Fuel Cell Market Shows Maximum Potential Growth at a CAGR of 9.7% by 2030 Learn more with Emergen Research

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Growing adoption of fuel cells in military applications is a key driver of fuel cell market revenue growth

Fuel Cells Market Size – USD 4.26 Billion in 2021, Market Growth – at a CAGR of 22.8%, Market Trends – Rising trend for hydrogen fueling station development »

— Emerging research

VANCOUVER, BC, CANADA, Sept. 21, 2022 /EINPresswire.com/ — The global fuel cell market size reached USD 4.26 billion in 2021 and is expected to register a CAGR of 22.8% over the period. prediction, according to the latest analysis from Emerging Research. The increasing adoption of fuel cells in military applications across the globe is the key driver for the market revenue growth.

Fuel cells are becoming an attractive option for military applications. Its ability to generate clean, reliable electricity from on-site hydrogen is used in a variety of ways to help soldiers protect national security while improving energy efficiency. Hydrogen fuel cells can extend the flight time of unmanned aerial vehicles (UAVs) to about eight hours and can be refueled in less than 15 minutes after landing. The fuel cell drone also requires less maintenance and no lubricants. The US Navy’s Naval Research Laboratory and General Motors (GM) have developed a long-endurance unmanned underwater vehicle (UUV). The Navy has started using fuel cells in UUVs instead of batteries to allow for larger payloads and longer run times. On June 17, 2021, General Motors and Liebherr-Aerospace announced their collaboration in the development of an electrical power generation system based on hydrogen fuel cell technology for aeronautical applications. Growing adoption of fuel cell technology in military applications is expected to drive the market revenue growth over the forecast period.

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The increasing development of hydrogen refueling stations across the globe is creating numerous opportunities for the fuel cell market. According to the research, there were 685 hydrogen fueling stations in operation globally by the end of 2021. There are already concrete plans in place for 252 additional fueling station locations. The growing adoption of fuel cell vehicles is creating a strong demand for hydrogen fueling stations. On February 24, 2022, Chevron USA Inc. partnered with Iwatani Corporation of America (ICA) to develop and build 30 hydrogen fueling stations in California by 2026. On June 13, 2022, Amara Raja Power Systems, a India-based electrical systems manufacturing company, has been awarded a contract by the National Thermal Power Corporation (NTPC) to build India’s first green hydrogen refueling station in Leh district of Ladakh. In the region, NTPC is running a pilot project with five hydrogen fuel cell buses.

Some highlights of the report

Revenue from the polymer electrolyte fuel cells (PEFC) segment is expected to grow at a steady rate during the forecast period owing to the increasing adoption of PEFCs in transportation and stationary applications. PEMFCs produce electricity and operate on the reverse principle of PEM electrolysis. It is a strong contender to replace alkaline fuel cell technology.

The transportation segment is expected to witness a very rapid revenue growth rate over the forecast period owing to the increasing adoption of fuel cells in automobiles. The growing awareness of fossil fuel emissions across the world is creating a high demand for fuel cell vehicles worldwide. In May 2022, French multinational automaker Renault announced the launch of an electric-hydrogen hybrid concept car.

The Asia-Pacific market accounted for the largest revenue share in the global fuel cell market in 2021 owing to the growing adoption of fuel cell vehicles in countries in the region, especially in China, in Japan, South Korea and Japan. The Chinese government plans to deploy 50,000 fuel cell vehicles by 2025. The hydrogen roadmap outlines the development of the country’s fuel cell ecosystem between 2025 and 2035. The country also has the intention to produce 200,000 tonnes of green hydrogen per year by 2025.

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Some major companies in the global market report include Doosan Fuel Cell Co., Ltd., Fuel Cell Energy, Inc., SFC Energy AG., Bloom Energy, Kyocera Corporation, Plug Power Inc., Nuvera Fuel Cells, LLC, Nedstack Fuel Cell Technology BV, Intelligent Energy, Cummins Inc., PowerCell Sweden AB and Toshiba Corporation.

On March 15, 2022, SFC Energy AG, a German fuel cell specialist and Austria-Wolftank Group of Austria agreed to collaborate on hydrogen fuel cell power supply for critical infrastructure and hydrogen refueling stations in Italy and Austria. As part of the collaboration, the two companies will offer a system consisting of hydrogen fuel cell technology from SFC Energy and a special hydrogen tank provided by Wolftank.

Emergen Research has segmented the global fuel cell market based on size, type, application, end-use, and region:

Size Outlook (Revenue, USD Billion; 2019-2030)

Small scale

Large scale

Type Outlook (Revenue, USD billion; 2019-2030)

Proton Exchange Membrane Fuel Cell (PEMFC)

Polymer electrolyte fuel cell (PEFC)

Direct Methanol Fuel Cell (DMFC)

Molten Carbonate Fuel Cell (MCFC)

Phosphoric Acid Fuel Cell (PAFC)

Alkaline fuel cell (AFC)


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Application Outlook (Revenue, USD Billion; 2019-2030)




End-Use Outlook (Revenue, USD Billion; 2019-2030)

Commercial & Industrial

Military & Defense

Data centers



Public services and government

Regional Outlook (Revenue, USD Billion; 2019-2030)

North America











The rest of Europe

Asia Pacific




South Korea

Rest of APAC

Latin America


Rest of LATAM

Middle East and Africa

Saudi Arabia

United Arab Emirates

South Africa


Rest of MEA

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Chapter 1 includes an introduction of the global Fuel Cells Market, along with a comprehensive market overview, market scope, product offerings, and a survey of the market drivers, growth opportunities, risks, stresses and other vital factors.

Chapter 2 offers an in-depth analysis of key manufacturers engaged in this business vertical along with their sales and revenue estimates.

Chapter 3 details the highly competitive terrain of the market, highlighting the major manufacturers and suppliers.

In Chapter 4, our team has fragmented the market based on regions, highlighting the sales, revenue and market share of each region over the forecast period.

Chapters 5 and 6 have focused on market segmentation based on product type and application.

Thank you for reading our report. Please contact us with any other questions regarding the report and our team will assist you according to your needs.

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