Fuel Cells - Global Strategic Business Report

Report
562 Pages
March 2024
Region: Global
Global Industry Analysts, Inc
ID: 338395

The global market for Fuel Cells is estimated at US$11.4 Billion in 2023 and is projected to reach US$40.7 Billion by 2030, growing at a CAGR of 17.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Key Insights:

Market Growth: Understand the significant growth trajectory of the Proton Exchange Membrane Fuel Cells segment, which is expected to reach US$26.8 Billion by 2030 with a CAGR of 17.3%. The Phosphoric Acid Fuel Cells segment is also set to grow at 17.6% CAGR over the next 8 years.
Regional Analysis: Gain insights into the U.S. market, estimated at $2.8 Billion in 2023, and China, forecasted to grow at an impressive 23.9% CAGR to reach $7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

Detailed Market Analysis: Access a thorough analysis of the Global Fuel Cells Market, covering all major geographic regions and market segments.
Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Fuel Cells Market.
Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

How is the Global Fuel Cells Market expected to evolve by 2030?
What are the main drivers and restraints affecting the market?
Which market segments will grow the most over the forecast period?
How will market shares for different regions and segments change by 2030?
Who are the leading players in the market, and what are their prospects?

Report Features:

Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Company Profiles: Coverage of major players such as Ballard Power Systems, Inc., Bloom Energy Corporation, Altergy Systems, and more.
Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 151 Featured):

Ballard Power Systems, Inc.
Bloom Energy Corporation
Altergy Systems
Ceres Power Holdings PLC
AFC Energy PLC
Arcola Energy Ltd.
Antig Technology Co. Ltd.
BayoTech Inc.
Allatherm
Alvatek Limited
Aspen Systems, LLC.
Air Products Inc.
Coatema Coating Machinery
CandleLand
Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM)

MarketGlass Platform

Our reports are enhanced by the MarketGlass platform, which brings together industry experts and influencers to provide high-quality, accurate insights. This unique platform allows us to gather comprehensive data and market perspectives, ensuring you receive the most reliable and detailed analysis available.

I. METHODOLOGYII. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Fuel Cells: An Introduction
Classification of Fuel Cells
Major Applications of Fuel Cells
Fuel Cells: Clean, Efficient, Reliable and Eco-friendly Alternative to Conventional Petroleum-based Fuels
Fuel Cells Market: Prospects and Outlook
Major Market Drivers & Restraints
Government Subsidies to Promote Fuel Cell Technology
Increasing Adoption of EVs and Hybrid Vehicles
Strong Focus on Alternative Energy Sources
Potential for Use in Distributed Generation Applications
Increasing Popularity of Hydrogen Fuel
Stationary & PEM Fuel Cells and Fuel Cell Vehicles to Post Solid Growth
Polymer Electrolyte Membrane Fuel Cell Dominates Fuel Cells Market
Stationary and Transport Applications Lead the Fuel Cells Market
Clean Energy Focus Drives Use of Fuel Cells in Transportation Sector
Developed Economies at the Forefront of Innovation and Adoption of Fuel Cells-based Applications
Developing Economies Emerge as Promising Regions for Fuel Cell Adoption
Cost Reductions to Benefit Market Growth
Cost Structure of Fuel Cell: Breakdown (%) of Cost by Key Components
Competitive Landscape
A Fairly Competitive Market
Participants Focus on Product Innovation and Expansion to Gain Competitive Edge
Recent Market Activity
Startups Enter the Fray
World Brands
Fuel Cells - Global Key Competitors Percentage Market Share in 2024 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Ambitious Vision of an All-Hydrogen Economy Drives Interest in Fuel Cells
Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology
Carbon Neutrality Goals of Various Countries
Auto Industry Banks on Fuel Cells as a Sustainable Fuel Technology of the Future
PEM Fuel Cells in Automobiles
Strong Investments to Promote Growth
Automakers Eye on Hydrogen Fuel Cells to Boost Gains in Post-Pandemic Era
Hydrogen FCEVs Combat GHG Emissions
FCEV Targets Set by the Hydrogen Council for the Years 2030 and 2050
Hydrogen Refueling Infrastructure: Critical for the Success of FCVs
High Costs: The Achilles Heel of Hydrogen Fuel cells
Deployments of Fuel Cell Electric Bus (FCEB)
Focus on Enhancing Durability and Lowering Cost of Fuel Cells Increases
Hydrogen Fuel Cells for Motorbikes: An Opportunity to Tap
Fuel Cells Find Niche Applications in 2-Stroke Engine Motorcycles
Fuel Cell-Powered Trains and Trams: Tremendous Potential for Fuel Cell Industry
Material Handling: A Successful Application of Fuel Cells
Global Material Handling Equipment Revenues Estimates and Forecasts in US$ Billion: 2016-2024
Marine Sector: A Nascent yet Promising Application of Fuel Cells
Need for Alternative Propulsion Solutions Drives Demand for Fuel Cells in Marine Vessels Market
Expanding Applications in the Military Sector Augur Well for the Market
A Glance at Use of Fuel Cell Systems in Select Military Applications
Strong Demand for PorTable Electronic Devices to Spur Opportunities for PorTable Fuel Cells
Global Consumer Electronics Market (In US$ Billion) for the Years 2018- 2024
Environmental Benefits Drive Adoption of Fuel Cells in the Power Sector
Rising Investments in Distributed Renewable Energy Generation Enhances Prospects for Fuel Cells
Global Energy Mix: 1990 Vs 2020 Vs 2030
Global Solar Power Market: Solar PV Capacity (in GW) and PV Generation (in TWh) for the Years 2017, 2019, 2021 and 2023
Demand Response: An Expanding Application for Fuel Cells
Aircraft Manufacturers Take a Closer Look at Fuel-Efficient and Eco-Friendly Fuel Cells
Fuel Cells for Data Center Market to Witness NoTable Expansion
Global Data centers Market Growth Outlook (In %) For Years 2019 Through 2025
Stationary Fuel Cells Market: An Overview
Telecom Industry Moving towards Stationary Fuel Cells for Backup Power
Stationary Fuel Cells Gather Steam in Backup and UPS Stationary Applications
Residential Sector Drives Demand for Stationary Fuel Cells
Stationary and Distributed Energy Applications Garner Attention
MFCs Technology: Promising Source of Alternative Power
Technological Benefits Continue to Propel Micro Fuel Cells Market
Direct Methanol Fuel Cell Preferred Choice for PorTable Devices
Broader Adoption in Key Applications Fuels PEM Fuel Cells Market
Alkaline Fuel Cell Market Heading for Massive Gains
SOFCs: A Technology of Interest to the Developed Countries
Key Applications of SOFCs
SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments
SOFCs: Ideal for Distributed Power Generation
Technology Innovations and Research Efforts in Fuel Cell Market - A Review of Select Developments
Researchers Develop Proton-Driven Fuel Cell Technology for Powering Space Shuttles
Boeing’s Insitu Improves Hydrogen Fuel Cell Propulsion System for UAVs
Ballard Power Systems Joins Hand with W. L. Gore for Advancing Fuel Cell Technology
A WSU Research Team Uses Molybdenum Doped Nickle Catalyst for Making SOFCs more Efficient
Innovative Fuel Cell Technology to Improve Carbon Fuel Utilization in DCFCs
Self-Healing Membrane to Potentially Extend Hydrogen Fuel Cells' Life
New Nanomaterial to Allow Cost-Efficient Production of Hydrogen for Fuel Cell Cars
Researchers at NETL Develop Innovative Method to Improve SOFC Performance
Advances in Nanotechnology Enables More Efficient Fuel Cell Applications
Raw Material : A Review
Important Materials Used in Fuel Cells and Batteries
Challenges in Fuel Cell Commercialization

4. GLOBAL MARKET PERSPECTIVE

Table 1: World Recent Past, Current & Future Analysis for Proton Exchange Membrane by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 2: World Historic Review for Proton Exchange Membrane by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 3: World 16-Year Perspective for Proton Exchange Membrane by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 4: World Recent Past, Current & Future Analysis for Phosphoric Acid by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 5: World Historic Review for Phosphoric Acid by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 6: World 16-Year Perspective for Phosphoric Acid by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 7: World Recent Past, Current & Future Analysis for Molten Carbonate by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 8: World Historic Review for Molten Carbonate by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 9: World 16-Year Perspective for Molten Carbonate by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 10: World Recent Past, Current & Future Analysis for Solid Oxide by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 11: World Historic Review for Solid Oxide by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 12: World 16-Year Perspective for Solid Oxide by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 13: World Recent Past, Current & Future Analysis for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 14: World Historic Review for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 15: World 16-Year Perspective for Other Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 16: World Recent Past, Current & Future Analysis for Stationary by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 17: World Historic Review for Stationary by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 18: World 16-Year Perspective for Stationary by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 19: World Recent Past, Current & Future Analysis for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 20: World Historic Review for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 21: World 16-Year Perspective for Transportation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 22: World Recent Past, Current & Future Analysis for PorTable by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 23: World Historic Review for PorTable by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 24: World 16-Year Perspective for PorTable by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 25: World Fuel Cells Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
Table 26: World Recent Past, Current & Future Analysis for Fuel Cells by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
Table 27: World Historic Review for Fuel Cells by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
Table 28: World 16-Year Perspective for Fuel Cells by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets for Years 2014, 2024 & 2030

III. MARKET ANALYSIS

UNITED STATES

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
Market Overview
Unreliability of Power Grid Turns Focus onto Fuel Cells
Small Fuel Cell Sector Solidifies Presence in Market
Residential Sector Drives Stationary Fuel Cell Industry
Innovation in Mobile Technology Fuels Micro Cell Advancement
Government's Vital Role in Promoting a Hydrogen Economy

CANADA

Market Overview

JAPAN

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
Market Overview

CHINA

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
Market Overview
Transportation: The Major Application Segment for Fuel Cells
Hydrogen Fuel cells Market in China: An Overview

EUROPE

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
Europe: A Major Market for Fuel Cells
A Review of the European SOFCs Market
Stationary SOFC Systems on the Upward Trajectory
FCH JU Projects Foster Fuel Cell Micro CHP Installations

FRANCE

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
Market Overview

GERMANY

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
Germany: A Technology Leader in Hydrogen and Fuel Cells

ITALY

UNITED KINGDOM

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
Hydrogen and Fuel Cells: Growth Opportunities in the UK
Government Funding Programs for Hydrogen Vehicles and Infrastructure

SPAINRUSSIAREST OF EUROPE

ASIA-PACIFIC

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)

SOUTH KOREA

Market Overview

REST OF ASIA-PACIFIC

Taiwan: A Potential Market for Fuel Cells

LATIN AMERICA

Fuel Cells Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)

REST OF WORLD

South Africa: Hydrogen to Light up Remote South African Communities

IV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

Ballard Power Systems, Inc.
Bloom Energy Corporation
Altergy Systems
Ceres Power Holdings PLC
AFC Energy PLC
Arcola Energy Ltd.
Antig Technology Co. Ltd.
BayoTech Inc.
Allatherm
Alvatek Limited
Aspen Systems, LLC.
Air Products Inc.
Coatema Coating Machinery
CandleLand
Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM)

Table Information

Report Attribute	Details
No. of Pages	562
Published	March 2024
Forecast Period	2023 - 2030
Estimated Market Value ( USD ) in 2023	$ 11.4 Billion
Forecasted Market Value ( USD ) by 2030	$ 40.7 Billion
Compound Annual Growth Rate	17.2%
Regions Covered	Global

PURCHASE OPTIONS

Single User License PDF

1 - 10 User License PDF

Enterprise License PDF

need a quote ?

License	Format	Properties	Price
SINGLE USER LICENSE PDF	The product is a PDF.	This is a single user license, allowing one user access to the product.	€5397EUR$5,600USD£4,545GBP
1 - 10 USER LICENSE PDF	The product is a PDF.	This is a 1-10 user license, allowing up to ten users have access to the product.	€10253EUR$10,640USD£8,635GBP
ENTERPRISE LICENSE PDF	The product is a PDF.	This is an enterprise license, allowing all employees within your organization access to the product.	€16190EUR$16,800USD£13,635GBP

Key Insights:

Why You Should Buy This Report:

Key Questions Answered:

Report Features:

Select Competitors (Total 151 Featured):

MarketGlass Platform

Table of Contents

Companies Mentioned (Partial List)

Table Information

Related Topics

Related Reports

United States Fuel Cell Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2030

Fuel Cell Market in North America 2024-2028

Global Fuel Cells Market by Type (Alkaline Fuel Cells, Direct Methanol Fuel Cells, Molten Carbonate Fuel Cells), Component (Air Compressors, Fuel Cell Stack, Fuel Processor), Fuel Type, Size, Application, End-user - Forecast 2024-2030

Stationary Fuel Cells - Global Strategic Business Report

Direct Methanol Fuel Cells - Global Strategic Business Report

About the Fuel Cells Market