Fuel Cells Market to Exhibit a CAGR of 26.4% and Hit $848 million by 2025

Fuel Cells Market

The global fuel cells market with focus on advcens in fuel cell technology market size is expected to grow from estimated revenue of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4% during the forecast period. The market has been analysed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The growing demand for clean power generation in developed regions and the increased use of fuel cell-powered vehicles are some of the factors driving the growth of the  in fuel cell technology industry. 

Asia Pacific is estimated to be the largest market during the forecast period. Increasing emphasis on fuel cell-powered vehicles and electricity generation, coupled with numerous contracts and agreements for developing low-cost fuel cells, are driving the growth of the Asia Pacific in fuel cells market.

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In the fuel cells market, the key focus on advances in fuel cell technology is segmented by type, into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). The PEMFC segment is accounted for the major share of the market in 2019. This growth can be attributed to the increasing need for fuel cell-powered vehicles ranging from small passenger cars to heavy-duty trucks to minimize the carbon emissions from them, specifically in regions such as Asia Pacific and Europe. Collectively, all these factors offer lucrative business opportunities in the intelligent  in Fuel Cell Technology segment.

By application, the market is segmented into transport, portable, and stationary. The transport segment is expected to be the largest and fastest-growing market. Transport  in fuel cell technology mainly include fuel cell cars, heavy-duty vehicles such as trucks, buses, trains, unmanned ariel vehicles (UAVs) for commercial usage, and marine vehicles such as vessels and boats powered by fuel cells. The increasing use of  in Fuel Cell Technology is these industries is likely to drive the transport  in Fuel Cell Technology market.

The fuel cells market, based on end-user, have been categorized into fuel cell vehicles, utilities, and defense. Utilities and defense segments are divided further into primary power generation and back-up power, and for powering communication equipment during remote military operations, respectively. The fuel cell vehicles segment is expected to be the fastest-growing  in fuel cell technology market, by end-user, during the forecast period. The growth of the segment is influenced by the increasing focus on fuel cell-powered vehicles. This is expected to create new revenue pockets for the in fuel cell technology industry during the forecast period.

Key Market Players

The fuel cells market is dominated by both global and regional players, such as Ballard Power Systems (Canada), Cummins (US), SFC Energy (Germany), Bloom Energy (US), Plug Power (US), and Fuel Cell Energy (US).

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The major strategies adopted by the players include contracts & agreements, investments & expansions, mergers & acquisitions, and new product launches. New product launches were the most commonly adopted strategy from September 2017 to January 2020.

Ballard Power Systems offers key advancement in fuel cells based on Proton-Exchange Membrane (PEM) technology. One of the key focus of Ballard Power System’s product development division is fuel cell vehicles. For instance, Ballard Power signed more than eight contracts for providing its fuel cell technology with companies such as Behala (Germany), Norled A/S (Norway), Nisshinbo Holdings (Japan), Van Hool NV (Belgium). The company also has a strong emphasis on enhancing its product portfolio for fuel cell-powered vehicles and utilities. For instance, it launched four new products from December 2017 to June 2019 corresponding to fuel cell vehicles, with a particular focus on UAV and heavy-duty transport vehicles. The company also has a joint venture with multiple companies such as Nisshinbo Holdings and Wechai Power, among others, that helps in enhancing its operational presence in China. For instance, Ballard Power has signed a partnership with Wechai Power, which enables it to improve its manufacturing capabilities and also focus on multiple automotive research and product development programs.

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Plug power offers proton-exchange membrane (PEM)-based fuel cells. The key focus areas of the company for fuel cells include End user, such as backup power in the utilities and telecom sector, and propulsion requirements in the automotive sector. Due to the increased investments in fuel cell-powered vehicles in various regions, such as Asia Pacific, Europe, and North America, it is focusing on signing partnerships and contracts with various companies, including Charlatte America (US), MULAG (Germany), Workhorse (US), and FM LOGISTIC (France). The company is provider of alternative energy technologies, which focuses on the design, development, commercialization, and production of hydrogen and fuel cell systems. Moreover, the company manufactures and offers fuel cell products, particularly for stationary backup power applications. The company majorly operates through a single segment, where it provides commercially viable hydrogen and fuel cell product solution. The key operational regions of this company corresponding to fuel cells, include North America and Europe. It assembles the products at the manufacturing facilities in Latham (New York), Clifton Park (New York), and Spokane (Washington), and provides installation services at customer locations and service centers in Illinois and Ohio in the US.

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