Fuel Cell Market to Touch Over $33 Billion by 2027

The Global fuel cell market size is expected to touch $33.09 billion by 2027, from $10.48 billion in 2019, with the market is estimated to expand 15.5 percent CAGR from 2020 to 2027 - as per a report titled “Fuel Cells Market" Report 2027, by Million Insights.

North America accounted for the largest share of the industry in 2019. Furthermore, the country is expected to maintain its steady growth trajectory over the forecast period. Electric vehicle penetration is growing, which is a major contributor to the regional market's growth.

On the other hand, as per the report - Asia Pacific is an emerging market, and the growth of the region is expected to be bolstered by rising combined heat & power systems' demand.

Stationary fuel cells accounted for the largest share of the market in 2019 based on application and are expected to continue the lead. The segment accounted for USD 6.9 billion in the market, and its growth is being fueled by factors such as high performance and product flexibility.

In relation to the sector, the transportation division is anticipated to witness the highest growth over the forecast duration. Besides, portable fuel cells are used in various consumer electronics such as laptops, APU, mobile phones, and consumer electronics.

Governments are focused on promoting the use of renewable energy sources in response to rising emission levels around the world, which bodes well for the growth of the fuel-cell industry. With the rising demand for unconventional energy sources fueling the product demand; additionally, the increasing partnerships between private and public authorities are anticipated to supplement the same.

The report also mentions that governments are providing financial support to develop fuel cell technology, and favorable government regulations are projected to play a key role in the development of fuel-cell technology.

Ongoing research and development in fuel cell technology are expected to be crucial to the market's growth.