Fuel cell market is estimated to grow at a CAGR of 20.0% during the forecast period. The major factors offering an opportunity for the growth of the market include the increasing demand for electric vehicles and government initiatives for the adoption of fuel-cell technology. As per the International Energy Agency (IEA), The global stock of electric passenger cars passed 5 million in 2018, which represents a rise of 63% from 2017. In 2018, China accounted for the largest share of nearly 45% of the global electric cars on the road, which is 2.3 million.
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Fuel cell vehicles are highly efficient as compared to traditional internal combustion engine vehicles. FCEV running on hydrogen generates no tailpipe emissions and emits only water vapor and warm air. Owing to the stringent emission regulations, the governments of countries are making efforts to adopt hydrogen-powered vehicles. For instance, the US Department of Energy has been conducting research to make hydrogen-powered vehicles an environmentally friendly, affordable, and safe transportation alternative. Under the Energy Policy Act of 1992, hydrogen is considered an alternative fuel and eligible for alternative fuel vehicle tax credits. Hyundai Motor Group, a South Korean automotive company is focusing on electric vehicles powered by hydrogen fuel cells. In addition, Honda Motor Co. Ltd. and Toyota Motor Corp. are also focusing on hydrogen FCEVs. By 2030, Hyundai Motor Group is intended to produce 700,000 fuel-cell systems, which includes 500,000 units for FCEVs. This, in turn, is expected to drive the demand for hydrogen fuel cells in electric vehicles.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Fuel Cell Market by Type
- Polymer Electrolyte Membrane Fuel Cell (PEMFC)
- Solid Oxide Fuel Cell (SOFC)
- Molten Carbonate Fuel Cell (MCFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Others (Alkaline Fuel Cell (AFC) and Direct Methanol Fuel Cell (DMFC))
Global Fuel Cell Market by Application
- Stationary
- Portable
- Transportation
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Acumentrics, Inc.
- AFC Energy plc
- Altergy Systems
- Ballard Power Systems Inc.
- Bloom Energy
- Ceres Power Holdings plc
- Doosan Fuel Cell America, Inc.
- FuelCell Energy, Inc.
- Fuji Electric Co., Ltd.
- Hydrogenics Corp.
- Hyundai Motor Co.
- Neah Power Systems, Inc.
- Nedstack Fuel Cell Technology BV
- Nuvera Fuel Cells, LLC
- Oorja Corp.
- Plug Power Inc.
- Proton Power Systems plc
- SFC Energy AG
- Shanghai Shenli Technology Co., Ltd.
- SOLIDpower S.p.A.
- Toshiba Corp.
- United Technologies Corp.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global fuel cell market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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