Estimating the fuel cell market’s present size was one of the study’s main tasks. To gather data on the parent and peer markets, a thorough investigation was conducted through secondary research. The following stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. Two methodologies were utilized to approximate the overall market size: top-down and bottom-up. The market size of the segments and subsegments was then estimated using data triangulation and market breakdown.

A number of parties are involved in the fuel cell market, including supply chain technical support providers, fuel cell manufacturers, and technology providers. The growing need for fuel cells in the automotive, aerospace, defense & government services, wireless communication & infrastructure, consumer electronics, medical equipment manufacturing, and energy sector applications characterizes the demand side of this market. Growing demand from the industrial sector for contracts and large-scale player mergers and acquisitions define the supply side. To gather both qualitative and quantitative data, a range of primary sources from the supply and demand sides of the market were questioned.

In order to gather and identify data relevant for a technical, market-oriented, and commercial study of the fuel cell market, this research study on the fuel cell market made use of a wide range of secondary sources, directories, and databases, including Bloomberg, Factiva, IRENA, International Energy Agency, Statista Industry Journal, and The Fuel Cell Energy Review, E4Tech. The other secondary sources included manufacturer organizations, trade directories, databases, white papers, certified publications, investor presentations and annual reports, as well as pieces written by renowned writers and manufacturer associations.

The segmentation coverage of the study is provided below.

Fuel Cells Market based on Type:

• Proton Exchange Membrane Fuel Cell
• Solid Oxide Fuel Cell
• Phosphoric Acid Fuel Cell
• Others

Fuel Cells Market based on Application:

• Transport
• Stationary
• Portable

Fuel Cells Market based on Geography:

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa (MEA)
  • UAE
  • Turkey
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa

The fuel cell market is divided into six categories in this study according to type: direct methanol fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, alkaline fuel cell, microbial fuel cell, and proton exchange membrane fuel cell. Over the course of the forecast period, the solid oxide fuel cell segment is anticipated to grow to be the largest. A delayed startup time is required by the solid oxide fuel cell’s compact shape, which is crucial for stationary power applications. Because of its straightforward design, this fuel cell type is the most widely utilized. The fuel cell market’s second-largest segment is proton exchange membrane fuel cells. Proton exchange membrane fuel cells are growing in popularity due in large part to the growing demand for fuel cell automobiles.

The fuel cell market is divided into segments based on the end-user, including transportation, utilities, commercial & industrial, residential, data center, government/municipal institutes, and military & defense. Throughout the projection period, the commercial and industrial sector will have the fastest-growing market share. Hospitals, lodging facilities, retail centers, office towers, sports complexes, and other industrial facilities are examples of commercial and industrial end users. In the commercial and industrial sectors, fuel cells of all kinds—including solid oxide, phosphoric acid, and proton exchange membranes—are utilized for stationary applications. As a result, the industry’s greenhouse gas emissions will be reduced. The major companies in the fuel cell industry provide fuel cells. The ‘H2Rex’ pure hydrogen fuel cell system, for example, was installed at Toyota Motor Corporation’s Honsha Plant by TOSHIBA CORPORATION (Japan). This system was built at the plant’s on-site energy generation facility, the Hydrogen Power Generation Park, a demonstration site. H2Re is a 100 kW renewable energy system that can produce electricity without emitting CO2 in around five minutes after it is powered by hydrogen.

During the projection period, North America is anticipated to hold the second-largest market share in the fuel cell industry, behind Europe. The Solid-State Energy Conversion Alliance (SECA), which oversees and coordinates solid oxide fuel cell activities, is funded by the DOE’s Office of Fossil Energy. The US federal government funded the development of fuel cell and hydrogen technology with over USD 2.1 billion between 2005 and 2015. Moreover, there are deployment programs with substantial official backing. Incentives are offered by initiatives to reduce greenhouse gas (GHG) emissions, improve power dependability, boost energy efficiency, and lessen customer reliance on the electric grid in states like Connecticut, California, and others.

There are a few key players in the fuel cell market that are well-represented throughout many regions. Aisin Corporation (Japan), Plug Power Inc. (US), KYOCERA Corporation (Japan), Bloom Energy (US), and Doosan Fuel Cell Co., Ltd. (South Korea) are the leading companies in the fuel cell market. These businesses used tactics like partnerships, agreements, contracts, mergers, acquisitions, and expansions to increase their market share in fuel cell technology between 2018 and 2030.

• This report illustrates the most vital attributes of the Fuel Cells Market, which are driving and providing opportunities.
• This research gives an in-depth analysis of the Fuel Cells Market growth on the basis of several segments in the market.
• This report presents the predictions of the past and present trends of the Fuel Cells Market.
• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Fuel Cells Market.