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Fuel Cells Market by Type, Application, End-User, Region - Global Forecast to 2025

Fuel Cells Market by Type, Application, End-User, Region - Global Forecast to 2025

  • December 2020
  • 210 pages
  • ID: 5828410
  • Format: PDF
  • MarketsandMarkets


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The global fuel cells market size is projected to reach USD 848 million by 2025 from an estimated market size of USD 263 million in 2020, at a CAGR of 26.4%. The market has been analyzed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.

The transport segment is expected to be the fastest-growing market during the forecast period.
The fuel cells market, by application, is segmented into transport, portable, and stationary applications.Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water.

In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.
The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2020 to 2025. “
Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2019 and is expected to grow at the highest CAGR during 2020 to 2025 owing to their application in fuel cell-based vehicle operations.

Asia Pacific is expected to lead in the global fuel cells market.

Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe.The Asia Pacific market is driven by the growing use of fuel cell-powered vehicles in the region.

Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.
With the demand for electrical power, and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably.The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells.

Apart from the China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Stakeholders: Manufacturers:55.0%, Associations: 30.0%, Operators: 15.0%
• By Designation: Managers:60.0%, CXOs: 20.0%, and Executives: 20.0%
• By Region: Europe: 72.7%, North America: 18.2%, and Asia Pacific: 9.1%

The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: The global fuel cells market and the advances in fuel cell technology market is dominated by a few major players that have an extensive global and regional presence. The leading players in the advances in fuel cell technology industry are Ballard Power (Canada), Cummins (US) SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US).

Research Coverage:
The report defines, describes, and forecasts the global fuel cells market and the advances in fuel cell technology market by type, end-user, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.

The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.

These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the advances in fuel cell technology market.

Key benefits of Buying a Report:
1. The report identifies and addresses the key markets for fuel cell , which would help equipment manufacturers and raw material providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

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