Global Fuel Cells Market- Industry Trends & Forecast Report 2027 - PDF document

Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 Global Fuel Cells Market - Industry Trends & Forecast Report 2027 Global Fuel Cells Market , By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), Microbial Fuel Cell (MFC)), By Application (Portable, Stationary, Transport), By End - Use (Fuel Cell Vehicles, Utilities, Defense), By Region (North America, Europe, Asia - Pacific (APAC), Latin America (LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that global fuel cells market was worth USD 264.2 million in 2020. It is estimated to grow at a CAGR of 26.2%, earning revenue of around USD 1,341.9 million by the end of 2027. Increasing dem and for portable devices and expanding production capacity of hydrogen fuel cell vehicles in developing countries are driving the global fuel cells market upwards. Furthermore, stringent government regulations in controlling the carbon emission in their re spective countries and developing unconventional energy sources infrastructure also propel the demand for fuel cells in the market. However, fuel cells require higher initial investments than their counterparts and have certain limitations, such as less du rability, which could hamper their growth. Report Overview Global fuel cells market is growing at a high CAGR because of the increasing demand for portable devices and expanding production capacities of hydrogen fuel cell vehicles in developing countries View report Press release Sample report Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 Global Fuel Cells Market - Industry Trends & Forecast Report 2027 Global fuel cells market was worth USD 264.2 million in 2020 and is further projected to reach USD 1,341.9 million by the year 2027, growing at a CAGR of 26.2% in the forecast period. Several factors are driving this market, such as increasing demand for unconventional sources of energy such as wind, tidal, solar, etc., and the requirement for a constant supply of electricity. Furthermore, the government and private expenditure for installing green energy infrastructure is also propelling the growth of the global fuel cells market. Source: BlueWeave Consulting Global Fuel Cells Market - Overview Fuel cells are a form of energy storage device that uses a pair of redox reactions to turn the chem ical energy of the fuel (typically hydrogen) and an oxidising agent (commonly oxygen) into electricity. They're commonly employed in commercial, residential, and industrial settings as primary and backup power sources. Additionally, hydrogen fuel cells are widely employed in spacecraft propulsion and are one of the most well - established methods for launching spacecraft into orbit. However, fuel cells are also very expensive. Global Fuel Cells Market Forecast and Trends Growth Drivers Increasing Penetration of Hydrogen Fuel Cells Hydrogen fuel cells are considered more efficient for electric vehicles as compared to their conventional counterparts. This is because it produces zero emissions and emits only water vapor and warm air. Therefore, leading EV manufacturers are increasingly shifting towards hydrogen fuel cells, which is likely to drive its market Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 growth in the forecast period. For instance, Hyundai Motor Group has announced its plans to develop hydrogen fuel cell versions of all its commercial vehicle models by the year 2028. The South Korean industrial giant also plans on introducing a ‘next - generation fuel cell system’ by 2023. Advancements in Fuel Cells Technology With the growing demand for fuel cells, man ufacturers are investing significantly in Research & Development to innovate and increase their potential. A lot of work is being done in developing advanced catalysts, which are the future of fuel cell technology. These developments are intended to lower fuel cell costs by reducing the use of precious metals and increase the longevity of fuel cells through new catalyst layer designs. The global fuel cells market is expected to benefit from such advances. Restraints High Initial Investment Involved in Fuel Cells It is extremely costly to extract hydrogen and develop fuel cells, which may act as a hindrance to the growth of the global fuel cells market. The catalysts in fuel cells are made with expensive raw materials, such as precious metals like platinum an d iridium, which ultimately increases the cost. Furthermore, hydrogen fuel cells also require government funding and support to become a viable energy source. These are the primary factors hindering the growth of the global fuel cells market. Impact of COV ID - 19 on Global Fuel Cells Market The sudden outbreak of COVID - 19 pandemic has severely impacted the global fuel cells market. Many manufacturing and production industries had their operations drastically curtailed as the nations prepared for lockdowns to stop the spread of the deadly virus. The transportation, portable, and stationary production processes were temporarily halted, resulting in a dramatic drop in fuel cell demand. One of the biggest end - user industries was hydrogen fuel cell vehicle manufact urers. The growth of the global fuel cells market is being hampered by supply chain interruptions and a standstill in the production, marketing, and final assembly operations of new hydrogen fuel - cell vehicles. Thus, the global fuel cells market had to suf fer significant losses due to constraints in operations and distribution channels. Global Fuel Cells Market - By Type Based on types, the global fuel cells market is segmented into proton exchange membrane fuel cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), alkaline fuel cell (AFC), and microbial fuel cell (MFC). Among these. the proton exchange membrane fuel cell (PEMFC ) segment holds the largest market share. This type of fuel cell is prominently used in several industries such as transport, defense, stationary, etc. On the other hand, the PEMFC segment is also flourishing at a high Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 rate as it works purely on hydrogen, oxygen, and water and requires a comparatively low temperature to operate. Global Fuel Cells Market - By End - User Based on end - users, the global fuel cells market is segmented into fuel cell vehicles, utilities, and defense. The fuel cell vehicles segment accounts for the largest market share among all the segments. The increasing environmental concern towards carbon emission is opening lucrative growth opportunities for fuel cells vehicles which are expected to propel the demand for fuel cells in the comin g years. In addition, the utility sector is also rapidly adopting fuel cells as a result of favorable government initiatives aimed at developing unconventional energy sources. Global Fuel Cells Market - Regional Insights Geographically, the global fuel cel ls market is segmented into North America, Europe, Asia - Pacific, Latin America, Middle - East & Africa. Because of the established electric car manufacturing industry in growing economies such as China, India, Japan, and South Korea, the Asia - Pacific region dominates the fuel cells market. The rapid shift to renewable energy sources and the expansion of energy infrastructure due to government initiatives are driving the region’s fuel cell industry forward. On the other hand, North America is also catching up as the fastest - growing market. The high level of awareness of fuel cells propels the growth of this sector in North America. Source: BlueWeave Consulting Competitive Landscape The leading players in the global fuel cells market are Ballard Power Systems Inc., Cummins Inc., Horizon Fuel Cell Technologies Pte. Ltd, Mitsubishi Power Ltd, Toshiba Fuel Cell Power Systems Corporation, SFC Energy AG, FuelCell Energy Inc., Intelligent Energy Limited, Plug Power Inc., Nuvera Fuel Cells LLC, Proton Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 Power Systems PL C, ITM Power Plc, United Technologies, Hydrogenics, Fuji Electric India Pvt. Ltd., AFC Energy Plc, Nedstack Fuel Cell Technology B.V., Doosan Fuel Cell America, Inc., Ceres Power Holdings PLC, and other prominent players. The market is highly competitive a nd consolidated, with the presence of multiple players who are consistently focusing on introducing innovations and advancements into their products. The industry participants are also adopting competitive strategies like mergers, acquisitions, partnership s, collaborations, etc., to increase their product penetration in the regional market and expand their user base. Recent Developments  In September 2021, Eaton Corporation, an American - Irish power management company, announced its partnership with Ballard Fuel Cell Systems and the Department of Energy’s National Renewable Energy Laboratory (NREL) to develop the heavy - duty truck fuel market.  In September 2021, Hyson Motors, an American hydrogen truck maker, signed an agreement to supply 500 hydrogen fuel cel l electric trucks to a Shanghai - based logistics company. Scope of the Report Attributes Details Years Considered Historical data – 2017 - 2020 Base Year – 2020 Forecast – 2021 – 2027 Facts Covered Revenue in USD Billion Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 Product Service/Segmentation By Type, By Application, By End - Use, By Region Key Players Ballard Power Systems Inc., Cummins Inc., Horizon Fuel Cell Technologies Pte. Ltd, Mitsubishi Power Ltd, Toshiba Fuel Cell Power Systems Corporation, SFC Energy AG, FuelCell Energy Inc., Intelligent Energy Limited, Plug Power Inc., Nuvera Fuel Cells LLC, P roton Power Systems PLC, ITM Power Plc, United Technologies, Hydrogenics, Fuji Electric India Pvt. Ltd., AFC Energy Plc, Nedstack Fuel Cell Technology B.V., Doosan Fuel Cell America, Inc., Ceres Power Holdings PLC, and other prominent players. By Type  Proton Exchange Membrane Fuel Cell (PEMFC)  Phosphoric Acid Fuel Cell (PAFC)  Alkaline Fuel Cell (AFC)  Microbial Fuel Cell (MFC) By Application  Portable  Stationary  Transport By End - Use  Fuel Cell Vehicles  Utilities  Defense By Region  North America  Europe  Asia - Pacific  Latin America  Middle East & Africa Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027 About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us info@blueweaveconsulting.com Global Fuel Cells Market Growth Thriving: Projected to Grow at a CAGR of 26.2% by 2027