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Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2024

  • ID: 4857764
  • Report
  • November 2019
  • Region: Global
  • 146 Pages
  • Markets and Markets
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The Global Fuel Cells Market Size is Projected to Reach USD 1,059 Million by 2024 from an Estimated Market size of USD 342 Million in 2019

FEATURED COMPANIES

  • AFC Energy
  • Ballard Power Systems
  • Ceres Power
  • Fuelcell Energy
  • Hydrogenics
  • Nuvera
  • MORE

The global fuel cells market is projected to reach USD 1,059 million by 2024, at a CAGR of 25.4% from 2019 to 2024

The global fuel cells market size is projected to reach USD 1,059 million by 2024 from an estimated market size of USD 342 million in 2019, at a CAGR of 25.4% during the forecast period with major focus on the advances in the fuel cell technologies. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.

The transport segment is expected to be the fastest-growing market during the forecast period.

The fuel cells market, by application, is segmented into transport, portable, and stationary applications. Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water. In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.

The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2019 to 2024.

Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2018 and is expected to grow at the highest CAGR during 2019 to 2024 owing to their application in fuel cell-based vehicle operations.

Asia Pacific is expected to lead in the global fuel cells market.

Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. The Asia Pacific market is driven by the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.

With the demand for electrical power and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably. The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells. Apart from China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.

The distribution of primary interviews is as follows:

  • By Company Type: Tier I: 52%, Tier II: 27%, and Tier III: 21%
  • By Designation: C-Level Executives: 31%, Directors: 34%, and Others: 35%
  • By Region: North America: 48%, Europe: 11%, Asia Pacific: 32%, Rest of the World (RoW): 9%

Note: Others include sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3: <USD 500 million.

The global fuel cells market and the advances in fuel cell technology market is dominated by a few major players that have an extensive global and regional presence. The leading players in the advances in fuel cell technology industry are Ballard Power (Canada), Hydrogenics (Canada), SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US).

Research Coverage:
The report defines, describes, and forecasts the global fuel cells market and the advances in fuel cell technology market by type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the advances in fuel cell technology market.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • AFC Energy
  • Ballard Power Systems
  • Ceres Power
  • Fuelcell Energy
  • Hydrogenics
  • Nuvera
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.2.1 Fuel Cells Market Terminology, By Type
1.2.2 Fuel Cells Market, By Application: Inclusions & Exclusions
1.2.3 Fuel Cells Market, By Capacity: Inclusions & Exclusions
1.2.4 Fuel Cells Market, By End Use: Inclusions & Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Break-Up of Primaries
2.2 Scope
2.3 Market Size Estimation
2.3.1 Demand-Side Analysis
2.3.1.1 Key Assumptions
2.3.1.2 Calculations
2.3.2 Forecast
2.3.3 Supply-Side Analysis
2.3.3.1 Assumptions and Calculations

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Fuel Cells Market During the Forecast Period
4.2 Fuel Cells Market, By Region
4.3 Asia Pacific Fuel Cells Market, By Country and Application
4.4 Fuel Cells Market, By End Use
4.5 Fuel Cells Market, By Application

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Government Subsidies for Fuel Cell Programs
5.2.1.2 Growing Investments in R&D Activities of Fuel Cell Technology
5.2.1.3 Increasing Focus on Clean Energy Generation for Transportation & Power Generation
5.2.2 Restraints
5.2.2.1 Expensive Catalyst
5.2.2.2 Lack of Hydrogen Infrastructure
5.2.3 Opportunities
5.2.3.1 The Growth Potential for the Fuel Cells Market Lies in Distributed Generation Applications
5.2.3.2 Fuel Flexibility
5.2.4 Challenges
5.2.4.1 Increasing Investment in Battery & Renewable Technology Integration
5.2.4.2 Onboard Storage of Hydrogen

6 Fuel Cells Market, By End User
6.1 Introduction
6.2 Fuel Cell Vehicles
6.2.1 Increasing Focus on Reducing Pollution From Heavy-Duty Vehicles to Drive the Growth of the Fuel Cell Vehicles Segment
6.3 Utilities
6.3.1 Increasing Need for Clean Energy Generation Solutions is Projected to Drive the Growth of the Fuel Cell Segment
6.4 Defense
6.4.1 Increasing Need for Portable and Reliable Power Sources is A Key Factor Driving the Growth of the Defense Segment

7 Fuel Cells Market, By Application
7.1 Introduction
7.2 Portable
7.2.1 The Need for Electricity to Power Equipment in the Defense Sector and for Recreational Activities is Driving the Growth of the Portable Segment
7.3 Stationary
7.3.1 Focus on Hydrogen-Powered Fuel Cells for Backup Power is Projected to Drive the Market for Stationary Fuel Cells
7.4 Transport
7.4.1 Increasing Use of Fuel Cells for Operating Heavy-Duty Vehicles is Projected to Drive the Market Growth

8 Fuel Cells Market, By Type
8.1 Introduction
8.2 Proton Exchange Membrane Fuel Cell (PEMFC)
8.2.1 Increasing Demand for Fuel Cell Vehicles is Projected to Drive the Growth of the PEMFC Segment
8.3 Phosphoric Acid Fuel Cell (PAFC)
8.3.1 Enhanced Stationary Applications is A Key Factor Contributing to the Growth of the PAFC Segment
8.4 Alkaline Fuel Cell (AFC)
8.4.1 Increasing Dependence on Fuel Cells for Transport and Aerospace Applications is Projected to Drive the Market for AFC
8.5 Microbial Fuel Cell (MFC)
8.5.1 Increasing Use of Microbes for Fuel Cell Operations in Water and Wastewater Treatment Industries to Drive the Growth of the MFC Segment
8.6 Key Upcoming Technologies
8.6.1 Direct Carbon Fuel Cell (DCFC)
8.6.2 Proton Ceramic Fuel Cell (PCFC)

9 Fuel Cells Market, By Region
9.1 Introduction
9.2 North America
9.2.1 Increasing Demand for Fuel Cell Vehicles and Clean Energy Generation is Projected to Drive the Market Growth in North America
9.2.2 US
9.2.2.1 Increasing Stationary Applications Fort Clean Power Generation is Projected to Drive the Growth of the Fuel Cells Market
9.2.3 Canada
9.2.3.1 Increasing Dependency on Fuel Cells for Transport is A Key Factor That is Projected Drive the Demand for Fuel Cells in the Region
9.3 Asia Pacific
9.3.1 Increasing Use of Microbes for Fuel Cells in Water and Wastewater Treatment Operations to Drive the Growth of the MFCs Segment
9.3.2 China
9.3.2.1 Increasing Investments in Fuel Cell-Based Public Transport is Projected to Drive the Demand for Fuel Cells
9.3.3 Japan
9.3.3.1 Increase in Fuel Cell-Based Portable Applications is Projected to Contribute to the Growth of the Fuel Cells Market in the Country
9.3.4 South Korea
9.3.4.1 Increasing Importance on Generating Electrical Power By Fuel Cell-Based Utilities is Projected to Drive the Demand for Fuel Cells
9.3.5 Rest of Asia Pacific
9.4 Europe
9.4.1 Stringent Emission Norms for Carbon Emission is Projected to Drive the Demand for Cleaner Alternatives Such as Fuel Cells
9.4.2 Germany
9.4.2.1 Increasing Reliance on Public Transport and Private Vehicles on Fuel Cells is A Key Factor That is Projected to Drive the Demand for Fuel Cells in the Country
9.4.3 UK
9.4.3.1 Growth of Fuel Cell-Based Distributed Generation Application is A Key Factor That is Projected to Drive the Adoption of Fuel Cell Technology in the Country
9.4.4 Italy
9.4.4.1 Increased Emphasis on Fuel Cell-Powered Transport is Driving the Market in the Country
9.4.5 Rest of Europe
9.5 Rest of the World

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping (Overall Market)
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic
10.2.4 Emerging
10.3 Market Share, 2018
10.4 Competitive Scenario
10.4.1 Contracts & Agreements
10.4.2 New Product Launches
10.4.3 Partnerships & Collaborations
10.4.4 Expansions & Investments

11 Company Profiles
11.1 Hydrogenics
11.2 Fuelcell Energy
11.3 Plug Power
11.4 Ballard Power Systems
11.5 SFC Energy
11.6 Bloom Energy
11.7 Intelligent Energy
11.8 Ceres Power
11.9 Toshiba Energy Systems & Solutions Corporation
11.1 Aisin Seiki Energy
11.11 Horizon Fuel Cell
11.12 Nuvera
11.13 Mitsubishi Hitachi Power System
11.14 Doosan Fuel Cell America
11.15 AFC Energy
11.16 Other Companies
11.17 Annexure

12 Appendix
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Subscription Portal
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details

List of Tables
Table 1 Fuel Cells Market Snapshot
Table 2 Fuel Cells Market Size, By End Use, 2017-2024 (Megawatt)
Table 3 Fuel Cell Vehicles: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 4 Utilities: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 5 Defense: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 6 Fuel Cells Market Size, By Application, 2017–2024 (Units)
Table 7 Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 8 Portable: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 9 Stationary: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 10 Transport: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 11 Fuel Cells Market Size, By Type, 2017–2024 (Units)
Table 12 Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 13 PEMFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 14 PAFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 15 AFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 16 MFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 17 Fuel Cells Market Size, By Region, 2017–2024 (Units)
Table 18 Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 19 Fuel Cells Market Size, By Region, 2017–2024 (USD Million)
Table 20 North America: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 21 North America: Fuel Cells Market Size, By Country, 2017–2024 (Megawatt)
Table 22 North America: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 23 North America: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 24 North America: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 25 North America: Fuel Cells Market Size, By Country, 2017–2024 (USD Million)
Table 26 US: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 27 US: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 28 US: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 29 US: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 30 Canada: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 31 Canada: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 32 Canada: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 33 Canada: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 34 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 35 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (Megawatt)
Table 36 Asia Pacific: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 37 Asia Pacific: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 38 Asia Pacific: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 39 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (USD Million)
Table 40 China: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 41 China: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 42 China: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 43 China: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 44 Japan: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 45 Japan: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 46 Japan: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 47 Japan: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 48 South Korea: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 49 South Korea: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 50 South Korea: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 51 South Korea: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 52 Rest of Asia Pacific: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 53 Rest of Asia Pacific: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 54 Rest of Asia Pacific: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 55 Rest of Asia Pacific: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 56 Europe: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 57 Europe: Fuel Cells Market Size, By Country, 2017–2024 (Megawatt)
Table 58 Europe: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 59 Europe: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 60 Europe: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 61 Europe: Fuel Cells Market Size, By Country, 2017–2024 (USD Million)
Table 62 Germany: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 63 Germany: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 64 Germany: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 65 Germany: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 66 UK: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 67 UK: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 68 UK: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 69 UK: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 70 Italy: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 71 Italy: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 72 Italy: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 73 Italy: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 74 Rest of Europe: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 75 Rest of Europe: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 76 Rest of Europe: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 77 Rest of Europe: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 78 Rest of the World: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 79 Rest of the World: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 80 Rest of the World: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 81 Rest of the World: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)

List of Figures
Figure 1 Fuel Cells Market: Research Design
Figure 2 Main Metrics Considered While Constructing and Assessing the Demand for the Fuel Cells Market
Figure 3 Year-On-Year Capacity Addition of Various Fuel Cell Technologies is A Key Capacity Determining Factor for the Market
Figure 4 Total Number of New Fuel Cell Projects is A Major Factor Driving the Growth of the Global Fuel Cells Market
Figure 5 North America Dominated the Fuel Cells Market in 2018
Figure 6 Fuel Cell Vehicles Segment to Account for the Largest Share in the Fuel Cells Market, on the Basis of End Use, During the Forecast Period
Figure 7 Transport Segment to Drive the Fuel Cells Market, on the Basis of Application, During the Forecast Period
Figure 8 PEMFC Segment to Drive the Fuel Cells Market, on the Basis of Type, During the Forecast Period
Figure 9 PEMFC and Its Advancements are the Key Factors Driving the Fuel Cells Market During 2019–2024
Figure 10 Asia Pacific Fuel Cells Market is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 11 Transport Segment and China Dominated the Asia Pacific Fuel Cells Market in 2018
Figure 12 Fuel Cell Vehicles Segment is Projected to Dominate the Fuel Cells Market, on the Basis of End Use, By 2024
Figure 13 Transport Segment is Projected to Dominate the Fuel Cells Market, on the Basis of Application, By 2024
Figure 14 Fuel Cells: Market Dynamics
Figure 15 Percentage Rise in Global Investments in the Field of Renewable Energy
Figure 16 Fuel Cells Market (Megawatt), By End Use, 2018
Figure 17 Fuel Cells Market (Megawatt), By Application, 2018
Figure 18 Fuel Cells Market (Megawatt), By Type, 2018
Figure 19 North America Accounted for the Largest Share of Fuel Cells Market in 2018
Figure 20 Fuel Cells Market (USD Million), By Region, 2018
Figure 21 Snapshot: North America
Figure 22 Snapshot: Asia Pacific
Figure 23 Key Developments in the Fuel Cells Market, 2016–2019
Figure 24 Competitive Leadership Mapping (Overall Market)
Figure 25 Ballard Power Systems Dominated the Fuel Cells Market in 2018
Figure 26 Hydrogenics: Company Snapshot
Figure 27 Fuelcell Energy: Company Snapshot
Figure 28 Plug Power: Company Snapshot
Figure 29 Ballard Power Systems: Company Snapshot
Figure 30 SFC Energy: Company Snapshot
Figure 31 Bloom Energy: Company Snapshot
Figure 32 Ceres Power: Company Snapshot
Figure 33 Toshiba Corporation: Company Snapshot
Figure 34 Aisin Seiki Energy: Company Snapshot

Note: Product cover images may vary from those shown
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  • AFC Energy
  • Aisin Seiki Energy
  • Ballard Power Systems
  • Bloom Energy
  • Ceres Power
  • Doosan Fuel Cell America
  • Fuelcell Energy
  • Horizon Fuel Cell
  • Hydrogenics
  • Intelligent Energy
  • Mitsubishi Hitachi Power System
  • Nuvera
  • Plug Power
  • SFC Energy
  • Toshiba Energy Systems & Solutions Corporation
Note: Product cover images may vary from those shown
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