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 2024

Report Code: EP 2762 Nov, 2019, by marketsandmarkets.com

[145 Pages Report] The global fuel cells market size is projected to reach USD 1,059 million by 2024 from an estimated value of USD 342 million in 2019, growing at a CAGR of 25.4% during the forecast period. 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 Cell Technology Market

Proton Exchange Membrane Fuel Cell (PEMFC) is expected to be the largest contributor to the advances in fuel cell technology market, by type, during the forecast period

The fuel cells 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 2018.
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.

The transport segment is expected to be the fastest-growing market during the forecast period

The advances in fuel cell technology 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.

Fuel cell vehicles are expected to be the fastest-growing end-user during the forecast period

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 Cell Technology Market

Asia Pacific is expected to be the largest advances in fuel cell technology market during the forecast period

In this report, the fuel cells 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 2019 to 2024 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.

Key Market Players

The major players in the advances in fuel cell technology market are Ballard Power Systems (Canada), Hydrogenics (Canada), SFC Energy (Germany), Bloom Energy (US), Plug Power (US), and Fuel Cell Energy (US).

Ballard Power Systems offers fuel cells based on Proton-Exchange Membrane (PEM) technology. One of the key focus of Ballard Power System’s product development division is fuel cell vehicles. For instance, Ballard Power signed more than eight contracts for providing its fuel cell technology with companies such as Behala (Germany), Norled A/S (Norway), Nisshinbo Holdings (Japan), Van Hool NV (Belgium). The company also has a strong emphasis on enhancing its product portfolio for fuel cell-powered vehicles and utilities. For instance, it launched four new products from December 2017 to June 2019 corresponding to fuel cell vehicles, with a particular focus on UAV and heavy-duty transport vehicles. The company also has a joint venture with multiple companies such as Nisshinbo Holdings and Wechai Power, among others, that helps in enhancing its operational presence in China. For instance, Ballard Power has signed a partnership with Wechai Power, which enables it to improve its manufacturing capabilities and also focus on multiple automotive research and product development programs.

Another major player in the advances in fuel cell technology market is Hydrogenics. The company offers fuel cells based on Proton Exchange Membrane (PEM) technology, and its key strategy is to focus on growing investment and operations of fuel cell vehicles, specifically in regions such as Asia Pacific and Europe. For instance, the company signed a partnership with SinoHytec (China) in June 2016 for enhancing and co-development of new fuel cell-based power systems for the Chinese market, which can be integrated into buses and trucks from several leading vehicle manufacturers in China. Likewise, it signed several contracts with companies such as ASKO (Norway), Golden Gate Zero Emission Marine (US), and Blue-G New Energy Science and Technology Corporation (China) for providing fuel cells for marine and on-ground vehicle propulsion applications during June 2017 to December 2018.

Scope of the report

Report Metric

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

Forecast units

Value (USD)

Segments covered

Type, application, end-user, and region

Geographies covered

Asia Pacific, North America, Europe, and Rest of the World (RoW)

Companies covered

Ballard Power (Canada), Hydrogenics (Canada), SFC Energy (Germany), Bloom Energy (US), Horizon Fuel Cell (Singapore), Plug Power (US), and FuelCell Energy (US)

This research report categorizes the Fuel Cells market by type, application, end-user, and region.

By type:

  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Alkaline Fuel Cell (AFC)
  • Microbial Fuel Cell (MFC)

By application:

  • Transport
  • Portable
  • Stationary

By end-user:

  • Fuel Cell Vehicles
  • Utilities
  • Defense

By region:

  • Asia Pacific
  • North America
  • Europe
  • Rest of the World (RoW)

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.

Key Questions Addressed by the Report

  • Which revolutionary technology trends are expected over the next five years?
  • Which elements of the advances in fuel cell technology market are expected to lead by 2024?
  • Which type of advances in fuel cell technology is likely to get the maximum opportunity to grow during the forecast period?
  • Which region is expected to lead with the highest market share by 2024?
  • How are companies implementing organic and inorganic strategies to gain an increase in the market share?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Definition
           1.2.1 Fuel Cells Market Terminology, By Type
           1.2.2 Fuel Cells Market, By Application: Inclusions & Exclusions
           1.2.3 Fuel Cells Market, By Capacity: Inclusions & Exclusions
           1.2.4 Fuel Cells Market, By End Use: Inclusions & Exclusions
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Regional Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Break-Up of Primaries
    2.2 Scope
    2.3 Market Size Estimation
           2.3.1 Demand-Side Analysis
                    2.3.1.1 Key Assumptions
                    2.3.1.2 Calculations
           2.3.2 Forecast
           2.3.3 Supply-Side Analysis
                    2.3.3.1 Assumptions and Calculations

3 Executive Summary (Page No. - 30)

4 Premium Insights (Page No. - 34)
    4.1 Attractive Opportunities in the Fuel Cells Market During the Forecast Period
    4.2 Fuel Cells Market, By Region
    4.3 Asia Pacific Fuel Cells Market, By Country and Application
    4.4 Fuel Cells Market, By End Use
    4.5 Fuel Cells Market, By Application

5 Market Overview (Page No. - 37)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Government Subsidies for Fuel Cell Programs
                    5.2.1.2 Growing Investments in R&D Activities of Fuel Cell Technology
                    5.2.1.3 Increasing Focus on Clean Energy Generation for Transportation & Power Generation
           5.2.2 Restraints
                    5.2.2.1 Expensive Catalyst
                    5.2.2.2 Lack of Hydrogen Infrastructure
           5.2.3 Opportunities
                    5.2.3.1 The Growth Potential for the Fuel Cells Market Lies in Distributed Generation Applications
                    5.2.3.2 Fuel Flexibility
           5.2.4 Challenges
                    5.2.4.1 Increasing Investment in Battery & Renewable Technology Integration
                    5.2.4.2 Onboard Storage of Hydrogen

6 Fuel Cells Market, By End User (Page No. - 42)
    6.1 Introduction
    6.2 Fuel Cell Vehicles
           6.2.1 Increasing Focus on Reducing Pollution From Heavy-Duty Vehicles to Drive the Growth of the Fuel Cell Vehicles Segment
    6.3 Utilities
           6.3.1 Increasing Need for Clean Energy Generation Solutions is Projected to Drive the Growth of the Fuel Cell Segment
    6.4 Defense
           6.4.1 Increasing Need for Portable and Reliable Power Sources is A Key Factor Driving the Growth of the Defense Segment

7 Fuel Cells Market, By Application (Page No. - 47)
    7.1 Introduction
    7.2 Portable
           7.2.1 The Need for Electricity to Power Equipment in the Defense Sector and for Recreational Activities is Driving the Growth of the Portable Segment
    7.3 Stationary
           7.3.1 Focus on Hydrogen-Powered Fuel Cells for Backup Power is Projected to Drive the Market for Stationary Fuel Cells
    7.4 Transport
           7.4.1 Increasing Use of Fuel Cells for Operating Heavy-Duty Vehicles is Projected to Drive the Market Growth

8 Fuel Cells Market, By Type (Page No. - 52)
    8.1 Introduction
    8.2 Proton Exchange Membrane Fuel Cell (PEMFC)
           8.2.1 Increasing Demand for Fuel Cell Vehicles is Projected to Drive the Growth of the PEMFC Segment
    8.3 Phosphoric Acid Fuel Cell (PAFC)
           8.3.1 Enhanced Stationary Applications is A Key Factor Contributing to the Growth of the PAFC Segment
    8.4 Alkaline Fuel Cell (AFC)
           8.4.1 Increasing Dependence on Fuel Cells for Transport and Aerospace Applications is Projected to Drive the Market for AFC
    8.5 Microbial Fuel Cell (MFC)
           8.5.1 Increasing Use of Microbes for Fuel Cell Operations in Water and Wastewater Treatment Industries to Drive the Growth of the MFC Segment
    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. - 58)
    9.1 Introduction
    9.2 North America
           9.2.1 Increasing Demand for Fuel Cell Vehicles and Clean Energy Generation is Projected to Drive the Market Growth in North America
           9.2.2 US
                    9.2.2.1 Increasing Stationary Applications Fort Clean Power Generation is Projected to Drive the Growth of the Fuel Cells Market
           9.2.3 Canada
                    9.2.3.1 Increasing Dependency on Fuel Cells for Transport is A Key Factor That is Projected Drive the Demand for Fuel Cells in the Region
    9.3 Asia Pacific
           9.3.1 Increasing Use of Microbes for Fuel Cells in Water and Wastewater Treatment Operations to Drive the Growth of the MFCs Segment
           9.3.2 China
                    9.3.2.1 Increasing Investments in Fuel Cell-Based Public Transport is Projected to Drive the Demand for Fuel Cells
           9.3.3 Japan
                    9.3.3.1 Increase in Fuel Cell-Based Portable Applications is Projected to Contribute to the Growth of the Fuel Cells Market in the Country
           9.3.4 South Korea
                    9.3.4.1 Increasing Importance on Generating Electrical Power By Fuel Cell-Based Utilities is Projected to Drive the Demand for Fuel Cells
           9.3.5 Rest of Asia Pacific
    9.4 Europe
           9.4.1 Stringent Emission Norms for Carbon Emission is Projected to Drive the Demand for Cleaner Alternatives Such as Fuel Cells
           9.4.2 Germany
                    9.4.2.1 Increasing Reliance of Public Transport and Private Vehicles on Fuel Cells is A Key Factor That is Projected to Drive the Demand for Fuel Cells in the Country
           9.4.3 UK
                    9.4.3.1 Growth of Fuel Cell-Based Distributed Generation Application is A Key Factor That is Projected to Drive the Adoption of Fuel Cell Technology in the Country
           9.4.4 Italy
                    9.4.4.1 Increased Emphasis on Fuel Cell-Powered Transport is Driving the Market in the Country
           9.4.5 Rest of Europe
    9.5 Rest of the World

10 Competitive Landscape (Page No. - 88)
     10.1 Overview
     10.2 Competitive Leadership Mapping (Overall Market)
             10.2.1 Visionary Leaders
             10.2.2 Innovators
             10.2.3 Dynamic
             10.2.4 Emerging
     10.3 Market Share, 2018
     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. - 96)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)* 
     11.1 Hydrogenics
     11.2 Fuelcell Energy
     11.3 Plug Power
     11.4 Ballard Power Systems
     11.5 SFC Energy
     11.6 Bloom Energy
     11.7 Intelligent Energy
     11.8 Ceres Power
     11.9 Toshiba Energy Systems & Solutions Corporation
     11.1 Aisin Seiki Energy
     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
     11.17 Annexure
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies. 

12 Appendix (Page No. - 137)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Available Customizations
     12.5 Related Reports
     12.6 Author Details


List of Tables (81 Tables)

Table 1 Fuel Cells Market Snapshot
Table 2 Fuel Cells Market Size, By End Use, 2017-2024 (Megawatt)
Table 3 Fuel Cell Vehicles: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 4 Utilities: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 5 Defense: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 6 Fuel Cells Market Size, By Application, 2017–2024 (Units)
Table 7 Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 8 Portable: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 9 Stationary: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 10 Transport: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 11 Fuel Cells Market Size, By Type, 2017–2024 (Units)
Table 12 Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 13 PEMFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 14 PAFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 15 AFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 16 MFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 17 Fuel Cells Market Size, By Region, 2017–2024 (Units)
Table 18 Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 19 Fuel Cells Market Size, By Region, 2017–2024 (USD Million)
Table 20 North America: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 21 North America: Fuel Cells Market Size, By Country, 2017–2024 (Megawatt)
Table 22 North America: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 23 North America: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 24 North America: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 25 North America: Fuel Cells Market Size, By Country, 2017–2024 (USD Million)
Table 26 US: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 27 US: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 28 US: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 29 US: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 30 Canada: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 31 Canada: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 32 Canada: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 33 Canada: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 34 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 35 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (Megawatt)
Table 36 Asia Pacific: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 37 Asia Pacific: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 38 Asia Pacific: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 39 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (USD Million)
Table 40 China: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 41 China: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 42 China: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 43 China: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 44 Japan: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 45 Japan: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 46 Japan: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 47 Japan: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 48 South Korea: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 49 South Korea: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 50 South Korea: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 51 South Korea: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 52 Rest of Asia Pacific: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 53 Rest of Asia Pacific: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 54 Rest of Asia Pacific: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 55 Rest of Asia Pacific: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 56 Europe: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 57 Europe: Fuel Cells Market Size, By Country, 2017–2024 (Megawatt)
Table 58 Europe: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 59 Europe: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 60 Europe: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 61 Europe: Fuel Cells Market Size, By Country, 2017–2024 (USD Million)
Table 62 Germany: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 63 Germany: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 64 Germany: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 65 Germany: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 66 UK: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 67 UK: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 68 UK: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 69 UK: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 70 Italy: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 71 Italy: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 72 Italy: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 73 Italy: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 74 Rest of Europe: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 75 Rest of Europe: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 76 Rest of Europe: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 77 Rest of Europe: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)
Table 78 Rest of the World: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 79 Rest of the World: Fuel Cells Market Size, By End Use, 2017–2024 (Megawatt)
Table 80 Rest of the World: Fuel Cells Market Size, By Type, 2017–2024 (Megawatt)
Table 81 Rest of the World: Fuel Cells Market Size, By Type, 2017–2024 (USD Million)


List of Figures (34 Figures)

Figure 1 Fuel Cells Market: Research Design
Figure 2 Main Metrics Considered While Constructing and Assessing the Demand for the Fuel Cells Market
Figure 3 Year-On-Year Capacity Addition of Various Fuel Cell Technologies is A Key Capacity Determining Factor for the Market
Figure 4 Total Number of New Fuel Cell Projects is A Major Factor Driving the Growth of the Global Fuel Cells Market
Figure 5 North America Dominated the Fuel Cells Market in 2018
Figure 6 Fuel Cell Vehicles Segment to Account for the Largest Share in the Fuel Cells Market, on the Basis of End Use, During the Forecast Period
Figure 7 Transport Segment to Drive the Fuel Cells Market, on the Basis of Application, During the Forecast Period
Figure 8 PEMFC Segment to Drive the Fuel Cells Market, on the Basis of Type, During the Forecast Period
Figure 9 PEMFC and Its Advancements are the Key Factors Driving the Fuel Cells Market During 2019–2024
Figure 10 Asia Pacific Fuel Cells Market is Projected to Grow at the Highest CAGR During the Forecast Period
Figure 11 Transport Segment and China Dominated the Asia Pacific Fuel Cells Market in 2018
Figure 12 Fuel Cell Vehicles Segment is Projected to Dominate the Fuel Cells Market, on the Basis of End Use, By 2024
Figure 13 Transport Segment is Projected to Dominate the Fuel Cells Market, on the Basis of Application, By 2024
Figure 14 Fuel Cells: Market Dynamics
Figure 15 Percentage Rise in Global Investments in the Field of Renewable Energy
Figure 16 Fuel Cells Market (Megawatt), By End Use, 2018
Figure 17 Fuel Cells Market (Megawatt),By Application, 2018
Figure 18 Fuel Cells Market (Megawatt), By Type, 2018
Figure 19 North America Accounted for the Largest Share of Fuel Cells Market in 2018
Figure 20 Fuel Cells Market (USD Million), By Region, 2018
Figure 21 Snapshot: North America
Figure 22 Snapshot: Asia Pacific
Figure 23 Key Developments in the Fuel Cells Market, 2016–2019
Figure 24 Competitive Leadership Mapping (Overall Market)
Figure 25 Ballard Power Systems Dominated the Fuel Cells Market in 2018
Figure 26 Hydrogenics: Company Snapshot
Figure 27 Fuelcell Energy: Company Snapshot
Figure 28 Plug Power: Company Snapshot
Figure 29 Ballard Power Systems: Company Snapshot
Figure 30 SFC Energy: Company Snapshot
Figure 31 Bloom Energy: Company Snapshot
Figure 32 Ceres Power: Company Snapshot
Figure 33 Toshiba Corporation: Company Snapshot
Figure 34 Aisin Seiki Energy: Company Snapshot

This study involved four major activities in estimating the current size of the Fuel Cells 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 US DoE data, industry publications, several newspaper articles, Statista Industry Journal, Factiva, and Fuel Cell Technology’ journals to identify and collect information useful for a technical, market-oriented, and commercial study of the fuel cells and the advances in fuel cell technology 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 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 Cell Technology Market

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 above-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 type, voltage, component, standard, 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 strategically analyze the Fuel Cells market with respect to individual growth trends, future prospects, and contributions of each segment to the market
  • 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 Fuel Cells Market

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)
Report Code
EP 2762
Published ON
Nov, 2019
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