The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. Government subsidies and increased R&D on fuel cell programs; global norms for carbon emission reduction are the main driver for the fuel cell market.
The fuel cell market is dominated by a few globally established players such as Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), and Plug Power Inc. (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Bloom Energy (US) held the majority of the global fuel cell market share in 2020. Bloom Energy is increasing its market presence and is in process of making a strong foothold across the global fuel cell market. Doosan Fuel Cell Co., Ltd. (South Korea) followed in second place in global fuel cell market. Doosan Fuel Cell Co., Ltd. was spun off from its parent company Doosan group and since then its revenue in fuel cell market is witnessing a positive growth. Aisin Corporation (Japan ) is considered to have third largest market share in global fuel cell market. The company offers ENE-FARM type S in its fuel cell product portfolio. ENE-FARM type S is a SOFC based gas cogeneration system. Aisin Corporation is a leader in offering residential solution and is collaborating with Japan government to deploy its ENE-FARM type S residential solution on large scale.
Plug Power Inc. which is a US based fuel cell supplier company. The company operates under single segment under which it offers hydrogen and fuel cell based solutions & products . The company recently expanded its services in US with inauguration of a innovation center. The center is located in New York and will be fousing on research related to green hydrogen and fuel cell technologies. Moreover, the company also offers a IoT based product in its product portfolio for maintenance and on site services of fuel cells and their associated products.
Another important player in the market is KYOCERA Corporation (Japan). The company is first across globe which has achieved mass manufacturing of cell stacks for fuel cell. The company is investing to expand its business by expanding its existing product portfolio and investing in new technologies and product. For instance, the company has started Trifuente project which is in research and development phase. Trifuente is an energy management system which combines three technologies namely, solar; storage batteries; and fuel cells.
Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Global Forecast to 2027
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