Fuel Cells Market

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 Dec, 2020, by marketsandmarkets.com

[217 Pages Report] The global fuel cells market size is projected to reach USD 848 million by 2025 from an estimated value of USD 263 million in 2020, growing at a CAGR of 26.4% during the forecast period. The market has been analysed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The growth is attributed to the rising demand for clean energy generation in developed regions, increased use of fuel cell-based vehicles, booming power sector, and augmented power generation capacities globally.

Fuel Cells Market

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Covid-19 Impact on Fuel Cells Market:

According to IEA, the COVID-19 crisis has significantly impacted the addition of renewable power capacity. According to IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 due to the unprecedented COVID-19 crisis globally. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. The net expansion of renewable electricity capacity in 2020 is projected to decline by 13% compared to 2019.

The impact of the outbreak on global supply chains will affect hydrogen-based technologies, for which a coordinated supply chain and significant capital are required for the demonstration. According to IEA, current hydrogen demand from oil refining, steel manufacturing, and the chemicals sector has been impacted by the COVID-19 outbreak. According to IEA, gasoline consumption will reduce by 9%, diesel by 6%, and jet fuel by 26% in 2020, while the demand for key chemicals produced using hydrogen (such as methanol) has dropped by 7%. In 2019, the sales of hydrogen-based fuel-cell vehicle had accelerated, and it was projected that early 2020 would have the highest sales record.

Fuel Cells Market Dynamics:

Drivers:

Countries such as Germany, the UK, the US, Japan, and China are among a few major investors in fuel cell technology and its advancements. For instance, the US Department of Energy announced an investment of USD 39 million in fuel cell technology in 2018. Similarly, in Europe, 23 countries collaborated on the HyLAW EU Project, which aimed at identifying and removing legal and administrative barriers for the deployment of hydrogen fuel cells and hydrogen applications. HyLAW started operating in January 2017 with key countries such as Germany, the Netherlands, the UK, Finland, France, and Spain. The majority of the global R&D activities are focused on the development of and advances in fuel cell-powered vehicles.

However, in recent years, research and product development activities pertaining to utilities and UAVs for the defense sector, along with portable power generation units, have also increased at a significant pace. The high focus of the governments worldwide on the utilization of clean energy sources has led to an increase in the overall investments in generating electricity using fuel cells. According to government officials, in the US, California alone has nearly 39 hydrogen refueling stations, and nearly 25 stations are under development. Thus, the increase in investments boosts the growth of the advances in fuel cell technology market at present, as well as in the near future.

Restraints:

Fuel cell operations rely highly on hydrogen. Hydrogen infrastructure includes hydrogen production, storage, transportation, and distribution. Once hydrogen is produced, it needs to be distributed. It can be sent to point-of-use either through pipelines or through different means of transportation. The commercial roll-out of hydrogen fuel cell vehicles depends on the availability of hydrogen fuel pumps. The US has the largest number of hydrogen refueling stations, which are major centers for fuel cell vehicles. Due to these factors, the country is projected to be the largest market during the forecast period, as well as Japan and Germany will remain favorable markets for fuel cell vehicles. However, other parts of the world lack the infrastructure necessary for the delivery of hydrogen. According to industry experts, the number of hydrogen filling stations for vehicles in these regions would increase over a decade.

The limited infrastructure of hydrogen fueling can impact the future demand for hydrogen generation by fuel cell-powered vehicles. Heavy investment and intensive support by public and private entities would be required to develop hydrogen fueling stations. Thus, the absence of supporting infrastructure prohibits the growth of the hydrogen-based fuel cells technology market at present.

Opportunities:

Fuel cells generate energy from fuels such as methanol and natural gas and produce heat and water. The type of fuel required for operations depends not only on the type of the membrane but also on the type of catalyst used in the fuel cell. Some fuel cells based on the proton-exchange membrane (PEM) require pure hydrogen for operations, while others are fuel-flexible, thereby providing ease of operation to users. For instance, phosphoric acid fuel cells (PAFCs), solid oxide fuel cells (SOFCs), alkaline fuel cells (AFCs), and direct methanol fuel cells (DMFCs) can operate properly without the availability of pure hydrogen.

Fuel flexibility refers to the operational capability of these fuel cells that are widely and easily available in conventional or non-conventional fuels. This is projected to present lucrative opportunities for manufacturers in the advances in fuel cell technology market and encourage advancements even when there is a lack of availability of pure hydrogen.

Challenges:

The International Energy Agency predicts that renewables are expected to have the fastest growth rate in the electricity sector, meeting about 30% of the power demand by 2023, up from 24% in 2017. During this period, renewables are projected to witness 70% of the global electricity generation growth, led by solar PV, followed by wind, hydropower, and bioenergy, respectively. The global power sector investment in renewable energy generation was USD 750 billion in 2017.

Asia Pacific witnessed the maximum investment in terms of capacity expansion by renewable means of energy generation. This is attributed to the increasing investments by countries such as China and India in solar technology, which have targets of offering 680 GW and 227 GW solutions, respectively, until 2022, followed by North and South America. As these technologies are gaining momentum for power generation, the use of batteries has also increased for providing off-grid and grid energy storage, which is supported by the decreasing cost of batteries. All these factors collectively pose challenges for key players in the advances in fuel cell technology market.

Market Interconnection:

Fuel Cells Market  by Region

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By Type, Proton Exchange Membrane Fuel Cell (PEMFC) is expected to be the largest contributor to the advances in fuel cell technology market.

The global market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC) accounted for the majority of the advances in fuel cell technology market share in 2019.

Growing demand for clean energy generation and reliance on fuel cell-based public transportation systems in developed regions is driving market growth. Moreover, advantages offered by PEMFC, such as high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability are likely to drive the demand for PEMFC during the forecast period.

By Application, The transport segment is expected to be the fastest-growing market.

The advances in market, by application, is segmented into transport, portable, and stationary applications. The transport segment is growing significantly because of the widespread usage of fuel cell technology in heavy-duty operations such as public transport in regions such as Asia Pacific, which is likely to boost demand for the transport segment of the advances in fuel cell technology market during the forecast period.

By End user, Fuel cell vehicles are expected to be the fastest-growing end-user.

The advances in fuel cell technology industry has been categorized, based on end-user, into fuel cell vehicles, utilities, and defense. The growing demand for reducing carbon emissions has given an excellent opportunity to fuel cell-powered vehicles, which is likely to boost the advances in fuel cell technology market.

Fuel Cells Market  by Region

Asia Pacific is expected to account for the largest market size during the forecast period

In this report, the market has been analyzed for four regions, namely, Asia Pacific, North America, Europe, Rest of the World (RoW). Asia Pacific is estimated to be the largest market from 2020 to 2025 and is expected to see a high demand for advances in fuel cell technology owing to the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology market in the region.

Scope of the Report

Report Metric

Details

Market Size available for years

2016–2025

Base year considered

2019

Forecast period

2020–2025

Segments covered

By Type, Application, End User, Region

Geographies covered

Asia Pacific, North America, Europe, Rest of World

Companies covered

Ballard Power Systems (Canada), Cummins (US), SFC Energy (Germany), Bloom Energy (US), Plug Power (US), and Fuel Cell Energy (US), Horizon Fuel Cells, Mitsubishi Hitachi Power Systems, Intelligent Energy, Fuel Cell Energy, Toshiba Energy Systems, and Solution Corporation

This research report categorizes the Fuel Cells Market based on type, application, End user and region

Based on Type, the market has been segmented as follows:

  • PEMFC
  • PAFC
  • AFC
  • MFC

Based on Application, the market has been segmented as follows:

  • Portable
  • Stationary
  • Transport

Based on End User, the market has been segmented as follows:

  • Fuel Cell Vehicles
  • Utilities
  • Defense

Based on Region, the market has been segmented as follows:

  • North America
  • Asia Pacific
  • Europe
  • Rest of World

Recent Developments

  • In October 2018, Hydrogenics opened a new facility in Carlsbad, California. The facility would majorly aim at the integration of hydrogen fuel cell systems into heavy-duty truck and bus platforms for customers in California. The inception of this manufacturing facility helped Hydrogenics in strengthening its position in the US market.
  • In March 2019, Plug Power launched a new product to enhance its line-up for hydrogen-based fuel cells. ProGen 30kW engine provides a cost-effective solution to meet the needs of today’s electric vehicle (EV) use-case, including high utilization, extended runtimes, and reliable performance in harsh environments, rapid fueling, and zero emissions. ProGen industry-leading products make it simple for original equipment manufacturers (OEMs) to adopt sustainable fuel cell power.
  • In October 2019, Ballard Power signed a contract with Berlin-based BEHALA. Under the contract, Ballard Power will be supplying three FCveloCity 100 kilowatt (kW) fuel cell modules. The fuel cells would be installed on the world’s first zero-emission push boat, named Elektra. The push boat will be used primarily to transport goods between Berlin and Hamburg and within Berlin.
  • In October 2019, SFC Energy signed a contract with Aurorahut, a Finnish company. Under the agreement, AuroraHut integrates the EFOY fuel cell into its new all-season igloo houseboats for highly personalized vacations. The fuel cell is a fully automatic, silent, and environmentally friendly power source in all igloos.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 30)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 FUEL CELLS MARKET, BY TYPE
    1.3 INCLUSIONS & EXCLUSIONS
           1.3.1 FUEL CELL MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS
           1.3.2 FUEL CELLS MARKET, BY END USER: INCLUSIONS & EXCLUSIONS
    1.4 MARKET SCOPE
           1.4.1 MARKET SEGMENTATION
           1.4.2 REGIONAL SCOPE
    1.5 YEARS CONSIDERED FOR STUDY
    1.6 CURRENCY
    1.7 LIMITATIONS
    1.8 STAKEHOLDERS
    1.9 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 36)
    2.1 RESEARCH DATA
           FIGURE 1 FUEL CELLS MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Break-up of primaries
    2.2 SCOPE
           FIGURE 2 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING DEMAND FOR MARKET
    2.3 MARKET SIZE ESTIMATION
           2.3.1 DEMAND-SIDE ANALYSIS
           FIGURE 3 YEAR-ON-YEAR CAPACITY ADDITION OF VARIOUS FUEL CELL TECHNOLOGIES IS MAJOR CAPACITY DETERMINING FACTOR FOR MARKET
                    2.3.1.1 Key assumptions
                    2.3.1.2 Calculations
           2.3.2 FORECAST
           2.3.3 SUPPLY-SIDE ANALYSIS
                    FIGURE 4 INCREASE IN NUMBER OF NEW FUEL CELL PROJECTS IS KEY FACTOR DRIVING GROWTH OF GLOBAL MARKET
                    2.3.3.1 Assumptions and calculations
    2.4 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 5 DATA TRIANGULATION METHODOLOGY

3 EXECUTIVE SUMMARY (Page No. - 45)
    3.1 PRE- AND POST-COVID-19 SCENARIO ANALYSIS
           FIGURE 6 PRE- AND POST-COVID-19 SCENARIO ANALYSIS
           TABLE 1 FUEL CELLS MARKET SNAPSHOT, BY SIZE AND SHARE, 2020 VS. 2025
           FIGURE 7 ASIA PACIFIC CAPTURED LARGEST SHARE OF MARKET, IN TERMS OF VALUE, IN 2019
           FIGURE 8 FUEL CELL VEHICLES TO ACCOUNT FOR LARGEST SHARE OF MARKET DURING FORECAST PERIOD
           FIGURE 9 TRANSPORT SEGMENT TO WITNESS HIGHEST CAGR IN FUEL CELL TECHNOLOGY MARKET DURING FORECAST PERIOD
           FIGURE 10 PEMFC SEGMENT TO DRIVE MARKET GROWTH, BASED ON TYPE, DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 50)
    4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
           FIGURE 11 ADVANCEMENTS IN PEMFC ARE KEY FACTORS DRIVING MARKET GROWTH DURING 2020–2025
    4.2 FUEL CELLS MARKET, BY REGION
           FIGURE 12 FUEL CELL MARKET IN ASIA PACIFIC, IN TERMS OF VALUE, IS PROJECTED TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    4.3 FUEL CELL MARKET IN ASIA PACIFIC, BY COUNTRY AND APPLICATION
           FIGURE 13 TRANSPORT APPLICATION AND CHINA LED MARKET IN ASIA PACIFIC IN 2019
    4.4 MARKET, BY END USER
           FIGURE 14 FUEL CELL VEHICLES TO COMMAND MARKET BY 2025
    4.5 MARKET, BY APPLICATION
           FIGURE 15 TRANSPORT SEGMENT TO LEAD MARKET BY 2025
    4.6 FUEL CELLS MARKET, BY TYPE
           FIGURE 16 PEMFC SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARKET BY 2025

5 MARKET OVERVIEW (Page No. - 54)
    5.1 INTRODUCTION
    5.2 COVID-19 HEALTH ASSESSMENT
           FIGURE 17 COVID-19: GLOBAL PROPAGATION
           FIGURE 18 COVID-19 PROPAGATION IN SELECT COUNTRIES
    5.3 ROAD TO RECOVERY
           FIGURE 19 RECOVERY ROAD FOR 2020 AND 2021
    5.4 COVID-19 ECONOMIC ASSESSMENT
           FIGURE 20 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
    5.5 MARKET DYNAMICS
           FIGURE 21 ADVANCES IN FUEL CELL TECHNOLOGY: MARKET DYNAMICS
           5.5.1 DRIVERS
                    5.5.1.1 Government subsidies for fuel cell programs
                    5.5.1.2 Significant investments in R&D activities pertaining to fuel cell technology
                    5.5.1.3 High focus on clean energy generation for transportation & power generation
           5.5.2 RESTRAINTS
                    5.5.2.1 High cost of catalysts used in fuel cells
                    5.5.2.2 Lack of hydrogen delivery infrastructure
           5.5.3 OPPORTUNITIES
                    5.5.3.1 Development of clean energy-based distributed generation solutions
                    5.5.3.2 Use of flexible fuel cells
           5.5.4 CHALLENGES
                    5.5.4.1 Increasing investments in renewable energy generation
                               FIGURE 22 INVESTMENTS IN FIELD OF RENEWABLE ENERGY, BY REGION, 2017
                    5.5.4.2 Onboard storage of hydrogen
                    5.5.4.3 Impact of COVID-19 on renewable energy sector
    5.6 ADJACENT AND INTERCONNECTED MARKETS
           TABLE 2 ADJACENT AND INTERCONNECTED MARKETS (USD BILLION)

6 FUEL CELLS MARKET, BY END USER (Page No. - 63)
    6.1 INTRODUCTION
           FIGURE 23 MARKET (MEGAWATT), BY END USER, 2019
           TABLE 3 FUEL CELLS MARKET, BY END USER, 2016–2019 (MEGAWATT)
           TABLE 4 PRE-COVID-19: MARKET, BY END USER, 2020–2025 (MEGAWATT)
           TABLE 5 POST-COVID-19: MARKET, BY END USER, 2020–2025 (MEGAWATT)
    6.2 FUEL CELL VEHICLES
           6.2.1 GROWING FOCUS ON REDUCING POLLUTION FROM HEAVY-DUTY VEHICLES TO DRIVE GROWTH OF FUEL CELL VEHICLES SEGMENT
                    TABLE 6 FUEL CELL VEHICLES: FUEL CELLS MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 7 POST-COVID-19: FUEL CELL VEHICLES: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    6.3 UTILITIES
           6.3.1 INCREASING NEED FOR CLEAN ENERGY GENERATION SOLUTIONS TO BOOST DEMAND FOR FUEL CELL TECHNOLOGY
                    TABLE 8 UTILITIES: FUEL CELLS MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 9 POST-COVID-19: UTILITIES: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    6.4 DEFENSE
           6.4.1 SURGING REQUIREMENT FOR PORTABLE AND RELIABLE POWER SOURCES FUELS DEMAND FOR FUEL CELL TECHNOLOGY FROM DEFENSE SECTOR
                    TABLE 10 DEFENSE: MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 11 POST-COVID-19: DEFENSE: MARKET, BY REGION, 2020–2025 (MEGAWATT)

7 FUEL CELLS MARKET, BY APPLICATION (Page No. - 69)
    7.1 INTRODUCTION
           FIGURE 24 FUEL CELLS MARKET (MEGAWATT), BY APPLICATION, 2019
           TABLE 12 MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
           TABLE 13 PRE-COVID-19: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
           TABLE 14 POST-COVID-19: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
    7.2 PORTABLE
           7.2.1 RISING NEED FOR ELECTRICITY TO CHARGE EQUIPMENT USED IN DEFENSE SECTOR AND RECREATIONAL ACTIVITIES FOSTER GROWTH OF MARKET FOR PORTABLE SEGMENT
                    TABLE 15 PORTABLE: MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 16 POST-COVID-19: PORTABLE: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    7.3 STATIONARY
           7.3.1 GROWING USE OF HYDROGEN-POWERED FUEL CELLS IN STATIONARY POWER UNITS FOR BACKUP POWER TO SPUR GROWTH OF MARKET FOR STATIONARY SEGMENT
                    TABLE 17 STATIONARY: MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 18 POST- COVID-19: STATIONARY: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    7.4 TRANSPORT
           7.4.1 INCREASING USE OF FUEL CELLS TO OPERATE HEAVY-DUTY VEHICLES TO SUPPORT MARKET GROWTH FOR TRANSPORT SEGMENT
                    TABLE 19 TRANSPORT: MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 20 POST-COVID-19: TRANSPORT: MARKET, BY REGION, 2020–2025 (MEGAWATT)

8 FUEL CELLS MARKET, BY TYPE (Page No. - 75)
    8.1 INTRODUCTION
           FIGURE 25 FUEL CELLS MARKET (MEGAWATT), BY TYPE, 2019
           TABLE 21 MARKET, BY TYPE, 2016–2019 (MEGAWATT)
           TABLE 22 PRE-COVID-19: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
           TABLE 23 POST-COVID-19: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
    8.2 PROTON EXCHANGE MEMBRANE FUEL CELL (PEMFC)
           8.2.1 INCREASED DEMAND FOR FUEL CELL-POWERED VEHICLES TO ACCELERATE GROWTH OF MARKET FOR PEMFC SEGMENT
                    TABLE 24 PEMFC: FUEL CELLS MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 25 POST-COVID-19: PEMFC: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    8.3 PHOSPHORIC ACID FUEL CELL (PAFC)
           8.3.1 LONGER LIFE AND HEAVY WEIGHT OF PAFC MAKING THEM SUITABLE FOR STATIONARY APPLICATIONS
                    TABLE 26 PAFC: MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 27 POST-COVID-19: PAFC: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    8.4 ALKALINE FUEL CELL (AFC)
           8.4.1 HIGH ADOPTION OF FUEL CELLS IN TRANSPORT AND AEROSPACE APPLICATIONS TO PROMOTE AFC MARKET GROWTH
                    TABLE 28 AFC: FUEL CELLS MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 29 POST-COVID-19: AFC: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    8.5 MICROBIAL FUEL CELL (MFC)
           8.5.1 ELEVATED USE OF MICROBES IN FUEL CELL OPERATIONS IN WATER AND WASTEWATER TREATMENT INDUSTRIES TO STIMULATE GROWTH OF MARKET FOR MFC SEGMENT
                    TABLE 30 MFC: FUEL CELLS MARKET, BY REGION, 2016–2019 (MEGAWATT)
                    TABLE 31 POST-COVID-19: MFC: MARKET, BY REGION, 2020–2025 (MEGAWATT)
    8.6 KEY UPCOMING TECHNOLOGIES
           8.6.1 DIRECT CARBON FUEL CELL (DCFC)
           8.6.2 PROTON CERAMIC FUEL CELL (PCFC)

9 FUEL CELLS MARKET, BY REGION (Page No. - 83)
    9.1 INTRODUCTION
           FIGURE 26 FUEL CELLS MARKET (USD MILLION), BY REGION, 2019
           TABLE 32 MARKET, BY REGION, 2016–2019 (MEGAWATT)
           TABLE 33 PRE-COVID-19: MARKET, BY REGION, 2020–2025 (MEGAWATT)
           TABLE 34 POST-COVID-19: MARKET, BY REGION, 2020–2025 (MEGAWATT)
           TABLE 35 FUEL CELL MARKET, BY REGION, 2016–2019 (USD MILLION)
           TABLE 36 PRE-COVID-19: MARKET, BY REGION, 2020–2025 (USD MILLION)
           TABLE 37 POST-COVID-19: MARKET, BY REGION, 2020–2025 (USD MILLION)
    9.2 NORTH AMERICA
           9.2.1 SURGING DEMAND FOR FUEL CELL-POWERED VEHICLES AND CLEAN ENERGY GENERATION TO DRIVE MARKET GROWTH IN NORTH AMERICA
                    FIGURE 27 SNAPSHOT: NORTH AMERICA (2019)
           9.2.2 BY APPLICATION
                    TABLE 38 NORTH AMERICA: FUEL CELLS MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                    TABLE 39 POST-COVID-19: NORTH AMERICA: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
           9.2.3 BY END USER
                    TABLE 40 NORTH AMERICA: MARKET, BY END USER, 2016–2019 (MEGAWATT)
                    TABLE 41 POST-COVID-19: NORTH AMERICA: MARKET, BY END USER, 2020–2025 (MEGAWATT)
           9.2.4 BY TYPE
                    TABLE 42 NORTH AMERICA: FUEL CELLS MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                    TABLE 43 POST-COVID-19: NORTH AMERICA: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
           9.2.5 BY COUNTRY
                    TABLE 44 NORTH AMERICA: MARKET, BY COUNTRY, 2016–2019 (MEGAWATT)
                    TABLE 45 POST-COVID-19: NORTH AMERICA: MARKET, BY COUNTRY, 2020–2025 (MEGAWATT)
                    TABLE 46 NORTH AMERICA: FUEL CELLS MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE 47 POST-COVID-19: NORTH AMERICA: MARKET, BY COUNTRY, 2020–2025 (USD MILLION)
           9.2.6 US
                    9.2.6.1 Increasing stationary applications of clean power generation solutions to accelerate market growth
                               TABLE 48 US: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 49 POST-COVID-19: US: FUEL CELL MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 50 US: MARKET, BY END USER, 2016–2019 (MEGAWATT)
                               TABLE 51 POST-COVID-19: US: FUEL CELLS MARKET, BY END USER, 2020–2025 (MEGAWATT)
                               TABLE 52 US: FUEL CELL MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                               TABLE 53 POST-COVID-19: US: FUEL CELLS MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                               TABLE 54 US: FUEL CELL MARKET, BY TYPE, 2016–2019 (USD MILLION)
                               TABLE 55 POST-COVID-19:US: FUEL CELLS MARKET, BY TYPE, 2020–2025 (USD MILLION)
           9.2.7 CANADA
                    9.2.7.1 Growing dependency on fuel cells in transport applications to foster market growth in Canada
                               TABLE 56 CANADA: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 57 CANADA: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 58 CANADA: MARKET, BY END USER , 2016–2019 (MEGAWATT)
                               TABLE 59 CANADA: MARKET, BY END USER , 2020–2025 (MEGAWATT)
                               TABLE 60 CANADA: MARKET, BY TYPE, 2017–2024 (MEGAWATT)
                               TABLE 61 POST-COVID-19: CANADA: FUEL CELL MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                               TABLE 62 CANADA: FUEL CELLS MARKET, BY TYPE, 2016–2019 (USD MILLION)
                               TABLE 63 POST-COVID-19: CANADA: FUEL CELL MARKET, BY TYPE, 2020–2025 (USD MILLION)
    9.3 ASIA PACIFIC
           9.3.1 RISING USE OF MICROBES IN FUEL CELLS USED IN WATER AND WASTEWATER TREATMENT OPERATIONS TO PROPEL GROWTH OF MFCS SEGMENT
                    FIGURE 28 SNAPSHOT: ASIA PACIFIC (2019)
           9.3.2 BY APPLICATION
                    TABLE 64 ASIA PACIFIC: FUEL CELLS MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                    TABLE 65 POST-COVID-19: ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
           9.3.3 BY END USER
                    TABLE 66 ASIA PACIFIC: MARKET, BY END USER, 2016–2019 (MEGAWATT)
                    TABLE 67 POST-COVID-19: ASIA PACIFIC: MARKET, BY END USER, 2020–2025 (MEGAWATT)
           9.3.4 BY TYPE
                    TABLE 68 ASIA PACIFIC: MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                    TABLE 69 POST-COVID-19: ASIA PACIFIC: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
           9.3.5 BY COUNTRY
                    TABLE 70 ASIA PACIFIC: FUEL CELLS MARKET, BY COUNTRY, 2016–2019 (MEGAWATT)
                    TABLE 71 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2025 (MEGAWATT)
                    TABLE 72 ASIA PACIFIC: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE 73 ASIA PACIFIC: MARKET, BY COUNTRY, 2020–2025 (USD MILLION)
           9.3.6 CHINA
                    9.3.6.1 Increasing investments in fuel cell-based public transport to spur demand for fuel cells
                               TABLE 74 CHINA: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 75 POST-COVID-19: CHINA: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 76 CHINA: FUEL CELLS MARKET, BY END USER , 2017–2024 (MEGAWATT)
                               TABLE 77 POST-COVID-19: CHINA: MARKET, BY END USER, 2020–2025 (MEGAWATT)
                               TABLE 78 CHINA: FUEL CELL MARKET, BY TYPE, 2017–2024 (MEGAWATT)
                               TABLE 79 POST-COVID-19: CHINA: MARKET, BY TYPE, 2017–2024 (MEGAWATT)
                               TABLE 80 CHINA: MARKET, BY TYPE, 2016–2019 (USD MILLION)
                               TABLE 81 POST-COVID-19: CHINA: MARKET, BY TYPE, 2020–2025 (USD MILLION)
           9.3.7 JAPAN
                    9.3.7.1 Growing demand for fuel cells in portable applications to contribute to growth of market in Japan
                               TABLE 82 JAPAN: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 83 POST-COVID-19: JAPAN: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 84 JAPAN: MARKET, BY END USER , 2020–2025 (MEGAWATT)
                               TABLE 85 POST-COVID-19: JAPAN: MARKET, BY END USER, 2020–2025 (MEGAWATT)
                               TABLE 86 JAPAN: MARKET, BY TYPE, 2017–2024 (MEGAWATT)
                               TABLE 87 POST-COVID-19: JAPAN: MARKET, BY TYPE, 2017–2024 (MEGAWATT)
                               TABLE 88 JAPAN: FUEL CELLS MARKET, BY TYPE, 2017–2024 (USD MILLION)
                               TABLE 89 POST-COVID-19: JAPAN: FUEL CELL MARKET, BY TYPE, 2017–2024 (USD MILLION)
           9.3.8 SOUTH KOREA
                    9.3.8.1 Increasing importance on generating electrical power by fuel cell-based utilities to drive demand for fuel cells
                               TABLE 90 SOUTH KOREA: FUEL CELL MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 91 POST-COVID-19: SOUTH KOREA: MARKET, BY APPLICATION, 2017–2024 (MEGAWATT)
                               TABLE 92 SOUTH KOREA: MARKET, BY END USER , 2016–2019 (MEGAWATT)
                               TABLE 93 POST-COVID-19: SOUTH KOREA: MARKET, BY END USER , 2020–2025 (MEGAWATT)
                               TABLE 94 SOUTH KOREA: FUEL CELLS MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                               TABLE 95 POST-COVID-19: SOUTH KOREA: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                               TABLE 96 SOUTH KOREA: MARKET, BY TYPE, 2016–2019 (USD MILLION)
                               TABLE 97 POST-COVID-19: SOUTH KOREA: MARKET, BY TYPE, 2020–2025 (USD MILLION)
           9.3.9 REST OF ASIA PACIFIC
                    TABLE 98 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                    TABLE 99 POST-COVID-19: REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                    TABLE 100 REST OF ASIA PACIFIC: MARKET, BY END USER , 2016–2019 (MEGAWATT)
                    TABLE 101 POST-COVID-19: REST OF ASIA PACIFIC: MARKET, BY END USER, 2020–2025 (MEGAWATT)
                    TABLE 102 REST OF ASIA PACIFIC: MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                    TABLE 103 POST-COVID-19: REST OF ASIA PACIFIC: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                    TABLE 104 REST OF ASIA PACIFIC: FUEL CELLS MARKET, BY TYPE, 2016–2019 (USD MILLION)
                    TABLE 105 POST-COVID-19: REST OF ASIA PACIFIC: MARKET, BY TYPE, 2020–2025 (USD MILLION)
    9.4 EUROPE
           9.4.1 STRINGENT EMISSION NORMS TO BOLSTER DEMAND FOR CLEANER ALTERNATIVES SUCH AS FUEL CELLS
           9.4.2 BY APPLICATION
                    TABLE 106 EUROPE: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                    TABLE 107 POST-COVID-19: EUROPE: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
           9.4.3 BY END USER
                    TABLE 108 EUROPE: MARKET, BY END USER, 2016–2019 (MEGAWATT)
                    TABLE 109 POST-COVID-19: EUROPE: FUEL CELLS MARKET, BY END USER, 2020–2025 (MEGAWATT)
           9.4.4 BY TYPE
                    TABLE 110 EUROPE: MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                    TABLE 111 POST-COVID-19: EUROPE: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
           9.4.5 BY COUNTRY
                    TABLE 112 EUROPE: MARKET, BY COUNTRY, 2016–2019 (MEGAWATT)
                    TABLE 113 POST-COVID-19: EUROPE: MARKET, BY COUNTRY, 2020–2025 (MEGAWATT)
                    TABLE 114 EUROPE: MARKET, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE 115 POST-COVID-19: EUROPE: MARKET, BY COUNTRY, 2020–2025 (USD MILLION)
           9.4.6 GERMANY
                    9.4.6.1 Increasing reliance on fuel cell-powered public transport and private vehicles to stimulate demand for fuel cells in country
                               TABLE 116 GERMANY: FUEL CELLS MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 117 POST-COVID-19: GERMANY: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 118 GERMANY: MARKET, BY END USER, 2016–2019 (MEGAWATT)
                               TABLE 119 POST-COVID-19: GERMANY: MARKET, BY END USER, 2020–2025 (MEGAWATT)
                               TABLE 120 GERMANY: MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                               TABLE 121 POST-COVID-19: GERMANY: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                               TABLE 122 GERMANY: MARKET, BY TYPE, 2016–2019(USD MILLION)
                               TABLE 123 POST-COVID-19: GERMANY: MARKET, BY TYPE, 2020–2025 (USD MILLION)
           9.4.7 UK
                    9.4.7.1 Growing number of distributed generation applications of fuel cells to promote adoption of fuel cell technology in UK
                               TABLE 124 UK: FUEL CELLS MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 125 POST-COVID-19: UK: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 126 UK: FUEL CELL MARKET, BY END USER, 2016–2019 (MEGAWATT)
                               TABLE 127 POST-COVID-19: UK: MARKET, BY END USER, 2020–2025 (MEGAWATT)
                               TABLE 128 UK: MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                               TABLE 129 POST-COVID-19: UK: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                               TABLE 130 UK: FUEL CELL MARKET, BY TYPE, 2016–2019 (USD MILLION)
                               TABLE 131 POST-COVID-19: UK: MARKET, BY TYPE, 2020–2025 (USD MILLION)
           9.4.8 ITALY
                    9.4.8.1 Increasing emphasis on fuel cell-powered transport stimulate Italian market growth
                               TABLE 132 ITALY: FUEL CELL MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                               TABLE 133 POST-COVID-19: ITALY: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                               TABLE 134 ITALY: FUEL CELLS MARKET, BY END USER,  2016–2019 (MEGAWATT)
                               TABLE 135 POST-COVID-19: ITALY: MARKET,  BY END USER, 2020–2025 (MEGAWATT)
                               TABLE 136 ITALY: MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                               TABLE 137 POST-COVID-19: ITALY: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                               TABLE 138 ITALY: MARKET, BY TYPE, 2016–2019(USD MILLION)
                               TABLE 139 POST-COVID-19: ITALY: MARKET, BY TYPE, 2020–2025 (USD MILLION)
           9.4.9 REST OF EUROPE
                    TABLE 140 REST OF EUROPE: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                    TABLE 141 REST OF EUROPE: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
                    TABLE 142 REST OF EUROPE: MARKET, BY END USER , 2016–2019 (MEGAWATT)
                    TABLE 143 POST-COVID-19: REST OF EUROPE: MARKET, BY END USER , 2020–2025 (MEGAWATT)
                    TABLE 144 REST OF EUROPE: FUEL CELLS MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                    TABLE 145 POST-COVID-19: REST OF EUROPE: FUEL CELLS MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                    TABLE 146 REST OF EUROPE: MARKET, BY TYPE, 2016–2019 (USD MILLION)
                    TABLE 147 POST-COVID-19: REST OF EUROPE: MARKET, BY TYPE, 2020–2025 (USD MILLION)
    9.5 REST OF THE WORLD
           9.5.1 BY APPLICATION
                    TABLE 148 REST OF THE WORLD: MARKET, BY APPLICATION, 2016–2019 (MEGAWATT)
                    TABLE 149 POST-COVID-19: REST OF THE WORLD: MARKET, BY APPLICATION, 2020–2025 (MEGAWATT)
           9.5.2 BY END USER
                    TABLE 150 REST OF THE WORLD: MARKET, BY END USER, 2016–2019 (MEGAWATT)
                    TABLE 151 POST-COVID-19: REST OF THE WORLD: MARKET, BY END USER , 2020–2025 (MEGAWATT)
           9.5.3 BY TYPE
                    TABLE 152 REST OF THE WORLD: FUEL CELLS MARKET, BY TYPE, 2016–2019 (MEGAWATT)
                    TABLE 153 POST-COVID-19: REST OF THE WORLD: MARKET, BY TYPE, 2020–2025 (MEGAWATT)
                    TABLE 154 REST OF THE WORLD: FUEL CELLS MARKET, BY TYPE, 2016–2019 (USD MILLION)
                    TABLE 155 POST-COVID-19: REST OF THE WORLD: MARKET, BY TYPE, 2020–2025 (USD MILLION)

10 COMPETITIVE LANDSCAPE (Page No. - 138)
     10.1 OVERVIEW
               FIGURE 29 KEY DEVELOPMENTS IN THE MARKET, 2016–2020
     10.2 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET)
             10.2.1 VISIONARY LEADERS
             10.2.2 INNOVATORS
             10.2.3 DYNAMIC
             10.2.4 EMERGING
                       FIGURE 30 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET)
     10.3 MARKET SHARE, 2019
                       FIGURE 31 BALLARD POWER SYSTEMS DOMINATED THE MARKET IN 2019
     10.4 COMPETITIVE SCENARIO
             10.4.1 CONTRACTS & AGREEMENTS
             10.4.2 NEW PRODUCT LAUNCHES
             10.4.3 PARTNERSHIPS & COLLABORATIONS
             10.4.4 EXPANSIONS & INVESTMENTS

11 COMPANY PROFILES (Page No. - 146)
(Business overview, Products offered, Recent Developments, SWOT analysis, MNM view)*
     11.1 CUMMINS
               FIGURE 32 CUMMINS: COMPANY SNAPSHOT
     11.2 FUELCELL ENERGY
               FIGURE 33 FUELCELL ENERGY: COMPANY SNAPSHOT
     11.3 PLUG POWER
               FIGURE 34 PLUG POWER: COMPANY SNAPSHOT
     11.4 BALLARD POWER SYSTEMS
               FIGURE 35 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
     11.5 SFC ENERGY
               FIGURE 36 SFC ENERGY: COMPANY SNAPSHOT
     11.6 BLOOM ENERGY
               FIGURE 37 BLOOM ENERGY: COMPANY SNAPSHOT
     11.7 INTELLIGENT ENERGY
     11.8 CERES POWER
               FIGURE 38 CERES POWER: COMPANY SNAPSHOT
     11.9 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION
               FIGURE 39 TOSHIBA CORPORATION: COMPANY SNAPSHOT
     11.10 AISIN SEIKI ENERGY
               FIGURE 40 AISIN SEIKI ENERGY: COMPANY SNAPSHOT
     11.11 HORIZON FUEL CELL
     11.12 NUVERA
     11.13 MITSUBISHI HITACHI POWER SYSTEM
     11.14 DOOSAN FUEL CELL AMERICA
     11.15 AFC ENERGY
     11.16 OTHER COMPANIES
               11.16.1 KYOCERA
               11.16.2 SOLID POWER
               11.16.3 ALTERGY
               11.16.4 MICRORGANIC TECHNOLOGIES
               11.16.5 SAINERGY
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.
     11.17 ANNEXURE

12 ADJACENT AND RELATED MARKETS (Page No. - 191)
     12.1 INTRODUCTION
     12.2 LIMITATIONS
     12.3 FUEL CELL INTERCONNECTED MARKETS
     12.4 SOLID OXIDE FUEL CELL MARKET
             12.4.1 MARKET DEFINITION
             12.4.2 MARKET OVERVIEW
             12.4.3 SOLID OXIDE FUEL CELL MARKET, BY TYPE
                       12.4.3.1 Planar
                                   TABLE 156 PLANAR MARKET SIZE, BY COUNTRY, 2015–2025 (KW)
                                   TABLE 157 PLANAR MARKET SIZE, BY COUNTRY, 2015–2025 (USD MILLION)
     12.5 TUBULAR
               TABLE 158 TUBULAR MARKET SIZE, BY COUNTRY, 2015–2025 (KW)
               TABLE 159 TUBULAR MARKET SIZE, BY COUNTRY, 2015–2025 (USD THOUSAND)
             12.5.1 SOLID OXIDE FUEL CELL MARKET, BY REGION
                       TABLE 160 SOLID OXIDE FUEL CELL MARKET SIZE, BY REGION, 2015–2025 (KW)
                       TABLE 161 SOLID OXIDE FUEL CELL MARKET SIZE, BY REGION, 2015–2025 (USD MILLION)
                       TABLE 162 SOLID OXIDE FUEL CELL MARKET SIZE, BY COUNTRY, 2015–2025 (KW)
                       TABLE 163 SOLID OXIDE FUEL CELL MARKET SIZE, BY COUNTRY, 2015–2025 (USD MILLION)
     12.6 DIRECT METHANOL FUEL CELL MARKET
             12.6.1 MARKET DEFINITION
             12.6.2 LIMITATIONS
             12.6.3 MARKET OVERVIEW
             12.6.4 DIRECT METHANOL MARKET, BY APPLICATION
     12.7 PORTABLE DIRECT METHANOL FUEL CELLS MARKET
             12.7.1 BY REGION
                       TABLE 164 PORTABLE DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (USD MILLION)
                       TABLE 165 PORTABLE DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (KW)
                       TABLE 166 PORTABLE DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (UNITS SHIPPED)
             12.7.2 BY COMPONENT
                       TABLE 167 PORTABLE DIRECT METHANOL MARKET SIZE, BY COMPONENT, 2013–2020 (USD MILLION)
     12.8 STATIONARY DIRECT METHANOL MARKET
             12.8.1 BY REGION
                       TABLE 168 STATIONARY DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (USD MILLION)
                       TABLE 169 STATIONARY DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (KW)
                       TABLE 170 STATIONARY DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (UNITS SHIPPED)
             12.8.2 BY COMPONENT
                       TABLE 171 STATIONARY DIRECT METHANOL MARKET SIZE, BY COMPONENT, 2013–2020 (USD MILLION)
     12.9 TRANSPORTATION DIRECT METHANOL MARKET
             12.9.1 BY REGION
                       TABLE 172 TRANSPORTATION DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (USD MILLION)
                       TABLE 173 TRANSPORTATION DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (KW)
                       TABLE 174 TRANSPORTATION DIRECT METHANOL MARKET SIZE, BY REGION, 2013–2020 (UNITS SHIPPED)
             12.9.2 BY COMPONENT
                       TABLE 175 TRANSPORTATION DIRECT METHANOL MARKET SIZE, BY COMPONENT, 2013–2020 (USD MILLION)
             12.9.3 DIRECT METHANOL FUEL CELLS MARKET, BY REGION
                       12.9.3.1 Asia Pacific
                                   TABLE 176 ASIA PACIFIC: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (USD MILLION)
                                   TABLE 177 ASIA PACIFIC: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (KW)
                                   TABLE 178 ASIA PACIFIC: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (UNITS SHIPPED)
                       12.9.3.2 North America
                                   TABLE 179 NORTH AMERICA: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (USD MILLION)
                                   TABLE 180 NORTH AMERICA: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (KW)
                                   TABLE 181 NORTH AMERICA: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (UNITS SHIPPED)
                       12.9.3.3 Europe
                                   TABLE 182 EUROPE: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (USD MILLION)
                                   TABLE 183 EUROPE: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (KW)
                                   TABLE 184 EUROPE: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (UNITS SHIPPED)
                       12.9.3.4 Rest of the World
                                   TABLE 185 REST OF THE WORLD: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (USD MILLION)
                                   TABLE 186 REST OF THE WORLD: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (KW)
                                   TABLE 187 REST OF THE WORLD: DIRECT METHANOL MARKET, BY APPLICATION, 2013–2020 (UNITS SHIPPED)

13 APPENDIX (Page No. - 209)
     13.1 INSIGHTS OF INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATIONS
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

The global fuel cells market has been analysed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. This study involved four major activities in estimating the current size of the market. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through rigorous primary research. Both top-down and bottom-up approaches were used to estimate the total market size. The market breakdown and data triangulation techniques were employed to estimate the market size of the segments and the corresponding subsegments.

Secondary Research

This research study involved the use of extensive secondary sources, directories, and databases such as Hoovers, Bloomberg, BusinessWeek, Factiva, IEA, E4 Tech, and OneSource, to identify and collect information useful for this technical, market-oriented, and commercial study of the 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 various companies & association databases. Secondary research was mainly used to obtain key information about the project list, cost of technologies, identification of key players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.

Primary Research

The Fuel Cells market comprises several stakeholders such as companies related to the automotive, energy generation industries, consulting companies in the energy & power sector, power generation companies, government & research organizations, organizations, forums, alliances & associations, Advances in Fuel Cell Technology’ providers, state & national utility authorities, Advances in Fuel Cell Technology’ manufacturers, dealers & suppliers, and vendors. The demand side of the market is characterized by utilities and industrial companies, investments by key end-users such as fuel cell vehicles, utilities, and defense. Utilities and defense segments are divided further into primary power generation and back-up power, and for powering communication equipment during remote military operations, respectively. Moreover, demand is also driven by rising investments in industrial projects across the globe. The supply side is characterized by the increasing demand for contracts & agreements 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. The breakdown of primary respondents is given below:

Fuel Cells 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 have been used to estimate and validate the size of the global fuel cells market, the advances in fuel cells technology and its dependent submarkets. 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 have been identified through extensive secondary research, and their market shares in the respective regions have been determined through both primary and secondary research.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size, using the market size estimation processes as explained abov; the market was split into several segments and subsegments. To complete the entire market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the Fuel Cells sector.

Report Objectives

  • To define, describe, and forecast the global fuel cell market and the advacnes in fuel cell technology market based on application, type, end user , and region.
  • To provide detailed information regarding the major factors influencing the growth of the Advances in Fuel Cell Technology market (drivers, restraints, opportunities, and industry-specific challenges)
    • To forecast the market size with respect to four main regions, namely, North America, Europe, Asia Pacific, and Rest of the World, along with country-level analysis, in terms of value.
    • To strategically analyze the Fuel Cells market with respect to individual growth trends, future prospects, and contributions of each segment to the market growth.
    • To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders.
    • To benchmark players within the market using the proprietary Vendor DIVE framework, which analyzes the market players on various parameters within the broad categories of business and product strategies
  • To track and analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the advances in fuel cell technology market.
  • To provide the post-pandemic estimation of the fuel cell technology market size and analyze the impact of the outbreak of the COVID-19 pandemic on advances in fuel cell technology.

Available Customizations:

With the given market data, MarketsandMarkets offers customizations as per the client’s specific needs. The following customization options are available for this report:

Regional Analysis

  • Further breakdown of region or country-specific analysis

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)
COVID-19

Get in-depth analysis of the COVID-19 impact on the Fuel Cells Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Fuel Cells Market

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