Fuel Cell Technology Market Overview:
Fuel Cell Technology Market is projected to be worth USD 35.37 billion by 2028, registering a CAGR of 21% during the forecast period.
Growing demand for EV/PHV/HEV vehicles is expected to support the market growth along with the growing need for clean energy generation. As predicted by analysts, soaring prices will negatively affect the market’s performance from 2019 to 2025. During the forecast period, the market will be supported by increasing adoption in portable devices and the increasing disposable income.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 21 % CAGR |
Revenue forecast in 2022-2030 | USD 35.37 billion |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2021 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Market Segmentation
The electrochemical cell sector has seen growth across application, method, and fuel type segments owing to favorable government policies and consumers aiming for more convenience. To study the market, analysts have further segmented application, method, and fuel type into methane, hydrogen, and others on the basis of method. The market is further segmented into fuel type sub segment which is split into AFC, MCFC, SOFC, PAFC, DMFC, PEM, and others. Additionally, the fuel cell technology market on the basis of application is segmented into portable power, transportation, and stationary.
The segmental analysis presented in the report provides electrochemical cell field based organizations insights into key growth factors such as the presence of effective communication as well as challenges such as high initial investments the market will face from 2019 to 2025. The increasing awareness among consumers and the presence of untapped market opportunities are some of the key factors having an influence on electrochemical cell industry based companies, suggest analysts as per the fuel cell technology market report. But the report also identifies low research and development budgets and the low demand from developing countries as major threats companies in electrochemical cell will face till 2025.
Regional Overview
Electrochemical cell market based companies in the fuel cell technology market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Technological developments will be a key growth driver for regional markets. However, the increasing demand for highly skilled professionals will turn out to be a threat. For the forecast period 2019 to 2025 each of these regional markets are studied in the report. Starting from North America, the regional market and electrochemical cell vertical based companies are spread across the United States, Canada, and Mexico. Problems related to the supply chain will turn out to be a major challenge from 2019 to 2025.
Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by a rise in disposable income as well as the changing social behavior, suggests the report. Similarly, the electrochemical cell sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the fuel cell technology market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2025.
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Competitive Landscape
The global fuel cell technology market research report brings a comprehensive study of application, method, and fuel type market segments, regional analysis, and electrochemical cell vertical based company details of key players. As the forecast period 2019 to 2025 will bring new opportunities for the market owing to the increasing demand from various industry verticals and favorable policies across regional markets, the market is set to grow at a compound annual growth rate of 20.15% and is predicted to reach a value of US$10.25 billion by 2025. With SWOT analysis of electrochemical cell sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the shifting preference for cheaper alternatives and the increasing demand and supply gap, companies in the electrochemical cell sector can change the way business is done.
Key Players
- Fuel Cell Energy (US)
- Hydrogenics (Canada)
- Plug Power (US)
- Ballard Power Systems (Canada)
- Panasonic Corporation (Japan)
- Toshiba Corporation (Japan)
- Doosan Corporation (South Korea)
- Kyocera (Japan)
- Plug Power
- AFC energy (UK)
Industry News
Advent Technologies Holdings, Inc., a fuel cell as well as hydrogen technology company focused on innovation, recently announced that it has obtained UltraCell LLC, Bren-Tronics, Inc.'s fuel cell subsidiary. With established goods and cutting-edge technology, UltraCell is an industry leader in compact fuel cells for mobile capacity. UltraCell's compact battery chargers are the first NATO-approved fuel cell devices made in the United States, with military and defence forces now using them in the region. UltraCell systems are reportedly being tested by three more NATO partners.
