PUBLISHER: The Business Research Company | PRODUCT CODE: 1470329
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470329
The fuel cell market consists of sales, by entities (organizations, sole traders and partnerships) of fuel cells that refer to a device that use the chemical energy of hydrogen or any other fuel to produce electricity by electrochemical reactions.
The basic components of a fuel cell include an anode, a cathode and an electrolyte. The fuel (usually hydrogen) is fed to the anode and an oxidizing agent (typically oxygen from the air) is supplied to the cathode. At the anode, hydrogen molecules undergo electrochemical oxidation, producing protons and electrons. The protons move through the electrolyte to the cathode, while the electrons create an electric current that can be harnessed for external use. At the cathode, the protons and electrons react with the oxidizing agent, usually oxygen, to form water and release additional energy.
The global fuel cell market was valued at $2,071.1 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 19.0%.
Favorable Government Policies
Favorable government policies drove the growth of the fuel cell market during the historic period. The governments of various countries are supporting the manufacturing sector to produce new solutions to better serve the industry. For example, in May 2022, Loop Energy, a Canadian designer and manufacturer of hydrogen fuel cell systems for the electrification of commercial mobility, received CAD9.75 million ($7.35 million) over three years from the Government of Canada, through Pacific Economic Development Canada's (PacifiCan) Jobs and Growth Fund. Loop Energy will invest the funding into increasing the manufacturing capacities of its hydrogen fuel cell stacks and modules at its Burnaby, Canada, manufacturing facility. Further, in March 2023, the Italian government announced plans to grant up to €103.5 million ($111.4 million) of funding, to build 36 new hydrogen refueling stations across the country by 2026. A total of €230 million ($250.08 million) has been set aside under this program, which aims to build at least 40 hydrogen filling stations for light and heavy vehicles by the end of June 2026. Therefore, favorable government policies supported the growth of the fuel cell market.
Expansion Of New Plants To Improve Product Offerings
Companies in the fuel cell market are focusing on new facility expansions to improve their product offerings. For example, in July 2023, Bosch, a Germany-based engineering and technology company, started volume production of its fuel-cell power module at its Stuttgart-Feuerbach location in Germany. The company's hydrogen fuel-cell power module technology will be used in Nikola Corporation's (an American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles and energy solutions) Class 8 hydrogen fuel cell electric truck. Further, in March 2022, Hypoint, a UK-based provider of a hydrogen fuel cell system for the air transportation market, opened a research and development and production site in the UK, to make its air-cooled hydrogen fuel cells, which are being developed specifically for use in aircraft.
The global fuel cell market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 30.2% of the total market in 2022.
Fuel Cell Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global fuel cell market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for fuel cell? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The fuel cell market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider fuel cell market; and compares it with other markets.
Conclusions And Recommendations- This section includes recommendations for fuel cell providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.