The fuel cells market is expected to grow at a compound annual growth rate of 16.47% over the forecast period to reach a market size of US$7,350.389 million in 2026 from US$2,528.202 million in 2019.
A fuel cell is an electrochemical cell and converts the chemical energy of hydrogen or other fuels into electricity and is used in applications such as automobiles, utilities, and defense. The demand for clean energy has been increasing across the world and is anticipated to be one of the major factors driving the growth of the fuel cells market during the forecast period. Furthermore, favorable government policies in countries, such as China, are anticipated to boost the demand for fuel cells in the coming years.
Rising demand for clean energy sources
As the concerns regarding climate change and growing environmental pollution have been increasing, the demand for a clean energy source has been increasing, which is anticipated to propel the growth of the fuel cells market during the forecast period. The chemical energy of hydrogen or other fuels is utilized in fuel cells while it cleanly produces energy. The governments of various countries have been looking for measures to reduce down their carbon emissions, in order to fulfill the goals set by them to meet the global climate change objectives. As a result, the governments have been implementing various measures to reduce carbon emissions, and promoting the use of fuel cells is one such thing, which is projected to surge the demand for fuel cells in the coming years. The governments have been investing in research and development in fuel cells to enhance performance. The government of South Korea has announced to replace a large number of its CNG buses with buses being run by fuel cells. Furthermore, conventional fuels have been depleting and hence the need for an alternative source of energy is prevalent, which further increases the prominence of fuel cells for power generation. This is projected to augment the growth of the fuel cells market in the coming years.
The outbreak of COVID-19 had a negative impact on the global fuel cells market. The lockdowns and travel restrictions led to the disruption in the supply chain and hence harmed the market growth. Furthermore, the pandemic led to the shutting down of manufacturing facilities which were implemented as a measure to curb the spread of the coronavirus. IEA states that the COVID-19 crisis led to a reduction in the number of new renewable power installations in 2020. Furthermore, the demand for fuel cells from the end-use industries also declined, as their operations were halted as well.
Prominent/major key market players in the fuel cells market include Ballard Power Systems, FuelCell Energy, Inc., Hydrogenics, among others. The players in the fuel cells market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the fuel cells market.
|Market size value in 2019||US$2,528.202 million|
|Market size value in 2026||US$7,350.389 million|
|Growth Rate||CAGR of 16.47% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Ballard Power Systems, FuelCell Energy, Inc., Hydrogenics, PLUG POWER INC, Ceres Power Holdings plc, AFC Energy PLC, Altergy, NUVERA FUEL CELLS, LLC, Arcola Energy Limited, Cummins|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the fuel cells market?
A1. The global fuel cells market is expected to grow at a CAGR of 16.47% over the forecast period.
Q2. What will be the fuel cells market size by 2026?
A2. The fuel cells market is expected to reach a total market size of US$7,350.389 million in 2026.
Q3. What is the size of the global fuel cells market?
A3. Fuel Cells Market was valued at US$2,528.202 million in 2019.
Q4. How is the fuel cells market segmented?
A4. The global fuel cells market has been segmented by type, application, and geography.
Q5. What factors are anticipated to drive the fuel cells market growth?
A5. Increasing demand for unconventional sources of energy is one of the key factors driving the fuel cells market growth.
Ballard Power Systems
FuelCell Energy, Inc.
PLUG POWER INC
Ceres Power Holdings plc
AFC Energy PLC
NUVERA FUEL CELLS, LLC
Arcola Energy Limited
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