The global fuel cell market size is expected to reach USD 36.98 billion by 2030, exhibiting a CAGR of 27.1% from 2024 to 2030, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.
North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.
Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.
Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas, and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles.
Fuel Cell Market Report Highlights
- Proton exchange membrane fuel cell (PEMFC) accounted for more than 60.0% of the global market in terms of revenue in 2023. PEMFC is widely used in applications such as forklifts, automobiles, telecommunications, primary systems, and backup power systems.
- Based on Components, the fuel cell market has been segmented into stack and balance of plant. In 2023, the stack segment accounted for the largest share of more than 60.0% in the global fuel cell market.
- The hydrocarbon segment accounted for the largest share of over 90.0% in 2023, owing to extensive infrastructure for production, transportation, and storage of hydrocarbons is already in place, making them readily available and affordable.
- On the basis of size, the fuel cell market is categorized into small-scale and large-scale. The large-scale holds a share of about 70.0% in 2023 of the global fuel cell market.
- Stationary fuel cells dominated the global market in terms of revenue, accounting for a market share of more than 69.0% in 2023, owing to the increasing demand for fuel cells from distributed generation facilities and backup power applications.
- Based on End-use, the fuel cell market has been segmented into transportation, commercial & Industrial, residential, data center, military & defense, and utilities & government.
- Asia Pacific held a significant revenue share of more than 65% in 2023 and is expected to grow at the fastest CAGR over the forecast period.
Browse through Grand View Research's Power Generation & Storage Industry Research Reports.
• The global battery market size was estimated at USD 118.20 billion in 2023 and is projected to grow at a CAGR of 16.1% from 2024 to 2030. The market is experiencing rapid growth, driven primarily by the increasing adoption of electric vehicles (EVs) and the expansion of renewable energy infrastructure.
• The global refrigerant market size was estimated at USD 14.26 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030.The industry is experiencing growth due to increased demand from various end-use sectors, particularly the commercial & industrial refrigeration industry.
Fuel Cell Market Segmentation
Grand View Research has segmented the global fuel cell market report based on product, components, fuel, size, application, and end-use, and region:
Fuel Cell Product Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• PEMFC
• PAFC
• SOFC
• MCFC
• AFC
• Others
Fuel Cell Components Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Stack
• Balance of Plant
Fuel Cell Fuel Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Hydrogen
• Ammonia
• Methanol
• Ethanol
• Hydrocarbon
Fuel Cell Size Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Small-scale
• Large-scale
Fuel Cell Application Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Stationary
• Transportation
• Portable
Fuel Cell End-use Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• Residential
• Commercial & Industrial
• Transportation
• Data Centers
• Military & Defense
• Utilities & Government
Fuel Cell Regional Outlook (Volume, Units; Capacity, MW, Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
• Asia Pacific
o China
o Japan
o South Korea
o India
o Taiwan
o Australia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
Order a free sample PDF of the Fuel Cell Market Intelligence Study, published by Grand View Research.
Key Fuel Cell Company Insights
• In November 2023, Honda in association with General Motors displayed a prototype of its next-generation hydrogen fuel cell system at European Hydrogen Week in Brussels. The company is planning to expand its portfolio in fuel cell technology.
• In December 2023, General Motors and Komatsu announced to develop a hydrogen fuel cell power module for the Japanese construction machinery maker's 930E electric drive mining truck.
• In January 2023, Cochin Shipyard Limited initiated research activities for the development of a hydrogen-fueled electric vessel based on low-temperature proton exchange membrane technology.
• In January 2023, Advent Technologies collaborated with Alfa laval to explore the application of high-temperature proton exchange membrane fuel cells in marine applications.
