Fuel Cell Market Size, Share and Growth Analysis

Report Code EP 2762
Published in Dec, 2023, By MarketsandMarkets™
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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 - Global Forecast to 2028

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Overview

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 favorable government policies and subsidies for research and development and applications such as fuel cell vehicles play a vital role in the growth of Fuel Cell market. Furthermore, Japan and South Korea are the prime country-level markets in Asia Pacific owing to the large commercialization of fuel cells in the regions.

Attractive Opportunities in the Fuel Cell Market

ASIA PACIFIC:

Asia Pacific is expected to be the largest market for Fuel Cell owing to the rising investment in fuel cell technology.

The growth of the Fuel Cell market is driven by the increasing adoption of fuel cell as primary power sources.

North America is expected to be the second-largest market during the forecast period.

Contracts & agreements and partnerships are likely to offer lucrative opportunities for the market players during the forecast period.

Increasing government policies, and continuous upgrading of next-generation fuel cell standards, driving Fuel Cell demand.

Global Fuel Cell Market Dynamics

Driver: Rise in the demand for fuel cell vehicles

Vehicle emissions account for more than 15% of worldwide greenhouse gas emissions. As a result, governments all over the world are looking for alternative energy sources to utilize in the transportation industry. The adoption rate for fuel cell vehicles (FCVs is expected to increase in the forecast period as there will be low CO2 emissions during vehicle operation. Hence, many key players are focusing on the investments and research & development of fuel cells. The EV30@30 campaign targets a minimum of 30% new electric vehicle sales by 2030. Under this campaign, several countries, such as Canada, Finland, France, Japan, Mexico, Netherlands, Norway, Sweden, and India, are gearing up the deployment of electric vehicles.Fuel cell electric vehicles (FCEVs) can convert hydrogen stored on the vehicle via fuel cells into electricity to power the electric motor. The cost of owning and operating FCEVs is more than electric vehicles, due to high fuel and purchase prices. However, governments of various countries across the globe are deploying fuel cells powered public buses and garbage trucks as they are environment-friendly. FCEVs have been commercially available since 2014, and according to IEA, the number of FCEVs increased by 40% in 2020, with South Korea playing a major role in this increased percentage. Countries, such as Japan & China are increasing the number of hydrogen refueling stations, which in turn, is expected to drive the fuel cell market report.

Restraint: Storage issues associated with using hydrogen as fuel

Storing hydrogen, especially in the transport sector for long ranges within the vehicular constraints of weight, volume, efficiency, safety, and cost, is one of the major restraints associated with fuel cells. Since hydrogen storage systems have high weight and volume, they cannot provide ranges as high as conventional petroleum-fueled vehicles. Moreover, the durability of hydrogen systems is also limited and there is a requirement to develop components and materials that can allow hydrogen storage systems with a lifetime of 1,500 cycles. Additionally, the refueling time associated with hydrogen storage is long and there is a need to develop systems that take less than 3 minutes for refueling.

 

Opportunities: Increased adoption of fuel cells for backup power in data centers

Data centers and commercial & industrial end users are the fastest-growing end user segments for power generation applications in the US. Data Centers consume more power and uninterrupted power services, which will help to reduce the valuable data. Data centers are opting for cost reduction by adopting distributed power generation, particularly fuel cells, to reduce the power consumption in these centers. Fuel cells, including SOFCs, have witnessed high demand in the US. SOFC adoption for data centers by Google (US), IBM (US), and Equinix (US) has propelled the growth of the US fuel cell market. Currently, the overall fuel cell adoption by data centers is still minuscule with respect to the total data centers in the US, thus making it one of the most lucrative end-use segments for fuel cells.

Challenges: Water management in proton exchange membrane fuel cells

In a PEM fuel cell, water is generated as chemical reactions occur in each cell. The balance of water in the fuel cell stacks is one of the greatest challenges associated with PEMFCs. Fuel cells tend to both flood or dry out depending upon the load and the operating conditions. The proton conductivity and activation potential in a PEMFC are affected by the water content in the polymer membrane. The protonic conductivity decreases if the membrane electrode assembly (MEA) is not adequately humidified, which in turn results in an increased cell resistance.If the water removal in fuel cells is inefficient, the excess water can prevent reactant diffusion to the catalyst sites by flooding the electrodes, gas diffusion backings, or gas channels. Parameters, such as current density, temperature, reactant flow rates, pressures, humidification, cell design, and component materials need to be optimized to ensure the hydration of membranes. The humidification of reactant gas and cathode reaction in PEM fuel cells gives rise to water. This water buildup in a fuel cell can be mitigated through the gas diffusion layer, flow channel, or heater design. The correct balance of water can increase the efficiency and power output of the fuel cell and maintain the longevity of the fuel cell stack. Hence, water management is an important design consideration for a fuel cell stack.

Global Fuel Cell Market Ecosystem Analysis

Prominent companies in this market include well-established, financially stable Fuel Cell manufacturers. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), and KYOCERA Corporation (Japan).

 

The solid oxide fuel cell, by type, is expected to be the largest segment during the forecast period.

This report segments the fuel cell market based on type into six types: proton exchange membrane fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, alkaline fuel cell, microbial fuel cell and direct methanol fuel cell. The solid oxide fuel cell segment is expected to be the largest segment during the forecast period. The compact structure of the solid oxide fuel cell needs a slower startup time, which is very important in stationary power applications. It is the most often used fuel cell type due to its simple construction. Proton exchange membrane fuel cell second largest segment in the fuel cell market. The increasing demand for fuel cell vehicles is the significant reason for the growth of proton exchange membrane fuel cells.

By end user, the commercial & industrial is expected to be the fastest growing during the forecast period.

Based on end-user, the fuel cell market size is segmented into transportation, commercial & industrial, residential, data center, utilities and government/municipal institutes, and military & defense. The commercial & industrial will be the fastest growing market share during the forecast period. Commercial and industrial end users include hospitals, hotels, shopping center malls, office buildings, sports centers, and various other industrial facilities. All types of fuel cells such as proton exchange membranes, solid oxide, phosphoric acid fuel cells etc. are used in the commercial & industrial sectors for stationary application purposes. This will help the sector curb greenhouse gas emissions. The key players operating fuel cell market accommodate the fuel cell. For instance, TOSHIBA CORPORATION (Japan) has deployed the 'H2Rex' pure hydrogen fuel cell system at Toyota Motor Corporation's Honsha Plant. This system was constructed at the Hydrogen Power Generation Park, a demonstration site within the plant's on-site energy generation facility. H2Re is a 100 kW renewable energy system that uses hydrogen as a fuel to generate CO2-free electricity and can boot up and generate electricity in approximately five minutes.

NORTH AMERICA Region Holds the Largest Share of the Fuel Cell Market

North America is expected to be the second largest market share in the Fuel Cell Industry during the forecast period, followed by Europe. The DOE's Office of Fossil Energy funds the Solid-State Energy Conversion Alliance (SECA), which manages and organizes solid oxide fuel cell efforts. Between 2005 and 2015, the US federal government provided around USD 2.1 billion in funding for the development of fuel cell and hydrogen fuel cell technology. Furthermore, there are deployment initiatives that have strong state support. In California, Connecticut, and other states, incentives are available through programs aimed at lowering greenhouse gas (GHG) emissions, enhancing power reliability, increasing energy efficiency, and decreasing consumer reliance on the electric grid. As a result of state regulations aimed at increasing renewable energy use, which will boost the fuel cell market in North America.

Recent Developments of Fuel Cell Market industry

  • In October 2023, TECO 2030 developed hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free. TECO 2030’s world-class fuel cell system is a technologically advanced clean energy generation system. The attributes of the modular 400kW fuel cell system include industry leading energy efficiency, inherent safety concept, leading dimensions and component design, lifetime, and rapid dynamic load response. In June 2023, Bloom Energy agreed to deploy 2.5 megawatts (MW) of Bloom's Fuel Cell technology in England with Perenco, an independent oil and gas firm. In May 2023, Ballard Power Systems has recently received an order for 3.6 MW of fuel cell systems from a European company specializing in clean energy solutions for essential stationary power needs. The order entails delivering 36 x 100 kW systems throughout 2023 and 2024.
  • In January 2023, Ballard Power Systems has recently disclosed an order for a fuel cell system to be utilized in the Hollandse Kust Noord offshore wind project by CrossWind, a joint venture between Shell and Eneco. The Hollandse Kust Noord offshore wind project, situated off the coast of the Netherlands, is projected to have a capacity of 759 MW, generating a minimum of 3.3 TWh annually. Ballard's fuel cell system will be integrated into the project to support its operations. In February 2022, Doosan Fuel Cell Co., Ltd., Korea Shipbuilding & Offshore Engineering (KSOE), and Shell with reference to development in September 2021 signed a letter of intent to start commercial marine fuel cell systems production by 2025. Doosan Fuel Cell Co., Ltd. will complete its marine fuel cell systems and get the systems marine certified by 2024, with the commercialization of the systems scheduled for 2025.

Key Market Players

KEY PLAYERS IN THE FUEL CELL MARKET INCLUDE

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Scope of the Report

Report Attribute Details
Market size available for years 2020–2028
Base year considered 2022
Forecast period 2023–2028
Forecast units Value (USD Million/USD Thousand)
Segments Covered Fuel cell market by size, type, component, fuel, size application, end user, and region.
Geographies covered Asia Pacific, North America, Europe, and Rest of the World
Companies covered Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Ballard Power Systems (Canada), FuelCell Energy, Inc. (US), KYOCERA Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), TECO 2030 (Norway), Cummins Inc. (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), TOSHIBA CORPORATION (Japan), Nedstack Fuel Cell Technology (Netherlands), ElringKlinger AG (Germany), PowerCell Sweden AB (Sweden), SFC Energy AG (Germany), Fuji Electric Co., ltd. (Japan), AFC Energy (UK), Intelligent Energy Limited (UK), Horizon Fuel Cell Technologies (Singapore),    Nuvera Fuel Cells, LLC (US), SOLIDpower S.p.A. (Italy), Altergy (US), Adaptive Energy (US), Adelan (UK), Special Power Sources (US), ZTEK Corporation (US), MICROrganic Technologies (US)

Key Questions Addressed by the Report

What is the current size of the Fuel Cell market?
The current market size of the Fuel Cell market is USD 3.3 billion in 2023.
What are the major drivers for the Fuel Cell market?
Increasing stringent government regulations on greenhouse gas emissions and rising demand for fuel cell vehicles will be major drivers for the Fuel Cell market.
Which is the largest region during the forecasted period in the Fuel Cell market?
North America is expected to dominate the Fuel Cell market between 2023–2028, followed by Europe and North America. The increase in demand for consumer electronics in recent years is driving the region's market.
Which is the largest segment, by type, during the forecasted period in the Fuel Cell market?
The solid oxide fuel cell segment is expected to be the largest market during the forecast period. The growth of solid oxide fuel cells is attributed to the increasing demand from data centers for stationary power applications due to the simple structure.
Which is the fastest growing application segment during the forecasted period in the Fuel Cell market?
The fuel cell vehicles segment is expected to be the fastest growing segment during the forecast period. Favorable government policies and subsidies are helping to grow the fuel cell vehicle segment.

 

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Table of Contents

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TITLE
PAGE NO
INTRODUCTION
27
RESEARCH METHODOLOGY
33
EXECUTIVE SUMMARY
45
PREMIUM INSIGHTS
50
MARKET OVERVIEW
54
  • 5.1 INTRODUCTION
  • 5.2 MARKET DYNAMICS
    DRIVERS
    - High demand for EVs with launch of effective campaigns
    - Reliance on renewable energy to ensure uninterrupted power supply
    - Quicker refueling time of FCEVs than BEVs
    RESTRAINTS
    - High costs of platinum catalyst for fuel cells
    - Significant initial investments in hydrogen infrastructure
    OPPORTUNITIES
    - Increasing generation of distributed power using low-carbon fuels
    - Rising adoption of strategies to achieve net-zero carbon emissions
    CHALLENGES
    - High preference for battery electric vehicles over hydrogen vehicles
  • 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • 5.4 PRICING ANALYSIS
    AVERAGE SELLING PRICE TREND, BY REGION
    INDICATIVE PRICING ANALYSIS, BY COMPONENT
    INDICATIVE PRICING ANALYSIS, BY TYPE
  • 5.5 SUPPLY CHAIN ANALYSIS
    RAW MATERIAL SUPPLIERS
    COMPONENT MANUFACTURERS
    SYSTEM MANUFACTURERS/ASSEMBLERS
    DISTRIBUTORS/END USERS
  • 5.6 ECOSYSTEM/MARKET MAP
  • 5.7 REGULATORY LANDSCAPE
    REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    REGULATORY FRAMEWORKS
    - Regulatory frameworks in North America
    - Regulatory frameworks in Europe
    - Regulatory frameworks in Asia Pacific
    - Regulatory frameworks in RoW
  • 5.8 PATENT ANALYSIS
  • 5.9 CASE STUDY ANALYSIS
    SOUTHERN LINC ADOPTS PLUG POWER’S GENSURE FUEL CELL SOLUTION TO GENERATE BACKUP POWER
    SAMSUNG HEAVY INDUSTRIES AND BLOOM ENERGY JOIN HANDS TO DEVELOP EFFICIENT FUEL-CELL SHIPS
    CONVION USES ELCOGEN’S SOFC AND STACK TECHNOLOGY TO FIND RELIABLE ALTERNATIVE FUEL SOURCES
  • 5.10 TECHNOLOGY ANALYSIS
    REVERSIBLE FUEL CELLS
    ANION-EXCHANGE MEMBRANE FUEL CELLS
  • 5.11 KEY CONFERENCES AND EVENTS, 2023–2024
  • 5.12 TRADE ANALYSIS
    EXPORT SCENARIO
    IMPORT SCENARIO
  • 5.13 PORTER’S FIVE FORCES ANALYSIS
    THREAT OF SUBSTITUTES
    BARGAINING POWER OF SUPPLIERS
    BARGAINING POWER OF BUYERS
    THREAT OF NEW ENTRANTS
    INTENSITY OF COMPETITIVE RIVALRY
  • 5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
    KEY STAKEHOLDERS IN BUYING PROCESS
    BUYING CRITERIA
FUEL CELL MARKET, BY SIZE
82
  • 6.1 INTRODUCTION
  • 6.2 SMALL-SCALE (UP TO 200 KW)
    INCREASING INCENTIVES FOR EXTENSIVE DEPLOYMENT OF ELECTRIC VEHICLES TO BOOST SEGMENTAL GROWTH
  • 6.3 LARGE-SCALE (ABOVE 200 KW)
    RISING EMPHASIS ON REDUCING GREENHOUSE GAS EMISSIONS AND DEVELOPING ALL-RENEWABLE ELECTRIC GRID TO DRIVE MARKET
FUEL CELL MARKET, BY FUEL TYPE
87
  • 7.1 INTRODUCTION
  • 7.2 HYDROGEN
    ABILITY TO PROVIDE LONG-LASTING POWER TO BOOST ADOPTION
  • 7.3 METHANOL
    HIGH ENERGY DENSITY AND GREATER POWER OUTPUT TO FUEL DEMAND
  • 7.4 AMMONIA
    USE OF AMMONIA AS HYDROGEN CARRIER TO ACCELERATE SEGMENTAL GROWTH
  • 7.5 OTHER FUEL TYPES
FUEL CELL MARKET, BY TYPE
91
  • 8.1 INTRODUCTION
  • 8.2 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS)
    USE OF PROTON-EXCHANGE MEMBRANE FUEL CELLS TO SUPPLY ELECTRICITY TO RESIDENTIAL BUILDINGS TO DRIVE MARKET
  • 8.3 SOLID OXIDE FUEL CELLS (SOFCS)
    REQUIREMENT FOR ENERGY-EFFICIENT POWER GENERATION TO AUGMENT SEGMENTAL GROWTH
  • 8.4 PHOSPHORIC ACID FUEL CELLS (PAFCS)
    ADOPTION OF PHOSPHORIC ACID FUEL CELLS IN CO-GENERATION OF POWER AND HEAT TO BOOST SEGMENTAL GROWTH
  • 8.5 ALKALINE FUEL CELLS (AFCS)
    IMPLEMENTATION OF ALKALINE FUEL CELLS IN TRANSPORT AND AEROSPACE APPLICATIONS TO ACCELERATE MARKET GROWTH
  • 8.6 MICROBIAL FUEL CELLS (MFCS)
    USE OF MICROBES FUEL CELLS TO FULFILL POWER DEMAND IN URBAN WASTEWATER TREATMENT FACILITIES TO DRIVE MARKET
  • 8.7 DIRECT METHANOL FUEL CELLS (DMFCS)
    LOW COSTS AND HIGH ENERGY DENSITY OF METHANOL TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 8.8 OTHER TYPES
FUEL CELL MARKET, BY COMPONENT
105
  • 9.1 INTRODUCTION
  • 9.2 STACK
    HIGH ENERGY CONVERSION EFFICIENCY AND LOW EMISSIONS TO BOOST ADOPTION OF FUEL CELL STACKS
    CELLS
    INTERCONNECTS
    END PLATES
    SEALANTS
    OTHER STACK COMPONENTS
  • 9.3 BALANCE OF PLANT (BOP)
    USE OF BOP COMPONENTS FOR EFFICIENT POWER GENERATION TO CONTRIBUTE TO MARKET GROWTH
    HEAT TRANSFER COMPONENTS
    POWER ELECTRONICS & CONTROL SYSTEMS
    INSTRUMENTS & SENSORS
    FUEL REFORMERS/DESULFURIZERS
    OTHER BOP COMPONENTS
FUEL CELL MARKET, BY APPLICATION
111
  • 10.1 INTRODUCTION
  • 10.2 PORTABLE
    RISING PREFERENCE FOR ENERGY-EFFICIENT PORTABLE FUEL CELLS OVER INTERNAL COMBUSTION ENGINES TO DRIVE MARKET
  • 10.3 STATIONARY
    PRIMARY
    - Adoption of stationary fuel cells in electrical substations to contribute to segmental growth
    BACKUP
    - Utilization of fuel cells for backup power generation in data centers during grid outages to fuel segmental growth
    COMBINED HEAT & POWER (CHP)
    - Employment of combined heat & power fuel cell units in residential applications to augment segmental growth
  • 10.4 FUEL CELL VEHICLES
    PASSENGER LIGHT-DUTY FUEL CELL VEHICLES
    - Surging demand for personal mobility and stringent regulations on GHG emissions to accelerate segmental growth
    FUEL CELL BUSES
    - Rising adoption of fuel cell buses for public transport to support segmental growth
    FUEL CELL TRUCKS
    - Increasing use of fuel cell trucks for long-range transportation to drive market
    OTHER FUEL CELL VEHICLES
    - Rising emphasis on developing fuel cells for marine applications to propel market
FUEL CELL MARKET, BY END USER
128
  • 11.1 INTRODUCTION
  • 11.2 RESIDENTIAL
    SURGING DEMAND FOR ENERGY IN RESIDENTIAL BUILDINGS FOR SPACE HEATING AND COOLING TO FUEL SEGMENTAL GROWTH
  • 11.3 COMMERCIAL & INDUSTRIAL
    LAUNCH OF DECARBONIZATION PROJECTS TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 11.4 TRANSPORTATION
    STRONG FOCUS ON EXTENDING DRIVING RANGE OF ELECTRIC VEHICLES TO FUEL SEGMENTAL GROWTH
  • 11.5 DATA CENTERS
    RISING FOCUS ON REDUCING CARBON EMISSIONS FROM DATA CENTERS TO DRIVE MARKET
  • 11.6 MILITARY & DEFENSE
    ESCALATING ADOPTION OF PORTABLE FUEL CELLS AS POWER SOURCE FOR MILITARY & DEFENSE OPERATIONS TO FOSTER SEGMENTAL GROWTH
  • 11.7 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES
    STRINGENT LAWS BY REGIONAL AUTHORITIES AND DECARBONIZING GOALS TO DRIVE MARKET
FUEL CELL MARKET, BY REGION
138
  • 12.1 INTRODUCTION
  • 12.2 ASIA PACIFIC
    RECESSION IMPACT ON MARKET IN ASIA PACIFIC
    CHINA
    - Shift from fossil fuels to renewable energy sources to contribute to market growth
    JAPAN
    - Government initiatives to increase deployment of hydrogen refueling stations to augment demand for fuel cells
    SOUTH KOREA
    - Issuance of stringent rules to mitigate GHG emissions to accelerate market growth
    REST OF ASIA PACIFIC
  • 12.3 NORTH AMERICA
    RECESSION IMPACT ON MARKET IN NORTH AMERICA
    US
    - Rising emphasis on hydrogen integration to generate clean electricity to propel market
    CANADA
    - Favorable government policies to develop low-cost fuel cell technologies to fuel market growth
  • 12.4 EUROPE
    RECESSION IMPACT ON MARKET IN EUROPE
    GERMANY
    - Expansion of hydrogen fueling stations to achieve carbon neutrality to foster market growth
    UK
    - Enforcement of stringent regulations to develop low-emission vehicles to boost demand for fuel cell technologies
    ITALY
    - Transition from coal to hydrogen fuels to decarbonize economy to drive market
    REST OF EUROPE
  • 12.5 ROW
    RECESSION IMPACT ON MARKET IN ROW
    LATIN AMERICA
    - Increasing research on hydrogen technology to boost market growth
    MIDDLE EAST & AFRICA
    - Rising adoption of SOFCs as backup power source to accelerate market growth
COMPETITIVE LANDSCAPE
206
  • 13.1 OVERVIEW
  • 13.2 MARKET SHARE ANALYSIS, 2022
  • 13.3 MARKET EVALUATION FRAMEWORK
  • 13.4 REVENUE ANALYSIS OF TOP 5 PLAYERS, 2018–2022
  • 13.5 COMPANY EVALUATION MATRIX, 2022
    STARS
    EMERGING LEADERS
    PERVASIVE PLAYERS
    PARTICIPANTS
    COMPANY FOOTPRINT
  • 13.6 START-UP/SME EVALUATION MATRIX, 2022
    PROGRESSIVE COMPANIES
    RESPONSIVE COMPANIES
    DYNAMIC COMPANIES
    STARTING BLOCKS
    COMPETITIVE BENCHMARKING
  • 13.7 COMPETITIVE SCENARIOS AND TRENDS
    DEALS
    OTHERS
COMPANY PROFILES
227
  • 14.1 KEY COMPANIES
    BLOOM ENERGY
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    - MnM view
    PLUG POWER INC.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    AISIN CORPORATION
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    BALLARD POWER SYSTEMS
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    FUELCELL ENERGY, INC.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    KYOCERA CORPORATION
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    - MnM view
    DOOSAN FUEL CELL CO., LTD.
    - Business overview
    - Products/Solutions/Services offered
    - Recent development
    - MnM view
    TECO 2030
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    CUMMINS INC.
    - Business overview
    - Products/Solutions/Services offered
    - Recent developments
    MITSUBISHI HEAVY INDUSTRIES, LTD.
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    TOSHIBA CORPORATION
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    NEDSTACK FUEL CELL TECHNOLOGY BV
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    ELRINGKLINGER AG
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    POWERCELL SWEDEN AB
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    SFC ENERGY AG
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    AFC ENERGY
    - Business overview
    - Products/Services/Solutions offered
    - Recent developments
    FUJI ELECTRIC CO., LTD.
    - Business overview
    - Products/Services/Solutions offered
  • 14.2 OTHER PLAYERS
    INTELLIGENT ENERGY LIMITED
    HORIZON FUEL CELL TECHNOLOGIES PTE LTD
    NUVERA FUEL CELLS, LLC
    SOLIDPOWER S.P.A.
    ALTERGY
    ADAPTIVE ENERGY
    ADELAN
    SPECIAL POWER SOURCES
    ZTEK CORPORATION, INC.
    MICRORGANIC TECHNOLGIES
    AVL LIST GMBH
    WATT FUEL CELL CORPORATION
    PROTON MOTOR FUEL CELL GMBH
APPENDIX
305
  • 15.1 INSIGHTS FROM INDUSTRY EXPERTS
  • 15.2 DISCUSSION GUIDE
  • 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
  • 15.4 CUSTOMIZATION OPTIONS
  • 15.5 RELATED REPORTS
  • 15.6 AUTHOR DETAILS
LIST OF TABLES
 
  • TABLE 1 FUEL CELL MARKET SNAPSHOT
  • TABLE 2 MARKET: POLICIES TO STIMULATE HYDROGEN USE IN MAJOR ECONOMIES
  • TABLE 3 AVERAGE SELLING PRICE TREND, BY REGION, 2018–2022
  • 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)
  • TABLE 8 INDICATIVE PRICING ANALYSIS, BY TYPE, 2018–2022
  • TABLE 9 MARKET: COMPANIES AND THEIR ROLES IN FUEL CELL ECOSYSTEM
  • 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
  • TABLE 14 MARKET: LIST OF MAJOR PATENTS, 2018–2022
  • TABLE 15 MARKET: LIST OF CONFERENCES AND EVENTS, 2023–2024
  • TABLE 16 EXPORT DATA FOR HS CODE 280410-COMPLIANT HYDROGEN, BY COUNTRY, 2020–2022 (USD THOUSAND)
  • TABLE 17 IMPORT DATA FOR HS CODE 280410-COMPLIANT HYDROGEN, BY COUNTRY, 2020–2022 (USD THOUSAND)
  • TABLE 18 MARKET: PORTER’S FIVE FORCES ANALYSIS
  • TABLE 19 MARKET: INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 END USERS (%)
  • TABLE 20 MARKET: KEY BUYING CRITERIA FOR TOP 3 END USERS
  • TABLE 21 MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 22 MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 23 SMALL-SCALE (UP TO 200 KW): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 24 SMALL-SCALE (UP TO 200 KW): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 25 LARGE-SCALE (ABOVE 200 KW): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 26 LARGE-SCALE (ABOVE 200 KW): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 27 MARKET, BY FUEL TYPE, 2018–2022 (USD MILLION)
  • TABLE 28 MARKET, BY FUEL TYPE, 2023–2028 (USD MILLION)
  • TABLE 29 MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 30 MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 31 MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 32 MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 33 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): MARKET, BY REGION, 2018–2022 (MW)
  • TABLE 34 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 35 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 36 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 37 SOLID OXIDE FUEL CELLS (SOFCS): MARKET, BY REGION, 2018–2022 (MW)
  • TABLE 38 SOLID OXIDE FUEL CELLS (SOFCS): MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 39 SOLID OXIDE FUEL CELLS (SOFCS): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 40 SOLID OXIDE FUEL CELLS (SOFCS): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 41 PHOSPHORIC ACID FUEL CELLS (PAFCS): MARKET, BY REGION, 2018–2022 (MW)
  • TABLE 42 PHOSPHORIC ACID FUEL CELLS (PAFCS): MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 43 PHOSPHORIC ACID FUEL CELLS (PAFCS): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 44 PHOSPHORIC ACID FUEL CELLS (PAFCS): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 45 ALKALINE FUEL CELLS (AFCS): MARKET, BY REGION, 2018–2022 (MW)
  • TABLE 46 ALKALINE FUEL CELLS (AFCS): MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 47 ALKALINE FUEL CELLS (AFCS): MARKET, BY REGION, 2018–2022 (USD THOUSAND)
  • TABLE 48 ALKALINE FUEL CELLS (AFCS): MARKET, BY REGION, 2023–2028 (USD THOUSAND)
  • TABLE 49 MICROBIAL FUEL CELLS (MFCS) MARKET: MARKET, BY REGION, 2019–2027 (MW)
  • TABLE 50 MICROBIAL FUEL CELLS (MFCS) MARKET: MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 51 MICROBIAL FUEL CELLS (MFCS) MARKET: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 52 MICROBIAL FUEL CELLS (MFCS) MARKET: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 53 DIRECT METHANOL FUEL CELLS (DMFCS): MARKET, BY REGION, 2018–2022 (MW)
  • TABLE 54 DIRECT METHANOL FUEL CELLS (DMFCS): MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 55 DIRECT METHANOL FUEL CELLS (DMFCS): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 56 DIRECT METHANOL FUEL CELLS (DMFCS): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 57 MARKET, BY COMPONENT, 2018–2022 (USD MILLION)
  • TABLE 58 MARKET, BY COMPONENT, 2020–2028 (USD MILLION)
  • TABLE 59 STACK: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 60 STACK: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 61 BALANCE OF PLANT (BOP): MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 62 BALANCE OF PLANT (BOP): MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 63 MARKET: BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 64 MARKET: BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 65 PORTABLE: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 66 PORTABLE: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 67 STATIONARY: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 68 STATIONARY: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 69 STATIONARY: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 70 STATIONARY: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 71 PRIMARY: MARKET FOR STATIONARY, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 72 PRIMARY: MARKET FOR STATIONARY, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 73 BACKUP: MARKET FOR STATIONARY, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 74 BACKUP: MARKET FOR STATIONARY: BY REGION, 2023–2028 (USD MILLION)
  • TABLE 75 COMBINED HEAT & POWER: MARKET FOR STATIONARY, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 76 COMBINED HEAT & POWER: MARKET FOR STATIONARY, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 77 FUEL CELL VEHICLES: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 78 FUEL CELL VEHICLES: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 79 FUEL CELL VEHICLES: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 80 FUEL CELL VEHICLES: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 81 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 82 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 83 FUEL CELL BUSES: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 84 FUEL CELL BUSES: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 85 FUEL CELL TRUCKS: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 86 FUEL CELL TRUCKS: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 87 OTHER FUEL CELL VEHICLES: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 88 OTHER FUEL CELL VEHICLES: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 89 MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 90 MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 91 RESIDENTIAL: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 92 RESIDENTIAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 93 COMMERCIAL & INDUSTRIAL: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 94 COMMERCIAL & INDUSTRIAL: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 95 TRANSPORTATION: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 96 TRANSPORTATION: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 97 DATA CENTERS: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 98 DATA CENTERS: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 99 MILITARY & DEFENSE: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 100 MILITARY & DEFENSE: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 101 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 102 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: MARKET, BY REGION, 2023–2028 (USD MILLION)
  • TABLE 103 MARKET, BY REGION, 2018–2022 (MW)
  • TABLE 104 MARKET, BY REGION, 2023–2028 (MW)
  • TABLE 105 MARKET, BY REGION, 2018–2022 (USD MILLION)
  • TABLE 106 MARKET, BY REGION, 2020–2028 (USD MILLION)
  • TABLE 107 ASIA PACIFIC: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 108 ASIA PACIFIC: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 109 ASIA PACIFIC: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 110 ASIA PACIFIC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 111 ASIA PACIFIC: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 112 ASIA PACIFIC: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 113 ASIA PACIFIC: MARKET, BY STATIONARY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 114 ASIA PACIFIC: MARKET, BY STATIONARY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 115 ASIA PACIFIC: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 116 ASIA PACIFIC: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 117 ASIA PACIFIC: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 118 ASIA PACIFIC: 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)
  • TABLE 125 CHINA: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 126 CHINA: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 127 CHINA: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 128 CHINA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 129 CHINA: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 130 CHINA: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 131 CHINA: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 132 CHINA: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 133 CHINA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 134 CHINA: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 135 JAPAN: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 136 JAPAN: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 137 JAPAN: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 138 JAPAN: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 139 JAPAN: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 140 JAPAN: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 141 JAPAN: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 142 JAPAN: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 143 JAPAN: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 144 JAPAN: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 145 SOUTH KOREA: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 146 SOUTH KOREA: MARKET, BY TYPE, 2023–2028 (KW)
  • TABLE 147 SOUTH KOREA: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 148 SOUTH KOREA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 149 SOUTH KOREA: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 150 SOUTH KOREA: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 151 SOUTH KOREA: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 152 SOUTH KOREA: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 153 SOUTH KOREA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 154 SOUTH KOREA: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 155 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 156 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2023–2028 (KW)
  • TABLE 157 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 158 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 159 REST OF ASIA PACIFIC: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 160 REST OF ASIA PACIFIC: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 161 REST OF ASIA PACIFIC: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 162 REST OF ASIA PACIFIC: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 163 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 164 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 165 NORTH AMERICA: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 166 NORTH AMERICA: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 167 NORTH AMERICA: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 168 NORTH AMERICA: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 169 NORTH AMERICA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 170 NORTH AMERICA: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 171 NORTH AMERICA: MARKET, BY STATIONARY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 172 NORTH AMERICA: MARKET, BY STATIONARY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 173 NORTH AMERICA: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 174 NORTH AMERICA: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 175 NORTH AMERICA: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 176 NORTH AMERICA: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 177 NORTH AMERICA: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 178 NORTH AMERICA: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 179 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (MW)
  • TABLE 180 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (MW)
  • TABLE 181 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 182 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 183 US: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 184 US: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 185 US: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 186 US: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 187 US: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 188 US: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 189 US: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 190 US: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 191 US: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 192 US: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 193 CANADA: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 194 CANADA: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 195 CANADA: MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
  • TABLE 196 CANADA: MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
  • TABLE 197 CANADA: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 198 CANADA: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 199 CANADA: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 200 CANADA: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 201 CANADA: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 202 CANADA: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 203 EUROPE: MARKET, BY TYPE, 2018–2022 (MW)
  • TABLE 204 EUROPE: MARKET, BY TYPE, 2023–2028 (MW)
  • TABLE 205 EUROPE: MARKET, BY TYPE, 2018–2022 (USD MILLION)
  • TABLE 206 EUROPE: MARKET, BY TYPE, 2023–2028 (USD MILLION)
  • TABLE 207 EUROPE: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 208 EUROPE: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 209 EUROPE: MARKET, BY STATIONARY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 210 EUROPE: MARKET, BY STATIONARY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 211 EUROPE: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 212 EUROPE: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 213 EUROPE: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 214 EUROPE: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 215 EUROPE: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 216 EUROPE: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 217 EUROPE: MARKET, BY COUNTRY, 2018–2022 (MW)
  • TABLE 218 EUROPE: MARKET, BY COUNTRY, 2023–2028 (MW)
  • TABLE 219 EUROPE: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
  • TABLE 220 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
  • TABLE 221 GERMANY: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 222 GERMANY: MARKET, BY TYPE, 2023–2028 (KW)
  • TABLE 223 GERMANY: MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
  • TABLE 224 GERMANY: MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
  • TABLE 225 GERMANY: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 226 GERMANY: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 227 GERMANY: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 228 GERMANY: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 229 GERMANY: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 230 GERMANY: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 231 UK: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 232 UK: MARKET, BY TYPE, 2023–2028 (KW)
  • TABLE 233 UK: MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
  • TABLE 234 UK: MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
  • TABLE 235 UK: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 236 UK: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 237 UK: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 238 UK: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 239 UK: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 240 UK: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 241 ITALY: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 242 ITALY: MARKET, BY TYPE, 2023–2028 (KW)
  • TABLE 243 ITALY: MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
  • TABLE 244 ITALY: MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
  • TABLE 245 ITALY: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 246 ITALY: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 247 ITALY: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 248 ITALY: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 249 ITALY: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 250 ITALY: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 251 REST OF EUROPE: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 252 REST OF EUROPE: MARKET, BY TYPE, 2023–2028 (KW)
  • TABLE 253 REST OF EUROPE: MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
  • TABLE 254 REST OF EUROPE: MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
  • TABLE 255 REST OF EUROPE: MARKET, BY SIZE, 2018–2022 (USD MILLION)
  • TABLE 256 REST OF EUROPE: MARKET, BY SIZE, 2023–2028 (USD MILLION)
  • TABLE 257 REST OF EUROPE: MARKET, BY END USER, 2018–2022 (USD MILLION)
  • TABLE 258 REST OF EUROPE: MARKET, BY END USER, 2023–2028 (USD MILLION)
  • TABLE 259 REST OF EUROPE: MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
  • TABLE 260 REST OF EUROPE: MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
  • TABLE 261 ROW: MARKET, BY TYPE, 2018–2022 (KW)
  • TABLE 262 ROW: MARKET, BY TYPE, 2023–20278 (KW)
  • TABLE 263 ROW: MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
  • TABLE 264 ROW: MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
  • TABLE 265 ROW: MARKET, BY APPLICATION, 2018–2022 (USD THOUSAND)
  • TABLE 266 ROW: MARKET, BY APPLICATION, 2023-2028 (USD THOUSAND)
  • TABLE 267 ROW: MARKET, BY STATIONARY APPLICATION, 2018–2022 (USD THOUSAND)
  • TABLE 268 ROW: MARKET, BY STATIONARY APPLICATION, 2023–2028 (USD THOUSAND)
  • TABLE 269 ROW: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2018–2022 (USD THOUSAND)
  • TABLE 270 ROW: MARKET, BY FUEL CELL VEHICLE APPLICATION, 2023–2028 (USD THOUSAND)
  • TABLE 271 ROW: MARKET, BY END USER, 2018–2022 (USD THOUSAND)
  • TABLE 272 ROW: MARKET, BY END USER, 2023–2028 (USD THOUSAND)
  • TABLE 273 ROW: MARKET, BY SIZE, 2018–2022 (USD THOUSAND)
  • TABLE 274 ROW: MARKET, BY SIZE, 2023–2028 (USD THOUSAND)
  • TABLE 275 MARKET: STRATEGIES ADOPTED BY KEY PLAYERS, 2019–2023
  • TABLE 276 MARKET: DEGREE OF COMPETITION
  • TABLE 277 MARKET EVALUATION FRAMEWORK, 2019–2023
  • 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)
  • TABLE 284 MARKET: LIST OF KEY START-UPS/SMES
  • TABLE 285 COMPANY END USER FOOTPRINT: MARKET START-UPS/SMES
  • TABLE 286 COMPANY TYPE FOOTPRINT: MARKET START-UPS/SMES
  • TABLE 287 COMPANY SIZE FOOTPRINT: MARKET START-UPS/SMES
  • TABLE 288 COMPANY APPLICATION FOOTPRINT: MARKET START-UPS/SMES
  • TABLE 289 COMPANY REGION FOOTPRINT: MARKET START-UPS/SMES
  • TABLE 290 OVERALL FOOTPRINT: MARKET START-UPS/SMES
  • TABLE 291 MARKET: DEALS, 2021–2023
  • TABLE 292 MARKET: OTHERS, 2019–2023
  • TABLE 293 BLOOM ENERGY: COMPANY OVERVIEW
  • TABLE 294 BLOOM ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 295 BLOOM ENERGY: PRODUCT LAUNCHES
  • TABLE 296 BLOOM ENERGY: DEALS
  • TABLE 297 PLUG POWER INC.: COMPANY OVERVIEW
  • 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
  • TABLE 302 AISIN CORPORATION: COMPANY OVERVIEW
  • TABLE 303 AISIN CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 304 AISIN CORPORATION: DEALS
  • TABLE 305 BALLARD POWER SYSTEMS: COMPANY OVERVIEW
  • 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
  • TABLE 310 FUELCELL ENERGY, INC.: COMPANY OVERVIEW
  • TABLE 311 FUELCELL ENERGY, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 312 FUELCELL ENERGY, INC.: DEALS
  • TABLE 313 FUELCELL ENERGY, INC.: OTHERS
  • TABLE 314 KYOCERA CORPORATION: COMPANY OVERVIEW
  • TABLE 315 KYOCERA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 316 KYOCERA CORPORATION: OTHERS
  • TABLE 317 DOOSAN FUEL CELL CO., LTD.: COMPANY OVERVIEW
  • 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
  • TABLE 321 TECO 2030: COMPANY OVERVIEW
  • TABLE 322 TECO 2030: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 323 TECO 2030: PRODUCT LAUNCHES
  • TABLE 324 TECO 2030: DEALS
  • TABLE 325 CUMMINS INC.: COMPANY OVERVIEW
  • TABLE 326 CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
  • TABLE 327 CUMMINS INC.: DEALS
  • TABLE 328 CUMMINS INC.: OTHERS
  • TABLE 329 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW
  • TABLE 330 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 331 MITSUBISHI HEAVY INDUSTRIES, LTD.: DEALS
  • TABLE 332 TOSHIBA CORPORATION: COMPANY OVERVIEW
  • TABLE 333 TOSHIBA CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 334 TOSHIBA CORPORATION: DEALS
  • 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
  • TABLE 338 ELRINGKLINGER AG: COMPANY OVERVIEW
  • TABLE 339 ELRINGKLINGER AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 340 ELRINGKLINGER AG: DEALS
  • TABLE 341 POWERCELL SWEDEN AB: COMPANY OVERVIEW
  • 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
  • TABLE 346 SFC ENERGY AG: COMPANY OVERVIEW
  • TABLE 347 SFC ENERGY AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 348 SFC ENERGY AG: PRODUCT LAUNCHES
  • TABLE 349 SFC ENERGY AG: DEALS
  • TABLE 350 AFC ENERGY: COMPANY OVERVIEW
  • TABLE 351 AFC ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 352 AFC ENERGY: DEALS
  • TABLE 353 AFC ENERGY: OTHERS
  • TABLE 354 FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW
  • TABLE 355 FUJI ELECTRIC CO., LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
  • TABLE 356 INTELLIGENT ENERGY LIMITED: COMPANY OVERVIEW
  • TABLE 357 HORIZON FUEL CELL TECHNOLOGIES: COMPANY OVERVIEW
  • TABLE 358 NUVERA FUEL CELLS, LLC: COMPANY OVERVIEW
  • TABLE 359 SOLIDPOWER S.P.A.: COMPANY OVERVIEW
  • TABLE 360 ALTERGY: COMPANY OVERVIEW
  • TABLE 361 ADAPTIVE ENERGY: COMPANY OVERVIEW
  • TABLE 362 ADELAN: COMPANY OVERVIEW
  • TABLE 363 SPECIAL POWER SOURCES: COMPANY OVERVIEW
  • TABLE 364 ZTEK CORPORATION, INC.: COMPANY OVERVIEW
  • TABLE 365 MICRORGANIC TECHNOLOGIES: COMPANY OVERVIEW
  • TABLE 366 AVL LIST GMBH: COMPANY OVERVIEW
  • TABLE 367 WATT FUEL CELL CORPORATION: COMPANY OVERVIEW
  • TABLE 368 PROTON MOTOR FUEL CELL GMBH: COMPANY OVERVIEW
LIST OF FIGURES
 
  • FIGURE 1 MARKET SEGMENTATION
  • FIGURE 2 MARKET: RESEARCH DESIGN
  • FIGURE 3 MARKET: DATA TRIANGULATION METHODOLOGY
  • FIGURE 4 MARKET: BOTTOM-UP APPROACH
  • FIGURE 5 MARKET: TOP-DOWN APPROACH
  • FIGURE 6 FUEL CELL MARKET: KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR FUEL CELLS
  • FIGURE 7 FUEL CELL MARKET: KEY METRICS CONSIDERED TO ANALYZE SUPPLY OF FUEL CELLS
  • FIGURE 8 FUEL CELL MARKET: SUPPLY-SIDE ANALYSIS
  • FIGURE 9 FUEL CELL MARKET: MARKET SHARE ANALYSIS, 2022
  • FIGURE 10 ASIA PACIFIC HELD LARGEST SHARE OF 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
  • FIGURE 15 GOVERNMENT SUBSIDIES TO IMPROVE CLEAN ENERGY INFRASTRUCTURE TO BOOST FUEL CELL MARKET GROWTH BETWEEN 2023 AND 2028
  • FIGURE 16 FUEL CELL MARKET IN EUROPE TO DEPICT HIGHEST CAGR DURING FORECAST PERIOD
  • FIGURE 17 SOLID OXIDE FUEL CELLS (SOFCS) TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
  • FIGURE 18 STATIONARY APPLICATION TO ACCOUNT FOR MAJORITY OF MARKET SHARE IN 2028
  • FIGURE 19 TRANSPORTATION END USER TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
  • FIGURE 20 SMALL-SCALE (UP TO 200 KW) SEGMENT TO HOLD LARGEST MARKET SHARE IN 2028
  • FIGURE 21 STATIONARY APPLICATION AND CHINA ACCOUNTED FOR LARGEST SHARES OF ASIA PACIFIC FUEL CELL MARKET IN 2022
  • FIGURE 22 FUEL CELL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
  • FIGURE 23 FUEL CELL ELECTRIC VEHICLE STOCK, BY COUNTRY, 2021
  • FIGURE 24 FUEL CELL MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
  • FIGURE 25 FUEL CELL MARKET: SUPPLY CHAIN ANALYSIS
  • FIGURE 26 FUEL CELL MARKET MAPPING
  • FIGURE 27 COMPANIES IN FUEL CELL ECOSYSTEM
  • FIGURE 28 FUEL CELL MARKET: PATENTS APPLIED AND GRANTED, 2012–2022
  • FIGURE 29 EXPORT 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)
  • FIGURE 31 FUEL CELL MARKET: PORTER’S FIVE FORCES ANALYSIS
  • FIGURE 32 FUEL CELL MARKET: INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 END USERS
  • FIGURE 33 FUEL CELL MARKET: KEY BUYING CRITERIA FOR TOP 3 END USERS
  • FIGURE 34 FUEL CELL MARKET, BY SIZE, 2022
  • FIGURE 35 HYDROGEN FUEL CELLS ACCOUNTED FOR LARGEST MARKET SHARE IN 2022
  • FIGURE 36 SOLID OXIDE FUEL CELLS (SOFC) HELD LARGEST MARKET SHARE IN 2022
  • FIGURE 37 BALANCE OF PLANT (BOP) COMPONENTS HELD LARGER SHARE OF FUEL CELL MARKET IN 2022
  • FIGURE 38 FUEL CELL MARKET SHARE, BY APPLICATION, 2022
  • FIGURE 39 FUEL CELL MARKET SHARE, BY END USER, 2022
  • FIGURE 40 EUROPE TO EXHIBIT HIGHEST CAGR IN FUEL CELL MARKET FROM 2023 TO 2028
  • FIGURE 41 FUEL CELL MARKET SHARE, BY REGION, 2022
  • FIGURE 42 ASIA PACIFIC: FUEL CELL MARKET SNAPSHOT
  • FIGURE 43 NORTH AMERICA: FUEL CELL MARKET SNAPSHOT
  • FIGURE 44 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2022
  • FIGURE 45 REVENUE ANALYSIS OF TOP 5 PLAYERS, 2018–2022
  • FIGURE 46 FUEL CELL MARKET: COMPANY EVALUATION MATRIX, 2022
  • FIGURE 47 FUEL CELL MARKET: START-UP/SME EVALUATION MATRIX, 2022
  • FIGURE 48 BLOOM ENERGY: COMPANY SNAPSHOT
  • FIGURE 49 PLUG POWER INC.: COMPANY SNAPSHOT
  • FIGURE 50 AISIN CORPORATION: COMPANY SNAPSHOT
  • FIGURE 51 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
  • FIGURE 52 FUELCELL ENERGY, INC.: COMPANY SNAPSHOT
  • FIGURE 53 KYOCERA CORPORATION: COMPANY SNAPSHOT
  • FIGURE 54 DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT
  • FIGURE 55 TECO 2030: COMPANY SNAPSHOT
  • FIGURE 56 CUMMINS INC.: COMPANY SNAPSHOT
  • FIGURE 57 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT
  • FIGURE 58 TOSHIBA CORPORATION: COMPANY SNAPSHOT
  • FIGURE 59 ELRINGKLINGER AG: COMPANY SNAPSHOT
  • FIGURE 60 POWERCELL SWEDEN AB: COMPANY SNAPSHOT
  • FIGURE 61 SFC ENERGY AG: COMPANY SNAPSHOT
  • FIGURE 62 AFC ENERGY: COMPANY SNAPSHOT
  • FIGURE 63 FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT

 

The study involved major activities in estimating the current size of the fuel cell market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.

Secondary Research

This research study on the fuel cell market involved the use of extensive secondary sources, directories, and databases, such as Bloomberg, Factiva, IRENA, International Energy Agency, Statista Industry Journal, and The Fuel Cell Energy Review, E4Tech, to collect and identify information useful for a technical, market-oriented, and commercial study of the fuel cell market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research

The fuel cell market comprises several stakeholders, such as fuel cell manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for fuel cells in automotive, aerospace, defense & government services, wireless communication & infrastructure, consumer electronics, medical equipment manufacturing and energy sector applications. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:

North American Fuel Cell Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the fuel cell market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
  • The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Fuel Cell Market Size: Top-Down Approach

Fuel Cell Market Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Fuel Cell Market Size: Bottom-Up Approach

Fuel Cell Market Size, and Share

Data Triangulation

After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.

Market Definition

Fuel cells are electrochemical devices that generate electrical energy using different fuel types. They generate electrical energy through chemical reactions rather than by combusting fuel. A fuel cell can be described as a two-terminal device that contains two electrodes, an anode and a cathode, which are separated from each other by an electrolyte and membrane. Fuel cells operate silently and are a clean, efficient, and reliable source of power. They continue to produce electricity if a fuel source is provided and don’t require periodic recharging like batteries. Fuel cells are used for several operations, such as providing prime propulsion or range extension to fuel cell-powered vehicles and supplying primary/backup power to energy companies and data centers.

Key Stakeholders

  • Ceramic and electrolyte manufacturers
  • Environmental research institutes
  • Fuel cell and stack manufacturers
  • Government and research organizations
  • Institutional investors/shareholders
  • Power and energy associations
  • Repair and maintenance service providers
  • Fuel cell technology manufacturing companies
  • Organizations, forums, alliances, and associations
  • Research and consulting companies
  • State and national regulatory authorities

Objectives of the Study

  • To describe, segment, and forecast the fuel cell market by type, component, fuel, size, application, and end-user in terms of value.
  • To forecast the market across four key regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), along with country-level analysis
  • To provide detailed information about key drivers, restraints, opportunities, and challenges influencing the fuel cell market
  • To strategically analyze the fuel cell market with respect to individual growth trends, prospects, and contributions of each segment to the market
  • To analyze the supply chain, trends/disruptions impacting customer business, market/ecosystem, pricing trends, and regulatory landscape pertaining to fuel cells

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:

Product Analysis

  • Product Matrix, which provides a detailed comparison of the product portfolio of each company

Company Information

  • Detailed analyses and profiling of additional market players

Previous Versions of this Report

Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Global Forecast to 2027

Report Code EP 2762
Published in May, 2022, By MarketsandMarkets™

Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2025

Report Code EP 2762
Published in Dec, 2020, By MarketsandMarkets™

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

Report Code EP 2762
Published in Nov, 2019, By MarketsandMarkets™

Fuel Cell Technology Market by Type (PEMFC, MCFC, SOFC, DMFC, PAFC, OTHERS), by Application (Stationary, Portable, Transportation) and Geography - Global Trends and Forecasts Till 2019

Report Code EP 2762
Published in Oct, 2014, By MarketsandMarkets™

Fuel Cell Technology Market: By Applications (Portable, Stationary, Transport), Types (PEMFC, DMFC, PAFC, SOFC, MCFC), Fuel (Hydrogen, Natural Gas, Methanol, Anaerobic Digester Gas) & Geography- Global Trends and Forecast to 2018

Report Code EP 2049
Published in Jun, 2013, By MarketsandMarkets™

Fuel Cell Technology Market by Type (PEMFC, MCFC, SOFC, DMFC, PAFC, OTHERS), by Application (Stationary, Portable, Transportation) and Geography - Global Trends and Forecasts Till 2019

Report Code EP 2762
Published in Jan, 2011, By MarketsandMarkets™
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