WESTFORD, Mass., Aug. 1, 2024 /PRNewswire/ — According to SkyQuest, the global Fuel Cell Market size was valued at USD 2.90 Billion in 2022 and is poised to grow from USD 3.69 Billion in 2023 to USD 25.10 Billion by 2031, at a CAGR of 27.1% during the forecast period (2024-2031).
The global fuel cell market is set to boom remarkably in the coming years owing to multiple ongoing trends observed, including fuel cell vehicles, fuel cell stack integration, improved electrodes, nanotechnology, alternate fuel cells, and more. Earlier, the traditional battery-enabled power solutions were less efficient like stable energy in data centers, off-grid energy sources, heavy-duty vehicles, and more. Developing companies are currently leveraging cutting-edge solutions to manufacture highly efficient and durable solutions. With improvements in hydrogen production and storage, new fuel cell developments are allowing more feasible and sustainable power storage methods.
Global greenhouse gas emissions contain a significant amount of vehicle emissions. To curb this, governments of different nations are actively searching for alternative power solutions to be adopted in the transport industry. Hence, over the forecast period, the demand for fuel cell-based vehicles is projected to rise noticeably.
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Fuel Cell Market Overview:
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Report Coverage |
Details |
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Market Revenue in 2023 |
USD 3.69 Billion |
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Estimated Value by 2031 |
USD 25.10 Billion |
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Growth Rate |
Poised to grow at a CAGR of 27.1% |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Size, Fuel, Type, Component, Application, and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Increased Use of Fuel Cells in Data Centers in Backup Power |
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Key Market Drivers |
Mounting Demand for Fuel Cell Vehicles |
Segments covered in Fuel Cell Market are as follows:
- Type
- Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell, Direct Methanol Fuel Cell, Others
- Size
- Large Scale, Small Scale
- Fuel
- Hydrogen, Ammonia, Methanol, Others
- Component
- Stack (Cells, Interconnects, End Plates, Sea Plants, Others), Balance of Plant (BOP)(Heat Transfer Components, Power Electronics & Control Systems, Instruments & Sensors, Fuel Reformers/Desulfurizers, Others)
- Application
- Automotive, Non-Automotive, Power, Others
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Hydrogen Segment to Lead to Increased Spending for Better Attributes of Hydrogen
The hydrogen segment held the majority share of the market supported by growing spending for the storage, infrastructure, and production of hydrogen. Besides, mounting demand in fuel cell vehicles, industrial uses, and stationary power generation is anticipated to aid the market growth.
However, the methanol segment is the fastest growing segment and will lead in the coming years. Methanol fuel cells are gaining popularity in numerous applications like backup energy systems. Electronic devices, and more. Also, methanol is readily available, can be transported easily, and holds optimal energy density. This makes it ideal for fuel cell applications, thereby driving the market.
Intensified Demand in the Stationary Applications Due to its Attractive Qualities to Help Solid Oxide Fuel Cell Segment Lead
By type, the solid oxide fuel cell is expected to be the dominating segment over the forecast period. The key reason behind the growth of the segment includes its compact design, which requires slow start time. This is essential mainly in stationary energy applications. It is prominently used owing to its simple design.
Conversely, Proton Exchange Membrane Fuel Cell is expected to be the fastest-growing segment owing to its expanding demand in vehicles. This type of fuel cell is heavily demanded by fuel cell vehicles, and the trend is expected to grow in the future. This mounting demand will greatly drive the fuel cell market.
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Growing Shift Towards Clean Transport to Propel the Transport Segment Remarkably
By application, the transport segment is the dominating segment and is expected to lead over the forecast period as well. The reason for the segment’s larger growth is attributed to the growing shift towards cleaner transport worldwide. Many countries are heavily investing in zero-emission that will propel the transport segment in the future, thereby impacting the growth of the fuel cell market.
The stationary segment is projected to be the fastest-growing segment on the back of its wide use in applications including UPS, data center, and more. The use is expanding at a speedy pace among investment in green energy and zero-emission targets.
Consumer Demand and Government Guidelines to Amplify the Use of Fuel Cell-Based Vehicles
With strong inclination on zero-emissions transport supported by consumer demand as well as government regulations, the fuel cell market is anticipated to prosper in the coming years. The fuel cell-based vehicles are seeing early advances mainly for passenger cars by the leading players in the industry. Moreover, heavy-duty industry offers increasing opportunities with fuel-based buses and trucks that do not need refueling in short intervals. Apart from just the on-road cars, more potential will be seen in zero-emission trains and in marine applications.
Related Report:
Hydrogen Energy Storage Market
Hydrogen Fuel Cell Vehicle Market
Electric Vehicle Charging Infrastructure Market
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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