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Fuel Cell Market By Application, By Product Type: Global Opportunity Analysis and Industry Forecast, 2020-2030

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    Report

  • 250 Pages
  • April 2022
  • Region: Global
  • Allied Market Research
  • ID: 5640469
The global fuel cell market was valued at $3.6 billion in 2020, and is projected to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.

A fuel cell is a device that converts chemical energy into electrical energy through a chemical reaction of positively charged oxygen with hydrogen ion or another oxidizing agent. Fuel cells are different for batteries, as they require a sustainable source of fuel and oxygen or air to continue the chemical reaction. Fuel cells produce electricity continuously for a long time as sustainable sources of fuels, such as hydrogen, phosphoric acid and other electrolytes are supplied. Fuel cells have higher efficiency than gas or diesel engines. Fuel cells operate silently, as compared to other engines. They are therefore, suited for use within buildings, such as hospitals and others.

Rise in demand for clean power generation for transport and power sectors across the globe is a key factor expected to drive the growth of the global fuel cell market during the forecast period. In addition, increase in the distributed power system and high efficiency of fuel cell than other power generating systems are expected to significantly contribute toward the growth of the global fuel cell market from 2021 to 2030. However, high cost of fuel cell systems and lack of hydrogen infrastructure across the globe are expected to hamper the growth of the market. Conversely, technological advancements in fuel cells, such as flexibility & improving operational efficiency and rapid investment towards R&D of fuel cell systems are expected to create potential growth opportunities for key players operating in this market.

The fuel cell market is segmented into product type, application, and region. Depending on product type, the market is categorized into Solid Oxide Fuel Cells (SOFC), Proton Exchange Membrane Fuel Cells (PEMFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric, Acid Fuel Cells (PAFC), and others. On the basis of application, it is bifurcated into portable, stationary, and transport. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits For Stakeholders

  • The report includes in-depth analysis of different segments and provides market estimations between 2021 and 2030.
  • A comprehensive analysis of the factors that drive and restrict the growth of the global fuel cell market is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and forecast are based on factors impacting the global fuel cell market growth, in terms of value.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current trends and future estimations from 2021 to 2030, which helps identify the prevailing market opportunities.

Key Market Segments


By Application

  • Portable
  • Stationary
  • Transport

By Product Type

  • Solid Oxide Fuel Cell (SOFC)
  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Molten Carbonate Fuel Cell (MCFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • BALLARD POWER SYSTEMS INC.
  • PLUG POWER INC.
  • FUEL CELL ENERGY INC.
  • SFC ENERGY
  • Bloom Energy
  • Doosan Fuel Cell America, Inc
  • Ceres Power Holdings Plc
  • Nedstack Fuel Cell Technology B.V.
  • Intelligent Energy
  • Nuvera Fuel Cells, LLC

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Value Chain Analysis
3.8. Patent Landscape
3.9. Key Regulation Analysis
CHAPTER 4: FUEL CELL MARKET, BY APPLICATION
4.1 Overview
4.1.1 Market size and forecast
4.2 Portable
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Stationary
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Transport
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country
CHAPTER 5: FUEL CELL MARKET, BY PRODUCT TYPE
5.1 Overview
5.1.1 Market size and forecast
5.2 Solid Oxide Fuel Cell (SOFC)
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Proton Exchange Membrane Fuel Cell (PEMFC)
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Molten Carbonate Fuel Cell (MCFC)
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country
5.5 Phosphoric Acid Fuel Cell (PAFC)
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market analysis by country
5.6 Others
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market analysis by country
CHAPTER 6: FUEL CELL MARKET, BY REGION
6.1 Overview
6.1.1 Market size and forecast
6.2 North America
6.2.1 Key trends and opportunities
6.2.2 North America Market size and forecast, by Application
6.2.3 North America Market size and forecast, by Product Type
6.2.4 North America Market size and forecast, by country
6.2.4.1 U.S.
6.2.4.1.1 Market size and forecast, by Application
6.2.4.1.2 Market size and forecast, by Product Type
6.2.4.2 Canada
6.2.4.2.1 Market size and forecast, by Application
6.2.4.2.2 Market size and forecast, by Product Type
6.2.4.3 Mexico
6.2.4.3.1 Market size and forecast, by Application
6.2.4.3.2 Market size and forecast, by Product Type
6.3 Europe
6.3.1 Key trends and opportunities
6.3.2 Europe Market size and forecast, by Application
6.3.3 Europe Market size and forecast, by Product Type
6.3.4 Europe Market size and forecast, by country
6.3.4.1 Germany
6.3.4.1.1 Market size and forecast, by Application
6.3.4.1.2 Market size and forecast, by Product Type
6.3.4.2 France
6.3.4.2.1 Market size and forecast, by Application
6.3.4.2.2 Market size and forecast, by Product Type
6.3.4.3 U.K.
6.3.4.3.1 Market size and forecast, by Application
6.3.4.3.2 Market size and forecast, by Product Type
6.3.4.4 Italy
6.3.4.4.1 Market size and forecast, by Application
6.3.4.4.2 Market size and forecast, by Product Type
6.3.4.5 Spain
6.3.4.5.1 Market size and forecast, by Application
6.3.4.5.2 Market size and forecast, by Product Type
6.3.4.6 Rest of Europe
6.3.4.6.1 Market size and forecast, by Application
6.3.4.6.2 Market size and forecast, by Product Type
6.4 Asia-Pacific
6.4.1 Key trends and opportunities
6.4.2 Asia-Pacific Market size and forecast, by Application
6.4.3 Asia-Pacific Market size and forecast, by Product Type
6.4.4 Asia-Pacific Market size and forecast, by country
6.4.4.1 China
6.4.4.1.1 Market size and forecast, by Application
6.4.4.1.2 Market size and forecast, by Product Type
6.4.4.2 Japan
6.4.4.2.1 Market size and forecast, by Application
6.4.4.2.2 Market size and forecast, by Product Type
6.4.4.3 India
6.4.4.3.1 Market size and forecast, by Application
6.4.4.3.2 Market size and forecast, by Product Type
6.4.4.4 Australia
6.4.4.4.1 Market size and forecast, by Application
6.4.4.4.2 Market size and forecast, by Product Type
6.4.4.5 South Korea
6.4.4.5.1 Market size and forecast, by Application
6.4.4.5.2 Market size and forecast, by Product Type
6.4.4.6 Rest of Asia-Pacific
6.4.4.6.1 Market size and forecast, by Application
6.4.4.6.2 Market size and forecast, by Product Type
6.5 LAMEA
6.5.1 Key trends and opportunities
6.5.2 LAMEA Market size and forecast, by Application
6.5.3 LAMEA Market size and forecast, by Product Type
6.5.4 LAMEA Market size and forecast, by country
6.5.4.1 Latin America
6.5.4.1.1 Market size and forecast, by Application
6.5.4.1.2 Market size and forecast, by Product Type
6.5.4.2 Middle East
6.5.4.2.1 Market size and forecast, by Application
6.5.4.2.2 Market size and forecast, by Product Type
6.5.4.3 Africa
6.5.4.3.1 Market size and forecast, by Application
6.5.4.3.2 Market size and forecast, by Product Type
CHAPTER 7: COMPANY LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Player
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Key developments
CHAPTER 8: COMPANY PROFILES
8.1 BALLARD POWER SYSTEMS INC.
8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Operating business segments
8.1.4 Product portfolio
8.1.5 Business performance
8.1.6 Key strategic moves and developments
8.2 PLUG POWER INC.
8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Operating business segments
8.2.4 Product portfolio
8.2.5 Business performance
8.2.6 Key strategic moves and developments
8.3 FUEL CELL ENERGY INC.
8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Operating business segments
8.3.4 Product portfolio
8.3.5 Business performance
8.3.6 Key strategic moves and developments
8.4 SFC ENERGY
8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Operating business segments
8.4.4 Product portfolio
8.4.5 Business performance
8.4.6 Key strategic moves and developments
8.5 Bloom Energy
8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Operating business segments
8.5.4 Product portfolio
8.5.5 Business performance
8.5.6 Key strategic moves and developments
8.6 Doosan Fuel Cell America, Inc
8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Operating business segments
8.6.4 Product portfolio
8.6.5 Business performance
8.6.6 Key strategic moves and developments
8.7 Ceres Power Holdings Plc
8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Operating business segments
8.7.4 Product portfolio
8.7.5 Business performance
8.7.6 Key strategic moves and developments
8.8 Nedstack Fuel Cell Technology B.V.
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Operating business segments
8.8.4 Product portfolio
8.8.5 Business performance
8.8.6 Key strategic moves and developments
8.9 Intelligent Energy
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Operating business segments
8.9.4 Product portfolio
8.9.5 Business performance
8.9.6 Key strategic moves and developments
8.10 Nuvera Fuel Cells, LLC
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Operating business segments
8.10.4 Product portfolio
8.10.5 Business performance
8.10.6 Key strategic moves and developments
LIST OF TABLES
Table 1. Global Fuel Cell Market, by Application, 2020-2030, ($Million)
Table 2. Fuel Cell Market Revenue, for Portable, by Region, 2020-2030, ($Million)
Table 3. Fuel Cell Market Portable by Country, 2020-2030, ($Million)
Table 4. Fuel Cell Market Revenue, for Stationary, by Region, 2020-2030, ($Million)
Table 5. Fuel Cell Market Stationary by Country, 2020-2030, ($Million)
Table 6. Fuel Cell Market Revenue, for Transport, by Region, 2020-2030, ($Million)
Table 7. Fuel Cell Market Transport by Country, 2020-2030, ($Million)
Table 8. Global Fuel Cell Market, by Product Type, 2020-2030, ($Million)
Table 9. Fuel Cell Market Revenue, for Solid Oxide Fuel Cell (Sofc), by Region, 2020-2030, ($Million)
Table 10. Fuel Cell Market Solid Oxide Fuel Cell (Sofc) by Country, 2020-2030, ($Million)
Table 11. Fuel Cell Market Revenue, for Proton Exchange Membrane Fuel Cell (Pemfc), by Region, 2020-2030, ($Million)
Table 12. Fuel Cell Market Proton Exchange Membrane Fuel Cell (Pemfc) by Country, 2020-2030, ($Million)
Table 13. Fuel Cell Market Revenue, for Molten Carbonate Fuel Cell (Mcfc), by Region, 2020-2030, ($Million)
Table 14. Fuel Cell Market Molten Carbonate Fuel Cell (Mcfc) by Country, 2020-2030, ($Million)
Table 15. Fuel Cell Market Revenue, for Phosphoric Acid Fuel Cell (Pafc), by Region, 2020-2030, ($Million)
Table 16. Fuel Cell Market Phosphoric Acid Fuel Cell (Pafc) by Country, 2020-2030, ($Million)
Table 17. Fuel Cell Market Revenue, for Others, by Region, 2020-2030, ($Million)
Table 18. Fuel Cell Market Others by Country, 2020-2030, ($Million)
Table 19. Fuel Cell Market, by Region, 2020-2030, ($Million)
Table 20. North America Fuel Cell Market, by Application, 2020-2030, ($Million)
Table 21. North America Fuel Cell Market, by Product Type, 2020-2030, ($Million)
Table 22. North America Fuel Cell Market, by Country, 2020-2030, ($Million)
Table 23. U.S. Fuel Cell Market by Application 2020-2030, ($Million)
Table 24. U.S. Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 25. Canada Fuel Cell Market by Application 2020-2030, ($Million)
Table 26. Canada Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 27. Mexico Fuel Cell Market by Application 2020-2030, ($Million)
Table 28. Mexico Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 29. Europe Fuel Cell Market, by Application, 2020-2030, ($Million)
Table 30. Europe Fuel Cell Market, by Product Type, 2020-2030, ($Million)
Table 31. Europe Fuel Cell Market, by Country, 2020-2030, ($Million)
Table 32. Germany Fuel Cell Market by Application 2020-2030, ($Million)
Table 33. Germany Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 34. France Fuel Cell Market by Application 2020-2030, ($Million)
Table 35. France Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 36. U.K. Fuel Cell Market by Application 2020-2030, ($Million)
Table 37. U.K. Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 38. Italy Fuel Cell Market by Application 2020-2030, ($Million)
Table 39. Italy Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 40. Spain Fuel Cell Market by Application 2020-2030, ($Million)
Table 41. Spain Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 42. Rest of Europe Fuel Cell Market by Application 2020-2030, ($Million)
Table 43. Rest of Europe Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 44. Asia-Pacific Fuel Cell Market, by Application, 2020-2030, ($Million)
Table 45. Asia-Pacific Fuel Cell Market, by Product Type, 2020-2030, ($Million)
Table 46. Asia-Pacific Fuel Cell Market, by Country, 2020-2030, ($Million)
Table 47. China Fuel Cell Market by Application 2020-2030, ($Million)
Table 48. China Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 49. Japan Fuel Cell Market by Application 2020-2030, ($Million)
Table 50. Japan Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 51. India Fuel Cell Market by Application 2020-2030, ($Million)
Table 52. India Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 53. Australia Fuel Cell Market by Application 2020-2030, ($Million)
Table 54. Australia Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 55. South Korea Fuel Cell Market by Application 2020-2030, ($Million)
Table 56. South Korea Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 57. Rest of Asia-Pacific Fuel Cell Market by Application 2020-2030, ($Million)
Table 58. Rest of Asia-Pacific Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 59. LAMEA Fuel Cell Market, by Application, 2020-2030, ($Million)
Table 60. LAMEA Fuel Cell Market, by Product Type, 2020-2030, ($Million)
Table 61. LAMEA Fuel Cell Market, by Country, 2020-2030, ($Million)
Table 62. Latin America Fuel Cell Market by Application 2020-2030, ($Million)
Table 63. Latin America Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 64. Middle East Fuel Cell Market by Application 2020-2030, ($Million)
Table 65. Middle East Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 66. Africa Fuel Cell Market by Application 2020-2030, ($Million)
Table 67. Africa Fuel Cell Market by Product Type 2020-2030, ($Million)
Table 68. Ballard Power Systems Inc.: Company Snapshot
Table 69. Ballard Power Systems Inc.: Operating Segments
Table 70. Ballard Power Systems Inc.: Product Portfolio
Table 71. Ballard Power Systems Inc.: Net Sales
Table 72. Ballard Power Systems Inc.: Key Stratergies
Table 73. Plug Power Inc.: Company Snapshot
Table 74. Plug Power Inc.: Operating Segments
Table 75. Plug Power Inc.: Product Portfolio
Table 76. Plug Power Inc.: Net Sales
Table 77. Plug Power Inc.: Key Stratergies
Table 78. Fuel Cell Energy Inc.: Company Snapshot
Table 79. Fuel Cell Energy Inc.: Operating Segments
Table 80. Fuel Cell Energy Inc.: Product Portfolio
Table 81. Fuel Cell Energy Inc.: Net Sales
Table 82. Fuel Cell Energy Inc.: Key Stratergies
Table 83. Sfc Energy: Company Snapshot
Table 84. Sfc Energy: Operating Segments
Table 85. Sfc Energy: Product Portfolio
Table 86. Sfc Energy: Net Sales
Table 87. Sfc Energy: Key Stratergies
Table 88. Bloom Energy: Company Snapshot
Table 89. Bloom Energy: Operating Segments
Table 90. Bloom Energy: Product Portfolio
Table 91. Bloom Energy: Net Sales
Table 92. Bloom Energy: Key Stratergies
Table 93. Doosan Fuel Cell America, Inc: Company Snapshot
Table 94. Doosan Fuel Cell America, Inc: Operating Segments
Table 95. Doosan Fuel Cell America, Inc: Product Portfolio
Table 96. Doosan Fuel Cell America, Inc: Net Sales
Table 97. Doosan Fuel Cell America, Inc: Key Stratergies
Table 98. Ceres Power Holdings plc: Company Snapshot
Table 99. Ceres Power Holdings plc: Operating Segments
Table 100. Ceres Power Holdings plc: Product Portfolio
Table 101. Ceres Power Holdings plc: Net Sales
Table 102. Ceres Power Holdings plc: Key Stratergies
Table 103. Nedstack Fuel Cell Technology B.V.: Company Snapshot
Table 104. Nedstack Fuel Cell Technology B.V.: Operating Segments
Table 105. Nedstack Fuel Cell Technology B.V.: Product Portfolio
Table 106. Nedstack Fuel Cell Technology B.V.: Net Sales
Table 107. Nedstack Fuel Cell Technology B.V.: Key Stratergies
Table 108. Intelligent Energy: Company Snapshot
Table 109. Intelligent Energy: Operating Segments
Table 110. Intelligent Energy: Product Portfolio
Table 111. Intelligent Energy: Net Sales
Table 112. Intelligent Energy: Key Stratergies
Table 113. Nuvera Fuel Cells, LLC: Company Snapshot
Table 114. Nuvera Fuel Cells, LLC: Operating Segments
Table 115. Nuvera Fuel Cells, LLC: Product Portfolio
Table 116. Nuvera Fuel Cells, LLC: Net Sales
Table 117. Nuvera Fuel Cells, LLC: Key Stratergies
LIST OF FIGURES
Figure 1. Fuel Cell Market Segmentation
Figure 2. Fuel Cell Market, 2020-2030
Figure 3. Fuel Cell Market, 2020-2030
Figure 4. Top Investment Pockets, by Region
Figure 5. Porter Five-1
Figure 6. Porter Five-2
Figure 7. Porter Five-3
Figure 8. Porter Five-4
Figure 9. Porter Five-5
Figure 10. Top Player Positioning
Figure 11. Fuel Cell Market:Drivers, Restraints and Opportunities
Figure 12. Value Chain Analysis
Figure 13. Patent Analysis by Company
Figure 14. Patent Analysis by Country
Figure 15. Fuel Cell Market, by Application, 2020 (%)
Figure 16. Comparative Share Analysis of Portable Fuel Cell Market, 2020-2030 (%)
Figure 17. Comparative Share Analysis of Stationary Fuel Cell Market, 2020-2030 (%)
Figure 18. Comparative Share Analysis of Transport Fuel Cell Market, 2020-2030 (%)
Figure 19. Fuel Cell Market, by Product Type, 2020 (%)
Figure 20. Comparative Share Analysis of Solid Oxide Fuel Cell (Sofc) Fuel Cell Market, 2020-2030 (%)
Figure 21. Comparative Share Analysis of Proton Exchange Membrane Fuel Cell (Pemfc) Fuel Cell Market, 2020-2030 (%)
Figure 22. Comparative Share Analysis of Molten Carbonate Fuel Cell (Mcfc) Fuel Cell Market, 2020-2030 (%)
Figure 23. Comparative Share Analysis of Phosphoric Acid Fuel Cell (Pafc) Fuel Cell Market, 2020-2030 (%)
Figure 24. Comparative Share Analysis of Others Fuel Cell Market, 2020-2030 (%)
Figure 25. Fuel Cell Market by Region, 2020
Figure 26. U.S. Fuel Cell Market, 2020-2030 ($Million)
Figure 27. Canada Fuel Cell Market, 2020-2030 ($Million)
Figure 28. Mexico Fuel Cell Market, 2020-2030 ($Million)
Figure 29. Germany Fuel Cell Market, 2020-2030 ($Million)
Figure 30. France Fuel Cell Market, 2020-2030 ($Million)
Figure 31. U.K. Fuel Cell Market, 2020-2030 ($Million)
Figure 32. Italy Fuel Cell Market, 2020-2030 ($Million)
Figure 33. Spain Fuel Cell Market, 2020-2030 ($Million)
Figure 34. Rest of Europe Fuel Cell Market, 2020-2030 ($Million)
Figure 35. China Fuel Cell Market, 2020-2030 ($Million)
Figure 36. Japan Fuel Cell Market, 2020-2030 ($Million)
Figure 37. India Fuel Cell Market, 2020-2030 ($Million)
Figure 38. Australia Fuel Cell Market, 2020-2030 ($Million)
Figure 39. South Korea Fuel Cell Market, 2020-2030 ($Million)
Figure 40. Rest of Asia-Pacific Fuel Cell Market, 2020-2030 ($Million)
Figure 41. Latin America Fuel Cell Market, 2020-2030 ($Million)
Figure 42. Middle East Fuel Cell Market, 2020-2030 ($Million)
Figure 43. Africa Fuel Cell Market, 2020-2030 ($Million)
Figure 44. Top Winning Strategies, by Year
Figure 45. Top Winning Strategies, by Development
Figure 46. Top Winning Strategies, by Company
Figure 47. Product Mapping of Top 10 Players
Figure 48. Competitive Dashboard
Figure 49. Competitive Heatmap of Top 10 Key Players
Figure 50. Ballard Power Systems Inc. Net Sales, ($Million)
Figure 51. Plug Power Inc. Net Sales, ($Million)
Figure 52. Fuel Cell Energy Inc. Net Sales, ($Million)
Figure 53. Sfc Energy.: Net Sales, ($Million)
Figure 54. Bloom Energy.: Net Sales, ($Million)
Figure 55. Doosan Fuel Cell America, Inc.: Net Sales, ($Million)
Figure 56. Ceres Power Holdings PLC.: Net Sales, ($Million)
Figure 57. Nedstack Fuel Cell Technology B.V. Net Sales, ($Million)
Figure 58. Intelligent Energy.: Net Sales, ($Million)
Figure 59. Nuvera Fuel Cells, LLC.: Net Sales, ($Million)

Executive Summary

According to this report titled, 'Fuel Cell Market,' the fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.

Fuel cells are energy producing devices, which produce energy with the help of sustainable chemical reactions, which is expected to witness notable growth in the coming years. This is due to the competitive advantages of fuel cells, such as enhanced efficiency, eco-friendly, and longer life span as compared to others.

Increasing applications of fuel cell in the transport sector, such as in cars and buses is expected drive the growth of the market in the coming years. Moreover, growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cell are some other driving factors of this market. The impact of these drivers is expected to increase significantly due to increase in awareness about the benefits of fuel cells. Some of the restraints associated with the fuel cell market are high price of catalyst use in it, which raise the price of fuel cell and lack of fuel cell infrastructure. With the advancement in technology, cost of fuel cell is expected to reduce in the coming years.

Depending on the product type, the proton exchange membrane fuel cell (PEMFC) segment garnered the highest fuel cell market share of about 74.4% in 2020, and is expected to maintain its dominance during the fuel cell market forecast period. This is attributed to rise in demand for clean power generation and dependence on fuel cell-based transport applications. In addition, PEMFC offers various advantages, such as low operational cost, improved reliability, less maintenance time, high operational efficiency, and others, which are further projected to fuel the growth of the market in the coming years.

On the basis of application, the stationary segment acquired the largest share in 2020, in terms of revenue, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for fuel cells from backup power applications and distributed generation facilities. In addition, fuel cell is increasingly used in the combined heat & power applications, which in turn is further expected to drive the fuel cell market growth of this segment in the upcoming years.

Region-wise, the market is analyzed across four major regions, such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this fuel cell market trend during the forecast period. This is attributed to the presence of huge consumer base, rapid development of the hydrogen sector, fuel cell systems, and the existence of key players in the region. Moreover, presence of the developing countries in Asia-Pacific, such as China, Japan, India, and South Korea increase the demand for fuel cells owing to rapid investment in renewable energy sector and transport which in turn is anticipated to contribute toward the growth of the fuel cell market in Asia-Pacific.

The global fuel cell market analysis covers in-depth information of the major fuel cell industry participants. The key players operating and profiled in the report include Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC.

Other players operating in the fuel cell market are Kyocera, Solid Power, Altergy, Horizon Fuel Cell, and others.

COVID-19 Impact on Market

Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on import & export and manufacturing & processing activities across various industries and electrical utilities, which decreased the demand for fuel cells from consumers. In addition, halt in building & construction activities of new electric utility infrastructures, renewable power plants, grid network, and other power plants, owing to unavailability of workers and increase in demand-supply gap are projected to hamper the fuel cell market growth during the pandemic period. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the fuel cell market is expected to recover by the end of 2021, as COVID-19 vaccination is made available in various economies across the globe, which is expected to improve the global economy.

KEY FINDINGS OF STUDY

  • In 2020, the Proton Exchange Membrane Fuel Cells (PEMFC) segment accounted for about 74.4% of the share in the global fuel cell market, and is expected to maintain its dominance during the forecast period.
  • In 2020, the molten carbonate fuel cell (MCFC) segment is anticipated to grow at a rate of 18.0% in terms of revenue during the forecast period.
  • In 2020, the stationary segment accounted for 72.0% market share, and is anticipated to grow at a rate of 19.4% in terms of revenue during the forecast period.
  • Transport is the rapidly growing segment in the global fuel cell market, and is expected to grow at a CAGR of 19.6% during 2021-2030.
  • Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 19.7%, during the forecast period.
  • In 2020, Asia-Pacific dominated the global fuel cell market with more than 67.4% of the share, in terms of revenue.

Companies Mentioned

  • BALLARD POWER SYSTEMS INC.
  • PLUG POWER INC.
  • FUEL CELL ENERGY INC.
  • SFC ENERGY
  • Bloom Energy
  • Doosan Fuel Cell America, Inc
  • Ceres Power Holdings Plc
  • Nedstack Fuel Cell Technology B.V.
  • Intelligent Energy
  • Nuvera Fuel Cells, LLC

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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