Fuel Cell Market

Fuel Cell Market Analysis and Opportunity Assessment by Source, Design, Application, Region, & Country – Forecast 2022 – 2032

Fuel Cells Market: Rising need for clean power generation benefitting market growth

Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00229 Format: PDF Pages: 320

Fuel Cell Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Fuel Cell Market was worth US$ 391.3 Mn and is expected to grow at a CAGR of 22.6% over the forecast period. The market is expected to hit US$ 3,001.6 Mn by 2032 end.

The main drivers of market expansion are the rising need for clean power generation with low or no emissions. The demand for fuel cells will also increase due to numerous laws and restrictions on carbon emissions shortly.

Examples of applications for fuel cells include uninterruptible power supply (UPS) systems, military power units, various electric appliances, combined heat and power (CHP) systems, submarines, and autos. Because it emits no pollutants, fuel cell technology is becoming increasingly popular as a heating source in commercial buildings. Over the following several years, this is probably to the global fuel cell market’s advantage.

Market Dynamic


The Paris Agreement and the cooperation of political leaders from all over the world in lowering their nations’ carbon footprints have given green and renewable technology a boost in the marketplace. Because they produce no emissions, fuel cells fall under the category of green and renewable technologies, and their use is increasing because of the regulations governing carbon emissions.

Governments worldwide are anticipated to assist the improvements by providing funds for different initiatives, including research and appropriate financing schemes. Having a strong regulatory and policy framework is crucial because government firms must provide an environment conducive to investment.


The expansion of the FCEV market may be hampered by the high cost of fuel cell technology. Investment risks such as capital and operational expenses and under-utilization of various facilities about FCEV are likely to hinder the growth further.

Fuel Cell Market

Market Segments Covered in Report

By Source:

  • Hydrogen-powered
  • Methanol powered
  • Biogas powered
  • Natural gas powered
  • Hydrocarbons powered

By Design:

  • Solid oxide fuel cell (SOFC)
  • Proton exchange membrane (PEM)
  • Molten carbonate fuel cell (MCFC)
  • Others

By Application:

  • Stationary power
  • Portable power
  • Transportation power
  • Specialty vehicles
  • Fuel cell electric vehicles
  • Auxiliary power units
  • Material handling equipment

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Which application segment of  Fuel Cell is expected to emerge as the largest?

The stationary power segment is expected to emerge as the largest application segment over the forecast period. Factors such as high efficiency and flexibility to use different fuels are expected to boost the growth of the stationary application segment.

Why is the proton exchange membrane design segment expected to dominate during the forecast period?

In terms of units, the proton exchange membrane fuel cell (PEMFC) market will dominate in 2021. The significant usage of PEMFC in stationary, transit and portable applications is principally responsible for the segment’s high market share.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.

  • Regarding units, Asia Pacific held the highest proportion of the worldwide fuel cell market in 2021. This is mostly because of Japan’s ENE-FARM program, which has encouraged using PEMFCs and SOFCs for micro-CHP applications there. The region’s fuel cell market has expanded due to laws and initiatives in China and South Korea that favor using fuel cell systems for transportation.
  • Due to supportive policies to reduce carbon footprint in the area and the availability of funds for fuel cell research and development, the North American fuel cell market maintained a sizable share in terms of capacity in 2020.

Competition Analysis

Because of the ongoing technical developments being brought by both established vendors and new competitors, the worldwide fuel cell industry is extremely competitive. Players in the market are focusing on fortifying their ties with system installers and considering merger and cooperation strategies to boost their position in the value chain and broaden their geographic reach.

Some of the key developments that have taken place in the Fuel Cell Market include:

  • In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed a contract to improve hydrogen fuel cell operation and maintenance capabilities. According to the terms of the agreement, the two businesses will collaborate to create a plan for technical training in hydrogen fuel cell operation and maintenance, as well as a nearby green hydrogen fuel cell project for distributed electricity.
  • In March 2022, At the HORIBA MIRA West Midlands location in the UK, Ceres and HORIBA MIRA formed cooperation for fuel cell testing and creating a Ceres fuel cell test facility.

A list of some of the key suppliers present in the market are:

  • Toshiba Corporation
  • Panasonic Corporation
  • Hydrogenics Corporation
  • Kyocera
  • AFC Energy
  • Ballard Power Systems, Inc.
  • Ceres Power Holdings PLC
  • Aisin Seiki Co. Ltd.
  • Ceramic Fuel Cells Limited
  • Doosan Corporation

Global Fuel Cell Market 2022-2032: Report Coverage and Highlights

  • Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
  • Key drivers, restraints, opportunities, and key emerging trends impacting market growth
  • Predictions on critical supply, demand, and technological trends and changes in consumer behavior
  • Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
  • Segment-wise, country-wise, and region-wise market analysis
  • Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
  • Key product innovations and regulatory framework
  • Covid-19 impact on the market and how to navigate
  • Strategic market analysis and recommendations on crucial winning strategies
Research ScopeDetails
Forecast period2022-2032
Historical data available for2017-2021
Market analysisUSD Million for Value and Tons for Volume, and CAGR from 2022 to 2032
Key regions coveredNorth America, Latin America, Europe, Asia-Pacific, Middle East, and Africa
Key countries coveredUS, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt
Key segments coveredBy Source, Design, Application, and Region
Customization scopeAvailable upon Request
Pricing and purchase optionsAvailable upon Request