Fuel Cells Market Forecasted to Reach $13.83 billion by 2023

fuel cells market
(Photo Credit: FuelCell Energy)

The global fuel cells market is forecasted to grow at a CAGR of 28.21%, going from $3.114 billion last year to $13.83 billion in 2023, says a new report from Research and Markets.

Fuel cells, which produce electricity through a chemical reaction, are part of the growing renewable energy generation trend, the report says. Global environmental responsibly initiatives and increasing clean energy awareness are among the other significant market drivers identified in the report.

Research and Markets analyzed the fuel cells market on the basis of type, application, and geography. The low-temperature fuel cell types covered include proton exchange membrane, direct methanol, and alkaline. High-temperature fuel cell types cover phosphoric acid, molten carbonate, and solid oxide.

The report looked at three main fuel cell applications: stationary power, portable power, and transportation. Geographic regions were divided up into the Americas, North America, South America, Europe Middle East and Africa, Europe, the Middle East and Africa, and Asia Pacific.

“North America and Europe hold the largest share in the global market while the market in the Asia Pacific is expected to witness the highest growth rate over the next six years,” Research and Markets says.

Companies mentioned in the report:

  • Ballard Power Systems
  • FuelCell Energy
  • Hydrogenics
  • Plug Power
  • Ceres Power
  • AFC Energy
  • Altergy
  • Nuvera Fuel Cells
  • Arcola Energy

Fuel cells have been getting a boost recently — in more ways than one. Last spring, a FuelCell Energy project involving the construction of a 1.4 megawatt fuel cell power plant for Trinity College in Hartford, Connecticut, is expected to save the institution about 30% in energy costs annually.

In December, Toyota and FuelCell Energy announced plans for a megawatt-scale carbonate fuel cell power generation plant at the Port of Long Beach. The plant is expected to supply Toyota’s fuel cell electric vehicles and heavy-duty proof of concept truck. And earlier this month Nikola Motor Company says it is planning a new $1 billion 500-acre manufacturing facility in Arizona to help bring its hydrogen-electric semi-trucks to market.

Craig Wooster, Stone Edge Farm’s microgrid project manager and head of the intern program, spoke with Energy Manager Today about the difference hydrogen fuel cells have made for the Sonoma winery.

“Hydrogen stores instantly and is usable infinitely, which means you can put it in a bottle and use it today or you can use it a year from now,” Wooster said. “There is three times more revenue in the kilogram equivalent of the kilowatt. That’s why we talk about hydrogen-based microgrids — H-grids.” California, he added, has stacked the deck in favor of hydrogen production.

The 3rd Annual Environmental Leader & Energy Manager Conference takes place May 15 – 17, 2018 in Denver. Learn more here.

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