The introduction of government efforts in important markets and increasing private sector investment support have resulted in a considerable increase in fuel cells, which is anticipated to accelerate the expansion of the global fuel cell market. For instance, the government programme Alternative and Renewable Fuel and Vehicle Technologies Program of the California Energy Commission established long-term co-funding for the first 100 retail hydrogen stations in 2013. Due to its higher energy density than a Li-ion battery, PEM fuel cells are excellent for use in heavily laden vehicles for long-distance transportation. Furthermore, the PEM cell, which is the most common, is anticipated to play a crucial part in Europe's goal for fuel cell deployment, which is anticipated to fuel the expansion of the global fuel cell market. A number of businesses are also trying to figure out new business prospects to sell fuel-cell systems to other transportation manufacturers of cars, drones, ships, rolling stocks, and forklifts, which is predicted to accelerate the growth of the global fuel cell market.
According to Coherent Market Insights, the global Fuel Cell Market had a value of US$ 3563.33 billion in 2021 and is expected to grow at a CAGR of 12.9% from 2022 to 2030 to reach US$ 10803.20 billion.
Top Companies in the Fuel Cells Industry:
1. Fuel Cell Energy Inc.
The business was established in 1969, and its main office is in Danbury, Connecticut. It builds, develops, operates, and maintains Direct Fuel Cell power plants (a type of molten carbonate fuel cell). A biofuels fuel cell project with the city of San Bernardino Municipal Water Department was completed by FuelCell in June 2021. To enhance control and flexibility of energy investments, FuelCell Energy announced Solid Oxide Electrolysis and Fuel Cell Platform in December 2022.
2. Cummins Inc
With its headquarters in Columbus, Indiana, The Cummins Engine Corporation was established in 1919. The company develops, produces, and sells items for power production, filtration, and engines. By opening the nation's first electrolyzer manufacturing facility in October 2022, Cummins advanced the country's green hydrogen economy.
3. Ballard Power Systems Inc.
Ballard was established in 1979 and has its headquarters in Canada's Burnaby, British Columbia. Proton exchange membrane (PEM) fuel cell devices are created and produced by Ballard Power Systems Inc. for use in heavy-duty transportation, portable power, material handling, and engineering services, among other markets. On January 17, 2023, Ballard and Adani launched a joint collaboration to create a hydrogen fuel cell truck for mining and transit. Ballard reported that Solaris had placed an order for 25 hydrogen fuel cell engines to power buses in Poland starting on November 17, 2022.
4. Plug Power Inc.
The company's headquarters are in Latham, New York, and Plug Power was established in 1997. Plug Power Inc. creates hydrogen fuel cell devices that take the place of traditional batteries in electrically driven machinery and automobiles. The business and French automaker Renault signed a memorandum of cooperation in January 2021.
5. SFC Energy AG
The business was established in 2000 and is based in Brunnthal, Germany. The business creates solutions for stationary and off-grid power generation and delivery. This includes the creation of switching power supply and voltage converters. It was reported in January 2020 that SFC Energy would work with the Canadian company to provide mobile base station emergency power supply solutions in Germany.
6. Horizon Fuel Cell Technologies Pte Ltd.
The business was established in 2003 and is situated in Singapore. The business produces proton exchange membrane fuel cells in sizes ranging from micro to multi-kilowatt. Moreover, it offers electrolysis, steam reforming, and hydrolysis as ways for producing and storing hydrogen.
7. Mitsubishi Hitachi Power Systems Ltd
The business was founded in 2014 and is based in Yokohama, Japan. Thermal power generation operations are provided by Mitsubishi Hitachi Power Systems, along with other associated firms. HK Electric places an order with Mitsubishi Power for the re-provision of gas turbine equipment at the Lamma Power Station in July 2022.
8. Toshiba Energy Systems & Solutions Corporation
The business was founded on October 1st, 2017. Kawasaki-shi, Kanagaw is home to the company's headquarters. The company produces energy systems, solutions, and services. Toshiba offers services like upkeep, power technologies, technical advice, and monitoring support.
Definition: A fuel cell is an electrochemical device that uses an electrochemical reaction to produce electrical energy from fuel .To generate electricity, a chemical process is used.
