#fuel cell market

[global-research-report]

Fuel Cell Market Dynamics: Key Drivers, Technological Advancements, and Growth Outlook

The global fuel cell market was valued at USD 7.35 billion in 2023 and is projected to experience substantial growth, with a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Several factors are driving this rapid expansion, with the increasing demand for unconventional energy sources being one of the primary contributors. As the world shifts away from traditional fossil fuels, there is growing interest in clean, sustainable energy alternatives such as hydrogen fuel cells, which offer a viable solution for both stationary and mobile power generation. This demand is further amplified by the recognition that fuel cells can provide a cleaner, more efficient means of energy production, making them an attractive option for industries and governments seeking to reduce their environmental impact.

Another significant factor propelling the market's growth is the rise in private-public partnerships aimed at advancing fuel cell technologies. These collaborations are essential for accelerating the commercialization and adoption of fuel cell systems, especially as governments around the world focus on reducing carbon emissions and supporting clean energy solutions. Fuel cells offer a promising pathway to meet these goals by delivering power with minimal environmental impact. The ongoing efforts to reduce greenhouse gas emissions, particularly from the transportation and industrial sectors, are creating increased demand for fuel cell technology, both in terms of innovation and widespread adoption.

Regional Insights

Asia Pacific:

The Asia Pacific region held a dominant revenue share of more than 65% in 2023 and is expected to experience the fastest growth in the global fuel cell market over the forecast period. The region's rapid expansion is driven by a combination of government policies, strategic initiatives, and the increasing demand for clean energy solutions, particularly in transportation applications. Countries like China, India, South Korea, and Japan have implemented various strategies to encourage the adoption of fuel cell technologies, making Asia Pacific the primary hub for fuel cell development and deployment.

Japan remains the largest and most advanced market for fuel cells in Asia, and indeed globally. The country’s focus on hydrogen as a sustainable energy solution is central to its energy strategy, as it seeks to reduce dependence on imported fossil fuels—approximately 96% of Japan’s energy is imported. Japan was the first country to commercialize residential fuel cell systems in 2009, and since then, the country has continued to lead the way in developing and deploying fuel cell technology. The significant demand for combined heat and power (CHP) systems—which utilize fuel cells for both electricity and heat generation—has further fueled the market’s growth. Government incentives and regulations aimed at reducing carbon emissions and advancing clean energy technology have played a crucial role in fostering this development.

Following Japan, South Korea is another key player in the Asia Pacific fuel cell market. The country has adopted aggressive strategies to integrate hydrogen fuel cells into various sectors, including transportation and residential energy solutions. South Korea is also investing heavily in hydrogen infrastructure, aiming to become a global leader in hydrogen technology.

As the market for fuel cells expands in Japan and South Korea, other countries in the region, such as China and India, are seeing growing interest in adopting fuel cell technologies, particularly in the transportation sector. The push for fuel cell vehicles (FCVs) and other clean energy solutions is supported by both public and private sector investments, with China leading the way in terms of government-backed hydrogen fuel cell vehicle production and India emerging as a potential market for fuel cells in both transportation and industrial applications.

Japan:

Japan's fuel cell market has experienced rapid development and remains a global leader in fuel cell technology adoption. The country has been at the forefront of using fuel cells for a variety of applications, ranging from residential power generation to transportation and industrial energy solutions. Japan’s commitment to hydrogen energy is rooted in its energy strategy, as it seeks to reduce reliance on imported energy sources and decrease its carbon footprint. In 2009, Japan became the first country to commercialize residential fuel cell systems, under the ENE-FARM program, which offers subsidies for households to adopt fuel cells for generating electricity and heat.

Japan’s government continues to provide robust support for fuel cell technologies, recognizing hydrogen as a sustainable and clean energy option. This support includes policies aimed at accelerating the deployment of fuel cell systems across multiple sectors, including residential, commercial, and transportation. The demand for combined heat and power (CHP) systems in Japan has been particularly strong, as these systems provide both electricity and heating, making them highly efficient and cost-effective for homes and businesses. The country's focus on hydrogen infrastructure and fuel cell vehicle (FCV) development further underscores its commitment to becoming a global leader in hydrogen-based technologies.

India:

The fuel cell market in India is in its early stages but is rapidly gaining momentum, driven by growing concerns about environmental sustainability and the country's push to reduce carbon emissions. India’s government has introduced a range of policies and incentives aimed at promoting the adoption of clean energy technologies, including fuel cells. These initiatives include subsidies, research grants, and favorable tariff structures to encourage investment in fuel cell development and deployment. The Indian government is particularly focused on advancing fuel cell technologies for transportation and industrial applications, where fuel cells can provide cleaner alternatives to conventional energy sources.

Although the fuel cell market in India is still in its nascent stages, the country holds significant potential due to its growing population, expanding urbanization, and increasing demand for sustainable energy solutions. As India's industrial and transportation sectors continue to evolve, there is likely to be an increasing demand for fuel cell systems, particularly in high-pollution areas and for applications that require high efficiency and low emissions. India's commitment to reducing its carbon footprint, coupled with its growing interest in hydrogen energy, positions the country as an emerging market for fuel cell technology.

The success of fuel cell technology in Japan is largely attributed to a highly effective collaboration between research institutes, industries, end users, and the government. This multi-stakeholder approach has created a conducive environment for the growth and adoption of fuel cells, making Japan one of the global leaders in this technology. One of the key drivers of fuel cell adoption in the country has been government programs such as ENE-FARM, which has played a pivotal role in promoting the use of residential fuel cells. The ENE-FARM initiative offers substantial subsidies to end users, reducing the initial financial barrier for households and businesses to adopt fuel cell systems. This incentive has been instrumental in increasing the penetration of fuel cells in residential and commercial settings.

In North America, the fuel cell market captured a significant share in 2023, driven by the region’s supportive legislation and commitment to reducing carbon emissions. Countries like the United States and Canada have implemented robust environmental policies that incentivize the adoption of clean energy solutions, including fuel cells. These policies often take the form of carbon reduction targets, subsidies, tax incentives, and grants for companies and consumers investing in fuel cell technology. Such regulations have created a favorable environment for businesses to invest in cleaner energy alternatives and for consumers to adopt more sustainable solutions.

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Key Companies & Market Share Insights

Leading companies in the fuel cell market are actively employing both organic and inorganic growth strategies to enhance and expand their market presence. These strategies include new product development, mergers and acquisitions (M&A), and joint ventures, all of which are designed to strengthen their competitive position in the rapidly growing fuel cell industry.

Honda and General Motors Collaboration (November 2023) In November 2023, Honda, in collaboration with General Motors, unveiled a prototype of their next-generation hydrogen fuel cell system at the European Hydrogen Week in Brussels. This partnership is part of the companies’ broader strategy to expand their fuel cell technology portfolio. By leveraging their combined expertise, Honda and General Motors aim to accelerate the commercialization of hydrogen-powered solutions across various sectors, including automotive and industrial applications. This joint effort is indicative of both companies’ commitment to leading the transition to cleaner energy solutions, with a specific focus on hydrogen fuel cells as a key component of sustainable transportation.

General Motors and Komatsu (December 2023) In December 2023, General Motors and Komatsu, a major Japanese construction machinery maker, announced a partnership to develop a hydrogen fuel cell power module for Komatsu's 930E electric-drive mining truck. This collaboration signifies the growing adoption of hydrogen fuel cells in industries beyond automotive, such as heavy machinery and mining. By integrating hydrogen fuel cells into large-scale equipment, such as mining trucks, the companies aim to reduce carbon emissions and provide more efficient and sustainable solutions for industries with heavy energy demands. The use of hydrogen fuel cells in such applications is expected to significantly reduce reliance on diesel-powered equipment and contribute to decarbonization in the mining sector.

Key Fuel Cell Companies:

Ballard Power Systems

Bloom Energy

Ceres Power Holdings PLC

Doosan Fuel Cell America, Inc.

FuelCell Energy, Inc

Hydrogenics Corporation

Nedstack Fuel Cell Technology B.V.

Nuvera Fuel Cells LLC

Plug Power, Inc.

SFC Energy AG

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Fuel cell Market - Forecast(2024 - 2030)

Fuel Cell Market Overview:

According to the International Trade Center (ITC), the trade of fuel cells that are particularly used in electric motors and generators was valued at $19.2 billion in 2018. Fuel cells have diverse domestic and commercial applications as they are indispensable parts of many machines in which chemical energy is converted into electrical energy. The fuel cell market was valued at $4.5 billion in 2018 and is projected to grow at a compound annual growth rate (CAGR) of 15.38% from 2019 to 2025.

The federal governments of countries such as the U.S. and Canada are supporting the private companies that manufacture fuel cells. The fuel cell market is observing funding opportunities from the US Department of Energy (DOE), and the Fuel Cell Technologies Office (FCTO) that belongs to the Office of Energy Efficiency and Renewable Energy. On March 1, 2019, the DOE announced a $51.5m funding for research in technologies that power trucks and off-road vehicles. Similarly, other countries in North America had observed soaring sales of fuel cells recently. The North America fuel cell market held 33.27% share of the global market in 2018.

Fuel Cell Market Outlook:

Fuel cells such as hydrogen fuel cells, solid oxide fuel cells, and methane fuel cells are electrochemical cells that convert chemical energy into electrical energy. Fuel cell energy is required in domestic and commercial sectors, and it is also used to charge the fuel cell vehicles.

The application segment that is poised to create the most lucrative opportunities to the vendors in the fuel cell market is the stationary power application segment. This is mainly attributable to the application of fuel cells in generators, which are important standby electricity suppliers. Furthermore, there is expected to be an augmented application of fuel cells in the uninterruptible power supply market, which had a valuation of $10.5 billion to $11 billion in 2018, and the segment is poised to observe a substantial CAGR of 4% to 5%, which will further propel the fuel cell market. The stationary segment will observe a healthy CAGR of 16.94% through 2025.

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Fuel Cell Market Growth Drivers:

· The Application of Fuel Cells in the Automotive Industry –

According to the International Organization of Motor Vehicle Manufacturers (OICA), the number of vehicles manufactured in 2018 was 95,634,593. Furthermore, the future will observe an increment in the manufacturing of automobiles, and more so with the advent of electric vehicles, autonomous & semi-autonomous vehicles, and self-driven trucks. The growth prospects in the automotive sector will escalate the fuel cell market revenue in the future.

· Commercial Applications Expanding the Fuel Cell Market Size –

A variety of fuel cells such as proton exchange membrane fuel cells, solid oxide fuel cells, solid polymer fuel cells, phosphoric acid fuel cells, and alkaline fuel cells are used in commercial buildings. Given that motors and generators have prominent applications in commercial buildings, the segment happens to be a lucrative fuel cell marketplace.

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Fuel Cell Market Trends –

·    Latest Developments – Fuel cell catalyst technology has been constrained by two hurdles that include manufacturing costs and durability. However, there are innovations in the fuel cell market, and there will be alterations in the fuel cells stack technology. These innovations will significantly reduce the costs by reducing the usage of precious metals and improving the longevity of fuel cells through innovative designs in catalyst layers.

·   In November 2018, Panasonic decided to commercialize the hydrogen fuel cell generator in order to accelerate initiatives to achieve a sustainable society by utilizing hydrogen energy. This trend will be adopted by a lot of organizations, and further drive the hydrogen fuel cell market and hydrogen market as well.

·     In December 2018, Hydrogenics Corporation was awarded a contract for the design and supply of fuel cell power modules for a new lightweight aircraft. This will position the company in the aircraft fuel cells segment.

Fuel Cell Market Challenges –

Even though fuel cells are found to be excellent alternatives to internal combustion engines that aren’t environment-friendly, fuel cells are yet to penetrate various industries and replace the conventional form of energy, which is limiting the expansion of the fuel cell market. Furthermore, the vendors are striving to optimize the pricing according to the end-user criteria in order to thrive on the demand, which is picking up pace. Another factor that is constraining the growth of the customer-base is the reliability of fuel cells. However, manufacturers are making hefty investments into R&D, and the future is poised to observe some innovations that will disrupt the fuel cell market.

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Fuel Cell Market Key Players Perspective –

The major players that are battling for the fuel cell market share are Ballard Power Systems Inc., Toshiba Corporation, Panasonic Corporation, Horizon Fuel Cell Technologies, Hydrogenics Corporation, Fuel Cell Energy, Inc., Ceramic Fuel Cells Limited, Aisin Seiki Co., Ltd., Doosan Fuel Cell America, Nuvera Fuel Cells, SFC Group, Bloom Energy, Nedstack Fuel Cell Technology B.V., Plug Power, UTC Power Corp., and Arcola Energy.

Fuel Cell Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the fuel cell market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The fuel cell market research report also analyzes the applications of the devices in the commercial, consumer product, and automobile sectors.

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Fuel Cell Market Report: Industry Coverage

This report also documents the product based on types, which include metal hydride fuel cell, DFAFC, and UMFC.

The fuel cell market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark

APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa: Israel, South Africa, Saudi Arabia

[researchinenergyandpower]

According to a research report, Fuel Cell Market is projected to reach USD 8.7 billion by 2028 from an estimated USD 3.3 billion in 2023, at a CAGR of 21.7% during the forecast period. Fuel cells are devices that generate electricity through electrochemical reactions, typically using hydrogen as a fuel source. They are considered a clean and efficient technology, as the only byproducts of the process are water and heat. Fuel cells boast high energy conversion efficiencies compared to traditional combustion-based power systems. The electrochemical process allows for more direct and efficient conversion of fuel into electricity, resulting in minimized energy losses. Rising growth in the demand for consumer electronics along with increasing adoption of fuel cell technology solutions are the factors expected to drive the demand for the fuel cell market.

[humblehydrogen]

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[versatile-blogger-1]

The global Fuel Cell Market Is Estimated To Witness High Growth Owing To Increasing Demand For Clean Energy Solutions And Growing Investments In Renewable Technologies

The global fuel cell market is estimated to be valued at USD 3563.33 billion in 2022 and is expected to exhibit a CAGR of 12.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

A) Market Overview:

Fuel cells are electrochemical devices that convert chemical energy into electrical energy through a reaction between fuel and an oxidizing agent. These devices are gaining significant traction due to their high energy efficiency and zero greenhouse gas emissions. Fuel cells have various applications across sectors such as automotive, power generation, portable devices, and backup power systems. They are used to power electric vehicles, provide backup power for telecom towers, and generate electricity for residential and commercial buildings in remote areas.

B) Market Dynamics:

1. Increasing Demand for Clean Energy Solutions: The growing concerns about environmental pollution and the need to reduce greenhouse gas emissions have led to a surge in demand for clean energy solutions like fuel cells. The adoption of fuel cells helps reduce carbon footprints and promote sustainable development.

2. Growing Investments in Renewable Technologies: Governments and private organizations are making significant investments in renewable technologies, including fuel cells, to reduce dependence on fossil fuels and promote a sustainable energy ecosystem. These investments are driving the growth of the Fuel Cell Market

C) Market Key Trends:

The key trend observed in the fuel cell market is the increasing adoption of fuel cell technology in the automotive sector. Major automobile manufacturers are investing heavily in the development of fuel cell vehicles as an alternative to traditional internal combustion engine vehicles. For example, companies like Toyota, Hyundai, and Honda have already launched fuel cell electric vehicles (FCEVs) in the market. This trend is expected to accelerate the growth of the Fuel Cell Market in the forecast period.

D) SWOT Analysis:

- Strengths:

  - High energy efficiency

  - Zero greenhouse gas emissions

- Weaknesses:

  - High initial costs

  - Limited infrastructure for refueling

- Opportunities:

  - Government incentives and subsidies

  - Increasing adoption in the transportation sector

- Threats:

  - Competition from alternative clean energy technologies (such as batteries)

  - Technological challenges in hydrogen production and storage

E) Key Takeaways:

The global fuel cell market is expected to witness high growth, exhibiting a CAGR of 12.9% over the forecast period, due to increasing demand for clean energy solutions and growing investments in renewable technologies.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Fuel Cell Market. The presence of major fuel cell manufacturers and government support for the adoption of clean energy solutions are driving the market growth in this region.

Key players operating in the global fuel cell market include Fuel Cell Energy Inc., Cummins Inc., Ballard Power Systems Inc., Plug Power Inc., SFC Energy AG, Horizon Fuel Cell Technologies Pte Ltd., Mitsubishi Hitachi Power Systems Ltd., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, and Nuvera Fuel Cells LLC. These companies are focusing on research and development activities to enhance the efficiency and performance of fuel cells, as well as expanding their product portfolios to cater to various end-user industries.

[electronalytics]

Hydrogen Fuel Cells for Vehicles Market Demand, Overview Analysis Opportunities, Segmentation, Assessment and Competitive Strategies by 2032

Market Overview:

The automotive industry sector that focuses on automobiles with hydrogen fuel cells is known as the hydrogen fuel cells for vehicles market. Fuel cell vehicles (FCVs) burn hydrogen gas as their fuel source, which is then transformed into electricity in the fuel cell stack via a chemical reaction. The only byproduct of this electricity's use, which is to power the vehicle, is water vapour.

The global market size and share for hydrogen fuel cells for vehicles (HFCV) was estimated at USD 1.51 billion in 2022 and is expected to grow at a CAGR of 45.2% to reach USD 62.88 billion by 2032, according to Stringent Datalytics.

Key Factors: Several key factors are driving the growth of the hydrogen fuel cells for vehicles market:

Environmental issues and emission controls: As worries about climate change and air pollution continue to grow, there is an increasing need to cut back on greenhouse gas emissions from transportation. Vehicles powered by hydrogen fuel cells are more environmentally friendly than conventional internal combustion engines since they produce no emissions.

Governments and energy corporations all around the world are actively looking for methods to diversify their energy sources and lessen their dependency on fossil fuels. Renewable hydrogen can be produced from sources like electrolysis of water using renewable energy. This hydrogen can be used to power hydrogen fuel cells. This encourages the transportation sector's decarbonization.

Improvements in fuel cell technology: The performance, durability, and efficiency of fuel cells have all seen significant improvements. These developments have led to increased driving range, shorter refuelling times, and improvedoverall vehicle performance, making hydrogen fuel cell vehicles a more viable option for consumers.

Demand:

As the technology improves and public awareness rises, there is a progressive rise in the demand for hydrogen fuel cells for automobiles.

In addition, sectors with a strong focus on sustainability, like public transport, delivery services, and commercial fleets, are showing interest in adopting hydrogen fuel cell vehicles due to their long driving range and minimal environmental impact.

While the market is still in its early stages, several nations, including Japan, South Korea, Germany, and China, have made significant investments and set targets for the deployment of FCVs.

To satisfy the expanding demand and realise the promise of hydrogen fuel cells for automobiles, manufacturers, infrastructure builders, and other market participants should continue to invest in research and development, collaborate on creating hydrogen infrastructure, and strive towards cost reductions.

Referrals to our Stringent datalytics company, trade journals, and websites that focus on market reports are encouraged. These sources frequently include thorough research, market trends, growth projections, competition analysis, and other insightful information about this market.

You can investigate the availability of particular reports linked to this market by going to our website or getting in touch with us directly. We offer thorough and in-depth information that might be helpful for businesses, investors, and individuals interested in this industry, but these reports frequently need a purchase or membership.

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Market Segmentations:

Global Hydrogen Fuel Cells for Vehicles Market: By Company

• Plug Power

• Ballard

• Sunrise Power

• Panasonic

• Vision Group

• Nedstack PEM Fuel Cells

• Shenli Hi-Tech

• Altergy Systems

• Horizon Fuel Cell Technologies

• Foresight

• SerEnergy

• SFC Energy

• Beijing Sinohytec Co.,Ltd.

• Stellantis

• Cummins

• Guangdong Liyuan Technology Co., Ltd

Global Hydrogen Fuel Cells for Vehicles Market: By Power

• Below 80KW

• 80-120KW

• 120-150KW

• 150-240KW

• Above 240KW

Global Hydrogen Fuel Cells for Vehicles Market: By Application

• Passenger Cars

• Commercial Vehicles

Global Hydrogen Fuel Cells for Vehicles Market: Regional Analysis

The regional analysis of the global Hydrogen Fuel Cells for Vehicles market provides insights into the market's performance across different regions of the world. The analysis is based on recent and future trends and includes market forecast for the prediction period. The countries covered in the regional analysis of the Hydrogen Fuel Cells for Vehicles market report are as follows:

North America: The North America region includes the U.S., Canada, and Mexico. The U.S. is the largest market for Hydrogen Fuel Cells for Vehicles in this region, followed by Canada and Mexico. The market growth in this region is primarily driven by the presence of key market players and the increasing demand for the product.

Europe: The Europe region includes Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe. Germany is the largest market for Hydrogen Fuel Cells for Vehicles in this region, followed by the U.K. and France. The market growth in this region is driven by the increasing demand for the product in the automotive and aerospace sectors.

Asia-Pacific: The Asia-Pacific region includes Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, and Rest of Asia-Pacific. China is the largest market for Hydrogen Fuel Cells for Vehicles in this region, followed by Japan and India. The market growth in this region is driven by the increasing adoption of the product in various end-use industries, such as automotive, aerospace, and construction.

Middle East and Africa: The Middle East and Africa region includes Saudi Arabia, U.A.E, South Africa, Egypt, Israel, and Rest of Middle East and Africa. The market growth in this region is driven by the increasing demand for the product in the aerospace and defense sectors.

South America: The South America region includes Argentina, Brazil, and Rest of South America. Brazil is the largest market for Hydrogen Fuel Cells for Vehicles in this region, followed by Argentina. The market growth in this region is primarily driven by the increasing demand for the product in the automotive sector.

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[dsiddhant]

The global Fuel Cell Generator Market is projected to reach USD 2.1 billion in 2030 from USD 0.4 billion in 2023 at a CAGR of 25.4% according to a new report by MarketsandMarkets™.

[esglatestmarketnews]

The Growing Demand for ESG Reporting in the Fuel Cell Industry

Fuel cells have emerged as an environmentally friendly option to provide power for applications, including residential/commercial/industrial buildings, transportation and power stations. The unique value proposition of environmental, social and governance pillars will leverage industry leaders to empower the world with clean energy. Although 2020 through 2022 were periods of global turbulence emanating from the COVID-19 pandemic, inflation, energy crisis, geopolitical developments and volatile weather conditions, 2023 and beyond could see stakeholders prioritize ESG to bolster the brand position.

Global push to comply with the Paris Accord Climate Targets will encourage companies to meet the greenhouse gas emissions commitments, thereby fostering the clean energy revolution. Hydrogen has emerged as an invaluable component for green transition and energy source diversification. Fuel cell technology will expedite targets to pursue economic recovery and combat climate change Along with the concerted efforts to transition to a zero carbon economy, forward-looking companies have prioritized diversity, equity & inclusion, workers’ health & safety, training programs, transparency, corporate behavior and ethics & compliance.

Key Companies in this theme:

    • Fuel Cell Energy, Inc.

    • Ballard Power Systems

    • SFC Energy AG

    • Nedstack Fuel Cell Technology B.V.

    • Bloom Energy

Learn more about the practices & strategies being implemented by industry participants from the Fuel Cell Industry ESG Thematic Report, 2023, published by Astra ESG Solutions

Environmental Perspective

Amidst an exponential demand for energy, decarbonizing power and producing hydrogen have come on the horizon. Technologies are likely to be built for decarbonizing mobility and industrial applications. The penetration of hydrogen fuel will potentially negate the fossil fuel concerns that have plagued the globe. It is worth mentioning that hydrogen does not need mining and is not prone to geopolitical risks.

In February 2022, FuelCell Energy introduced the 2021 Sustainability Report exhorting a commitment to attain net zero emissions by 2030 on Scope 1 and Scope 2 emissions. As of August 2022, its energy plants generated over 13,788,125 megawatt hours. The U.S.-based company is gearing up to achieve net-zero carbon emissions by 2050, a step likely to foster the adoption of decarbonization.

Social Perspective

Industry leaders have furthered their focus on social contributions, including increasing the proportion of women in the workforce, underpinning employment in operational sites and providing training programs. Lately, emphasis on talent attraction, retention, robust grievance mechanisms, women empowerment and occupational health & safety has gained uptick.

Advent Technologies has upped investments in women empowerment and training pertaining to ethics, professional skills development and health & safety issues on laboratory processes. In 2021, the percentage of permanent employees was 98%, exhibiting its efforts toward human capital management. The company asserts its Employee Handbook covers bullying and harassment, diversity, accessibility, non-discrimination, working hours and minimum age requirements. A strong commitment to the social pillar to provide fuel cell power for a sustainable world will help companies position themselves in the industry.

Is your business one of participants to the Fuel Cell Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Governance Perspective

The strategic ESG vision warrants board diversity, transparency, sound corporate behavior, fair business practices and regulatory compliance. Building trust from business partners, investors, financial markets and the public at large has become instrumental in boosting the ESG rankings. For instance, Bloom Energy has strengthened its ESG disclosure efforts. The company’s 2021 sustainability report is in line with Task Force on Climate-related Financial Disclosure (TCFD) recommendations, Sustainability Accounting Standards Board (SASB) standards and the Global Reporting Initiative (GRI) framework.

The Board of Directors (BoD) offers strategic guidelines on ESG matters pertaining to Bloom Energy’s business and approves strategy, such as ESG components. Besides, the company inferred that its first Environmental Management System (EMS) audit would have happened in 2022. Bloom Energy has also fostered its culture of ethical decision-making. In 2021, the U.S.-based company hired corporate ethics and compliance program leaders. Building a strong and robust governance culture will serve as a solid foundation to propel environmental and social performances.

Identifying areas for development and improvements of communities, environments and businesses have become pronounced with the emergence of the hydrogen economy. Manufacturing and injecting funds into key technologies to protect energy security, employment and achieve climate goals can propel the value proposition.

In July 2022, the European Commission was reported to have approved an Important Project of Common European Interest (IPCEI) to underpin research & innovation and the first industrial deployment in the hydrogen technology value chain. The Member States would pour €5.4 billion (approximately USD 5.8 billion) in public funding. Meanwhile, in February 2023, Nedstack joined forces with ZBT for the industrialization and co-development of fuel cells.

About Astra – ESG Solutions by Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

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[businessintelligenceinsightsblog]

As per Business Intelligence Insights (BII) study, the global Fuel Cell Market attained revenue growth of USD 2,491.5 million in 2021 and it is projected to reach around USD 7,463.9 million by 2030, growing at a 14.7 % CAGR.

[marketresearchreportinsight]

Fuel Cell Market Product Driving Factors, Capacity and Growth Rate Analysis to 2030

The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe…

[dsiddhant]

/PRNewswire/ -- Fuel Cell Generator Market is projected to reach USD 2.1 billion in 2030 from USD 0.4 billion in 2023 at a CAGR of 25.4% according...

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Fuel Cell Vehicle Market Forecast: Growth, Trends, and Opportunities

The global fuel cell vehicle market size is expected to reach USD 36.89 billion by 2030, registering a CAGR of 52.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Factors such as strict environmental laws, the availability of incentives and subsidies for clean fuels, and hazardous gas emissions from combustion engine are the key drivers driving the global growth of the fuel cell vehicle market. Vehicle emissions have a negative influence on the environment and human life, and several government agencies have enacted rigorous emission regulations. As long as regulatory rules are met, fuel cell vehicles will be in high demand. The growing awareness among manufacturers of the damage caused by car emissions on the environment and the development of alternative powertrains is fueling the market growth.

The government's major goal in developed countries is to develop and install hydrogen refueling stations. The government's primary goal in developing countries is to design a strategic plan for the commercial roll-out of fuel cell technology. Therefore, the urgent need for infrastructure investment is another aspect driving market growth. To boost the market growth for the fuel cell vehicle market, several countries such as Australia, Canada and South Korea are aiming for a full range of hydrogen filling stations across the world.

Although, fuel cell vehicles are expensive and hydrogen (per kilo) is expensive in some locations, these reasons are impeding the growth of the fuel cell vehicle market. It is a scalable and adaptable electrical source for big transportation applications such as material handling trucks, buses, railroads, defense vehicles, and light commercial vehicles (LCVs). In commercial applications, it is also employed as a stationary fuel source. Furthermore, rising government attempts to promote fuel cells for transportation provide the potential for the fuel cell vehicle market to develop.

Gather more insights about the market drivers, restrains and growth of the Fuel Cell Vehicle Market

Fuel Cell Vehicle Market Report Highlights

• The market is expected to register growth due to increased crude oil prices and increasing concentration of carbon emission

• The governments of developed and developing countries are actively investing in fuel cell technology and infrastructure

• The passenger car segment is expected to witness growth owing to extensive usage for commuting and supply chain purpose

• The industry's progress is limited by a failing distribution network, fear of electric shock, and flammability owing to the chemical attribute of hydrogen fuel cells, which act as a limitation on the market's growth.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

• The global automotive digital cockpit market size was valued at USD 24.56 billion in 2024 and is projected to grow at a CAGR of 10.1% from 2025 to 2030.

• The global electric kick scooter market size was valued at USD 5.93 billion in 2024 and is projected to grow at a CAGR of 11.9% from 2025 to 2030.

Fuel Cell Vehicle Market Segmentation

Grand View Research has segmented the global fuel cell vehicle market based on vehicle type and region:

Fuel Cell Vehicle Vehicle Type Outlook (Revenue, USD Million, 2018 - 2030)

• Passenger Cars

• LCVs

• HCVs

Fuel Cell Vehicle Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

• Asia Pacific

o China

o Japan

o India

o Australia

• South Korea

o Latin America

o Brazil

o Mexico

• Middle East and Africa

o Saudi Arabia

o South Africa

o UAE

Order a free sample PDF of the Fuel Cell Vehicle Market Intelligence Study, published by Grand View Research.