The global fuel cell market is estimated to grow at a CAGR of nearly 20.0% during the forecast period. The major factors offering an opportunity for the growth of the market include the increasing demand for electric vehicles and government initiatives for the adoption of fuel cell technology. As per the International Energy Agency (IEA), The global stock of electric passenger cars passed 5 million in 2018, which represents a rise of 63% from 2017. In 2018, China accounted for the largest share of nearly 45% in the global electric cars on the road, which is 2.3 million.

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Europe held the second position with 24% of the global fleet, and the US accounted for 22% of the global electric carson the road. This, in turn, is expected to drive the demand for fuel cell electric vehicles (FCEVs) driven by hydrogen. These vehicles are highly efficient as compared to the traditional internal combustion engine vehicles. FCEV running on hydrogen generates no tailpipe emissions and emits only water vapor and warm air. Owing to the stringent emission regulations, the government of countries are making efforts to adopt hydrogen-powered vehicles. For instance, the US Department of Energy has been conducting researches to make hydrogen-powered vehicles an environmentally friendly, affordable, and safe transportation alternative.

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Global Fuel Cell Market Segmentation

By Type

Polymer Electrolyte Membrane Fuel Cell (PEMFC)

Solid Oxide Fuel Cell (SOFC)

Molten Carbonate Fuel Cell (MCFC)

Phosphoric Acid Fuel Cell (PAFC)

Others (Alkaline Fuel Cell (AFC) and Direct Methanol Fuel Cell (DMFC))

By Application

Stationary

Portable

Transportation

Regional Analysis

North America

United States

Canada

Europe

UK

Germany

Italy

Spain

France

Rest of Europe

Asia-Pacific

China

India

Japan

Rest of Asia-Pacific

Rest of the World

Company Profiles

Acumentrics, Inc.

AFC Energy plc

Altergy Systems

Ballard Power Systems Inc.

Bloom Energy

Ceres Power Holdings plc

Doosan Fuel Cell America, Inc.

FuelCell Energy, Inc.

Fuji Electric Co., Ltd.

Hydrogenics Corp.

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