Fuel Cell Market to Garner US$ 4,570.68 Million, Globally, by 2027 at 26.8% CAGR: The Insight Partners

December 08 21:18 2021
Fuel Cell Market to Garner US$ 4,570.68 Million, Globally, by 2027 at 26.8% CAGR: The Insight Partners
The Insight Partners
Rising Growth Potential for EVs is Anticipated to Provide Growth Opportunities for Fuel Cell Providers

According to the latest market study on “Fuel Cell Market to 2027 – COVID-19 Impact and Analysis and Forecast by – By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), and Others); Application (Transport, Portable, Stationary); and End-User (Fuel Cell Vehicles, Utilities, Defense, Others),”the market was valued at US$ 709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027, growing at a CAGR of 26.8%.The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.

Strategic Insights        

Report Coverage

Details

Market Size Value in

 US$ 709.00 Million in 2019

Market Size Value by

 US$ 4,570.68 Million by 2027

Growth rate

 CAGR of 26.8% from 2020-2027

Forecast Period

 2020-2027

Base Year

 2020

No. of Pages

 215

No. Tables

 149

No. of Charts & Figures

 90

Historical data available

 Yes

Segments covered

 Type, Application, and End-User

Regional scope

 North America; Europe; Asia Pacific; Latin America; MEA

Country scope

 US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South  Korea, Saudi Arabia, Brazil, Argentina

Report coverage

 Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

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Rising Growth Potential for EVs is Anticipated to Provide Growth Opportunities for Fuel Cell Providers

At present, automotive manufacturers are inclined toward making automotive mobility more sustainable to reduce their impact on the environment. The major players in the automotive sector are focusing on investing in the production of electric vehicles. There have been notable collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles. With the changes in business strategies to introduce innovative technologies, the market is moving toward EV adaptation, which has compelled ICE vehicle manufacturers to shift their focus toward EVs with high voltage operating devices. With the rapid growth in the automotive sector, car manufacturers are also becoming careful while selecting energy distribution technologies to avoid battery-related accidents.

At present, there is increase in demand for an energy-efficient electric vehicle to reduce pollutions worldwide. Also, it is stated in the International Council on Clean Transportation (ICCT) that auto manufacturers have announced more than US$ 150 billion investments to achieve the production of 13 million electric vehicles by 2025. The shifting trend of vehicles from old conventional automotive vehicles to electric vehicles demands for electric circuit system, which drives the adoption of fuel cell. Thus, rapid growth in the automotive industry and increasing investment in the production of electric vehicles are the major factors offering opportunity for the global market players to expand their businesses.

Impact of COVID-19 Pandemic on Fuel Cell Market

The COVID-19 outbreak has been affecting every business globally since December 2019. The rapid spread of the virus has urged governments across the world to impose strict restrictions on the movement of humans and vehicles. Earlier, in the first quarter, the global automotive industry was suffering serious disruptions due to supply chain breaks, technology events cancellations, and factory and office shutdowns, as a result of COVID-19 outbreak. The automotive industry is facing the biggest existential crisis, with 97% of the light vehicle manufacturing plants in North America and Europe are temporarily shut down. 

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Growing Need to Lower Dependency on Oil and Fuel

Over the recent years, there has been a global augmentation in the demand of fuel cell technology. Conventional petroleum and fuels have incrementally created severe ecological concerns owing to excessive emissions of CO, CO2, NOx, and SOx. Fuel cells serve as an alternative energy source to the conventional energy source, and thereby reduce the dependency on oil, diesel, and other sources. Therefore, the transport segment is anticipated to witness a high growth rate of fuel cells owing to the increasing demand for eco-friendly vehicles across the world and need to lower impact of harmful gases released in the environment.

Fuel Cell Market: Type

Based on type, the fuel cell market is dominated by the proton exchange membrane fuel cell segment. These fuel cells are majorly used for transport applications, portable fuel-cell applications, and stationary fuel-cell applications. In addition, it is also used for mobile applications. companies such as Horizon Fuel cellared focused on developing larger fuel cell systems.

Fuel Cell Market: Competitive Landscape and Key Developments

Hydrogenics Corp.;FuelCell Energy, Inc.; Plug Power Inc.; Bloom Energy; Ballard Power Systems; SFC Energy AG; Intelligent Energy Limited; Doosan Fuel Cell Co., Ltd.; TW Horizon Fuel Cell Technologies; and Toshiba Energy Systems & Solutions Corporation are among the key players in the global Fuel Cell market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2020, Doosan Fuel Cell signed and Kyonggi University with a motive to provide students of university with job training and internship to ensure they have proper knowledge, workplace skills, and equipment to analyze fuel cell materials and components.

In 2020, The Horizon’s deployment of JMC trucks is going to be an easy largest fuel cell heavy duty truck fleet globally and an important step toward clean mobility for heavy vehicles.

In 2019, In the Gyeonggi province of South Korea, two new fuel cell-based electricity generation plants have been powered on. The new installations utilize the solid-oxide fuel cells of Bloom Energy.

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