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Global Fuel Cells Market to Reach US$20.2 Billion by the Year 2026

Fuel cells are designed to generate electricity through eco-friendly methods without releasing harmful greenhouse gases. Growth in the global market is set to be driven by rising focus on alternative energy sources, efforts to de-carbonize energy usage, adoption of hydrogen in transportation and government regulations. Strong support extended by governments the world over, increased R&D funding for fuel cell research projects, reformation in emission legislations, and ensuing boost given to high profile fuel cell projects, are all factors driving growth in the industry. The technology is garnering attention owing to rising awareness regarding various advantages of these cells, private/public partnerships, and low environmental impact. Various governments are developing policies and frameworks and offering funding to support R&D in this direction. Fuel cells have enormous potential for power generation purposes, in large-scale power projects, combined heat and generation (CHP) programs and in distributed power systems, since several developing countries face energy shortages and deficient grid-based systems. Unlike conventional batteries, fuel cells can continuously generate power provided the source fuel supply is available, thus making them suitable for varied applications. Rising demand for portable devices constitutes another major driver of growth in the fuel calls market. Given the higher energy density of fuel cells compared to batteries, these are emerging as ideal alternatives for use in portable electronic devices. In the long-term, market penetration is forecast to gain momentum as incremental technology improvements iron out current glitches, and rise in production volumes result in economies of scale and cost benefits.

Amid the COVID-19 crisis, the global market for Fuel Cells estimated at US$9.7 Billion in the year 2022, is projected to reach a revised size of US$20.2 Billion by 2026, growing at a CAGR of 17.9% over the analysis period. Proton Exchange Membrane, one of the segments analyzed in the report, is projected to grow at a 17.9% CAGR to reach US$15.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Phosphoric Acid segment is readjusted to a revised 18.2% CAGR for the next 7-year period. This segment currently accounts for a 12.3% share of the global Fuel Cells market. Based on their lightweight nature and ability to curb greenhouse gas emissions, proton exchange membrane fuel cells are commonly used in transportation applications. Some of the other major applications of these cells include portable and stationary or distributed electricity generation. The segment growth is anticipated to be bolstered by increasing requirement of large-scale multi-megawatt power generation units to serve off-grid and remote areas.

The U.S. Market is Estimated at $2.3 Billion in 2022, While China is Forecast to Reach $2.7 Billion by 2026

The Fuel Cells market in the U.S. is estimated at US$2.3 Billion in the year 2022. The country currently accounts for a 24.31% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$2.7 Billion in the year 2026 trailing a CAGR of 25.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15% and 17.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 17% CAGR while Rest of European market (as defined in the study) will reach US$3.5 Billion by the end of the analysis period. In North America, market growth benefits from the rising acceptance of EVs, technological advances, favorable regulations, federal government investments, presence of major players and public/private partnerships. Growth in Asia-Pacific is supported by the escalating need to reduce energy consumption in various end-use sectors, rising demand for clean energy solutions, and persistent increase in investments and technology advancements associated with fuel cell technology. In Japan, growing concerns over supply security associated with petroleum fuels is driving a shift towards clean energy technologies, thus fueling growth in the fuel cells market. The market is also being bolstered by the availability of capital subsidies for local manufacturers of fuel cells.

Molten Carbonate Segment to Reach $1.9 Billion by 2026

In the global Molten Carbonate segment, USA, Canada, Japan, China and Europe will drive the 16% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$642.6 Million will reach a projected size of US$1.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$300.9 Million by the year 2026.