Global Fuel Cell Market by Type (PEMFC, PAFC, AFC, MFC, and Others); by Application (Stationary, Portable, and Transport); and by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa); - Global Forecasts 2021 to 2027

Date: Oct 2021 Report Id: 122 Category: Power Generation Report Format: pdf-img excel-img ppt-img word-img

The Global Fuel Cell Market was valued at USD 4.6 Bn in 2020 and is expected to reach USD 21.7 Bn by 2027, with a growing CAGR of 24.8% during the forecast period.

The Global Fuel Cell Market Definition:

A fuel cell is an electrochemical cell that helps in generating electrical energy from fuel through an electrochemical reaction. These cells need a continuous input of an oxidizing agent and fuel to go through the reactions which generate electricity. Owing to this, these cells could continuously produce electricity till the supply of oxygen and fuel is cut off. When compared with battery, these cells have to the ability to supply electrical energy for a much longer time and thus has been used in satellites, manned spacecraft, and space probes.

Fuel Cell Market

The Global Fuel Cell Market Dynamics:

The fuel cell market is accounted to boost at a significant pace in the forecast period. The market is majorly experiencing traction owing to growing environmental concerns, such as low air quality and climate change. The deteriorating environmental conditions are the result of the high consumption of fossil fuels and the rapid growth of the transportation sector. The data released by United Nations (UN) shows that over 130 countries across the globe have already implemented or are planning to set a goal of reducing emissions to net-zero by 2050. In addition, according to World Economic Forum, countries including Sweden, UK, and Norway have implemented laws for fulfilling net-zero goals while countries such as Bhutan and Suriname are already below net zero. Such favourable government initiatives are creating a need for cleaner energy sources and are expected to boost the market growth. A fuel cell primarily uses methanol or hydrogen in generating electrical energy, thus optimizes energy security and reduces the economic dependence on oil and gas. As a result, the fuel cell market has been experiencing high market demand across the globe. 

Moreover, many major countries have shifted their emphasis towards investment in advancing fuel cell technology which is also a prominent factor in driving the fuel cell market. For instance, in the year 2017, 23 countries in Europe came together for the HyLAW EU Project. The major objective of the HyLAW EU project is to smoothen the process of deploying hydrogen applications and hydrogen fuel cells by identifying and eliminating administrative and legal barriers involved. Major countries like the UK, France, Germany, Spain, Netherlands, and others are all part of the HyLAW project, highlighting the growing prominence of the fuel cell market across Europe. Similarly, in the USA, the Department of Energy committed investments worth USD 39 Million in 2018 towards advancing fuel technology. The French Government has also planned to increase the number of hydrogen fuel cell vehicles in the country from 260 to 5200 by the year 2023. Investments like these by nations are improving the focus on the fuel cell market and leading to market growth across the globe.

The Global Fuel Cell Market Segmentation:

By Type

  • PAFC
  • MFC
  • AFC
  • Others

By Application

  • Stationary
  • Portable
  • Transport

By Region

  • North America
  • Asia-Pacific
  • Latin America
  • Middle East and Africa
  • Europe

The unique insights provided by this report also include the following:

  • In-Depth Value Chain Analysis
  • Market Opportunity Mapping
  • Sector Snapshot
  • Key Players Positioning Matrix
  • Regulatory Scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market Trends
  • Covid-19 Impact Analysis
  • Product Comparison
  • Pre & Post Covid 19 Impact On Fuel Cell Market
  • Competitive Landscape

Based on type, the Proton exchange membrane fuel cell (PEMFC) held the largest share in the fuel cell industry in the year 2020 due to increasing application of PEMFC in transportation, portable, and stationary applications

Based on the type, the fuel cell market is segmented as PEMFC, PAFC, AFC, MFC, and Others. Among these, Proton exchange membrane fuel cell (PEMFC) held the largest share in the fuel cell industry in the year 2020. This share is attributed to the extensive utilization of PEMFC in transportation, portable, and stationary applications. PEMFC needs pure oxygen, water, and hydrogen to function. It is a more durable product in comparison to other types as it works at a lower temperature at around 80°C, which makes it suitable for a quick start and less exposed to the wear and tear of system components. As a result, PEMFC is considered more durable than other product types. Additionally, it also offers benefits such as low volume and weight than other fuel cell types. Owing to these advantages, PEMFC is experiencing high demand in several applications which is thereby driving the fuel cell industry growth.

Based on application, the transport segment is projected to be the fastest-growing segment in the fuel cell market due to increasing R&D activities to develop hydrogen-powered hybrid vehicles

Based on application, the fuel cell industry is fragmented into portable, stationary, and transport applications. Among these, the transport segment is projected to be the most lucrative and fastest-growing segment in the fuel cell industry. This is primarily due to the growing use of fuel cells in fuel cell vehicles and fuel cell forklifts. In addition, increasing R&D activities in the region such as Europe by several major players to make hybrid vehicles that will be powered by hydrogen are expected to positively drive transportation segment growth in the fuel cell market. Many automotive companies such as BMW, in June 2021, have begun the testing of its hydrogen-powered car prototype “BMW i Hydrogen Next” on the European roads to check the safety, efficiency, and reliability of these vehicles. The company expects that these cars have a high potential to supplement battery-electric vehicles. Other automotive giants such as Honda and Toyota too have entered the hydrogen fuel cell industry.

The report also provides an in-depth analysis of fuel cell market dynamics such as drivers, restraints opportunities, and challenges


  • Growing environmental concerns
  • Favourable government initiatives
  • Increasing investment in advancing fuel cell technology
  • Increasing number of hydrogen refuelling stations


  • Lack of fuel cell infrastructure
  • High price of the catalyst


  • High efficiency portable technologies

Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.

COVID-19 impact on the fuel cell market analysis

The Covid-19 pandemic outbreak has severely influenced the fuel cell market on a global level. Project delays, supply chain disruptions, and limited financial assistance towards R&D activities have severely hindered the growth of the market.  According to estimates from IEA, the Covid-19 pandemic has significantly impacted the installation of new renewable power capacities across the globe. For the first time since the year 2000, the renewable energy facility installations expansion experienced a decline of nearly 13% as against the previous year due to the pandemic. The fuel cell market which is majorly based on hydrogen-based technologies requires substantial investments and a precisely coordinated supply chain. The Covid-19 outbreak impacted the global supply chains along with the supply chain for hydrogen-based technologies, thereby severely impacting the growth of the market. Reports from IEA indicate that the demand for hydrogen from various sectors such as steel manufacturing and oil refining has reduced due to the Covid-19 pandemic and the demand for those key chemicals that are produced using hydrogen has also reduced by 7%. All these factors have severely affected the growth of the otherwise fast-growing fuel cell market. 

The report also provides an in-depth analysis of key trends in Fuel Cell market

  • Increasing investments by major European countries including France, the UK, and Germany for research relating to the use of fuel cells for power generation is expected to positively drive the fuel cell market.
  • Rising consumer awareness and growing popularity of electric vehicles (EVs) are anticipated to provide growth opportunities in the fuel cell industry

The report also provides in-depth analysis of recent news developments and investments of the market

  • In October 2021, Hyundai Mobis, a public South Korean car parts company announced its plans is to set up two new fuel cell plants in South Korea. The facilities are expected to have the capability of producing 100,000 hydrogen fuel cells every year and are projected to be fully functional by 2023.
  • In March 2021, Toyota Motor Corporation, a Japanese multinational automotive manufacturer announced its strategic partnership with Beijing SinoHytec, a company that manufactures engine-related products. This partnership involves an investment of USD 72 million into Huafeng Fuel Cell Co. Ltd to manufacture hydrogen fuel cell powered vehicles for the Chinese market.

Company Profiles and Competitive Intelligence

The key players operating in the Fuel Cell industry are:

  • Ballard Power Systems Inc.
  • Plug Power Inc.
  • Proton Power Systems Plc
  • Itm Power Plc
  • Afc Energy Plc
  • Fuel Cell Energy Inc.
  • Sfc Energy
  • United Technologies
  • Hydrogenics
  • Fuji Electric India Pvt Ltd.
  • Adaptive Energy
  • Bloom Energy
  • SolidPower
  • Ceres Power
  • Doosan Furl Cell
  • ElringKlinger AG
  • GenCell
  • Horizon
  • Intelligent Energy
  • Mitsubishi Heavy Industries
  • Powercell
  • Robert Bosch GmbH
  • Toshiba

Frequently Asked Questions (FAQs)

Yes, the report contains detailed COVID-19 analysis for Fuel Cell Market.
A few key players include, but not limited to: FUJI ELECTRIC INDIA PVT LTD., Adaptive Energy, Bloom Energy, SolidPower, Ceres Power, and Doosan Furl Cell among others.
The Asia-Pacific regional segment has dominated the Fuel Cell Market.
A few key players include, but not limited to: FUJI ELECTRIC INDIA PVT LTD., Adaptive Energy, Bloom Energy, SolidPower, Ceres Power, and Doosan Furl Cell among others.
Yes, the report contains detailed COVID-19 analysis for Fuel Cell Market.
Author Credentials

Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.

  1. Introduction
    1. Product Outline
    2. Fuel Cell Overview
    3. Different Types Of Fuel Cell 
    4. Analysis Of Fuel Cell Ecosystem
    5. Supply Chain Analysis
    6. Covid -19 Impact
    7. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    8. Technology Overview
  2. Technology and Regulatory Landscape for Fuel Cell    
    1. Regulations and Standards
  3. Fuel Cell Market Pricing Analysis
    1. Prices of Fuel Cell   
  4. Fuel Cell Market by Type
    1. PAFC
    2. PEMFC
    3. MFC
    4. AFC
    5. Others
  5. Fuel Cell Market by Application
    1. Stationary
    2. Portable
    3. Transport
  6. Regional Analysis
    1. North America
      1. US
      2. Canada
      3. Mexico
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Norway
      5. Italy
      6. Spain
      7. Netherlands
      8. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Australia
      5. New Zealand
      6. Rest Of Asia Pacific
    4. Middle East and Africa
    5. South America
  7. Key Strategic Insights
    1. New Raw Material Sources
    2. New Applications
    3. Emerging Technologies
    4. Opportunity mapping
    5. Critical Success Factors
    6. Environmental Impact and sustainability issues
    7. Consumer preferences
  8. Key Market Trends / Recent Developments
  9. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  10. Key Global Players
    1. Ballard Power Systems Inc.
    2. Plug Power Inc.
    3. Proton Power Systems Plc
    4. Itm Power Plc
    5. Afc Energy Plc
    6. Fuel Cell Energy Inc.
    7. Sfc Energy
    8. United Technologies
    9. Hydrogenics
    10. Fuji Electric India Pvt Ltd.
    11. Adaptive Energy
    12. Bloom Energy
    13. SolidPower
    14. Ceres Power
    15. Doosan Furl Cell

Research Methodology

Choose License

License Type
Ask for Customization

Actionable and high-quality Premium Insights by ResearchCMFE

  • Customer Insights (Customer Expectations & Market Unmet Needs)
  • Market Opportunity Mapping (Market Sizing, Forecast and Trend Analysis)
  • Competitive Intelligence for Key Companies
  • Market Entry Strategy (Raw Material, Feedstock Trends, M&A, Channel Structure, Supply Chain Analysis)
  • Product Mix and Pricing (Pricing Strategy, Average Pricing, New Technologies, Products/Services Comparison)
  • Segmentation Analysis (Value Chain Analysis, Industry Structure)
  • Neural Network Diagram for Depicting Connected Market Ecosystem.
  • Market Attractiveness Framework
  • Demand Supply Scenario
  • Patent Landscape / Innovation Hotspots/ Technology Landscape
  • Impact of Circular Economy or Digital Transformation Trends
  • Region Specific Reports / Country Specific Reports for Specific Topics
  • As Per Customer Need Section Wise Reports
  • Pre and Post-Sales Service and Support
Ask for Customization

Why Choose ResearchCMFE?

  • Monthly market updates for 6 months
  • Online access of reports
  • Options to buy sections of report
  • Critically analysed research on Quadrant Positioning of your company.
  • Syndicated report along with a supplementary report with objective-based study
  • Get profiled in the reports.Expanding your visibility across our network of readers and viewers
  • We provide local market data in local language on request
  • A complementary co-branded white paper
  • Flat consulting fee based exclusive studies. Consult at the price of syndicate
  • Access to expert team for free transaction advisory service.
Speak to Analyst

Choose License

License Type
Ask for Customization