세계의 연료전지 시장 전망(-2030년) : 제품별, 공급원별, 용도별, 지역별, 지역별 분석

According to Stratistics MRC, the Global Fuel Cell Market is accounted for $9.71 billion in 2024 and is expected to reach $51.73 billion by 2030 growing at a CAGR of 32.2% during the forecast period. A fuel cell is an electrochemical device that converts the chemical energy of a fuel directly into electrical energy through a reaction with an oxidant, typically oxygen from the air. Unlike traditional combustion engines, which burn fuel to create heat and then convert that heat into electricity, fuel cells operate more efficiently and with fewer emissions. They are used in various applications, from powering vehicles to providing backup power for critical infrastructure.

According to the Global Energy Review, 2021 - Analysis by the U.S. International Energy Agency, CO2 emissions in the European Union (EU) were analyzed to be 2.4% lower in 2021. The European Union has averaged an annual improvement rate of around 3% since 2010. According to International Energy Agency (IEA), as of 2022, 15.2 thousand of total fuel cell vehicle was in circulation.

Market Dynamics:

Driver:

Growing demand for clean energy

As concerns about climate change and air pollution mount, there is a growing push towards sustainable energy solutions that reduce greenhouse gas emissions. Fuel cells, which convert chemical energy directly into electrical energy through electrochemical reactions, are emerging as a key technology in this transition. Their ability to generate power with high efficiency and low emissions makes them an attractive alternative to conventional fossil fuels. Innovations in materials, design, and manufacturing are enhancing their performance, reducing costs, and improving their viability for various applications, from transportation to stationary power generation.

Restraint:

Regulatory and policy uncertainty

Regulatory and policy uncertainty significantly hampers the advancement and adoption of fuel cell technology. Fuel cells, which offer a clean and efficient energy solution, face challenges due to fluctuating regulations and inconsistent policies across different regions. Governments and regulatory bodies often have varying standards and incentives, creating a fragmented landscape that complicates investment and development. For instance, shifting subsidies or changes in emission standards can disrupt long-term planning for fuel cell manufacturers and investors. The lack of a unified regulatory framework can hinder the deployment of fuel cell infrastructure, such as refueling stations, necessary for widespread adoption. This uncertainty undermines confidence among stakeholders and delays the commercialization of fuel cell technologies.

Opportunity:

Infrastructure development

Investment in hydrogen production, storage, and distribution infrastructure is essential for the widespread use of fuel cells, which rely on hydrogen as a clean energy source. Developing refueling stations and pipelines ensures that hydrogen can be readily available for fuel cell vehicles and other applications. Additionally, advancements in production technology, such as electrolysis and steam methane reforming, improve hydrogen generation efficiency and reduce costs. Infrastructure improvements also support research and development by providing the necessary resources and facilities for innovation. As infrastructure expands and becomes more integrated, it reduces the barriers to fuel cell technology adoption, making it a more viable and attractive alternative to conventional energy sources.

Threat:

Storage issues associated with using hydrogen as fuel

Hydrogen fuel cells face significant storage challenges that impede their widespread adoption. Hydrogen, being the lightest and smallest molecule, requires high-pressure tanks or cryogenic temperatures for effective storage, which can be costly and complex. At room temperature, hydrogen has a very low density, meaning that storing it in a practical volume necessitates either compressing it to high pressures (up to 700 bar) or cooling it to cryogenic temperatures (-253°C). High-pressure tanks are expensive and require robust materials to withstand the extreme pressures, while cryogenic storage involves energy-intensive refrigeration processes.

Covid-19 Impact:

The COVID-19 pandemic had a significant impact on the fuel cell industry, disrupting both supply chains and demand. Lockdowns and social distancing measures led to delays in manufacturing and reduced production capacities, as many factories and production lines were temporarily halted or operated at reduced efficiency. The pandemic-induced economic downturn diminished investments in new technologies, including fuel cells, as companies and governments prioritized immediate healthcare and economic recovery over long-term energy projects. However, the crisis also accelerated interest in green technologies, including fuel cells, as the global focus shifted towards sustainable recovery and reducing carbon emissions.

The Phosphoric Acid Fuel Cell segment is expected to be the largest during the forecast period

Phosphoric Acid Fuel Cell segment is expected to be the largest during the forecast period. PAFCs use phosphoric acid as the electrolyte, which operates at relatively high temperatures (150-200°C). This high temperature allows for better tolerance of impurities in the hydrogen fuel and provides a higher efficiency in electricity generation compared to lower temperature fuel cells. Recent developments focus on enhancing the durability and performance of PAFCs through improved materials and catalysts, which extend the cell's lifespan and reduce operational costs. Additionally, there is ongoing research to optimize the thermal management systems to better harness the waste heat produced, which can be used for cogeneration applications, further improving overall energy efficiency.

The Portable Power segment is expected to have the highest CAGR during the forecast period

Portable Power segment is expected to have the highest CAGR during the forecast period. Advances in this field focus on improving the fuel cell's power density, lifespan, and overall performance. By refining catalysts and optimizing fuel processing, researchers are able to increase the energy output and efficiency of these cells, making them more suitable for portable applications. Innovations such as lightweight materials and miniaturized components are also contributing to the development of smaller, more portable fuel cells that can power devices ranging from smartphones to medical equipment.

Region with largest share:

Asia Pacific region dominated the largest share of the market throughout the projection period. Nations like Japan, South Korea, and China are at the forefront, offering a range of financial incentives such as subsidies, tax breaks and research grants to stimulate innovation and deployment. These governments are also investing heavily in infrastructure, such as hydrogen refueling stations, which are critical for the widespread adoption of fuel cell vehicles. Policies aimed at reducing greenhouse gas emissions and increasing energy security further support the transition to fuel cells, which offer a cleaner alternative to traditional fossil fuels.

Region with highest CAGR:

Asia Pacific region is poised to witness profitable growth in the fuel cell market over the extrapolated period. Collaborative efforts between governments, corporations, and research institutions are driving advancements in fuel cell technology, improving efficiency and reducing costs. Strategic investments from both public and private sectors are facilitating the development of cutting-edge infrastructure and manufacturing capabilities. For instance, joint ventures and funding initiatives are helping to scale up production and integrate fuel cells into various applications, from transportation to stationary power generation. This collaborative approach not only boosts regional economic growth but also positions Asia Pacific as a global leader in clean energy solutions.

Key players in the market

Some of the key players in Fuel Cell market include Ballard Power Systems Inc, Ceres Power Holdings PLC, Horizon Fuel Cell Technologies, Hydrogenics Corporation, Intelligent Energy Limited, Kyocera Corporation, Nedstack Fuel Cell Technology B.V, Nuvera Fuel Cells LLC and SFC Energy AG.

Key Developments:

In December 2023, General Motors and Komatsu announced to develop a hydrogen fuel cell power module for the Japanese construction machinery maker's 930E electric drive mining truck.

In November 2023, Honda in association with General Motors displayed a prototype of its next-generation hydrogen fuel cell system at European Hydrogen Week in Brussels. The company is planning to expand its portfolio in fuel cell technology.

In February 2023, SFC Energy AG, a hydrogen and methanol fuel cell supplier, and FC TecNrgy Pvt Ltd signed a strategic cooperation agreement to establish a manufacturing facility for hydrogen and methanol fuel cells in India.

In January 2023, Advent Technologies collaborated with Alfa laval to explore the application of high-temperature proton exchange membrane fuel cells in marine applications.

In June 2022, Doosan Fuel Cell Co., Ltd. signed a Memorandum of Understanding (MoU) with Korea Southern Power along with Samsung C&T and the Korea Institute of Energy Research. The MOU encompasses cooperation in the development of fuel cell-coupled CCU technologies and ammonia fuel cell demonstration projects.

In March 2022, Ceres and HORIBA MIRA partnered to accelerate hydrogen and fuel cell technology development and commercialization. The collaboration will leverage Ceres' expertise in fuel cell design and manufacturing and HORIBA MIRA's testing capabilities to accelerate the adoption of these technologies in various industries.

Products Covered:

• Proton Exchange Membrane Fuel Cell
• Solid Oxide Fuel Cell
• Phosphoric Acid Fuel Cell
• Molten Carbonate Fuel Cell
• Other Products

Sources Covered:

• Methanol
• Natural Gas
• Biogas
• Other Sources

Applications Covered:

• Transport Power
• Stationary Power
• Portable Power
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Product Analysis
• 3.7 Application Analysis
• 3.8 Emerging Markets
• 3.9 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Fuel Cell Market, By Product

• 5.1 Introduction
• 5.2 Proton Exchange Membrane Fuel Cell
• 5.3 Solid Oxide Fuel Cell
• 5.4 Phosphoric Acid Fuel Cell
• 5.5 Molten Carbonate Fuel Cell
• 5.6 Other Products

6 Global Fuel Cell Market, By Source

• 6.1 Introduction
• 6.2 Methanol
• 6.3 Natural Gas
• 6.4 Biogas
• 6.5 Other Sources

7 Global Fuel Cell Market, By Application

• 7.1 Introduction
• 7.2 Transport Power
• 7.3 Stationary Power
• 7.4 Portable Power
• 7.5 Other Applications

8 Global Fuel Cell Market, By Geography

• 8.1 Introduction
• 8.2 North America
  • 8.2.1 US
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 UK
  • 8.3.3 Italy
  • 8.3.4 France
  • 8.3.5 Spain
  • 8.3.6 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 Japan
  • 8.4.2 China
  • 8.4.3 India
  • 8.4.4 Australia
  • 8.4.5 New Zealand
  • 8.4.6 South Korea
  • 8.4.7 Rest of Asia Pacific
• 8.5 South America
  • 8.5.1 Argentina
  • 8.5.2 Brazil
  • 8.5.3 Chile
  • 8.5.4 Rest of South America
• 8.6 Middle East & Africa
  • 8.6.1 Saudi Arabia
  • 8.6.2 UAE
  • 8.6.3 Qatar
  • 8.6.4 South Africa
  • 8.6.5 Rest of Middle East & Africa

9 Key Developments

• 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 9.2 Acquisitions & Mergers
• 9.3 New Product Launch
• 9.4 Expansions
• 9.5 Other Key Strategies

10 Company Profiling

• 10.1 Ballard Power Systems Inc
• 10.2 Ceres Power Holdings PLC
• 10.3 Horizon Fuel Cell Technologies
• 10.4 Hydrogenics Corporation
• 10.5 Intelligent Energy Limited
• 10.6 Kyocera Corporation
• 10.7 Nedstack Fuel Cell Technology B.V
• 10.8 Nuvera Fuel Cells LLC
• 10.9 SFC Energy AG