Stationary Fuel Cell Global Market Report 2024

The stationary fuel cell market size has grown exponentially in recent years. It will grow from $4.12 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The historical growth of stationary fuel cells can be attributed to the pursuit of energy independence, supported by government incentives and policies. There has been an increasing demand for sustainable power generation solutions, driven by the global focus on achieving grid resilience and reliability. The integration of stationary fuel cells with renewable energy sources has played a significant role in shaping the industry landscape during this period.

The stationary fuel cell market size is expected to see rapid growth in the next few years. It will grow to $10.21 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The forecasted growth of stationary fuel cells is anticipated to be driven by the adoption of decentralized energy systems and the pursuit of emission reduction targets. The development of the hydrogen economy, seen as a key driver, aligns with the global focus on resilience against climate change. Government support and incentive programs are expected to play a crucial role in fostering the growth of the stationary fuel cell market in the forecast period. Additionally, major trends include the utilization of fuel cells in material handling equipment, advancements in high-temperature fuel cell technology, increased adoption in data centers, and the expansion of fuel cell installations in remote areas.

The growth trajectory of the stationary fuel cell market is expected to be fueled by the escalating need for sustainable energy generation. Sustainable energy is derived from sources that support current needs without jeopardizing the environment or future energy demands. Stationary fuel cells serve as a sustainable and clean alternative to traditional power generation methods by producing electricity through an electrochemical reaction rather than combustion. For instance, data from the International Renewable Energy Agency (IRENA) in April 2021 indicated that the global capacity of renewable energy sources for electricity generation reached 3,064 gigawatts (GW) by the end of 2021, contributing a 9.1% increase to the renewable energy share. Furthermore, projections from the International Energy Agency in June 2023 suggest an expected expansion of global renewable capacity by 107 gigawatts (GW) by 2023, marking the most substantial absolute increase in history to surpass 440 GW. Consequently, the growing necessity for sustainable energy generation underpins the advancement of the stationary fuel cell market.

The proliferation of data centers is anticipated to be a driving force behind the growth of the stationary fuel cell market. Data centers, designed to house computer systems and related infrastructure, necessitate a continuous and reliable power supply to prevent data loss and operational interruptions. Stationary fuel cells serve as dependable backup power sources, ensuring uninterrupted operations during grid outages or fluctuations. For instance, data from the United States International Trade Commission in January 2021 highlighted the presence of 2,600 data centers in the U.S., with nearly 8,000 new data centers globally added in 2021. Consequently, the increasing number of data centers serves as a catalyst propelling the expansion of the stationary fuel cell market.

The market for stationary fuel cells faces a challenge due to high investment costs, potentially restraining its growth during the forecast period. However, as the technology matures and economies of scale come into play, a decline in the cost of stationary fuel cell systems is anticipated. For instance, data from the International Energy Agency in 2021 projects a specific investment range for stationary fuel cell costs to be between $1,612 and $4,348 per kilowatt (kW) by 2030. These decreasing investment costs are expected to alleviate the hurdle posed by high initial expenses and consequently hinder the growth of the stationary fuel cell market.

Major companies operating in the stationary fuel cell market are focusing on innovating solutions, such as methanol fuel cell technology, to deliver reliable services to their customer base. Methanol fuel cell technology represents an electrochemical energy conversion process that directly converts the chemical energy of liquid methanol into electrical energy. For instance, in February 2023, Blue World Technologies ApS, a Denmark-based manufacturer specializing in high-temperature proton exchange membrane fuel cells, introduced the CellPack Stationary. This groundbreaking methanol fuel cell technology is engineered for stationary power production, available in 5-, 10-, or 15-kilowatt (kW) systems adaptable for emergency, supplementary, or primary electrical supply based on client needs. The CellPack Stationary serves as an advanced alternative to conventional fossil-based generators, boasting superior efficiency, continuous electricity generation, reliance on pure methanol fuel, and remote surveillance via IoT-based monitoring. Specifically designed for the telecommunications sector, this system is tailored to replace traditional generators with enhanced efficiency and functionality.

In February 2021, Advent Technologies Holdings Inc., a US-based company specializing in the development and manufacturing of complete fuel cell systems, successfully acquired UltraCell LLC for an undisclosed sum. This strategic acquisition is anticipated to enhance Advent's portfolio with UltraCell's innovative fuel cell technologies, particularly in the realm of lightweight mobility solutions. The focus areas include commercial drones, aerospace applications, and heavy-duty vehicles. Advent has expressed its commitment to preserving and advancing UltraCell's existing operations and capabilities as part of its broader growth strategy. UltraCell LLC is recognized as a prominent US-based manufacturer specializing in stationary fuel cells designed for mobile power applications.

Major companies operating in the stationary fuel cell market report are Posco Energy Co.Ltd., Panasonic Holdings Corporation, Denso Corporation, Aisin Seiki Co. Ltd., Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Cummins Inc., Bloom Energy Corporation, Plug Power Inc., Fuji Electric Co Ltd., Fuelcell Energy Inc, SFC Energy AG, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, Hydrogenics Corporation, Altergy Systems, Ceres Power Holdings plc, Elcore GmbH, Horizon Fuel Cell Technologies Pte Ltd., Intelligent Energy Limited, Advent Technologies Holdings Inc., ITM Power plc, FC TecNrgy Pvt Ltd, Aris Renewable Energy LLC, Nedstack Fuel Cell Technology B.V., Sainergy Tech Inc, AFC Energy PLC, Amogy Inc., GenCell Ltd., Convion Ltd.

Asia-Pacific was the largest region in the stationary fuel cell market in 2023. The regions covered in the stationary fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the stationary fuel cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The stationary fuel cell market consists of sales of combined cathodes, anodes, and electrolytes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Within the category of stationary fuel cells, there are several types, including proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and others. For instance, proton exchange membrane fuel cells (PEMFC) operate by electrochemically combining hydrogen and oxygen to produce energy. These fuel cells come in various capacities, such as 1 kW to 5 kW, 5 kW to 250 kW, 250 kW to 1 MW, more than 1 MW, and less than 1 kW, serving applications such as combined heat and power (CHP), prime power, uninterrupted power supply (UPS), among others. Stationary fuel cells find applications in diverse industries, including transportation, defense, oil and gas, utilities, and more.

The stationary fuel cell market research report is one of a series of new reports that provides stationary fuel cell market statistics, including stationary fuel cell industry global market size, regional shares, competitors with a stationary fuel cell market share, detailed stationary fuel cell market segments, market trends and opportunities, and any further data you may need to thrive in the stationary fuel cell industry. This stationary fuel cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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