Global Fuel Cell Market is expected to foresee significant growth. Asia Pacific to lead the growth
Global Fuel Cell Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Fuel cells are electrochemical devices which convert the energy of a chemical reaction directly into electricity, with heat as a by-product. They are similar in principle to primary batteries except that the fuel and oxidant are stored externally, enabling them to continue operating as long as fuel and oxidant (oxygen or air) are supplied. Fuel cells are a rapidly developing energy conversion technology offering higher efficiencies than conventional technologies, they also operate quietly and have a modular construction that is easily scalable.
The growth of Fuel Cell Market expanded significantly over recent years, underpinned by increasing GHG emissions, rising demand for fuel cell electric vehicles, and increasing public interest in sustainable and environmentally friendly products. For instance, as per IEA, 34,804 fuel cell vehicles (FCVs) of all types were in operation worldwide as of the end of 2020.
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Fuel cell technologies enable the highly efficient conversion of hydrogen into heat and power. Amongst other applications, fuel cells in the transportation sector can extend the portfolio of electric vehicles. Here, fuel cell vehicles present a decisive advantage in terms of refueling times over battery‐electric options, as hydrogen can be refueled in comparable time periods to conventional liquid fuels. Also, Fuel cell is basically small and modular in nature, which makes it perfect for use as power source in various applications ranging from electric vehicles to grid-connected utility power units.
Based on technology type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Microbial Fuel Cell (MFC). The Proton Exchange Membrane Fuel Cell (PEMFC) segment grabbed XX% market share of the Global Fuel Cell Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability.
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The unprecedented rise of the global health emergency caused by COVID-19 pandemic has negatively affected the financial conditions of different sectors and countries. Various countries across the globe have observed investment deficits owing to the halt in revenue-generating industrial operations. Additionally, several small and medium organizations have also been significantly impacted by the pandemic resulting in various problems such as no cash flows and unavailability of skilled professionals.
Moreover, the impact of the pandemic on global supply chains will affect hydrogen-based technologies, for which a coordinated supply chain and significant capital are required for the demonstration. According to IEA, current hydrogen demand from oil refining, steel manufacturing, and the chemicals sector has been impacted by the COVID-19 outbreak. According to IEA, gasoline consumption will reduce by 9%, diesel by 6%, and jet fuel by 26% in 2020, while the demand for key chemicals produced using hydrogen (such as methanol) has dropped by 7%.
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Additionally, the report provides detailed initiatives that are being taken in the field of Fuel Cell market. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific dominated the Global Fuel Cell Market, accounting for nearly xx% share in 2020 due to favorable government policies in countries, such as China, Japan, and South Korea, which are driving clean energy usage.
Global Fuel Cell Market Segmentation
Market Insight, by Technology Type
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
Market Insight, by Application
Market Insight, by End User
- Fuel cell vehicles
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Plug Power Inc.
- ITM Power Plc