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The global fuel cell market size is projected to showcase robust growth by attaining a valuation of USD 36.41 billion by 2029. Fortune Business Insights™ in its report titled “Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, and Others), By Application (Transport, Stationary, and Portable), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 4.58 billion and reached USD 5.90 billion in 2022. The market is expected to witness a strong CAGR of 29.7% during 2022-2029. Rising efforts to curb carbon emissions and the announcement of subsidies and favorable policies by governments will drive market augmentation in the coming years.
Robert Bosch GmbH to Produce Fuel Cell Stacks in its South Carolina Facility
In August 2022, Robert Bosch GmbH announced its plans to manufacture fuel cell stacks in its South Carolina-based facility. This move comes as a part of a more than USD 200 million investment to manufacture fuel cell stacks to power hydrogen trucks on U.S. roads. 350 new jobs will be created as a part of this initiative. The Bosch Anderson facility has already begun work on the expansion to support fuel cell technology. The campus will be upgraded to increase the total floorspace to produce fuel cell stacks while providing a climate-controlled environment needed for quality-critical procedures.
Economic Booster Packages Aided Market Growth Amid the Pandemic
The spread of COVID-19 worldwide resulted in the closure of manufacturing facilities and pause in investments in the field, which caused decline in revenue. Small and medium scale enterprises were affected by the lockdowns implemented to control the rising number of cases. However, the economic booster packages announced by governments for various sectors helped them combat the revenue and cash flow problems. Besides, key players also focused on helping major industries in carrying on their operations smoothly.
Favorable Regulatory Policies to Support Product Deployment
The rising installation of fuel cell systems to produce combined heat and power for commercial spots such as hospitals, hotels, educational centers and other public buildings will propel the fuel cell market growth. As a result, governments and federal authorities in various countries have announced subsidy schemes to increase integration of fuel cell devices in several economies, which will also facilitate market proliferation.
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Expansion of Product Portfolio by Leading Players to Facilitate Market Augmentation
Industry leaders are focusing on launching products with higher efficiency and power density to improve their market positioning and sales. These companies are also investing in manufacturing fuel cell stacks at local and regional levels. For example, in April 2022, Doosan Fuel Cell Co., Ltd. announced its plans to partner with HyAxiom and Ballard Power Systems to develop Proton Exchange Membrane (PEM) hydrogen fuel cell mobility applications initially focused in South Korea.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
Volume (MW) and Value (USD Billion)
By Type, Application, and Region