Fuel Cell Market to 2030 - Future Demand Analysis and Emerging Trends

1. Fuel Cell Market to 2030 - Segments, Key Drivers and Competitive Landscape

2. Fuel cells are playing a major role in the global step toward achieving a carbon-neutral society and are being increasingly deployed as a highly efficient technology to generate power in myriad sectors, including transportation. As compared to combustion engines, fuel cell technology has lower or zero emissions, addressing critical climate challenges. • The growing implementation of clean energy initiatives is emerging as a key factor powering the fuel cell market. For example, in April 2021, the U.S. DOE (Department of Energy) and other governments announced six sustainable initiatives. This effort was taken in support of the ‘Leaders’ Summit on Climate’ convened by President Biden to help America meet the domestic targets of 100% clean electricity by 2035, as well as net-zero carbon emission by 2050. • To support customers with resilient, economical, and reliable power solutions while achieving climate-related goals, leading backup power providers are entering agreements to design sustainable power systems. Citing an instance, in November 2021, Caterpillar announced a 3-year project via a partnership with Ballard Power Systems and Microsoft. This project was aimed at demonstrating a power system that incorporates large-format hydrogen fuel cells to deliver sustainable and reliable backup power for Microsoft’s data centers. The project was also designed to explore the scalability of low carbon-intensity hydrogen-powered fuel cell systems from performance and cost perspectives.

3. In developing nations, automotive manufacturers are emphasizing a sustainable and practical reduction in fossil fuel consumption and carbon dioxide emissions. To reach this target, Toyota unveiled its first hydrogen fuel cell-based electric vehicle, Mirai, in India in March 2022. This FCEV launch was a part of a pilot project introduced by the ICAT (International Center for Automotive Technology) and Toyota Kirloskar Motor to examine Toyota Mirai on roads as well as climatic conditions in India. This introduction of environment-friendly vehicles with no tailpipe emissions could support the overall fuel cell business landscape. • To boost the innovation of NEV (new energy vehicle) technology and reach sustainability goals, multiple auto companies in the emerging markets have been focusing on new fuel cell development activities. A notable example is the launch of the M4 fuel cell stack platform and M4 stack platform-based PROME P4H as well as P4L fuel cell systems equipped with core performance indicators by Shanghai Hydrogen Propulsion Technology Corporation (SHPT) in November 2021. The introduction of these self-developed fuel cell systems marked a breakthrough for its parent company, SAIC Motor, including other Chinese companies in the core technologies of the new energy fuel cells.

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5. As a part of the efforts to allow vehicle makers and suppliers to develop a net-zero path, a range of initiatives has been taken in developing economies like India. For instance, in December 2021, Sentient Labs introduced the ‘Made in India’ bus powered by hydrogen fuel cells, in collaboration with the CSIR (Council of Scientific and Industrial Research), Central Electrochemical Research Institute, and National Chemical Laboratory. This 32-seater bus was developed to offer a range of 450 kilometers by utilizing 30-kg of hydrogen. The use of fuel cells to generate electricity has made it an environment-friendly mode of transportation, further bolstering sustainable mobility, and influencing the fuel cell market expansion in the region. • Competitive Analysis • The major companies operating across the fuel cell market consist of Cummins, Ceres Power, Ballard Power, Plug Power, SFC Energy, Fuel Cell Energy, Arcola Energy Limited, Bloom Energy, AFC Energy, and Panasonic Corporation, among others.

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