Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicle (FCVs)), End User (Residential, C&l, Transportation, Data Center, Military & Defense), Size, Fuel, Component and Region

Leading Players in the Market Include Bloom Energy, Doosan Fuel Cell Co, Ltd, and Aisin Corporation

The global fuel cell market is estimated to grow from USD 3.3 Billion in 2023 to USD 8.7 Billion by 2028; it is expected to record a CAGR of 21.7% during the forecast period. The growth of the fuel cell market is attributed to increased awareness and efforts to decrease carbon emissions and the expansion of hydrogen infrastructure, covering production, storage, and distribution. Additionally, the fuel cell market will grow in the future owing to the increased requirement for fuel cell setup in power generation and combined heat and power (CHP) applications.

Proton exchange membrane fuel cell: The second largest segment of the fuel cell market, by type

Based on type, the fuel cell market has been split into two types: solid oxide fuel cell, proton exchange membrane fuel cell, phosphoric acid fuel cell, microbial fuel cell, direct methanol fuel cell, and alkaline fuel cell. The proton exchange membrane fuel cell segment is expected to be the second largest segment during the forecast period. Proton exchange membrane fuel cells exhibit significant versatility and adaptability, enabling their deployment across a spectrum of applications and power needs. Their flexibility spans from smaller, portable gadgets to larger-scale implementations, encompassing vehicles and stationary power generation.

Commercial & industrial segment is the second largest segment of the fuel cell market

By end user, the fuel cell market has been segmented into transportation, commercial & industrial, residential, data center, utilities and government/municipal institutes, and military & defense. Commercial and industrial sectors have substantial energy requirements for manufacturing processes, operations of commercial facilities, data centers, and other industrial activities. Fuel cells offer a reliable and efficient power source to meet these demanding energy needs. Numerous commercial and industrial entities aim to reduce emissions significantly. Fuel cells offer a clean energy alternative, emitting minimal pollutants in contrast to conventional fossil fuel-based power generation, thereby supporting sustainability goals.

By application, the fuel cell vehicles segment is expected to be the second largest segment during the forecast period

Based on application, the fuel cell market is segmented into stationary, fuel cell vehicles, and portable. The fuel cell vehicles segment is expected to be the second-largest segment of the fuel cell market during the forecast period. Fuel cell vehicles present a zero-emission option compared to conventional internal combustion engine vehicles, appealing to environmentally conscious consumers and governments aiming for cleaner transportation alternatives. The high power output and extended range offered by fuel cells are especially enticing for heavy-duty uses such as trucks, buses, and other commercial vehicles, addressing substantial concerns related to battery weight and limited range in these applications.

Asia Pacific: The fastest growing region in the fuel cell market

Asia Pacific is expected to be the fastest growing segment in the fuel cell market between 2023-2028, followed by North America. Asia Pacific is a key market for green technology adoption to meet government targets for cutting GHG emissions. Japan and South Korea have been heavily investing in fuel cell adoption since 2009, owing to the commercialization of Japanese fuel cell micro-CHP products. Investment in the energy sector has grown substantially during the previous five years, which is expected to assist the fuel cell market. China and India are the world's most populous countries, and agriculture remains a key element of their economies.

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 and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1 - 65%, Tier 2 - 24%, and Tier 3 - 11%
By Designation: C-Level - 30%, Director Levels - 25%, and Others - 45%
By Region: North America - 27%, Europe - 20%, and Asia-Pacific - 53%

Note: Others include sales managers, engineers, and regional managers

Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The fuel cell market is dominated by a few major players that have a wide regional presence. The leading players in the fuel cell market are Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), KYOCERA Corporation (Japan). The major strategy adopted by the players includes new product launches, contracts & agreements and, investments & expansions.

Research Coverage

The report defines, describes, and forecasts the global fuel cell market by component, type, size, fuel, end user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the fuel cell market.

Key Benefits of Buying the Report

The fuel cell market has undergone substantial progress and expansion in recent years. The increasing demand for portable power solutions, fueled by factors like outdoor activities, emergency readiness, and the necessity for dependable off-grid energy, has propelled the market forward. Key market players have been actively engaged in product development, introducing innovative features such as higher power capacities, improved portability, faster charging, integration with renewable energy sources, advanced control systems, connectivity options, and enhanced safety features. Additionally, the market has witnessed the expansion of product offerings with varying sizes, catering to different end-use requirements.
Product Development/ Innovation: Fuel cell manufacturers are deeply involved in advancing product development and innovation to elevate the capabilities of their offerings. Their focus lies in augmenting power capacity by leveraging battery technology advancements, refining portability by reducing weight and enhancing form factors, and facilitating quicker charging through improved efficiency. The integration of renewable energy sources, like solar panels, stands out as a significant area of innovation. Additionally, they concentrate on developing advanced control and monitoring systems, aiming to provide users with enhanced control and visibility.
Market Development: The fuel cell market is poised for substantial growth, driven by multiple factors. Primarily, the global emphasis on sustainability and the shift toward cleaner energy sources create a conducive landscape for fuel cell technology. Fuel cells, offering low-emission and pollution-free power generation, align seamlessly with environmental objectives and regulations. Secondly, technological advancements in fuel cell technology, including improved efficiency, durability, and cost-effectiveness, have significantly enhanced their performance and attractiveness across various applications. These advancements have broadened the market potential for fuel cells in sectors spanning transportation, residential, commercial, and industrial domains. Furthermore, government support through incentives, policies, and funding programs further expedites the adoption of fuel cells.
Market Diversification: Bloom Energy signed an agreement with Perenco, an independent oil & gas company, to deploy 2.5 megawatts (MW) of Bloom’s solid oxide fuel cell technology in England.
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), KYOCERA Corporation (Japan) among others in the fuel cell market.

1 Introduction

1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Inclusions and Exclusions
1.3.2 Market Covered
Figure 1 Fuel Cell Market Segmentation
1.3.3 Regional Scope
1.3.4 Years Considered
1.3.5 Currency Considered
1.3.6 Units Considered
1.4 Study Limitations
1.5 Stakeholders
1.6 Summary of Changes
1.7 Impact of Recession

2 Research Methodology

2.1 Research Data
Figure 2 Fuel Cell Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Key Data from Secondary Sources
2.1.1.2 List of Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 List of Primary Interview Participants
2.1.2.3 Breakdown of Primaries
2.2 Market Breakdown and Data Triangulation
Figure 3 Fuel Cell Market: Data Triangulation Methodology
2.3 Market Size Estimation Methodology
2.3.1 Bottom-Up Approach
Figure 4 Fuel Cell Market: Bottom-Up Approach
2.3.2 Top-Down Approach
Figure 5 Fuel Cell Market: Top-Down Approach
2.4 Demand-Side Metrics
Figure 6 Fuel Cell Market: Key Metrics Considered to Analyze Demand for Fuel Cells
2.4.1 Regional Analysis
2.4.1.1 Country-Level Analysis
2.4.2 Demand-Side Assumptions
2.4.3 Demand-Side Calculations
2.5 Supply-Side Metrics
Figure 7 Fuel Cell Market: Key Metrics Considered to Analyze Supply of Fuel Cells
Figure 8 Fuel Cell Market: Supply-Side Analysis
2.5.1 Supply-Side Assumptions
2.5.2 Supply-Side Calculations
Figure 9 Fuel Cell Market: Market Share Analysis, 2022
2.6 Forecast
2.7 Research Limitations
2.8 Risk Assessment
2.9 Recession Impact

3 Executive Summary

Table 1 Fuel Cell Market Snapshot
Figure 10 Asia-Pacific Held the Largest Share of the Fuel Cell Market in 2022
Figure 11 Solid Oxide Fuel Cells (Sofcs) to Dominate Fuel Cell Market During Forecast Period
Figure 12 Stationary Application to Hold Largest Share of Fuel Cell Market in 2028
Figure 13 Transportation End-user to Dominate Fuel Cell Market in 2028
Figure 14 Small-Scale (Up to 200 kW) Size to Exhibit Higher CAGR Between 2023 and 2028

4 Premium Insights

4.1 Attractive Opportunities for Players in Fuel Cell Market
Figure 15 Government Subsidies to Improve Clean Energy Infrastructure to Boost Fuel Cell Market Growth Between 2023 and 2028
4.2 Fuel Cell Market, by Region
Figure 16 Fuel Cell Market in Europe to Depict Highest CAGR During Forecast Period
4.3 Fuel Cell Market, by Type
Figure 17 Solid Oxide Fuel Cells (Sofcs) to Account for Largest Market Share in 2028
4.4 Fuel Cell Market, by Application
Figure 18 Stationary Application to Account for Majority of Market Share in 2028
4.5 Fuel Cell Market, by End-user
Figure 19 Transportation End-user to Account for Largest Market Share in 2028
4.6 Fuel Cell Market, by Size
Figure 20 Small-Scale (Up to 200 kW) Segment to Hold Largest Market Share in 2028
4.7 Fuel Cell Market in Asia-Pacific, by Application and Country
Figure 21 Stationary Application and China Accounted for Largest Shares of Asia-Pacific Fuel Cell Market in 2022

5 Market Overview

5.1 Introduction
5.2 Market Dynamics
Figure 22 Fuel Cell Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 High Demand for EVs with Launch of Effective Campaigns
Figure 23 Fuel Cell Electric Vehicle Stock, by Country, 2021
5.2.1.2 Reliance on Renewable Energy to Ensure Uninterrupted Power Supply
5.2.1.3 Quicker Refueling Time of Fcevs Than BEVs
5.2.2 Restraints
5.2.2.1 High Costs of Platinum Catalyst for Fuel Cells
5.2.2.2 Significant Initial Investments in Hydrogen Infrastructure
5.2.3 Opportunities
5.2.3.1 Increasing Generation of Distributed Power Using Low-Carbon Fuels
5.2.3.2 Rising Adoption of Strategies to Achieve Net-Zero Carbon Emissions
Table 2 Fuel Cell Market: Policies to Stimulate Hydrogen Use in Major Economies
5.2.4 Challenges
5.2.4.1 High Preference for Battery Electric Vehicles Over Hydrogen Vehicles
5.3 Trends/Disruptions Impacting Customer Business
Figure 24 Fuel Cell Market: Trends/Disruptions Impacting Customer Business
5.4 Pricing Analysis
5.4.1 Average Selling Price Trend, by Region
Table 3 Average Selling Price Trend, by Region, 2018-2022
5.4.2 Indicative Pricing Analysis, by Component
Table 4 Cost Summary for Proton Exchange Membrane (Pem) Stack Component, 2018-2022 (USD)
Table 5 Cost Summary for Pem Balance of Plant (Bop), 2018-2022 (USD)
Table 6 Cost Summary for 80-kW Fuel Cell Vehicles, 2018-2025 (USD)
Table 7 Cost Summary for 160-kW Medium-Duty Fuel Cell Vehicles, 2018-2025 (USD)
5.4.3 Indicative Pricing Analysis, by Type
Table 8 Indicative Pricing Analysis, by Type, 2018-2022
5.5 Supply Chain Analysis
Figure 25 Fuel Cell Market: Supply Chain Analysis
5.5.1 Raw Material Suppliers
5.5.2 Component Manufacturers
5.5.3 System Manufacturers/Assemblers
5.5.4 Distributors/End-users
5.6 Ecosystem/Market Map
Figure 26 Fuel Cell Market Mapping
Table 9 Fuel Cell Market: Companies and Their Roles in Fuel Cell Ecosystem
Figure 27 Companies in Fuel Cell Ecosystem
5.7 Regulatory Landscape
5.7.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 10 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 11 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 12 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 13 RoW: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.7.2 Regulatory Frameworks
5.7.2.1 Regulatory Frameworks in North America
5.7.2.2 Regulatory Frameworks in Europe
5.7.2.3 Regulatory Frameworks in Asia-Pacific
5.7.2.4 Regulatory Frameworks in RoW
5.8 Patent Analysis
Figure 28 Fuel Cell Market: Patents Applied and Granted, 2012-2022
Table 14 Fuel Cell Market: List of Major Patents, 2018-2022
5.9 Case Study Analysis
5.9.1 Southern Linc Adopts Plug Power's Gensure Fuel Cell Solution to Generate Backup Power
5.9.2 Samsung Heavy Industries and Bloom Energy Join Hands to Develop Efficient Fuel-Cell Ships
5.9.3 Convion Uses Elcogen's Sofc and Stack Technology to Find Reliable Alternative Fuel Sources
5.10 Technology Analysis
5.10.1 Reversible Fuel Cells
5.10.2 Anion-Exchange Membrane Fuel Cells
5.11 Key Conferences and Events, 2023-2024
Table 15 Fuel Cell Market: List of Conferences and Events, 2023-2024
5.12 Trade Analysis
5.12.1 Export Scenario
Table 16 Export Data for HS Code 280410-Compliant Hydrogen, by Country, 2020-2022 (USD Thousand)
Figure 29 Export Data for HS Code 280410-Compliant Hydrogen, by Country, 2020-2022 (USD Thousand)
5.12.2 Import Scenario
Table 17 Import Data for HS Code 280410-Compliant Hydrogen, by Country, 2020-2022 (USD Thousand)
Figure 30 Import Data for HS Code 280410-Compliant Hydrogen, by Country, 2020-2022 (USD Thousand)
5.13 Porter's Five Forces Analysis
Figure 31 Fuel Cell Market: Porter's Five Forces Analysis
Table 18 Fuel Cell Market: Porter's Five Forces Analysis
5.13.1 Threat of Substitutes
5.13.2 Bargaining Power of Suppliers
5.13.3 Bargaining Power of Buyers
5.13.4 Threat of New Entrants
5.13.5 Intensity of Competitive Rivalry
5.14 Key Stakeholders and Buying Criteria
5.14.1 Key Stakeholders in the Buying Process
Figure 32 Fuel Cell Market: Influence of Stakeholders on Buying Process for Top 3 End-users
Table 19 Fuel Cell Market: Influence of Stakeholders on Buying Process for Top 3 End-users (%)
5.14.2 Buying Criteria
Figure 33 Fuel Cell Market: Key Buying Criteria for Top 3 End-users
Table 20 Fuel Cell Market: Key Buying Criteria for Top 3 End-users

6 Fuel Cell Market, by Size

6.1 Introduction
Figure 34 Fuel Cell Market, by Size, 2022
Table 21 Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 22 Fuel Cell Market, by Size, 2023-2028 (USD Million)
6.2 Small-Scale (Up to 200 kW)
6.2.1 Increasing Incentives for Extensive Deployment of Electric Vehicles to Boost Segmental Growth
Table 23 Small-Scale (Up to 200 kW): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 24 Small-Scale (Up to 200 kW): Fuel Cell Market, by Region, 2023-2028 (USD Million)
6.3 Large-Scale (Above 200 kW)
6.3.1 Rising Emphasis on Reducing Greenhouse Gas Emissions and Developing All-Renewable Electric Grid to Drive Market
Table 25 Large-Scale (Above 200 kW): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 26 Large-Scale (Above 200 kW): Fuel Cell Market, by Region, 2023-2028 (USD Million)

7 Fuel Cell Market, by Fuel Type

7.1 Introduction
Figure 35 Hydrogen Fuel Cells Accounted for Largest Market Share in 2022
Table 27 Fuel Cell Market, by Fuel Type, 2018-2022 (USD Million)
Table 28 Fuel Cell Market, by Fuel Type, 2023-2028 (USD Million)
7.2 Hydrogen
7.2.1 Ability to Provide Long-Lasting Power to Boost Adoption
7.3 Methanol
7.3.1 High Energy Density and Greater Power Output to Fuel Demand
7.4 Ammonia
7.4.1 Use of Ammonia as Hydrogen Carrier to Accelerate Segmental Growth
7.5 Other Fuel Types

8 Fuel Cell Market, by Type

8.1 Introduction
Figure 36 Solid Oxide Fuel Cells (Sofc) Held Largest Market Share in 2022
Table 29 Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 30 Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 31 Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 32 Fuel Cell Market, by Type, 2023-2028 (USD Million)
8.2 Proton-Exchange Membrane Fuel Cells (Pemfcs)
8.2.1 Use of Proton-Exchange Membrane Fuel Cells to Supply Electricity to Residential Buildings to Drive Market
Table 33 Proton-Exchange Membrane Fuel Cells (Pemfcs): Fuel Cell Market, by Region, 2018-2022 (Mw)
Table 34 Proton-Exchange Membrane Fuel Cells (Pemfcs): Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 35 Proton-Exchange Membrane Fuel Cells (Pemfcs): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 36 Proton-Exchange Membrane Fuel Cells (Pemfcs): Fuel Cell Market, by Region, 2023-2028 (USD Million)
8.3 Solid Oxide Fuel Cells (Sofcs)
8.3.1 Requirement for Energy-Efficient Power Generation to Augment Segmental Growth
Table 37 Solid Oxide Fuel Cells (Sofcs): Fuel Cell Market, by Region, 2018-2022 (Mw)
Table 38 Solid Oxide Fuel Cells (Sofcs): Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 39 Solid Oxide Fuel Cells (Sofcs): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 40 Solid Oxide Fuel Cells (Sofcs): Fuel Cell Market, by Region, 2023-2028 (USD Million)
8.4 Phosphoric Acid Fuel Cells (Pafcs)
8.4.1 Adoption of Phosphoric Acid Fuel Cells in Co-Generation of Power and Heat to Boost Segmental Growth
Table 41 Phosphoric Acid Fuel Cells (Pafcs): Fuel Cell Market, by Region, 2018-2022 (Mw)
Table 42 Phosphoric Acid Fuel Cells (Pafcs): Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 43 Phosphoric Acid Fuel Cells (Pafcs): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 44 Phosphoric Acid Fuel Cells (Pafcs): Fuel Cell Market, by Region, 2023-2028 (USD Million)
8.5 Alkaline Fuel Cells (AFCS)
8.5.1 Implementation of Alkaline Fuel Cells in Transport and Aerospace Applications to Accelerate Market Growth
Table 45 Alkaline Fuel Cells (Afcs): Fuel Cell Market, by Region, 2018-2022 (Mw)
Table 46 Alkaline Fuel Cells (Afcs): Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 47 Alkaline Fuel Cells (Afcs): Fuel Cell Market, by Region, 2018-2022 (USD Thousand)
Table 48 Alkaline Fuel Cells (Afcs): Fuel Cell Market, by Region, 2023-2028 (USD Thousand)
8.6 Microbial Fuel Cells (Mfcs)
8.6.1 Use of Microbes Fuel Cells to Fulfill Power Demand in Urban Wastewater Treatment Facilities to Drive Market
Table 49 Microbial Fuel Cells (Mfcs) Market: Fuel Cell Market, by Region, 2019-2027 (Mw)
Table 50 Microbial Fuel Cells (Mfcs) Market: Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 51 Microbial Fuel Cells (Mfcs) Market: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 52 Microbial Fuel Cells (Mfcs) Market: Fuel Cell Market, by Region, 2023-2028 (USD Million)
8.7 Direct Methanol Fuel Cells (Dmfcs)
8.7.1 Low Costs and High Energy Density of Methanol to Contribute to Segmental Growth
Table 53 Direct Methanol Fuel Cells (Dmfcs): Fuel Cell Market, by Region, 2018-2022 (Mw)
Table 54 Direct Methanol Fuel Cells (Dmfcs): Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 55 Direct Methanol Fuel Cells (Dmfcs): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 56 Direct Methanol Fuel Cells (Dmfcs): Fuel Cell Market, by Region, 2023-2028 (USD Million)
8.8 Other Types

9 Fuel Cell Market, by Component

9.1 Introduction
Figure 37 Balance of Plant (Bop) Components Held Larger Share of Fuel Cell Market in 2022
Table 57 Fuel Cell Market, by Component, 2018-2022 (USD Million)
Table 58 Fuel Cell Market, by Component, 2020-2028 (USD Million)
9.2 Stack
9.2.1 High Energy Conversion Efficiency and Low Emissions to Boost Adoption of Fuel Cell Stacks
Table 59 Stack: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 60 Stack: Fuel Cell Market, by Region, 2023-2028 (USD Million)
9.2.2 Cells
9.2.3 Interconnects
9.2.4 End Plates
9.2.5 Sealants
9.2.6 Other Stack Components
9.3 Balance of Plant (Bop)
9.3.1 Use of Bop Components for Efficient Power Generation to Contribute to Market Growth
Table 61 Balance of Plant (Bop): Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 62 Balance of Plant (Bop): Fuel Cell Market, by Region, 2023-2028 (USD Million)
9.3.2 Heat Transfer Components
9.3.3 Power Electronics & Control Systems
9.3.4 Instruments & Sensors
9.3.5 Fuel Reformers/Desulfurizers
9.3.6 Other Bop Components

10 Fuel Cell Market, by Application

10.1 Introduction
Figure 38 Fuel Cell Market Share, by Application, 2022
Table 63 Fuel Cell Market: by Application, 2018-2022 (USD Million)
Table 64 Fuel Cell Market: by Application, 2023-2028 (USD Million)
10.2 Portable
10.2.1 Rising Preference for Energy-Efficient Portable Fuel Cells Over Internal Combustion Engines to Drive Market
Table 65 Portable: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 66 Portable: Fuel Cell Market, by Region, 2023-2028 (USD Million)
10.3 Stationary
Table 67 Stationary: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 68 Stationary: Fuel Cell Market, by Region, 2023-2028 (USD Million)
Table 69 Stationary: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 70 Stationary: Fuel Cell Market, by Application, 2023-2028 (USD Million)
10.3.1 Primary
10.3.1.1 Adoption of Stationary Fuel Cells in Electrical Substations to Contribute to Segmental Growth
Table 71 Primary: Fuel Cell Market for Stationary, by Region, 2018-2022 (USD Million)
Table 72 Primary: Fuel Cell Market for Stationary, by Region, 2023-2028 (USD Million)
10.3.2 Backup
10.3.2.1 Utilization of Fuel Cells for Backup Power Generation in Data Centers During Grid Outages to Fuel Segmental Growth
Table 73 Backup: Fuel Cell Market for Stationary, by Region, 2018-2022 (USD Million)
Table 74 Backup: Fuel Cell Market for Stationary: by Region, 2023-2028 (USD Million)
10.3.3 Combined Heat & Power (Chp)
10.3.3.1 Employment of Combined Heat & Power Fuel Cell Units in Residential Applications to Augment Segmental Growth
Table 75 Combined Heat & Power: Fuel Cell Market for Stationary, by Region, 2018-2022 (USD Million)
Table 76 Combined Heat & Power: Fuel Cell Market for Stationary, by Region, 2023-2028 (USD Million)
10.4 Fuel Cell Vehicles
Table 77 Fuel Cell Vehicles: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 78 Fuel Cell Vehicles: Fuel Cell Market, by Region, 2023-2028 (USD Million)
Table 79 Fuel Cell Vehicles: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 80 Fuel Cell Vehicles: Fuel Cell Market, by Application, 2023-2028 (USD Million)
10.4.1 Passenger Light-Duty Fuel Cell Vehicles
10.4.1.1 Surging Demand for Personal Mobility and Stringent Regulations on Ghg Emissions to Accelerate Segmental Growth
Table 81 Passenger Light-Duty Fuel Cell Vehicles: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 82 Passenger Light-Duty Fuel Cell Vehicles: Fuel Cell Market, by Region, 2023-2028 (USD Million)
10.4.2 Fuel Cell Buses
10.4.2.1 Rising Adoption of Fuel Cell Buses for Public Transport to Support Segmental Growth
Table 83 Fuel Cell Buses: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 84 Fuel Cell Buses: Fuel Cell Market, by Region, 2023-2028 (USD Million)
10.4.3 Fuel Cell Trucks
10.4.3.1 Increasing Use of Fuel Cell Trucks for Long-Range Transportation to Drive Market
Table 85 Fuel Cell Trucks: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 86 Fuel Cell Trucks: Fuel Cell Market, by Region, 2023-2028 (USD Million)
10.4.4 Other Fuel Cell Vehicles
10.4.4.1 Rising Emphasis on Developing Fuel Cells for Marine Applications to Propel Market
Table 87 Other Fuel Cell Vehicles: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 88 Other Fuel Cell Vehicles: Fuel Cell Market, by Region, 2023-2028 (USD Million)

11 Fuel Cell Market, by End-user

11.1 Introduction
Figure 39 Fuel Cell Market Share, by End-user, 2022
Table 89 Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 90 Fuel Cell Market, by End-user, 2023-2028 (USD Million)
11.2 Residential
11.2.1 Surging Demand for Energy in Residential Buildings for Space Heating and Cooling to Fuel Segmental Growth
Table 91 Residential: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 92 Residential: Fuel Cell Market, by Region, 2023-2028 (USD Million)
11.3 Commercial & Industrial
11.3.1 Launch of Decarbonization Projects to Contribute to Segmental Growth
Table 93 Commercial & Industrial: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 94 Commercial & Industrial: Fuel Cell Market, by Region, 2023-2028 (USD Million)
11.4 Transportation
11.4.1 Strong Focus on Extending Driving Range of Electric Vehicles to Fuel Segmental Growth
Table 95 Transportation: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 96 Transportation: Fuel Cell Market, by Region, 2023-2028 (USD Million)
11.5 Data Centers
11.5.1 Rising Focus on Reducing Carbon Emissions from Data Centers to Drive Market
Table 97 Data Centers: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 98 Data Centers: Fuel Cell Market, by Region, 2023-2028 (USD Million)
11.6 Military & Defense
11.6.1 Escalating Adoption of Portable Fuel Cells as Power Source for Military & Defense Operations to Foster Segmental Growth
Table 99 Military & Defense: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 100 Military & Defense: Fuel Cell Market, by Region, 2023-2028 (USD Million)
11.7 Utilities & Government/Municipal Institutes
11.7.1 Stringent Laws by Regional Authorities and Decarbonizing Goals to Drive Market
Table 101 Utilities & Government/Municipal Institutes: Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 102 Utilities & Government/Municipal Institutes: Fuel Cell Market, by Region, 2023-2028 (USD Million)

12 Fuel Cell Market, by Region

12.1 Introduction
Figure 40 Europe to Exhibit Highest CAGR in Fuel Cell Market from 2023 to 2028
Figure 41 Fuel Cell Market Share, by Region, 2022
Table 103 Fuel Cell Market, by Region, 2018-2022 (Mw)
Table 104 Fuel Cell Market, by Region, 2023-2028 (Mw)
Table 105 Fuel Cell Market, by Region, 2018-2022 (USD Million)
Table 106 Fuel Cell Market, by Region, 2020-2028 (USD Million)
12.2 Asia-Pacific
Figure 42 Asia-Pacific: Fuel Cell Market Snapshot
12.2.1 Recession Impact on Market in Asia-Pacific
Table 107 Asia-Pacific: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 108 Asia-Pacific: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 109 Asia-Pacific: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 110 Asia-Pacific: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 111 Asia-Pacific: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 112 Asia-Pacific: Fuel Cell Market, by Application, 2023-2028 (USD Million)
Table 113 Asia-Pacific: Fuel Cell Market, by Stationary Application, 2018-2022 (USD Million)
Table 114 Asia-Pacific: Fuel Cell Market, by Stationary Application, 2023-2028 (USD Million)
Table 115 Asia-Pacific: Fuel Cell Market, by Fuel Cell Vehicle Application, 2018-2022 (USD Million)
Table 116 Asia-Pacific: Fuel Cell Market, by Fuel Cell Vehicle Application, 2023-2028 (USD Million)
Table 117 Asia-Pacific: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 118 Asia-Pacific: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 119 Asia-Pacific: Fuell Cell Market, by Size, 2018-2022 (USD Million)
Table 120 Asia-Pacific: Fuell Cell Market, by Size, 2023-2028 (USD Million)
Table 121 Asia-Pacific: Fuell Cell Market, by Country, 2018-2022 (Mw)
Table 122 Asia-Pacific: Fuell Cell Market, by Country, 2023-2028 (Mw)
Table 123 Asia-Pacific: Fuell Cell Market, by Country, 2018-2022 (USD Million)
Table 124 Asia-Pacific: Fuell Cell Market, by Country, 2023-2028 (USD Million)
12.2.2 China
12.2.2.1 Shift from Fossil Fuels to Renewable Energy Sources to Contribute to Market Growth
Table 125 China: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 126 China: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 127 China: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 128 China: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 129 China: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 130 China: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 131 China: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 132 China: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 133 China: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 134 China: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.2.3 Japan
12.2.3.1 Government Initiatives to Increase Deployment of Hydrogen Refueling Stations to Augment Demand for Fuel Cells
Table 135 Japan: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 136 Japan: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 137 Japan: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 138 Japan: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 139 Japan: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 140 Japan: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 141 Japan: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 142 Japan: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 143 Japan: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 144 Japan: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.2.4 South Korea
12.2.4.1 Issuance of Stringent Rules to Mitigate Ghg Emissions to Accelerate Market Growth
Table 145 South Korea: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 146 South Korea: Fuel Cell Market, by Type, 2023-2028 (kW)
Table 147 South Korea: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 148 South Korea: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 149 South Korea: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 150 South Korea: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 151 South Korea: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 152 South Korea: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 153 South Korea: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 154 South Korea: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.2.5 Rest of Asia-Pacific
Table 155 Rest of Asia-Pacific: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 156 Rest of Asia-Pacific: Fuel Cell Market, by Type, 2023-2028 (kW)
Table 157 Rest of Asia-Pacific: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 158 Rest of Asia-Pacific: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 159 Rest of Asia-Pacific: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 160 Rest of Asia-Pacific: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 161 Rest of Asia-Pacific: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 162 Rest of Asia-Pacific: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 163 Rest of Asia-Pacific: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 164 Rest of Asia-Pacific: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.3 North America
12.3.1 Recession Impact on Market in North America
Figure 43 North America: Fuel Cell Market Snapshot
Table 165 North America: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 166 North America: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 167 North America: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 168 North America: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 169 North America: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 170 North America: Fuel Cell Market, by Application, 2023-2028 (USD Million)
Table 171 North America: Fuel Cell Market, by Stationary Application, 2018-2022 (USD Million)
Table 172 North America: Fuel Cell Market, by Stationary Application, 2023-2028 (USD Million)
Table 173 North America: Fuel Cell Market, by Fuel Cell Vehicle Application, 2018-2022 (USD Million)
Table 174 North America: Fuel Cell Market, by Fuel Cell Vehicle Application, 2023-2028 (USD Million)
Table 175 North America: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 176 North America: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 177 North America: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 178 North America: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 179 North America: Fuel Cell Market, by Country, 2018-2022 (Mw)
Table 180 North America: Fuel Cell Market, by Country, 2023-2028 (Mw)
Table 181 North America: Fuel Cell Market, by Country, 2018-2022 (USD Million)
Table 182 North America: Fuel Cell Market, by Country, 2023-2028 (USD Million)
12.3.2 US
12.3.2.1 Rising Emphasis on Hydrogen Integration to Generate Clean Electricity to Propel Market
Table 183 US: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 184 US: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 185 US: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 186 US: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 187 US: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 188 US: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 189 US: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 190 US: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 191 US: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 192 US: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.3.3 Canada
12.3.3.1 Favorable Government Policies to Develop Low-Cost Fuel Cell Technologies to Fuel Market Growth
Table 193 Canada: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 194 Canada: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 195 Canada: Fuel Cell Market, by Type, 2018-2022 (USD Thousand)
Table 196 Canada: Fuel Cell Market, by Type, 2023-2028 (USD Thousand)
Table 197 Canada: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 198 Canada: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 199 Canada: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 200 Canada: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 201 Canada: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 202 Canada: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.4 Europe
12.4.1 Recession Impact on Market in Europe
Table 203 Europe: Fuel Cell Market, by Type, 2018-2022 (Mw)
Table 204 Europe: Fuel Cell Market, by Type, 2023-2028 (Mw)
Table 205 Europe: Fuel Cell Market, by Type, 2018-2022 (USD Million)
Table 206 Europe: Fuel Cell Market, by Type, 2023-2028 (USD Million)
Table 207 Europe: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 208 Europe: Fuel Cell Market, by Application, 2023-2028 (USD Million)
Table 209 Europe: Fuel Cell Market, by Stationary Application, 2018-2022 (USD Million)
Table 210 Europe: Fuel Cell Market, by Stationary Application, 2023-2028 (USD Million)
Table 211 Europe: Fuel Cell Market, by Fuel Cell Vehicle Application, 2018-2022 (USD Million)
Table 212 Europe: Fuel Cell Market, by Fuel Cell Vehicle Application, 2023-2028 (USD Million)
Table 213 Europe: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 214 Europe: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 215 Europe: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 216 Europe: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 217 Europe: Fuel Cell Market, by Country, 2018-2022 (Mw)
Table 218 Europe: Fuel Cell Market, by Country, 2023-2028 (Mw)
Table 219 Europe: Fuel Cell Market, by Country, 2018-2022 (USD Million)
Table 220 Europe: Fuel Cell Market, by Country, 2023-2028 (USD Million)
12.4.2 Germany
12.4.2.1 Expansion of Hydrogen Fueling Stations to Achieve Carbon Neutrality to Foster Market Growth
Table 221 Germany: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 222 Germany: Fuel Cell Market, by Type, 2023-2028 (kW)
Table 223 Germany: Fuel Cell Market, by Type, 2018-2022 (USD Thousand)
Table 224 Germany: Fuel Cell Market, by Type, 2023-2028 (USD Thousand)
Table 225 Germany: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 226 Germany: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 227 Germany: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 228 Germany: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 229 Germany: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 230 Germany: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.4.3 UK
12.4.3.1 Enforcement of Stringent Regulations to Develop Low-Emission Vehicles to Boost Demand for Fuel Cell Technologies
Table 231 UK: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 232 UK: Fuel Cell Market, by Type, 2023-2028 (kW)
Table 233 UK: Fuel Cell Market, by Type, 2018-2022 (USD Thousand)
Table 234 UK: Fuel Cell Market, by Type, 2023-2028 (USD Thousand)
Table 235 UK: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 236 UK: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 237 UK: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 238 UK: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 239 UK: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 240 UK: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.4.4 Italy
12.4.4.1 Transition from Coal to Hydrogen Fuels to Decarbonize Economy to Drive Market
Table 241 Italy: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 242 Italy: Fuel Cell Market, by Type, 2023-2028 (kW)
Table 243 Italy: Fuel Cell Market, by Type, 2018-2022 (USD Thousand)
Table 244 Italy: Fuel Cell Market, by Type, 2023-2028 (USD Thousand)
Table 245 Italy: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 246 Italy: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 247 Italy: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 248 Italy: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 249 Italy: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 250 Italy: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.4.5 Rest of Europe
Table 251 Rest of Europe: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 252 Rest of Europe: Fuel Cell Market, by Type, 2023-2028 (kW)
Table 253 Rest of Europe: Fuel Cell Market, by Type, 2018-2022 (USD Thousand)
Table 254 Rest of Europe: Fuel Cell Market, by Type, 2023-2028 (USD Thousand)
Table 255 Rest of Europe: Fuel Cell Market, by Size, 2018-2022 (USD Million)
Table 256 Rest of Europe: Fuel Cell Market, by Size, 2023-2028 (USD Million)
Table 257 Rest of Europe: Fuel Cell Market, by End-user, 2018-2022 (USD Million)
Table 258 Rest of Europe: Fuel Cell Market, by End-user, 2023-2028 (USD Million)
Table 259 Rest of Europe: Fuel Cell Market, by Application, 2018-2022 (USD Million)
Table 260 Rest of Europe: Fuel Cell Market, by Application, 2023-2028 (USD Million)
12.5 RoW
12.5.1 Recession Impact on Market in RoW
Table 261 RoW: Fuel Cell Market, by Type, 2018-2022 (kW)
Table 262 RoW: Fuel Cell Market, by Type, 2023-20278 (kW)
Table 263 RoW: Fuel Cell Market, by Type, 2018-2022 (USD Thousand)
Table 264 RoW: Fuel Cell Market, by Type, 2023-2028 (USD Thousand)
Table 265 RoW: Fuel Cell Market, by Application, 2018-2022 (USD Thousand)
Table 266 RoW: Fuel Cell Market, by Application, 2023-2028 (USD Thousand)
Table 267 RoW: Fuel Cell Market, by Stationary Application, 2018-2022 (USD Thousand)
Table 268 RoW: Fuel Cell Market, by Stationary Application, 2023-2028 (USD Thousand)
Table 269 RoW: Fuel Cell Market, by Fuel Cell Vehicle Application, 2018-2022 (USD Thousand)
Table 270 RoW: Fuel Cell Market, by Fuel Cell Vehicle Application, 2023-2028 (USD Thousand)
Table 271 RoW: Fuel Cell Market, by End-user, 2018-2022 (USD Thousand)
Table 272 RoW: Fuel Cell Market, by End-user, 2023-2028 (USD Thousand)
Table 273 RoW: Fuel Cell Market, by Size, 2018-2022 (USD Thousand)
Table 274 RoW: Fuel Cell Market, by Size, 2023-2028 (USD Thousand)
12.5.2 Latin America
12.5.2.1 Increasing Research on Hydrogen Technology to Boost Market Growth
12.5.3 Middle East & Africa
12.5.3.1 Rising Adoption of Sofcs as Backup Power Source to Accelerate Market Growth

13 Competitive Landscape

13.1 Overview
Table 275 Fuel Cell Market: Strategies Adopted by Key Players, 2019-2023
13.2 Market Share Analysis, 2022
Table 276 Fuel Cell Market: Degree of Competition
Figure 44 Market Share Analysis of Top Players, 2022
13.3 Market Evaluation Framework
Table 277 Fuel Cell Market Evaluation Framework, 2019-2023
13.4 Revenue Analysis of Top 5 Players, 2018-2022
Figure 45 Revenue Analysis of Top 5 Players, 2018-2022
13.5 Company Evaluation Matrix, 2022
13.5.1 Stars
13.5.2 Emerging Leaders
13.5.3 Pervasive Players
13.5.4 Participants
Figure 46 Fuel Cell Market: Company Evaluation Matrix, 2022
13.5.5 Company Footprint
Table 278 Company End-user Footprint (23 Key Companies)
Table 279 Company Type Footprint (23 Key Companies)
Table 280 Company Size Footprint (23 Key Companies)
Table 281 Company Application Footprint (23 Key Companies)
Table 282 Company Region Footprint (23 Key Companies)
Table 283 Company Overall Footprint (23 Key Companies)
13.6 Start-Up/SME Evaluation Matrix, 2022
13.6.1 Progressive Companies
13.6.2 Responsive Companies
13.6.3 Dynamic Companies
13.6.4 Starting Blocks
Figure 47 Fuel Cell Market: Start-Up/SME Evaluation Matrix, 2022
13.6.5 Competitive Benchmarking
Table 284 Fuel Cell Market: List of Key Start-Ups/SMEs
Table 285 Company End-user Footprint: Fuel Cell Market Start-Ups/SMEs
Table 286 Company Type Footprint: Fuel Cell Market Start-Ups/SMEs
Table 287 Company Size Footprint: Fuel Cell Market Start-Ups/SMEs
Table 288 Company Application Footprint: Fuel Cell Market Start-Ups/SMEs
Table 289 Company Region Footprint: Fuel Cell Market Start-Ups/SMEs
Table 290 Overall Footprint: Fuel Cell Market Start-Ups/SMEs
13.7 Competitive Scenarios and Trends
13.7.1 Deals
Table 291 Fuel Cell Market: Deals, 2021-2023
13.7.2 Others
Table 292 Fuel Cell Market: Others, 2019-2023

14 Company Profiles

Business Overview, Products/Services/Solutions Offered, Recent Developments, Analyst's View
14.1 Key Companies
14.1.1 Bloom Energy
Table 293 Bloom Energy: Company Overview
Figure 48 Bloom Energy: Company Snapshot
Table 294 Bloom Energy: Products/Services/Solutions Offered
Table 295 Bloom Energy: Product Launches
Table 296 Bloom Energy: Deals
14.1.2 Plug Power Inc.
Table 297 Plug Power Inc.: Company Overview
Figure 49 Plug Power Inc.: Company Snapshot
Table 298 Plug Power Inc.: Products/Solutions/Services Offered
Table 299 Plug Power Inc.: Product Launches
Table 300 Plug Power Inc.: Deals
Table 301 Plug Power Inc.: Others
14.1.3 Aisin Corporation
Table 302 Aisin Corporation: Company Overview
Figure 50 Aisin Corporation: Company Snapshot
Table 303 Aisin Corporation: Products/Solutions/Services Offered
Table 304 Aisin Corporation: Deals
14.1.4 Ballard Power Systems
Table 305 Ballard Power Systems: Company Overview
Figure 51 Ballard Power Systems: Company Snapshot
Table 306 Ballard Power Systems: Products/Solutions/Services Offered
Table 307 Ballard Power Systems: Product Launches
Table 308 Ballard Power Systems: Deals
Table 309 Ballard Power Systems: Others
14.1.5 Fuelcell Energy, Inc.
Table 310 Fuelcell Energy, Inc.: Company Overview
Figure 52 Fuelcell Energy, Inc.: Company Snapshot
Table 311 Fuelcell Energy, Inc.: Products/Solutions/Services Offered
Table 312 Fuelcell Energy, Inc.: Deals
Table 313 Fuelcell Energy, Inc.: Others
14.1.6 Kyocera Corporation
Table 314 Kyocera Corporation: Company Overview
Figure 53 Kyocera Corporation: Company Snapshot
Table 315 Kyocera Corporation: Products/Solutions/Services Offered
Table 316 Kyocera Corporation: Others
14.1.7 Doosan Fuel Cell Co. Ltd.
Table 317 Doosan Fuel Cell Co. Ltd.: Company Overview
Figure 54 Doosan Fuel Cell Co. Ltd.: Company Snapshot
Table 318 Doosan Fuel Cell Co. Ltd.: Products/Solutions/Services Offered
Table 319 Doosan Fuel Cell Co. Ltd.: Deals
Table 320 Doosan Fuel Cell Co. Ltd.: Others
14.1.8 Teco 2030
Table 321 Teco 2030: Company Overview
Figure 55 Teco 2030: Company Snapshot
Table 322 Teco 2030: Products/Solutions/Services Offered
Table 323 Teco 2030: Product Launches
Table 324 Teco 2030: Deals
14.1.9 Cummins Inc.
Table 325 Cummins Inc.: Company Overview
Figure 56 Cummins Inc.: Company Snapshot
Table 326 Cummins Inc.: Products/Solutions/Services Offered
Table 327 Cummins Inc.: Deals
Table 328 Cummins Inc.: Others
14.1.10 Mitsubishi Heavy Industries, Ltd.
Table 329 Mitsubishi Heavy Industries, Ltd.: Company Overview
Figure 57 Mitsubishi Heavy Industries, Ltd.: Company Snapshot
Table 330 Mitsubishi Heavy Industries, Ltd.: Products/Services/Solutions Offered
Table 331 Mitsubishi Heavy Industries, Ltd.: Deals
14.1.11 Toshiba Corporation
Table 332 Toshiba Corporation: Company Overview
Figure 58 Toshiba Corporation: Company Snapshot
Table 333 Toshiba Corporation: Products/Services/Solutions Offered
Table 334 Toshiba Corporation: Deals
14.1.12 Nedstack Fuel Cell Technology Bv
Table 335 Nedstack Fuel Cell Technology Bv: Company Overview
Table 336 Nedstack Fuel Cell Technology Bv: Products/Services/Solutions Offered
Table 337 Nedstack Fuel Cell Technology Bv: Deals
14.1.13 Elringklinger AG
Table 338 Elringklinger AG: Company Overview
Figure 59 Elringklinger AG: Company Snapshot
Table 339 Elringklinger AG: Products/Services/Solutions Offered
Table 340 Elringklinger AG: Deals
14.1.14 Powercell Sweden Ab
Table 341 Powercell Sweden Ab: Company Overview
Figure 60 Powercell Sweden Ab: Company Snapshot
Table 342 Powercell Sweden Ab: Products/Services/Solutions Offered
Table 343 Powercell Sweden Ab: Product Launches
Table 344 Powercell Sweden Ab: Deals
Table 345 Powercell Sweden Ab: Others
14.1.15 Sfc Energy AG
Table 346 Sfc Energy AG: Company Overview
Figure 61 Sfc Energy AG: Company Snapshot
Table 347 Sfc Energy AG: Products/Services/Solutions Offered
Table 348 Sfc Energy AG: Product Launches
Table 349 Sfc Energy AG: Deals
14.1.16 Afc Energy
Table 350 Afc Energy: Company Overview
Figure 62 Afc Energy: Company Snapshot
Table 351 Afc Energy: Products/Services/Solutions Offered
Table 352 Afc Energy: Deals
Table 353 Afc Energy: Others
14.1.17 Fuji Electric Co. Ltd.
Table 354 Fuji Electric Co. Ltd.: Company Overview
Figure 63 Fuji Electric Co. Ltd.: Company Snapshot
Table 355 Fuji Electric Co. Ltd.: Products/Services/Solutions Offered
14.2 Other Players
14.2.1 Intelligent Energy Limited
Table 356 Intelligent Energy Limited: Company Overview
14.2.2 Horizon Fuel Cell Technologies Pte Ltd.
Table 357 Horizon Fuel Cell Technologies: Company Overview
14.2.3 Nuvera Fuel Cells, LLC
Table 358 Nuvera Fuel Cells, LLC: Company Overview
14.2.4 Solidpower S.P.A.
Table 359 Solidpower S.P.A.: Company Overview
14.2.5 Altergy
Table 360 Altergy: Company Overview
14.2.6 Adaptive Energy
Table 361 Adaptive Energy: Company Overview
14.2.7 Adelan
Table 362 Adelan: Company Overview
14.2.8 Special Power Sources
Table 363 Special Power Sources: Company Overview
14.2.9 Ztek Corporation, Inc.
Table 364 Ztek Corporation, Inc.: Company Overview
14.2.10 Microrganic Technolgies
Table 365 Microrganic Technologies: Company Overview
14.2.11 Avl List GmbH
Table 366 Avl List GmbH: Company Overview
14.2.12 Watt Fuel Cell Corporation
Table 367 Watt Fuel Cell Corporation: Company Overview
14.2.13 Proton Motor Fuel Cell GmbH
Table 368 Proton Motor Fuel Cell GmbH: Company Overview
Details on Business Overview, Products/Services/Solutions Offered, Recent Developments, Analyst's View Might Not be Captured in Case of Unlisted Companies.

15 Appendix

15.1 Insights from Industry Experts
15.2 Discussion Guide
15.3 Knowledgestore: The Subscription Portal
15.4 Customization Options

Companies Mentioned

Adaptive Energy
Adelan
Afc Energy
Aisin Corporation
Altergy
Avl List GmbH
Ballard Power Systems
Bloom Energy
Cummins Inc.
Doosan Fuel Cell Co. Ltd.
Elringklinger AG
Fuelcell Energy, Inc.
Fuji Electric Co. Ltd.
Horizon Fuel Cell Technologies Pte Ltd.
Intelligent Energy Limited
Kyocera Corporation
Microrganic Technolgies
Mitsubishi Heavy Industries, Ltd.
Nedstack Fuel Cell Technology Bv
Nuvera Fuel Cells, LLC
Plug Power Inc.
Powercell Sweden Ab
Proton Motor Fuel Cell GmbH
Sfc Energy AG
Solidpower S.P.A.
Special Power Sources
Teco 2030
Toshiba Corporation
Watt Fuel Cell Corporation
Ztek Corporation, Inc.

Table Information

Report Attribute	Details
No. of Pages	317
Published	December 2023
Forecast Period	2023 - 2028
Estimated Market Value ( USD ) in 2023	$ 3.3 Billion
Forecasted Market Value ( USD ) by 2028	$ 8.7 Billion
Compound Annual Growth Rate	21.7%
Regions Covered	Global
No. of Companies Mentioned	30

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Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicle (FCVs)), End User (Residential, C&l, Transportation, Data Center, Military & Defense), Size, Fuel, Component and Region - Forecast to 2028

Proton exchange membrane fuel cell: The second largest segment of the fuel cell market, by type

Commercial & industrial segment is the second largest segment of the fuel cell market

By application, the fuel cell vehicles segment is expected to be the second largest segment during the forecast period

Asia Pacific: The fastest growing region in the fuel cell market

Breakdown of Primaries:

Research Coverage

Key Benefits of Buying the Report

Table of Contents

Companies Mentioned

Table Information

Proton exchange membrane fuel cell: The second largest segment of the fuel cell market, by type

Commercial & industrial segment is the second largest segment of the fuel cell market

By application, the fuel cell vehicles segment is expected to be the second largest segment during the forecast period

Asia Pacific: The fastest growing region in the fuel cell market

Breakdown of Primaries:

Research Coverage

Key Benefits of Buying the Report

Table of Contents

Companies Mentioned

Table Information

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