In terms of revenue, the global fuel cell market was valued at US$709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027; it is expected to grow at a CAGR of 26.8% during the forecast period.
Factors such as the rising need to diminish the dependency on oil & fuel for fueling the vehicles play a significant role in boosting the market growth. The need to have carbon-free oxygen in the environment is influencing the penetration of fuel cells, thereby propelling the market growth. The government in countries such as China, Japan, and the US offer special subsidies to promote fuel cell-powered vehicles. They emphasize the targets that need to be achieved based on the number of cars on the roads. Besides, the rising number of electric vehicles worldwide to reduce the emission is expected to play a significant role in influencing fuel cell adoption.
The recent and upcoming advancements in the catalysts will aid in reducing the overall cost, improving durability with the help of advanced layer designs of the catalyst and help increase robustness of the system to a diverse range of operating conditions. Several use cases are being developed in order to check the feasibility of the system by reducing the content/composition of the catalysts that can reduce the overall system cost. Ballard developed the first non-precious metal catalyst based PEM fuel cellthat utilizes 80% lesser platinum and is more tolerant to the air contaminants. These developments are expected to propel the growth of the market.
The fuel cell markethas been segmented on the basis of type, application, end user,and geography. Based on type, the fuel cell market is segmented into proton exchange membrane fuel cell, phosphoric acid fuel cell, solid oxide fuel cell, and Others. Based on application, the fuel cell market is segmented into transport, portable, stationary. Based on end user, the fuel cell market is segmented into fuel cell vehicles, utilities, defense, others. In terms of geography, the fuel cell market is segmented into North America, Europe, AsiaPacific, and Rest of the World.
DIMEQ AS, Envision Enterprise Solutions America Inc., Favendo GmbH, Intrasys (Pte.) Ltd., Martek Marine, MER Group, Orbcomm Inc., Shipcom Wireless Inc, Vector InfotechPte Ltd., and Zebra Technologies Corporation are among the well-established players present in the fuel cell market.
Impact of COVID-19 Pandemic on Fuel CellMarket
The COVID-19 outbreak began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the world. 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. In addition to this, the global travel bans imposed by countries in Europe, Asia,North America, and others are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to negatively affect the automotive industry and hamper the market growth in the coming 6–9 months; however, the overall growth is anticipated to be positive during the forecast period.
The global fuel cell marketsize has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the fuel cell market with respects to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, and Rest of the World. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fuel cell market.