Fuel Cell Market Size

Fuel cell market overview.

Fuel cell market size.

A fuel cell comprises two electrodes namely anode and cathode an electrolyte and a catalyst. Fuel cells are devices that produce energy by the chemical reaction within it which is expected to witness notable growth in the coming years. Fuel cell market size is valued over usd 3 5 billion in 2019 and the annual installation is anticipated to exceed 400 thousand units by 2026 surging investments toward development of hydrogen infrastructure coupled with increasing demand for fuel cell electric vehicles will provide favorable opportunities for the market players across the globe. The global fuel cell market size was estimated at usd 10 48 billion in 2019 registering a cagr of 15 5 over the forecast period.

Increasing demand for unconventional sources of energy is one of the key factors driving the growth. Market size is expected to reach 8 643 million by 2022 from 2 894 million in 2015 at a cagr of 17 36 from 2016 to 2022. Press release fuel cell market trends growth scope size overall analysis and prediction by 2027 published. A fuel cell is a device developed for generating electricity through a chemical reaction.

The global fuel cell powertrain market size is projected to grow from usd 268 million in 2020 to usd 3 797 million by 2025 at a cagr of 70 0. The global fuel cell market was valued at usd 3 8 billion in 2018 and is anticipated to grow at a cagr of 17 5 during the forecast period. The advent of fuel efficient technology will have a significant impact on fuel cell electric vehicles which in turn will drive the fuel cell powertrain market.