Analysis of the Global Fuel Cell Market Forecast to 2027 Using The Base Year of 2021

 Infinium Global Research’s recent report on the “Fuel Cell Market (By Type - Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell; By Application -Transport, Stationary, Portable) Global Industry Analysis, Trends, Size, Share and Forecasts to 2027”. The report also provides a comprehensive outline of the factors responsible for the growth of the market. The global fuel cells market size is projected to reach USD 14.29 billion by 2027 from an estimated value of USD 3.76 billion in 2021, growing at a CAGR of 24.95% during the forecast period.

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The fuel cell technologies for the next-generation hydrogen economy can be utilized with zero combustion. Its applications can replace most internal combustion engines, providing static and portable power. This technology has drawn the most attention because of its simplicity, viability, quick start-up, and it has been demonstrated as a valid solution for the generation of static and mobile electrical power. Actually, there are many technologies of fuel cells available on the market, and each one of those is characterized by the operative temperature range, the type of fuels which can be used, the type of catalyst used by the cell, and the efficiency ratio of the energy conversion.

Today, tens of thousands of fuel cell-powered forklifts operate in storage warehouses and distribution centers, working to keep food and other goods moving. In fact, Plug Power products now move approximately 30% of all retail foods and groceries in the United States, and that number is growing as more and more retailers elect to replace their traditional battery- and combustion-powered forklift fleets with hydrogen fuel cells. That’s because clean fuel cell power offers unique advantages that help to make supply chains more stable, robust, and secure. Hydrogen fuel cells can be up to 60% efficient, resulting in a more than 50% comparative reduction in fuel consumption. Battery-powered electric vehicles struggle to keep up in high-asset utilization cases, where fuel cell engines in electric vehicles are increasingly productive. These fuel cell vehicles have helped create a more reliable, and secure food supply chain. In fact, one could argue that tools like these are the reason why the food supply chain was merely strained by the COVID-19 pandemic, rather than being driven to collapse.

Proton Exchange Membrane Fuel Cell Dominates the Fuel Cell Market by Type

The fuel cell market based on type is categorized into Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, and Microbial Fuel Cell. Among these Proton Exchange, Membrane Fuel Cell dominates the fuel cell market. Proton Exchange Membrane fuel cell, in particular, thousands of Proton Exchange Membrane Fuel Cell were commercialized in leisure applications, such as boats and campervans, with similarly large numbers of micro fuel cell units being sold in the portable sector in toys and educational kits. Demand from the military also saw hundreds of Proton Exchange Membrane Fuel Cell portable power units put into service for infantry soldiers, where they provided power to communications and surveillance equipment and reduced the burden on the dismounted solider of carrying heavy battery packs. Proton Exchange Membrane Fuel Cell (PEMFC) units began to be sold in parts of India and East Africa to provide primary or backup power to mobile phone masts. 

Among different types of fuel cells, the PEMFC is a promising green energy conversion technology for both portable and stationary devices, as well as transportation applications. This is maybe due to its economic, high efficiency, low-temperature operation, zero or low emission, and rapid start-up.

The Government Joins Forces with Fuel Cell Industry to Collaborate on Transportation Technology Validation

U.S. Department of Energy DOE and Hyundai Motor Company announced a partnership to assess and validate the current status and performance of hydrogen and fuel cell technologies. This collaboration will include data collection and validation on five Hyundai NEXO fuel cell cars, as well as the installation of a Simple Fuel Unit to support refueling and identify infrastructure R&D gaps. This supports the agency's directive to maintain a comprehensive national energy strategy and collaborate with the industry to ensure America's transportation needs and challenges are met.

The key players in the fuel cell market are Ballard Power Systems, Cummins, Bloom Energy, Plug Power, SFC Energy, Fuel Cell Energy, Horizon Fuel Cells, Mitsubishi Hitachi Power Systems, Intelligent Energy, Toshiba Energy Systems, and Solution Corporation. The market players majorly focus on new product launches to strengthen their market position. For instance, in 2019, Plug Power launched a new product to enhance its line-up for hydrogen-based fuel cells. A ProGen 30kW engine provides a cost-effective solution to meet the needs of today’s electric vehicle (EV) use-case, including high utilization, extended runtimes, and reliable performance in harsh environments, rapid fueling, and zero emissions.

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During the Critical Time of COVID 19 to Prioritize the Supply of Electrical Energy to Meet Additional Energy Demand, the Fuel Cell is a Viable Sources of Green Energy Option

During the COVID-19 period, the number of new cases abruptly rose globally, which resulted in the hospitals became incapable of admitting all of the affected patients. Therefore, governments have had to erect mobile hospitals with beds and had to contain ventilators in order to supply an adequate amount of artificial ventilation for the patient. In addition, due to the work-from-home, people have to stay at home, which increasing the demand for electricity. Hence, sustainable renewable energy sources are needed to meet this growing energy demand, and one of the most viable sources of green energy is fuel cells.

The convention centers, hotels, College hostels, and stadiums have been turned into hospitals to cope with the stress of COVID-19 patient overflow. These temporary hospitals need a continuous power supply system. To meet this, need the California government has ordered the administration to provide a constant power supply to the additional hospitals built to deal with this disaster. In addition, Bloom Energy, one of the largest SOFC/fuel cell companies globally, has made a microgrid using the fuel cell system capable of powering a hospital with its makeshifts to accommodate the patient overflow. The company has already installed a 400-kW fuel cell-based microgrid to power a temporary hospital that contains almost 100 beds in California.

The Asia Pacific Holds the Largest Market Share in the Global Fuel Cell Market

The Asia Pacific holds a significant market share in the fuel cell market. The growing use of fuel cell-powered vehicles in the region is driving the growth of the fuel cell market. Japan is very strong in most areas of fuel cell technology, from fundamental science to applications and manufacturing. It has expertise in every fuel cell chemistry. Japan is the strongest region globally in terms of plans and linkages between government, research, and industry actors, who all meet and discuss these frequently. Many major corporations in Japan have hydrogen and/or fuel cell technology programs, and others have increasing interests in business models and technology exploitation.

Furthermore, Korea has a large market for stationary fuel cells, in particular, but does not have the mature native technology of the global leaders, other than perhaps in Hyundai, although there is a major investment in building Korean development, manufacturing, and installation capabilities. The Government has announced a US$2.3bn program for hydrogen research, development, manufacturing capability, infrastructure, and vehicles. Several of the large Korean players are looking to capitalize on a possible fuel cell future.

Moreover, North America growing with a healthy CAGR. The government initiatives to develop advanced fuel cell technology are contributing to the growth of the market. For instance, DOE and the Department of Defense (DoD) are working together to develop a first-of-its-kind advanced fuel truck technology concept known as H2Rescue. H2Rescue is a fuel cell hybrid truck designed for use by first responders and military personnel.

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the fuel cell.

=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2027.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.