As the global economy recovers in 2021 and the supply of the industrial chain improves, the fuel cell market will undergo major changes. The fuel cell market is expected to register a CAGR of more than 14% during the forecast period. With the COVID-19 outbreak in Q1 of 2020, the fuel cell market was negatively impacted, and the growth of the market declined due to the lack of investments and financial support for R&D activities. Factors, such as government subsidies and financial incentives for fuel cell programs and the increasing demand for fuel cell electric vehicles (FCEVs), are expected to drive the market. However, the high cost of catalysts used in fuel cells is expected to hinder the market growth during the study period.

The global fuel cell industry report provides top-notch qualitative and quantitative information including: Market size (2017-2021 value and 2022 forecast). The report also contains descriptions of key players, including key financial indicators and market competitive pressure analysis.

The report also assesses key opportunities in the market and outlines the factors that are and will drive the growth of the industry. Taking into account previous growth patterns, growth drivers, and current and future trends, we also forecast the overall growth of the global fuel cell market during the next few years. The global fuel cell market size will reach USD million in 2028, growing at a CAGR of % during the analysis period.

Highlights-Regions

The fuel cell market can be split based on product types, major applications, and important regions as follows:

North America
Europe
Asia Pacific
Latin America

Player list
Ballard Power Systems Inc.
FuelCell Energy Inc.
Plug Power Inc.
Mitsubishi Power, Ltd.
Cummins Inc.

Types list
Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Solid Oxide Fuel Cell (SOFC)
Other Technologies

Application list
Vehicular
Non-vehicular