Fuel Cell Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Report
220 Pages
July 2023
Region: Global
Fairfield Market Research
ID: 5852547

The urgent need to reduce greenhouse gas emissions and combat climate change is expected to lead to a higher adoption of cleaner energy solutions. Fuel cells, which generate electricity through electrochemical reactions with hydrogen or other fuels, are emerging as a promising answer to this challenge, producing minimal to no emissions. The global fuel cell market is projected to experience robust growth, driven by the gradual transition to cleaner energy solutions and ongoing advancements in fuel cell technology.

Advancements in Fuel Cell Technology Enhance Efficiency and Suitability

Continuous progress in fuel cell technology has led to improvements in efficiency, performance, and reliability. Innovations in materials, catalysts, and system designs are making fuel cells more cost-effective, durable, and suitable for various applications. This progress is making fuel cells more appealing to industries and end-users seeking sustainable energy solutions. Additionally, the implementation of favorable incentive plans and policies that promote the adoption of fuel cell technology is expected to further augment the global fuel cell market.

Segmentation Analysis

The global fuel cell market is segmented based on Fuel Cell Type, End-User Industry, Application, and Region. Among Fuel Cell Types, the Proton Exchange Membrane Fuel Cells (PEMFC) sub-segment is projected to hold the majority share due to advantages such as high-power density, quick start-up time, and versatility for various applications. In terms of Applications, the Transportation sub-segment is expected to account for the largest market share. As for End-User Industries, the Automotive sub-segment is predicted to dominate the global fuel cell market.

Regional Analysis

North America, particularly the United States, has been at the forefront of fuel cell deployment with initiatives promoting their adoption in stationary power, transportation, and portable applications. Europe is also a crucial region for the fuel cell market, driven by the growing demand for cleaner and sustainable energy solutions. However, Asia Pacific is set to witness significant growth, especially in residential power generation and hydrogen infrastructure development.

Key Market Players

The competitive landscape of the global fuel cell market is dominated by major players such as Bloom Energy (US), Aisin Corporation (Japan), Plug Power Inc. (US), Kyocera Corporation (Japan), Toyota Corporation (Japan), Doosan Fuel Cell Co. Ltd. (South Korea), Ceres (UK), PowerCell Sweden AB (Sweden), Hyzon Motors Inc. (US), Cummins Inc. (US), Toshiba Corporation (Japan), SFC Energy AG (Germany), and Ballard Power Systems (Canada).

1. Executive Summary

1.1. Global Fuel Cell Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Driver A
2.2.1.2. Driver B
2.2.1.3. Driver C
2.2.2. Restraints
2.2.2.1. Restraint 1
2.2.2.2. Restraint 2
2.2.3. Market Opportunities Matrix
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Pre-covid and Post-covid Scenario
2.5.2. Supply Impact
2.5.3. Demand Impact
2.6. Government Regulations
2.7. Technology Landscape
2.8. Impact of Fuel Cell on Electric Vehicles
2.9. Economic Analysis
2.10. PESTLE

3. Production Output and Trade Statistics, 2019 - 2022

3.1. Supply-Demand Analysis
3.2. Regional Production Statistics
3.2.1. North America
3.2.2. Europe
3.2.3. Asia Pacific
3.2.4. Latin America
3.2.5. Middle East & Africa
3.3. Trade Statistics

4. Price Trends Analysis and Future Projects, 2019 - 2030

4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Technology
4.4. By Region

5. Global Fuel Cell Market Outlook, 2019 - 2030

5.1. Global Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
5.1.1. Key Highlights
5.1.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
5.1.1.2. Solid Oxide Fuel Cell (SOFC)
5.1.1.3. Phosphoric Acid Fuel Cell (PAFC)
5.1.1.4. Alkaline Fuel Cell (AFC)
5.1.1.5. Microbial Fuel Cell (MFC)
5.1.1.6. Direct Methanol Fuel Cell (DMFC)
5.1.2. BPS Analysis/Market Attractiveness Analysis
5.2. Global Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
5.2.1. Key Highlights
5.2.1.1. Portable
5.2.1.2. Stationary
5.2.1.3. Transportation
5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Global Fuel Cell Market Outlook, by Region, Capacity (MW) and Value (US$ Mn), 2019 - 2030
5.3.1. Key Highlights
5.3.1.1. North America
5.3.1.2. Europe
5.3.1.3. Asia Pacific
5.3.1.4. Latin America
5.3.1.5. Middle East & Africa
5.3.2. BPS Analysis/Market Attractiveness Analysis

6. North America Fuel Cell Market Outlook, 2019 - 2030

6.1. North America Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
6.1.1. Key Highlights
6.1.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
6.1.1.2. Solid Oxide Fuel Cell (SOFC)
6.1.1.3. Phosphoric Acid Fuel Cell (PAFC)
6.1.1.4. Alkaline Fuel Cell (AFC)
6.1.1.5. Microbial Fuel Cell (MFC)
6.1.1.6. Direct Methanol Fuel Cell (DMFC)
6.2. North America Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
6.2.1. Key Highlights
6.2.1.1. Portable
6.2.1.2. Stationary
6.2.1.3. Transportation
6.3. North America Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
6.3.1. Key Highlights
6.3.1.1. U.S.
6.3.1.2. Canada
6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Fuel Cell Market Outlook, 2019 - 2030

7.1. Europe Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
7.1.1. Key Highlights
7.1.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
7.1.1.2. Solid Oxide Fuel Cell (SOFC)
7.1.1.3. Phosphoric Acid Fuel Cell (PAFC)
7.1.1.4. Alkaline Fuel Cell (AFC)
7.1.1.5. Microbial Fuel Cell (MFC)
7.1.1.6. Direct Methanol Fuel Cell (DMFC)
7.1.2. BPS Analysis/Market Attractiveness Analysis
7.2. Europe Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
7.2.1. Key Highlights
7.2.1.1. Portable
7.2.1.2. Stationary
7.2.1.3. Transportation
7.3. Europe Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
7.3.1. Key Highlights
7.3.1.1. Germany
7.3.1.2. France
7.3.1.3. U.K.
7.3.1.4. Italy
7.3.1.5. Spain
7.3.1.6. Turkey
7.3.1.7. Russia
7.3.1.8. Rest of Europe
7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Fuel Cell Market Outlook, 2019 - 2030

8.1. Asia Pacific Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
8.1.1. Key Highlights
8.1.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
8.1.1.2. Solid Oxide Fuel Cell (SOFC)
8.1.1.3. Phosphoric Acid Fuel Cell (PAFC)
8.1.1.4. Alkaline Fuel Cell (AFC)
8.1.1.5. Microbial Fuel Cell (MFC)
8.1.1.6. Direct Methanol Fuel Cell (DMFC)
8.2. Asia Pacific Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
8.2.1. Key Highlights
8.2.1.1. Portable
8.2.1.2. Stationary
8.2.1.3. Transportation
8.3. Asia Pacific Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
8.3.1. Key Highlights
8.3.1.1. China
8.3.1.2. Japan
8.3.1.3. South Korea
8.3.1.4. India
8.3.1.5. Southeast Asia
8.3.1.6. Rest of Asia Pacific
8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Fuel Cell Market Outlook, 2019 - 2030

9.1. Latin America Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
9.1.1. Key Highlights
9.1.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
9.1.1.2. Solid Oxide Fuel Cell (SOFC)
9.1.1.3. Phosphoric Acid Fuel Cell (PAFC)
9.1.1.4. Alkaline Fuel Cell (AFC)
9.1.1.5. Microbial Fuel Cell (MFC)
9.1.1.6. Direct Methanol Fuel Cell (DMFC)
9.2. Latin America Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
9.2.1. Key Highlights
9.2.1.1. Portable
9.2.1.2. Stationary
9.2.1.3. Transportation
9.3. Latin America Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
9.3.1. Key Highlights
9.3.1.1. Brazil
9.3.1.2. Mexico
9.3.1.3. Rest of Latin America
9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Fuel Cell Market Outlook, 2019 - 2030

10.1. Middle East & Africa Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
10.1.1. Key Highlights
10.1.1.1. Proton Exchange Membrane Fuel Cell (PEMFC)
10.1.1.2. Solid Oxide Fuel Cell (SOFC)
10.1.1.3. Phosphoric Acid Fuel Cell (PAFC)
10.1.1.4. Alkaline Fuel Cell (AFC)
10.1.1.5. Microbial Fuel Cell (MFC)
10.1.1.6. Direct Methanol Fuel Cell (DMFC)
10.2. Middle East & Africa Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
10.2.1. Key Highlights
10.2.1.1. Portable
10.2.1.2. Stationary
10.2.1.3. Transportation
10.3. Middle East & Africa Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
10.3.1. Key Highlights
10.3.1.1. GCC
10.3.1.2. South Africa
10.3.1.3. Rest of Middle East & Africa
10.3.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape

11.1. Company Market Share Analysis, 2022
11.2. Competitive Dashboard
11.3. Product vs Application Heatmap
11.4. Company Profiles
11.4.1. FuelCell Energy, Inc.
11.4.1.1. Company Overview
11.4.1.2. Product Portfolio
11.4.1.3. Financial Overview
11.4.1.4. Business Strategies and Development
11.4.2. Cummins Inc.
11.4.3. Bloom Energy
11.4.4. Doosan Fuel Cell America, Inc.
11.4.5. Ballard Power Systems Inc.
11.4.6. Plug Power Inc.
11.4.7. Horizon Fuel Cell Technologies
11.4.8. Powercell Sweden AB
11.4.9. Toshiba Corporation
11.4.10. SFC Energy AG
11.4.11. Mitsubishi Power
11.4.12. Fuji Electric Co., Ltd.

12. Appendix

12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations

Companies Mentioned

FuelCell Energy, Inc.
Cummins Inc.
Bloom Energy
Doosan Fuel Cell America, Inc.
Ballard Power Systems Inc.
Plug Power Inc.
Horizon Fuel Cell Technologies
Powercell Sweden AB
Toshiba Corporation
SFC Energy AG
Mitsubishi Power
Fuji Electric Co., Ltd.

Methodology

LOADING...

Advancements in Fuel Cell Technology Enhance Efficiency and Suitability

Segmentation Analysis

Regional Analysis

Key Market Players

Table of Contents

Companies Mentioned

Methodology

Related Topics

Related Reports

Fuel Cell Market Size, Share & Trends Analysis Report By Product (PEMFC, MCFC, PAFC, SOFC, AFC, MFC), By Components, By Fuel, By Size, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

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

Fuel Cell Market in North America 2024-2028

Fuel Cells Market Size and Forecast 2022-2031: Global and Regional Share, Trends, and Growth Opportunity Analysis

Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)