Northbrook, IL 60062 -- (SBWIRE) -- 05/30/2023 -- According to a new market research report "Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Global Forecast to 2027", The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. The emissions from vehicles account for more than 15% of the global greenhouse emissions. Hence, governments all over the world are finding alternative power sources for use in the transportation sector. The adoption of fuel cell vehicles (FCVs) in the sector is expected to increase in the near future, as there is zero owing to the absence of CO2 emissions during vehicle operation. Therefore, many automotive manufacturers are making considerable investments to incorporate fuel cell vehicles in their product offerings.

The fuel cell market is dominated by a few globally established players such as Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), and Plug Power Inc. (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

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This research report categorizes the fuel cell market based on Type, Application, End User, and Region.
Based on the type:

PEMFC
SOFC
PAFC
MFC
AFC
DMFC

Based on the application:

Portable
Stationary
Fuel Cell Vehicles

Based on the end user:

Commercial & Industrial
Data Centers
Transportation
Military & Defense
Residential
Utilitis & Government/Municipal Institute

Based on the size:

Small Scale
Large Scale

Based on the region:

North America
Asia Pacific
Europe
Rest of the world

SOFC segment is expected to be the fastest growing market

The growth of this segment can be attributed to flexibility in fuel used by SOFCs and Increasing demand for energy efficient power generation by different end users. Solid oxide fuel cells with an operating temperature of up to 1,000°C are suitable for the extraction of process heat and thus for stationary usage in power stations and combined heat and power plants, as well as for heating systems in residential and commercial & industrial sectors.

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Asia Pacific is likely to emerge as the largest fuel cell market

Asia Pacific is estimated to be the largest market for fuel cell during the forecast period. The Asia Pacific market is principally driven by government regulations on energy and climate, strict laws on emission of GHG. The increasing production of vehicles in China, Japan, and South Korea and the growing demand for electric vehicles, especially in China and Japan, are also expected to drive the fuel cell market in the region.

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