Market Insight-Global Fuel Cell Market Overview 2022
The Global Fuel Cell Market Size was estimated at USD 3909 million in 2021 and is projected to reach USD 21943 million by 2028, exhibiting a CAGR of 27.95% during the forecast period.– Bossonresearch.com
A fuel cell is an electrochemical cell that converts the chemical energy of a fuel (often hydrogen) and an oxidizing agent (often oxygen) into electricity through a pair of redox reactions. Fuel cells are different from most batteries in requiring a continuous source of fuel and oxygen (usually from air) to sustain the chemical reaction, whereas in a battery the chemical energy usually comes from metals and their ions or oxides that are commonly already present in the battery, except in flow batteries. Fuel cells can produce electricity continuously for as long as fuel and oxygen are supplied.
According to Bosson Research, The global fuel cell market size was estimated at USD 3909 million in 2021 and is projected to reach USD 21943 million by 2028, exhibiting a CAGR of 27.95% during the forecast period. The growing demand for clean power generation with less or no emission is the primary factors driving market growth. Moreover, various rules and regulations on carbon emission across the globe will drive the demand for fuel cells in the near future.
Figure Global Fuel Cell Market Size
Source: Bossonresearch.com, 2022
Segment Market Analysis by Type
Based on the types in the market, the global fuel cell market has been segmented into PEMFC, PAFC, SOFC, MCFC, and others. Proton exchange membrane fuel cell (PEMFC) was the dominant product segment in 2020 in terms of units. The segment’s high share is primarily due to the extensive use of PEMFC in stationary, transportation, and portable applications.
In terms of shipped units, solid oxide fuel cell (SOFC) emerge as the product segment with a significant share. In SOFCs need for electrolyte loss is negated, which acts as one of the major advantages. In addition, their ability to operate at high temperatures reduces the need for costly catalysts such as ruthenium. SOFCs are majorly favored for stationary applications.
PEMFC requires pure hydrogen, oxygen, and water for its working. It operates at a comparatively lower temperature of around 80°C, making it eligible for quick start and less prone to wearing of system components. As a result, PEMFC is more durable than other product types. In addition, it provides advantages such as low weight and volume as compared with other available fuel cell types.
Figure Global Fuel Cell Market Breakdown by Type
Source: Bossonresearch.com, 2022
Segment Market Analysis by Application:
Based on application, the fuel cell market has been segmented into stationary, transportation, and portable. The stationary segment is expected to emerge as the largest application segment over the forecast period. Factors such as high efficiency and flexibility to use different fuels are expected to boost the growth of the stationary application segment.
Transportation application segment is expected to progress at the fastest growth rate over the forecast period owing to the growing demand for fuel cell cars and fuel cell-powered forklifts. Furthermore, increasing research & development activities in Europe to develop hybrid vehicles powered by hydrogen are likely to drive the growth of the segment.
European countries such as Germany, France, and the UK are heavily investing in research related to the utilization of fuel cells for power generation. This is anticipated to boost the growth of the stationary application segment over the forecast period. The stationary segment is expected to emerge as the dominant application segment over the forecast period.
Figure Global Fuel Cell Market Breakdown by Application:
Source: Bossonresearch.com, 2022
Recent Developments
In March 2021, Toyota Corporation unveiled a new hydrogen production facility and refueling station at its decommissioned car factory in Melbourne, Australia, ahead of the arrival of its second-generation fuel-cell car, the Mirai FCEV. The facility includes a 200-kilowatt electrolyzer powered by an on-site 84-kilowatt solar array and a 100-kilowatt battery.
In December 2021, Hyzon Motors Inc. announced the delivery of 29 fuel cell electric trucks to be used by a major steel conglomerate in China through Shanghai Hydrogen HongYun Automotive Co.
In December 2021, Edison Motors signed an agreement with Plug Power to develop and market a hydrogen fuel-cell-powered electric city bus. Plug Power’s 125kW ProGen fuel cell engine will provide power to Edison Motors’ electric bus platform. The companies are expected to have a fuel cell electric bus prototype completed by the second half of 2022.
Key players in the Fuel Cell Market include:
Bloom Energy
Panasonic
Plug Power
Toshiba ESS
Aisin Seiki
Toyota
Ballard
Hyundai Mobis
SinoHytec
Mitsubishi
Hydrogenics
Pearl Hydrogen
Honda
SOLIDpower
Sunrise Power
Hyster-Yale Group
Request for more information
Click to view the full report TOC, figure, and tables: https://www.bossonresearch.com/productinfo/1184262.html
About US:
Bosson Research (BSR) is a leading market research and consulting company, that provides market intelligence, advisory service, and market research reports for the automobile, electronics and semiconductor, and consumer good industry. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domains.
Bosson Research provides a one-stop solution right from data collection to investment advice. The analysts at Bosson Research (BSR) dig out factors that help clients understand the significance and impact of market dynamics. Bosson Research (BSR) brings together the deepest intelligence across the widest set of capital-intensive industries and markets. By connecting data across variables, our analysts and industry specialists present our customers with a richer, highly integrated view of their world.
Contact US:
Tel: +86 400-166-9288
E-mail: sales@bossonresearch.com
© 2022 Bosson Research, Inc. All rights reserved.
Copyright
All content including the presentation thereof on this website is the property of Bosson Research, Inc. and protected by the U.S. and international copyright laws. You may not copy, reproduce, distribute, transmit, modify, create derivative works, or in any other way exploit any part of copyrighted material without the prior written permission from Bosson Research, Inc.
