in China and Japan, are also expected to drive the Fuel Cell Market in the region.

Key Market Players

Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), Plug Power Inc. (US), Ceres (UK), Ballard Power Systems (Canada), and Powercell Sweden AB (Sweden) are the key players in the global Fuel Cell Market.

Recent Developments

  • In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement
  • In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells
  • In March 2022, Ceres and HORIBA MIRA entered into a partnership for fuel cell testing and development of a Ceres fuel cell test facility at HORIBA MIRA West Midlands site in UK.

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