Middle East & Africa Fuel Cell Market Size & Outlook
Middle East & Africa fuel cell market, 2018-2030 (US$M)
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MEA fuel cell market highlights
- The MEA fuel cell market generated a revenue of USD 0.5 million in 2023.
- The market is expected to grow at a CAGR of 20.2% from 2024 to 2030.
- In terms of segment, pemfc was the largest revenue generating product in 2023.
- PEMFC is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, South Africa is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 0.5 million |
| Market revenue in 2030 | USD 1.8 million |
| Growth rate | 20.2% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | PEMFC |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | PEMFC |
| Key market players worldwide | Ballard Power Systems Inc, Bloom Energy Corp Class A, Ceres Power Holdings PLC, Doosan Fuel Cell Ordinary Shares, FuelCell Energy Inc, Plug Power Inc, SFC Energy AG, Cummins Inc, Nedstack Fuel Cell Technology, Hyster-Yale Materials Handling Inc Class A |
Other key industry trends
- In terms of revenue, MEA region accounted for 0.0% of the global fuel cell market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 5,993.9 million by 2030.
Key Regions: U.S. , UK , Japan , Brazil , South Africa
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Middle East & Africa fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to fuel cell market will help companies and investors design strategic landscapes.
Pemfc was the largest segment with a revenue share of 100% in 2023. Horizon Databook has segmented the Middle East & Africa fuel cell market based on pemfc covering the revenue growth of each sub-segment from 2018 to 2030.
The fuel cell market in the region is at its early development stage. However, the market is rising at a substantial pace as a result of growing investments in the deployment of fuel cell vehicles and hydrogen refueling infrastructure in countries such as Saudi Arabia, the UAE, and South Africa.
The growing number of hydrogen fueling stations is projected to surge the deployment of fuel cell vehicles in the respective countries. Various government initiatives in some of the countries in the region to transform into a hydrogen-based economy are expected over the forecast period.
For instance, the Dubai Electricity and Water Authority has developed a pilot project to manufacture green hydrogen for mobility purpose for Expo 2020. Fuel cell vehicles were powered through hydrogen that is manufactured through a solar-powered hydrogen electrolysis plant located at Mohammed bin Rashid Al Maktoum Solar Park in the country.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA fuel cell market size, by country, 2018-2030 (US$M)
Middle East & Africa Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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