Fuel Cell Market Is Estimated To Soar at 25.7% CAGR Projected- Coherent Market Insights

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the Fuel Cell Market.

Coherent Market Insights analyst projected the Fuel Cell Market is estimated to be valued at US$ 8.45 Bn in 2024. It is expected to exhibit a CAGR of 25.7% over the forecast period 2024-2031.

Market Dynamics:

The fuel cell market is driven by growing demand for sustainable energy and technological advancements in fuel cell technologies. Fuel cells provide clean energy without combustion and associated emissions. Further, fuel cells offer higher efficiencies compared to conventional power generation technologies. Major automotive companies are investing in developing fuel cell-powered vehicles.

For instance, Toyota has deployed fuel cell buses and trucks and plans to launch fuel cell passenger vehicles by 2025. Growing investments in developing supporting hydrogen fueling infrastructure will further support the market growth over the forecast period.

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Market Trends:

Proton Exchange Membrane Fuel Cells Emerging as the Technology of Choice

Proton exchange membrane or polymer electrolyte membrane (PEM) fuel cells are emerging as the most promising fuel cell technology. PEM fuel cells offer high power densities, quick start-up, and variable power capabilities. They are particularly suitable for transportation and portable applications. Major automakers including Toyota, Hyundai, and Honda have launched fuel cell-powered vehicles that use PEM fuel cells.

Growing Adoption in Backup Power Applications

Fuel cells are also gaining adoption in backup and prime power applications. Their modular design, environmental benefits, and higher efficiencies compared to diesel generators are increasing their use in telecom towers, healthcare facilities, data centers, and commercial buildings. Fuel cells can provide continuous backup power for critical operations during power outages.

Market Opportunities

By Application Segment: Vehicular Fuel Cells

The vehicular segment is anticipated to hold the dominant share in the global fuel cell market during the forecast period. Fuel cells are increasingly being adopted for use in automobiles and other vehicles due to their high efficiency and low emissions. Major automakers such as Toyota, Honda, Hyundai are investing heavily in developing fuel cell electric vehicles. Declining costs of fuel cells and increasing investment in building hydrogen refueling infrastructure is expected to boost the adoption of fuel cell vehicles.

By Technology Segment: PEMFC Dominating the Market

Within the technology segment, polymer electrolyte membrane fuel cells (PEMFC) are expected to be the leading technology. PEMFC offers advantages such as high power density, ability to vary power output quickly, solid electrolyte preventing drying out and low temperature operation. Over 60% of fuel cells shipped in 2021 were PEMFCs. Their use in transport, backup power and portable power applications is driving their market share. Advances are being made to reduce platinum loading and increase durability of PEMFCs.

Key Market Takeaways

The global fuel cell market is anticipated to witness a CAGR of 25.7% during the forecast period 2024-2031. Growth is fueled by supportive government policies and regulations around the world promoting clean energy solutions.

On the basis of application, the vehicular segment is expected to hold the largest share due to major automakers investing in developing affordable fuel cell cars.

Within technology, PEMFC dominated over 60% of global shipments in 2021 owing to advantages like higher power density.

North America is expected to be the dominant market over the forecast period, supported by both government funding as well as presence of major fuel cell companies.

Competitors Insights

Key players operating in the fuel cell market include:

• AFC Energy PLC
• Ballard Power Systems Inc.
• FuelCell Energy Inc.
• Hydrogenics Corporation
• ITM Power
• Nedstack

 Recent developments:

In July 2023, SFC Energy and FCTecNrgy Pvt. Ltd. Collaborated to introduce hydrogen and methanol fuel cell manufacturing unit in India.

In May 2023, Hyundai Motor Company made strides by commercializing its new XCIENT fuel cell tractor for the North America commercial vehicle market.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.