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Fuel Cells Market - Forecasts from 2018 to 2023

  • ID: 4463670
  • Report
  • 82 pages
  • Knowledge Sourcing Intelligence LLP
until Dec 31st 2019
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  • AFC Energy PLC
  • Altergy
  • Arcola Energy Limited
  • Ballard Power Systems
  • Ceres Power Holdings plc
  • FuelCell Energy, Inc.
  • MORE
Fuel cells convert chemical energy from a fuel into electricity with the help of a chemical reaction. Low-temperature fuel cells include Proton Exchange Membrane Fuel Cell (PEMDC), Direct Methanol Fuel Cell (DFMC) and Alkaline Fuel Cell. (AFC), while high-temperature fuel cells include Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cells( MCFC), and Solid Oxide Fuel Cells (SOFC). The growing trend towards the generation of renewable energy, global initiatives towards collective environmental responsibly and growing awareness regarding clean energy are some of the factors driving the fuel cells market significantly.

During the forecast period, the fuel cells market is projected to grow at a CAGR of 28.21%, reaching US$13.830 billion by 2023, from US$3.114 billion in 2017. 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 Methodology

This section provides an anatomy of the research process followed for calculating market size and forecasts along with a list of the secondary data sources used and the primary inputs which were taken for data validation. It also provides an outline of the various segments which have been covered as part of the report.

Market Dynamics

This section explains the entire market along with various drivers, restraints, and opportunities which exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.


Fuel cells market has been segmented on the basis of type, application, and geography as follows:

By Type
Low-Temperature Fuel Cells
High-Temperature Fuel Cells

By Application
Stationary Power
Portable Power

By Geography
North America
South America
Europe Middle East and Africa
The Middle East and Africa
Asia Pacific

Market Players

The competitive intelligence section deals with major players in the market, their market shares, growth strategies, products, financials, and recent investments among others. Key industry players in the Fuel Cells market are Ballard Power Systems, FuelCell Energy, Inc., Hydrogenics, and Plug Power Inc. among others.
Note: Product cover images may vary from those shown
2 of 4


  • AFC Energy PLC
  • Altergy
  • Arcola Energy Limited
  • Ballard Power Systems
  • Ceres Power Holdings plc
  • FuelCell Energy, Inc.
  • MORE
1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics
4.1. Segmentation
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Porter's Five Forces
4.6. Supplier Outlook
4.7. Industry Outlook
4.8. Industry Value Chain Analysis
4.9. Scenario Analysis

5. Fuel Cells Market Forecast By Type (US$ billions)
5.1. Low-Temperature Fuel Cells
5.1.1. Proton Exchange Membrane or Solid Polymer Membrane Fuel Cell (PEMFC)
5.1.2. Direct-methanol fuel cell (DMFC)
5.1.3. Alkaline Fuel Cell (AFC)
5.2. High-Temperature Fuel Cells
5.2.1. Phosphoric Acid Fuel Cell (PAFC)
5.2.2. Molten Carbonate Fuel Cell (MCFC)
5.2.3. Solid Oxide Fuel Cell (SOFC)

6. Fuel Cells Market Forecast By Application (US$ billions)
6.1. Stationary Power
6.2. Portable Power
6.3. Transportation

7. Fuel Cells Market By Geography (US$ billions)
7.1. Americas
7.1.1. North America
7.1.2. South America
7.2. Europe Middle East and Africa
7.2.1. Europe
7.2.2. The Middle East and Africa
7.3. Asia Pacific

8. Competitive Intelligence
8.1. Market Share Analysis
8.2. Investment Analysis
8.3. Recent Deals
8.4. Strategies of Key Players

9. Company Profiles
9.1. Ballard Power Systems
9.2. FuelCell Energy, Inc.
9.3. Hydrogenics
9.5. Ceres Power Holdings plc
9.6. AFC Energy PLC
9.7. Altergy
9.9. Arcola Energy Limited
Note: Product cover images may vary from those shown
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4 of 4
  • Ballard Power Systems
  • FuelCell Energy, Inc.
  • Hydrogenics
  • Ceres Power Holdings plc
  • AFC Energy PLC
  • Altergy
  • Arcola Energy Limited
Note: Product cover images may vary from those shown
5 of 4

The research study is based on the publisher's proprietary research model. The process involves sourcing of information from various industry experts, key professionals, decision-makers and various other stakeholders along with the validation of the responses received from the vast in-house database and premium paid databases. Publicly available sources were also taken into consideration for the final market estimates and forecast for the segments and sub-segments.

The first phase of the research process is the identification of key industry leaders, experts, decision-makers and C-level executives and then conducting interviews and surveys to gain vital insights about the market. Simultaneously, extensive secondary research is done, and key secondary data is collected as part of this process. This secondary data is collected from various databases, industry journals, whitepapers, company annual reports, research publications, and other paid data sources and relevant literature. Company profiles which include strategies, new product developments, recent investments, major products and services, financials and business plans are sourced from the annual reports, SEC filings, industry associations to preserve the quality of the information being displayed. The findings from both the primary and the secondary research process combined go under further processing for market breakdown and forecasting.

The last phase is providing intelligence in the form of presentation, charts, graphics and other different formats helping the clients in a faster and efficient understanding of the market. Under this phase complete market engineering is involved which includes analyzing the collected data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting. The publisher has developed their market forecasting methodology that, in addition to the main market values, also takes into account other macroeconomic factors (global or local) that might have some bearing on the market under study. Taking all the necessary data, a robust forecast is developed using an algorithm that involves both static (multivariate) as well as dynamic (time-series) regression analysis. Special care is taken to make sure their algorithm passes the necessary statistical tests, and the mean prediction for future years obtained is reliable with a very high confidence level. Following data validation, the analysts begin to write the report presenting insights with the help of charts, graphs, and tables.