Fuel Cell Market to be Worth $26.1 Billion by 2030 at CAGR of 19.9%: Grand View Research, Inc.

SAN FRANCISCO, April 5, 2023 /PRNewswire/ -- The global fuel cell market size is expected to reach USD 26.1 billion by 2030, exhibiting a CAGR of 19.9% over the forecast period, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.

Key Industry Insights & Findings from the report:

• The fuel cell market is highly consolidated with major companies accounting for over 80% of industry demand. Hydrogen is anticipated to lead the market owing to continuous R&D activities.
• North America is expected to emerge as a largest market in terms of fuel cell installation due to regulatory scenario, technological advancements, and investments by federal government. Hence, public-private partnerships is crucial for gaining technological advantage.
• Government regulations and initiatives for minimizing emission rates and capacity to make use of domestic energy sources are some of the factors propelling the demand for hydrogen power plants.
• China is projected to showcase significant growth as a result of majority of Chinese fuel cell manufacturers emphasize on developing proton exchange membrane fuel cells which implies incorporating fuel cells in various modes of transport.
• Key market players include Fuel Cell Energy, Inc.; Ballard Power Systems; Hydrogenics Corporation; SFC Energy AG; Nedstack Fuel Cell Technology B.V.; Bloom Energy; Doosan Fuel Cell America, Inc.; Ceres Power Holdings Plc; and Plug Power, Inc. Apart from these, several other automobile manufacturers are in the process of launching their fuel cell vehicles

Read full market research report, "Fuel Cell Market Size, Share & Trends Analysis Report By Raw Material, By Product (PEMFC, PEFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Fuel Cell Market Growth & Trends

North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.

Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.

Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas, and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles.

Fuel Cell Market Segmentation

Grand View Research has segmented the global fuel cell market on the basis of product, application, and region

Fuel Cell Market - Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• PEMFC
• PAFC
• SOFC
• MCFC
• Others

Fuel Cell Market - Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• Stationary
• Transportation
• Portable

Fuel Cell Market - Regional Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Asia Pacific
• China
• Japan
• South Korea
• Taiwan
• Australia
• Central & South America
• Brazil
• Middle East & Africa
• South Africa

List of Key Players of Fuel Cell Market

• FuelCell Energy, Inc.
• Ballard Power Systems
• Hydrogenics Corporation
• SFC Energy AG
• Nedstack Fuel Cell Technology B.V.
• Bloom Energy
• Doosan Fuel Cell America, Inc.
• Ceres Power Holdings PLC
• Plug Power, Inc.
• Nuvera Fuel Cells LLC

Check out more related studies published by Grand View Research:

• Fuel Cells In Aerospace And Defense Market - The global fuel cells in aerospace market size is expected to reach USD 1,618.33 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 30.6% from 2021 to 2028. Growing awareness regarding alternative sources of energy is one of the major factors contributing to the growth of the market.
• Biofuels Market - The global biofuels market size is expected to reach USD 231.2 billion by 2027, expanding at a revenue-based CAGR of 6.9%, according to a new report by Grand View Research, Inc. Rising environmental concerns and increase in various government policies by countries around the world to form regulations for the blending of biofuel has turned to be the key driver in broadening the market for biofuels.
• Liquid Biofuel Market - The global liquid biofuels market size is expected to reach USD 107.5 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a revenue-based CAGR of 6.4% during the forecast period. Rising oil prices have shifted the focus of end users toward biofuels as an alternative. Moreover, the initiatives taken by major economies including U.S., Brazil, and China for supporting liquid biofuel implementation through substantial tax rebates is expected to spur market growth.

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.