The global fuel cell market revenue stood at $1,799.9 million in 2021, and the market size will advance at a CAGR of 33.2% during the forecast period, to reach $23,743.4 million by 2030. This can be ascribed to the benefits of the fuel cell technology and investments by governing bodies and private firms to achieve carbon neutrality goals.
The fuel cell technology is the best alternative to the Li-ion battery technology for the electrification of the transportation sector. Apart from this, fuel cells have been deployed in diverse applications, including consumer electronics battery charging, backup or primary power for traffic and rail signal stations, surveillance, energy exploration, weather sensing and other equipment, low-heat, long-lasting portable power for military applications, and auxiliary power for aircraft, marine, and recreational vehicle applications.
PEM is more popular than the solid oxide, alkaline, phosphoric acid, and other fuel cell technologies. The fast startup, low operating temperature, flexibility of input fuel, compact design, low weight, low cost, and solidity of the electrolyte are some of the key features of PEM fuel cells. These variants are ideal for portable and mobile, as well as stationary applications, such as transportation and mobility, especially heavy and long-haul applications that have traditionally relied on diesel fuel, such as long-haul trains, trucks, and mining machinery. Several countries have announced goals for fuel cell truck deployments.
Fuel cells are a sustainable and environment-friendly power generation technology. By replacing conventional diesel generators, they significantly decarbonize users and, thus, contribute to the achievement of long-term climate targets. For instance, France is targeting to deploy about 2,000 fuel cell trucks by 2028, South Korea is targeting to deploy more than 30,000 by 2040, and The Netherlands is targeting more than 3,000 by 2025.
Major players operating and investing in the fuel cell market are BALLARD POWER SYSTEMS INC., PLUG POWER INC., FUEL CELL ENERGY INC., SFC ENERGY, Bloom Energy, Doosan Fuel Cell America Inc., Ceres Power Holdings Plc, Nedstack Fuel Cell Technology B.V., Nuvera Fuel Cells LLC, Mitsubishi Hitachi Power Systems, Toshiba Energy Systems and Solution Corporation.