Fuel Cell Market Size Worth $33.09 Billion By 2027

The global fuel cell market size is anticipated to touch USD 33.09 billion by 2027. The market is likely to exhibit 15.5% CAGR from 2020 to 2027, as per a report published by Million Insights. Increasing focus on the development of unconventional energy sources to reduce the carbon emission is attributing to the growth of the market.

In 2019, North America held the largest share in the market. Further, the country is anticipated to continue its steady growth over the forecast duration. Increasing penetration of electric vehicles is a key factor attributing to the growth of the regional market. On the other hand, Asia Pacific is an emerging market and the growth of the region is expected to be bolstered by rising combined heat & power systems’ demand.

With the growing pollution across the globe, governments are focusing on encouraging the use of the renewable source of energy, which in turn, bode well for the growth of the fuel-cell market. Ongoing research & development in fuel cell technology is projected to play a key role in the development of the market.

Increasing use of fuel-cell will help minimize the over-dependency on natural gas, coal and other fossil fuels. Technological developments have paved the way for use of fuel-cell in hybrid vehicles, which offers a lucrative growth opportunity for the market participants.

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Further key findings from the report suggest:

• The market is consolidated in nature with few leading companies are holding the majority of the share in the market.

• North America is the leading region, primarily driven by the growing penetration of electric and hybrid vehicles.

• Increasing focus by governments to curb the carbon emission is attributing to the growth of the market.

• Key players operating in the market include Bloom Energy, Plug Power, Inc., SFC Energy AG, Fuel Cell Energy, Inc. and Hydrogenics Corporation among others.

Million Insights segmented the global fuel cell market on the basis of product, application and region:

Fuel Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
    • PEMFC
    • PAFC
    • SOFC
    • MCFC
    • Others

Fuel Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
    • Stationary
    • Transportation
    • Portable

Fuel Cell Regional Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
    • Asia Pacific
        • China
        • Japan
        • South Korea
        • Taiwan
        • Australia
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa