Fuel Cell Market Analysis by Development, Revenue and Demand to 2030
The global fuel cell market is anticipated to witness robust growth by 2030 owing to surging product adoption in a diverse range of applications, including transportation, commercial/industrial/residential buildings, and durable energy storage for the grid in reversible systems, among others.
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Notably, surging availability of low-cost green hydrogen has bolstered the adoption of hydrogen powered fuel cells, which help convert green hydrogen into low-carbon power for everything right from on-highway trucks, trains, and buses to stationary power applications and off-highway construction equipment.
The global fuel cell market has been segmented on the basis of product, application, and region. Based on product, the market has been divided into PEMFC, DMFC, SOFC, PAFC & AFC, and MCFC. The PEMFC sub-segment is expected to grow substantially over the review period owing to increasing requirement for uninterrupted power supply.
Since hydrogen fuel cells release only water, they mitigate the climate impact by releasing no carbon dioxide. Fuel cells are extremely silent when in use since they have few moving parts. Additionally, there are no air contaminants at the point of operation that cause pollution and health issues. These factors have propelled product penetration in recent years.
The North America fuel cell market is anticipated to witness robust growth by 2030 owing to prevalent adoption of FCEVs, along with growing demand for clean energy generation in the region. Meanwhile, the Latin America fuel cell industry is expected to grow significantly over the forecast period due to mounting environment awareness across LATAM.
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Furthermore, companies have been employing lucrative measures to increase their market share, which has boosted business activities, thereby supporting the growth of the fuel cell market. For instance, in November 2020, Cummins, a key firm in the fuel cell space, introduced an aggressive hydrogen plan, covering both the manufacturing of the low-carbon energy source and fuel cell technologies that are used to turn hydrogen into energy for consumption. Cummins has also been manufacturing a variety of electrolyzers to produce green hydrogen, including a nearly full 20MW electrolyzer system in Becancour, Canada, which was designed to be the largest in the world.
Recently, governments have been focusing on implementing environment-friendly strategies in light of rising climate consciousness, which has been favorable for overall market dynamics. For instance, in July 2021, Nitin Gadkari, the Union Minister of India, stated that the country is considering the use of green hydrogen as a potential transport fuel. He also added that with the large solar, hydro, wind, and waste potential in India, the country could gain a leading position in green hydrogen production globally.
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