Fuel Cell Market– Scope and Opportunities Analysis 2028

Report Description

A recent market intelligence report that is published by Data Insights Partner on the global Fuel Cell Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Fuel Cell Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Fuel Cell Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Fuel Cell Market is offered. In accordance with the report, the global Fuel Cell Market is projected to expand by healthy CAGR over the period of forecast.

Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:


An electrochemical cell that assists the conversion of a fuel’s chemical energy, the fuel is most often hydrogen, and an oxidizer, especially oxygen into electricity is called a fuel cell. This conversion is made possible by a twin of redox reaction. Poles apart from conventional batteries, fuel cells require an uninterrupted source of oxygen (generally air) and fuel for the sustainment of chemical reaction. In case of Batteries the chemical reactions generate from the metals and their oxides. In 1838, Sir William Grove invented the first fuel cell.

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Market Drivers

The primary drive for the fuel cell market is coming from the surging environmental concern. The favorable government initiatives in the adoption of renewable sources of energy and hard and fast directives of the government to keep a check on the pollution levels and reduce carbon emissions is positively affecting this market. In fact, fuel cells have very lower levels of carbon emissions and also the functioning of fuel cells produces lower levels of harmful substances. The government incentives to adhere and adopt to cleaner sources of power generation is a bolstering the growth of this market.

Apart from the environmental regulations, the direct interference of the government in this market is fueling the growth of this market. Government funding and subsidies are one such activity of the governments of different nations. For instance, in 2018, an investment worth $39 million was made by the US Department of Energy in fuel cell technology. Further, the public-private partnerships undertakings by the governments on a worldwide basis is empowering the growth of this market. For example, a contract has been signed in between Doosan Fuel Cell, Korea Hydro & Nuclear Power and Samsung C&T Group with the aim of delivering 70 fuel cells to a residential complex in Busan.

Fuel Cells are basically made out of hydrogen. The widespread availability of hydrogen and the raising units of hydrogen refueling stations and hydrogen power plants that are being open to be accessible by the firms and public globally is propelling fuel cell market growth.

Technological advancement coupled with the establishment of larger number of smart grids in the developing countries and the replacement of aging grids with new technologically advanced smart grids are augmenting the growth of the fuel cell market.

Market Restraints

Fuel cells are basically dependent on hydrogen. The inadequacy of supporting infrastructure for producing, storing, transporting and distributing hydrogen take a toll on the fuel cell market even after considering the recent development in hydrogen power plants and hydrogen refueling station.

Fuel cells are of premium price owing to the immoderate cost of FCEV which is hindering the growth of this market.

Investment in the fuel cell market comprises of high-risk as a result of the association of capital, operational and maintenance cost. Moreover, the probability of underutilization of various manufacturing facilities in case of FCEV is threatening the market growth.

Fuel cell technologies are facing cut-throat competition from Lithium-ion batteries because the latter is cheaply priced while the former is immoderately priced and hindering the fuel cell market growth.


The flourishing transportation and automotive sector are likely to provide lucrative opportunities to the fuel cell market. in addition, the gaining momentum and adoption of electric vehicles across the globe is a good scope for this market.

Fuel cells enjoy the properties of fuel flexibility. Fuel flexibility refers to the fact that these are easily obtainable from conventional and non-conventional fuels which is a good set of circumstances for the market growth.


Asia Pacific is expected to witness the fastest growing market for fuel cells owning to the advancement of fuel cells in a lightening pace, gaining adoption of battery and fuel cell powered vehicles and automotive and the consumers transition to the use of cleaner sources of energy. The rising demand for CHPs in Japan is also augmenting the growth in the expected period. The market at Europe is estimated to show progress owing to the surging importance of public-private partnerships, to remain at the competition edge and to be acknowledged as a region of low carbon emission. North America is also expected to show positive growth because of the significant support of the government in the development of the fuel cell market.

Segment Covered:

This market intelligence report on the global Fuel Cell Market encompasses market segments based on product type, application, end use and country.

           By Product Type the global Fuel Cell Market has been divided into:








           By Application the global Fuel Cell Market has been divided into:


q  Portable

q  Stationery

q  Transport

            By End Use the global Fuel Cell Market has been divided into:


q  Defense

q  Utilities

q  Fuel Cell Vehicles


             By country/region, the global Fuel Cell Market has been divided into:


q  North America (the U.S., Canada),

q  Latin America (Brazil, Mexico, Argentina and other countries),

q  Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),

q  Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),

q  Middle East and Africa (GCC, South Africa, Israel and Other countries).

Profiling of Market Players:

This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:

q  Toshiba Energy Solutions

q  Ballard Power Systems

q  SFC Energy

q  Intelligent Energy

q  Hydrogenics

q  Plug Power

q  Horizontal Fuel Cells

q  Bloom Energy

q  Mitsubishi Hitachi Power Stations

q  Cummins

others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Fuel Cell Market related investment & spending and developments by major players of the market are tracked in this global report.


Report Highlights:

In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.

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Few Recent Developments


In October 2018, a new facility was established by Hydrogenics in Carlsbad, California. The objective of this facility was the amalgamation of hydrogen fuel cells technology in heavyweight trucks and bus platforms for the convenience of customers.


Ballard Power Systems


In October 2019, a contract was signed between Ballard Power Systems and BEHALA. According to the contract, 3 FCveloCity 100 Kw Fuel Cell modules was to be supplied by Ballard Power Systems. These fuel cells are supposed to be installed in Elektra, the globe’s first Zero-emission push boat.

SFC Energy

In October 2019, a contract was signed between SFC Energy and Aurorahut. According to the agreement, Aurorahut’s EFOY Cell was integrated in brand-new rain-or-shine igloo houseboats. EFOY is an automated, eco-friendly, zero-noise source of power in all igloos.

Salient Features:

Ø This study offers comprehensive yet detailed analysis of the Fuel Cell Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year

Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market

Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook

Ø Profiling of key market players in the world Fuel Cell Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview

Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation

Ø The world market for Fuel Cell caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Fuel Cell Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants

Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports

Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation

Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion

Reasons to buy:

v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Fuel Cell Market

v Identification of key factors driving investment opportunities in the Fuel Cell Market

v Facilitate decision-making based on strong historic and forecast data

v Position yourself to gain the maximum advantage of the industry’s growth potential

v Develop strategies based on the latest regulatory events

v Identify key partners and business development avenues

v Respond to your competitors’ business structure, strategy and prospects

v Identify key strengths and weaknesses of important market participants

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