Home > Energy & Power > Emerging Energy Technologies > Fuel Cell > Fuel Cell Market

Fuel Cell Market Trends

Report ID: GMI621
Published Date: Jan 2024
Report Format: PDF

Download Free Sample

Fuel Cell Market Trends

Continuous innovations in materials such as advanced ceramics and electrode compositions for improved efficiency and durability of solid oxide fuel cells coupled with large scale product deployment to provide power will accelerate the business potential. For instance, in August 2023, Bloom Energy installed the 1st phase of 10 MW solid oxide fuel cell for Unimicron Technology Corp. in Taiwan to provide reliable and clean power with quick delivery to customers who need immediate power. Moreover, ongoing initiatives to mitigate climate change and reduce greenhouse gas emissions aligned with clean and low-emission characteristics of fuel cells will favor the product adoption.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Global market for fuel cell surpassed USD 6.75 billion in 2023 and is estimated to be worth more than USD 16.7 billion by 2032, attributed to the shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy.

SOFC (solid oxide fuel cell) market is set to expand at over 11% CAGR from 2024- 2032 attributed to its increasing demand for widespread application at various scales, from residential to industrial, coupled with the higher need for distributed energy.

North America industry is poised to expand at over 6% CAGR between 2024 and 2032 owing to the increasing need to provide grid support services, including peak shaving, load balancing, and grid stability

Some of the major fuel cell industry players are Ballard Power Systems, Cummins Inc., NUVERA FUEL CELLS, LLC., Bloom Energy, Panasonic Corporation, Doosan Fuel Cell Co., Ltd., TOSHIBA CORPORATION, FuelCell Energy, Inc., Fuji Electric Co., Ltd., and Hyundai Motor Company, among others.