Fuel Cell Market Analysis Report By Raw Material, By Product, By Application And Segment Forecasts From 2020 To 2027

Report ID: MN17612976  |  Published: September 2020  |  No of Pages: 95
Format: Electronic (PDF)  |  Industry: Energy Storage

Industry Insights

The global fuel cell market size was USD 10.48 billion in 2019. The market is estimated to expand at 15.5% CAGR from 2020 to 2027. The rising demand for unconventional energy sources is fueling the product demand. Further, increasing partnerships between private and public authorities are anticipated to supplement product demand. Governments worldwide are providing financial support to develop fuel cell technology. Moreover, favorable government regulations are projected to play a key role in the development of fuel-cell technology.

By volume, stationary fuel cells held a 70% share in the market in 2019. Key factors attributing to the growth of this segment include high efficiency, use of direct current, and different use. The segment is anticipated to maintain its dominance from 2020 to 2027.

U.S. fuel cell market

Several ongoing projects across Europe are anticipated to drive the innovation and new product launch. The high cost involved in the deployment of cleaner technology is challenging for industry participants. With the rise in the investment in hydrogen-powered automobiles, the demand for fuel-cell-powered vehicles is anticipated to gain traction over the next few years.

Rising public-private partnerships (PPP) in the sector are leading to the increased use of hydrogen-based technologies. For example, Bloom Energy signed an agreement with GAIL (India) to develop natural gas-powered fuel-cell technology. Similarly, Doosan Fuel Cell collaborated with Korea Hydro & Nuclear Power and Samsung C&T Group to develop around 70 fuel cells to be used in residential applications.

As fuel cell usage oxygen and hydrogen to generate power, it does not produce carbon dioxide emission. However, when hydrogen is formed using this method, a small number of harmful components are released. In addition, the high cost of fuel cell technology has resulted in increased costs for fuel cell electric vehicles, which in turn, is hampering the growth of the fuel cells market.

Application Insights

Based on application, stationary fuel cells held the largest share in the market in 2019. In the same year, the segment accounted for USD 6.9 billion of share in the market. Factors such as high efficiency and Product versatility are driving the growth of the segment. It is predicted that the segment would continue to lead the market over the next seven years.

On the other hand, the transportation division is anticipated to witness the highest growth over the forecast duration. The high growth is attributed to the increasing demand for forklifts powered by the fuel cell and rising expenditure in research and development. Besides, portable fuel cells are used in various consumer electronics such as laptops, APU, mobile phones, and consumer electronics.

Product Insights

Depending on the product, the Proton Exchange Membrane Fuel Cell (PEMFC) had more than 67% share by volume in the market in 2019. Various application of this segment includes automobiles, forklifts, primary systems, and telecommunications among others. Product versatility is a key factor anticipated to augment the product demand in the next few years.

Global fuel cell market

There are various development programs are running across the globe to develop advanced fuel-cell technology. The Department of Energy based in the United States offers funds to Solid Oxide Fuel Cell (SOFC) and Fuel Cell Technologies Office (FCTO) among others. Over the next few years, the Solid Oxide Fuel Cell (SOFC) is anticipated to grow considerably.

In 2019, Molten Carbonate Fuel Cells (MCFC) was the leading segment and accounted for 380 MW demand. Owing to its use in large power plants, it is estimated to gain significant traction over the forecast duration.

Regional Insights

Governments across the globe are providing funds to several organizations engaged in the development of fuel-cell technology. For example, the government of Canada allocated USD 43 million in 2017 to innovate in the field of clean energy. Such funding initiatives are anticipated to drive the fuel cell market in North America. On the other hand, governments across Europe are aiming to accomplish low carbon emissions through PPP.

APAC is anticipated to hold a significant share in the market from 2020 to 2027. Japan is one of the leading shareholders in the region seconded by South Korea. Increasing growth for Combined Heat and Power (CHP) is driving the growth of the market in the region.

Impact of COVID-19

Several countries across the world have witnessed a sharp decline in gross domestic production (GDP) owing to the COVID-19 outbreak, which has resulted in a drastic decline in the production of automobile vehicles, thereby, adversely affecting the market growth. On the other hand, key players operating in the market have reduced their spending on research & development, which in turn, has delayed the development of new technologies.

However, the impact of COVID-19 is estimated to be for the short to mid-term only. The increasing number of public and private partnerships is estimated to propel the growth over the forecast years. Further, financial help from the government is anticipated to boost the development of innovative fuel-cell technologies. 

Fuel Cells Market Share Insights

Proactive partnerships between the public sector and private companies are required in order to introduce economically feasible technologies. In the past few years, the number of PPP has increased considerably. In addition, manufacturers of the fuel cell, oil & gas, and automotive industries are undertaking various initiatives.

Throughout the vale chain, key companies like Hydrogenics Corporation, Ballard power systems, Ceres Power and Plug Power have increased integration. These companies are increasingly investing in research & development activities to introduce cost-effective technology for the automobile. Some of the key strategies adopted by the market players are new product launches and mergers & acquisitions. Major players operating in the market are Ceres Power Holdings Plc, Nuvera Fuel Cells LLC, Ballard Power Systems, Bloom Energy, Plug Power, and SFC Energy among others.

Report Scope



The base year for estimation


Actual estimates/Historical data

2016 - 2018

Forecast period

2020 - 2027

Market representation

Volume in Units, Capacity in Mega Watt, Revenue in USD Million, and CAGR from 2020 to 2027

Regional scope

North America, Europe, Asia Pacific, Middle East & Africa, Central & South America

Country scope

U.S. Canada, Mexico, Germany, U.K., France, Spain, Italy, China, Japan, South Korea, Taiwan, Australia, Brazil, South Africa

Report coverage

Capacity forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global fuel cell market report on the basis of product, application, and region:

• Product Outlook (Volume, Units; Capacity, MegaWatt; Revenue, USD Million, 2016 - 2027)
    • PEMFC
    • PAFC
    • SOFC
    • MCFC
    • Others

• Application Outlook (Volume, Units; Capacity, MegaWatt; Revenue, USD Million, 2016 - 2027)
    • Stationary
    • Transportation
    • Portable

• Regional Outlook (Volume, Units; Capacity, MegaWatt; Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
    • The Asia Pacific
        • China
        • Japan
        • South Korea
        • Taiwan
        • Australia
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa

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