Fuel cell is a cell that is electrochemical and it is capable of converting the chemical energy of a fuel into the electricity with the help of a pair of redox reactions. Fuel cells vary from batteries when there is a need of continuous source of the fuel or oxygen to handle the chemical reaction. Fuel cells generate electricity constantly for longer as oxygen is provided.
The fuel cell market was valued at US$ 3563.33 Bn in 2021 and is forecast to reach a value of US$ 10803.20 Bn by 2030 at a CAGR of 12.9% between 2022 and 2030.
Figure 1: Fuel Cell Market Value (US$ Bn) Analysis and Forecast, 2017 - 2030
Asia Pacific region held a dominant position in the Fuel Cell Market Share in 2021
Asia Pacific held a dominant position in the fuel cell market in 2021, accounting for 54% share in terms of volume.
Figure 2: Fuel Cell Market Share (%), By Region, 2021
In February 2021, Ballard Power System and the Chart industries have made an agreement for a non-binding memorandum of thee understanding to partner on the growth of the integrated or the combined systems solutions for the industry of transportation, with an aim on the heavy-duty usage such as buses, trucks and marine vials that comprise a fuel cell engine with the onboard liquid hydrogen
In February 2021, Ballard power system and the Global energy ventures signed a memorandum, to make the carbon hydrogen, a novel fuel cell-powered ship that is made to convey or import and export the compressed hydrogen gas. It received the orders for purchase for 10 Ballards FCmove fuel cell modules from the Solaris Bus.
|Base Year:||2021||Market Size in 2021:||US$ 3563.33 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||12.9 %||2030 Value Projection:||US$ 10803.20 Bn|
Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited and Nuvera Fuel Cells LLC
|Restraints & Challenges:||
The introduction of the regulatory initiatives in the main matters and the rising investment assistance from the private sector is anticipated to fuel the development of the global fuel cell market. Moreover, the California Energy Commission’s substitute and the renewable fuel and the automotive technology program, a regulatory initiative formed an enduring authority to co-find the hydrogen stations.
The California Fuel Cell collaborated focusing on the network of the 1,000 hydrogen stations and the fuel cell automotive population till 1,000,000 automotive by 2030 which is anticipated to fuel the growth of the global fuel cell market. The targets shows the input and the consensus above 40 partners comprising the fuel cell technology industries.
The whole price of the PEMFC comprises of the price of assembly process, membrane, peripherals, bipolar plate and the platinum electrode. The present huge cost of the PEMFC technology is a notable factor which acted as the barrier to commercial utilization for the stationary and the conveyance and hindered the growth of the global fuel cell market.
The long duration, the price is the only factor that is projected to be subdued, assisted by the rise in the ongoing research and the technical developments that are associated with PEMFC. The main component of the PEMFC is the catalyst which is mainly prepared from the precious metals such as the platinum and the reliability of such costly metals is anticipated to hamper the growth of the global fuel cell market.
The fuel market is currently in the developing and advancing phase with various initiatives and the projects in the several regions were initiated by several companies and the regulatory. Various countries and the organizations have set up an enduring target for the development and growth of the fuel cell organizations, such kind of initiatives are possibly to provide significant opportunities in the market.
The Hyundai motors declared its enduring roadmap FCEV Vision 2030 plan and in the FCEV vision 2030, it is anticipated to fuel its whole fuel cell system production capacity to 700,000 units by 2030. The organization is also trying to approach and explore the business opportunities to assist the fuel cell methods to the other conveyance producers of the automotive, vessels, drones and several others.
Market Key Takeaways/Trends:
The Chinese regulatory aims to deploy the million fuel cell automotive on the road by 2030. At present the region is providing significant subsidies in various parts of the country. By the year 2025, the 50,000 FCEVs for the same year and after that it focuses for the enduring development in the FC automotive registrations with around 950,000 automotive.
Japan is currently one of the leading manufacturers of the hydrogen fuel cell globally, with around 45,000 of the 70,000 units that were transported in the 2019 to the Japanese’s houses. These Japanese regulatory is aiming for 800,000 FCV that would be sold by the year 2030. Industries and the Companies such as Toyota and the Panasonic are notable companies in Japan.
Major companies operating in the global fuel cell market are Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited and Nuvera Fuel Cells LLC.
There are various types of the fuel cells however, an anode, cathode and an electrolyte that permits the ions generally are positively charged hydrogen ions to make a movement in between the two sides of the fuel cell and at the anode the catalyst leads to the fuel to experience the oxidation reaction that produces the ions.
The Chinese hydrogen fuel section spent around 100 billion comparatively to the 85 billion in the same year. Over the same period the official issued around the 50 schemes in the 20 Chinese states to fuel the regions hydrogen fuel section, many regions have also adopted the development schemes for the next five years which is anticipated to fuel the growth of the global fuel cell market.
The energy established energy storage technologies have proven to be great utilization when handling the intermittency difficulty of the renewable energy sources. The battery stores the energy during the low electricity requirements and offers the essential electricity over the peak and main hours.
The decrease of the platinum in the fuel cell is possibly to reduce the last price of the fuel cell, hence then making the PEMFC an attractive methodology in the automotive segment. Furthermore, in May 2020, the scientists at the DEO Argonne National Labs have grown and then surveyed the fuel cell catalyst, that is the chemicals boost the fuel cells reaction that do not utilize the platinum.
Key features of the study: