The global fuel cell market size was US$ 4.3 billion in 2021. The global fuel cell market size is forecast to reach US$ 32.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 19.5% during the forecast period from 2022 to 2030.

The fuel cell is an electrochemical device that converts the chemical energy of a fuel (often hydrogen) and an oxidizing agent (often oxygen) into electricity through redox reactions. Fuel cells are different from most batteries in that they require a continuous supply of both fuel and oxygen (usually from air) to sustain chemical reactions. A battery obtains its chemical energy from metals and their ions, unlike fuel cells, because the metals are already present in the battery except in flow batteries. Fuel cells can produce electricity continuously for a long period, provided that fuel and oxygen are available.

Factors Influencing Market Growth

• The rising use of fuel cells in the transport sector, like in cars and buses, is forecast to fuel the global market growth.
• The rising demand for portable devices, government regulations that aim to limit pollution levels, and increasing efficiency of fuel cells are driving the global market. 
• Due to the high cost of catalysts used, fuel cells are getting more expensive, and a lack of fuel cell infrastructure, this factor may slow down the overall market growth.

Impact Analysis of COVID-19

Due to the COVID-19 pandemic, there was a temporary ban on import and export, manufacturing, and processing activities was implemented across many industries and electrical utilities, reducing demand for fuel cells from these customers. In addition, due to a lack of personnel, a pause in the development of new electric utility infrastructures, renewable power plants, grid networks, and other power plants, as well as a rise in the demand-supply gap, market growth has slowed the global market growth. As a result, the COVID-19 pandemic had a negative impact on the global market growth.

Regional Analysis

The Asia Pacific region accounted for the highest share in the market in 2021 and is forecast to maintain its position during the forecast period. As a result of the high consumer base, the rising development in the hydrogen sector, and the presence of prominent players. In addition, the rising demand for fuel cells in developing countries like China, Japan, India, and South Korea due to rising investment in renewable energy and growing demand for transport applications are fueling the market growth in the region.

Leading Competitors

The leading prominent companies profiled in the global fuel cell market are:

• Ballard Power Systems Incorporated
• Plug Power Incorporated
• FuelCell Energy, Incorporated
• SFC Energy AG
• Bloom Energy
• Doosan Fuel Cell America, Incorporated
• Ceres Power Holdings Plc
• Nedstack Fuel Cell Technology B.V.
• Intelligent Energy
• Nuvera Fuel Cells, LLC
• Other Prominent Players

Scope of the Report

The global fuel cell market segmentation focuses on Application, Product Type, and Region.

Segmentation based on Application

• Portable
• Stationary
• Transport

Segmentation based on Product Type

• Solid Oxide Fuel Cell (SOFC)
• Proton Exchange Membrane Fuel Cell (PEMFC)
• Molten Carbonate Fuel Cell (MCFC)
• Phosphoric Acid Fuel Cell (PAFC)
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America