According to a new market research report “Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region – Global Forecast to 2027“, The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. The emissions from vehicles account for more than 15% of the global greenhouse emissions. Hence, governments all over the world are finding alternative power sources for use in the transportation sector. The adoption of fuel cell vehicles (FCVs) in the sector is expected to increase in the near future, as there is zero owing to the absence of CO2 emissions during vehicle operation. Therefore, many automotive manufacturers are making considerable investments to incorporate fuel cell vehicles in their product offerings.
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A key factor driving the growth of the fuel cell industry is government policies and incentives provided for fuel cells. States such as California, Delaware, and Connecticut in the US lead in fuel cell research programs and offer incentives and subsidies for fuel cell installations, leading to the adoption of SOFC and other fuel cells in the US. Earlier, fuel cells installed till December 31, 2016, were eligible for a tax rebate of USD 3,000/kW or 30% of the cost of the project in the US which was one of the market drivers in North America.
The fuel cell vehicles are estimated to have the largest market share by value. Growth of this segment can be attributed to different decarbonization goals set by government to make transportation emission free.
SOFC segment is expected to be the fastest growing market
The growth of this segment can be attributed to flexibility in fuel used by SOFCs and Increasing demand for energy efficient power generation by different end users. Solid oxide fuel cells with an operating temperature of up to 1,000°C are suitable for the extraction of process heat and thus for stationary usage in power stations and combined heat and power plants, as well as for heating systems in residential and commercial & industrial sectors.
Asia Pacific is likely to emerge as the largest fuel cell market
Asia Pacific is estimated to be the largest market for fuel cell during the forecast period. The Asia Pacific market is principally driven by government regulations on energy and climate, strict laws on emission of GHG. The increasing production of vehicles in China, Japan, and South Korea and the growing demand for electric vehicles, especially in China and Japan, are also expected to drive the fuel cell market in the region.
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Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), Plug Power Inc. (US), Ceres (UK), Ballard Power Systems (Canada), and Powercell Sweden AB (Sweden) are the key players in the global fuel cell market.
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