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
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

Request For Special Pricing

[145 Pages Report] MarketsandMarkets forecasts the global fuel cells market size to reach USD 1,059 million by 2024 from an estimated market size of USD 342 million in 2019, at a compounded annual growth rate CAGR of 25.4% during the forecast period. The major factors driving the fuel cells market include the growing demand to decarbonize energy end-use, government regulation for desulphurization of refinery activities, and increased demand for hydrogen in the transportation sector. The objective of the report is to define, describe, and forecast the global fuel cells market by application, type, output and region.

Fuel Cell Technology Market

By end-user, fuel cell vehicles segment is expected to dominate the market for fuel cells during the forecast duration

The report segments the Fuel Cells market, by end-user, into fuel cell vehicles, utilities, and defense. In recent years, the use of fuel cells in these end-user operations has increased significantly due to the rise in the adoption of fuel cell vehicles. In the utilities segment, providing back-up power and primary generation are the key applications of a fuel cell. In the defense sector, transportable fuel cells have helped army personnel in countries, such as the US, Germany, and China, to generate power and operate communication devices.

By application, the transport segment is expected to grow at the highest CAGR during the forecast period

The transport application segment is expected to grow at the highest rate during the forecast period. The market growth in this segment can be attributed to the increase in fuel cell vehicle sales including FCEV and fuel cell buses in North America and Asia Pacific regions. Countries such as Japan, China, and South Korea have proposed strong fuel cell-based vehicle implementation commitments to reduce the growing dependency on gasoline fuel imports. Moreover, the development of supporting infrastructure such as hydrogen refueling stations is also expected to drive the market in these regions.

By PEMFC segment is expected to grow at the highest CAGR during the forecast period

PEMFC is one of the major types of fuel cells that offer various advantages, such as high operational efficiency and convenience in operations. It is a widely used fuel cell and accounts for a market share of nearly 90.7% in 2018. It is used for various applications and operates at a lower temperature. Currently, the available PEMFC fuel cells offer 1,500 to 3,000 hours of life and 40%–50% of electrical efficiency.

Fuel Cell Technology Market

North America to account for the largest market size during the forecast period.

North America is the second-largest producer and consumer of crude oil, globally. The refinery throughput in the region in 2018 was the second-largest in the world, after Asia Pacific. In the region, the US accounted for the largest share of 93.8% in 2018 in the advances in fuel cells market. The US accounted for 16,962 thousand barrels per day refinery throughput in 2018. Policies are being framed to research and encourage the usage of clean fuels such as hydrogen for various energy requirements. For instance, in the US, the Hydrogen and Fuel Cell Technical Advisory Committee (HTAC) was established under Section 807 of the Energy Policy Act of 2005 to provide technical and programmatic advice to the Energy Secretary on Department of Energy’s (DOE) hydrogen research.

Market Dynamics

Driver: Government subsidies for fuel cell programs

Burning fossil fuels is the primary method to generate power for electrical purposes and vehicle propulsion globally. However, these methods increasingly contribute to pollution. To overcome this, the reliance on clean energy is increasing, as the need for electrical energy and transportation systems is rising. This issue was also addressed in the Paris agreement, where nearly 174 countries agreed to reduce their carbon footprint to ensure that the global temperature rise stabilizes at 1.5 degrees Celsius without compromising on the increasing electricity demand.

In countries such as China, Japan, and the US, governments are offering special subsidies to the buyers of fuel cell-powered vehicles and are focusing on targets to be achieved on the basis of the number of cars powered by fuel cells that will operate on the roads by a certain year. For instance, China is offering a subsidy of nearly USD 22,000 on a single fuel cell-powered car and aims to provide the market with 50,000 by 2025. China plans to scrape its subsidy by the end of 2020. However, with the increase in subsidies globally and enhanced technology solutions, the reduced cost of fuel cell vehicles is projected to drive the growth of the advances in fuel cell technology market.

Restraint:  Expensive catalyst

Catalysts are an important part of the fuel cell and can enhance the working range of a fuel cell by up to 46% by increasing the power density. Some of the most common fuel cells are DMFC, PAFC, and PEM, which rely on rare earth metals such as platinum for enhancing the reaction rate. Rare earth metals are expensive, and their use increases the overall cost of the fuel cell. The cost of platinum, according to the same report, was nearly USD 1500 per troy ounce. The cost of catalysts used by a fuel cell is nearly 26% of the total cost when a number of 1000 systems are produced per year. However, when the number of systems produced increase to 500,000 per year, the cost of catalysts rises to nearly 41% of the total cost of the fuel cell. The high cost of catalysts is projected to inhibit the growth of the fuel cells market during the forecast period.

Opportunity: The growth potential for fuel cell technology market is distributed generation applications

Increasing emphasis on renewable sources of energy, such as solar PV and wind energy, has created instabilities in the electrical systems, which leaves a vast gap in the demand and supply of electricity. To overcome this gap between the demand and supply of power, authorities have started focusing on distributed generation solutions. In the UK, the authorities are offering special incentives to the companies that generate power at its place of consumption. However, these incentives are offered only to the companies that are adopting distributed generation on low-carbon emitting fuels, such as natural gas. With the increased focus on cleaner technologies, such as fuel cell and solar PV, the authorities are now focusing on providing incentives for fuel cell-based distributed generation systems.

As fuel cells operate at higher temperatures, they can be used for CHP (combined heat and power) generation more effectively, which is a major factor that has led to the increasing need for measuring the efficiency of fuel cells in electrical as well as heat and power equipment. Fuel cells offer an efficiency of nearly 60% in electrical applications and nearly 80%–90% in combined power applications. ENE-FARM has supported the deployment of over 120,000 residential fuel cell units and is focusing on providing evidence that long-term public-private partnerships can encourage the adoption of new technology solutions in the market. Companies such as SFC Energy, Toshiba Energy Services & Solutions Corporation, and Solid Power are offering products for the individual (off-grid power) CHP solutions. This end-user is projected to drive the growth of the advances in fuel cell technology market at a considerable pace in the near future.

Challenge: On board storage of hydrogen

Hydrogen is highly flammable and burns as soon as it comes in contact with air. When hydrogen is in gaseous form, it has to be handled carefully since it can burn the moment it leaks. Currently, most of the hydrogen is consumed as a chemical by industries. However, the use of hydrogen as a fuel has raised safety concerns. There are codes and standards for using hydrogen as a fuel in fuel cells for automobiles, portable, and stationary applications. For instance, US-based trade association National Fire Protection Association (NFPA) has laid the ‘Standard for the Installation of Stationary Fuel Cell Power Systems’. However, the usage of hydrogen as a fuel is still in the initial stages. Hence, these codes and standards can inhibit the deployment of hydrogen fuel applications.

Fuel Cell Technology Market

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, Hydrogenics, SFC Energy, Bloom Energy, Horizon Fuel Cell, Plug Power, and  FuelCell Energy

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

By type:

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)

Key Market Players

Fuel cells market consists of a few leading players, such as Ballard Power Systems, Hydrogenics, Fuel Cell Energy, Intelligent Energy, SFC Energy, and Plug Power, due to the advantage of their high-end technological solutions. The other players in the market include Toshiba Energy Systems & Solution Corporation, Mitsubishi Hitachi Power Systems, Aisin Seiki Co., Bloom Energy, Ceres Power, Kyocera, SOLIDpower, Doosan Fuel Cell America, Horizon Fuel cell, Altergy, Nuvera, AFC Energy, Microrganic Technologies, Sainergy, and Arcola Energy Ltd. The chart given below provides the ranking of the key players in the market.  

Hydrogenics is one of the leading providers of hydrogen generation, energy storage, and fuel cell products. The company mainly operates in two business segments, namely, on-site generation and power systems. It offers fuel cells for various operations through its power systems business segment, and it mainly focuses on developing fuel cell-based transportation vehicles. The company has a key clientele for its fuel cell business across industries, such as telecom, utilities, marine, and automotive.

Hydrogenics offers fuel cells based on proton exchange membrane (PEM) technology, and its key strategy is to focus on increasing its investments and operations of fuel cell vehicles, particularly in regions such as Asia Pacific and Europe. For instance, the company has signed a partnership deal with SinoHytec (China), for enhancing and co-development of new fuel cell-based power systems for the Chinese market, which can be integrated into buses and trucks by 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.

Hydrogenics has a global presence with manufacturing plants in Canada, China, and Belgium, with satellite facilities in Germany and the US, and operational offices in Russia and Indonesia. In order to strengthen its product offering in the US, the company enhanced its presence by opening a new facility in California and focuses on integrating the hydrogen fuel cell systems into heavy-duty truck and bus platforms.

Recent Developments

  • In December 2018, Hydrogenics signed a contract for delivering hydrogen fuel cell power systems. These fuel cells and supporting systems were installed in a new lightweight aircraft. The electric air mobility vehicle is used for daily commuting and other applications. During 2019, the company will develop and supply an ultra-light fuel cell system, which will be the main propulsion unit for this aircraft.
  • In September 2018, Hydrogenics entered into a contract with GTI and TransPower for supplying six heavy-duty fuel cell power modules. These fuel cells were scheduled to be deployed in Class 8 Navistar drayage trucks, which operated in Southern California.
  • In October 2018, Hydrogenics opened a new facility in Carlsbad, California (US). The facility mainly focused on integrating hydrogen fuel cell systems into heavy-duty trucks and buses for customers in California. This manufacturing facility helped the company to strengthen its position in the US market.

Critical questions the report answers:

  • Where will all these developments take the industry in the long term?
  • What are the upcoming trends for the Fuel Cells market?
  • Which segment provides the most opportunity for growth?
  • Who are the leading manufacturers operating in this market?
  • What are the opportunities for new market entrants?

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

Table of Contents

1 Introduction (Page No. - 15)
    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. - 21)
    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. - 29)

4 Premium Insights (Page No. - 33)
    4.1 Attractive Opportunities in the Fuel Cells Market During the Forecast Period
    4.2 Fuel Cell 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. - 36)
    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. - 41)
    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. - 46)
    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. - 51)
    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 Solid Oxide Fuel Cell
           8.6.1 Increasing Demand for Clean Power Generation is Driving the Market for SOFC
    8.7 Molten Carbonate Fuel Cell
           8.7.1 Augmented Need for Combined Heat and Power Applications is Expected to Drive the Market for MCFC
    8.8 Direct Methanol Fuel Cell
           8.8.1 Enhanced Need for Portable Power Generation is Increasing the Demand for DMFC
    8.9 Key Upcoming Technologies
           8.9.1 Direct Carbon Fuel Cell (DCFC)
           8.9.2 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)
     11.1 Hydrogenics
             11.1.1 Business Overview
             11.1.2 Product Offerings
             11.1.3 Recent Developments
             11.1.4 SWOT Analysis
     11.2 Fuelcell Energy
             11.2.1 Business Overview
             11.2.2 Product Offerings
             11.2.3 Recent Developments
             11.2.4 SWOT Analysis
     11.3 Plug Power
             11.3.1 Business Overview
             11.3.2 Product Offerings
             11.3.3 Recent Developments
             11.3.4 SWOT Analysis
     11.4 Ballard Power Systems
             11.4.1 Business Overview
             11.4.2 Product Offerings
             11.4.3 Recent Developments
             11.4.4 SWOT Analysis
     11.5 SFC Energy
             11.5.1 Business Overview
             11.5.2 Product Offerings
             11.5.3 Recent Developments
             11.5.4 SWOT Analysis
     11.6 Bloom Energy
             11.6.1 Business Overview
             11.6.2 Product Offerings
             11.6.3 Recent Developments
             11.6.4 SWOT Analysis
     11.7 Intelligent Energy
             11.7.1 Business Overview
             11.7.2 Product Offerings
             11.7.3 Recent Developments
             11.7.4 SWOT Analysis
     11.8 Ceres Power
             11.8.1 Business Overview
             11.8.2 Product Offerings
             11.8.3 Recent Developments
     11.9 Toshiba Energy Systems & Solutions Corporation
             11.9.1 Business Overview
             11.9.2 Product Offerings
             11.9.3 Recent Developments
     11.10 Aisin Seiki Energy
             11.10.1 Business Overview
     11.11 Horizon Fuel Cell
             11.11.1 Business Overview
             11.11.2 Product Offerings
             11.11.3 Recent Developments
     11.12 Nuvera
             11.12.1 Business Overview
             11.12.2 Product Offerings
             11.12.3 Recent Developments
     11.13 Mitsubishi Hitachi Power System
             11.13.1 Business Overview
             11.13.2 Product Offerings
             11.13.3 Recent Developments
     11.14 Doosan Fuel Cell America
             11.14.1 Business Overview
             11.14.2 Product Offerings
             11.14.3 Recent Developments
     11.15 AFC Energy
             11.15.1 Business Overview
             11.15.2 Product Offerings
             11.15.3 Recent Developments
             11.15.4 Product Offerings
     11.16 Other Companies
             11.16.1 Kyocera
             11.16.2 Solidpower
             11.16.3 Altergy
             11.16.4 Microrganic Technologies
             11.16.5 Sainergy
     11.17 Annexure

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 (84 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 Cell 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: Market Size, By Region, 2017–2024 (Megawatt)
Table 15 AFC: Market Size, By Region, 2017–2024 (Megawatt)
Table 16 MFC: Market Size, By Region, 2017–2024 (Megawatt)
Table 17 SOFC: Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 18 MCFC: Fuel Cell Market Size, By Region, 2017–2024 (Megawatt)
Table 19 DMFC : Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 20 Fuel Cells Market Size, By Region, 2017–2024 (Units)
Table 21 Fuel Cells Market Size, By Region, 2017–2024 (Megawatt)
Table 22 Fuel Cells Market Size, By Region, 2017–2024 (USD Million)
Table 23 North America: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 24 North America: Market Size, By Country, 2017–2024 (Megawatt)
Table 25 North America: Market Size, By Application, 2017–2024 (Megawatt)
Table 26 North America: Market Size, By End Use, 2017–2024 (Megawatt)
Table 27 North America: Market Size, By Type, 2017–2024 (Megawatt)
Table 28 North America: Market Size, By Country, 2017–2024 (USD Million)
Table 29 US: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 30 US: Market Size, By End Use, 2017–2024 (Megawatt)
Table 31 US: Market Size, By Type, 2017–2024 (Megawatt)
Table 32 US: Market Size, By Type, 2017–2024 (USD Million)
Table 33 Canada: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 34 Canada: Market Size, By End Use, 2017–2024 (Megawatt)
Table 35 Canada: Market Size, By Type, 2017–2024 (Megawatt)
Table 36 Canada: Market Size, By Type, 2017–2024 (USD Million)
Table 37 Asia Pacific: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 38 Asia Pacific: Market Size, By Country, 2017–2024 (Megawatt)
Table 39 Asia Pacific: Market Size, By Application, 2017–2024 (Megawatt)
Table 40 Asia Pacific: Market Size, By End Use, 2017–2024 (Megawatt)
Table 41 Asia Pacific: Market Size, By Type, 2017–2024 (Megawatt)
Table 42 Asia Pacific: Market Size, By Country, 2017–2024 (USD Million)
Table 43 China: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 44 China: Market Size, By End Use, 2017–2024 (Megawatt)
Table 45 China: Market Size, By Type, 2017–2024 (Megawatt)
Table 46 China: Market Size, By Type, 2017–2024 (USD Million)
Table 47 Japan: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 48 Japan: Market Size, By End Use, 2017–2024 (Megawatt)
Table 49 Japan: Market Size, By Type, 2017–2024 (Megawatt)
Table 50 Japan: Market Size, By Type, 2017–2024 (USD Million)
Table 51 South Korea: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 52 South Korea: Market Size, By End Use, 2017–2024 (Megawatt)
Table 53 South Korea: Market Size, By Type, 2017–2024 (Megawatt)
Table 54 South Korea: Market Size, By Type, 2017–2024 (USD Million)
Table 55 Rest of Asia Pacific: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 56 Rest of Asia Pacific: Market Size, By End Use, 2017–2024 (Megawatt)
Table 57 Rest of Asia Pacific: Market Size, By Type, 2017–2024 (Megawatt)
Table 58 Rest of Asia Pacific: Market Size, By Type, 2017–2024 (USD Million)
Table 59 Europe: Fuel Cells Market Size, By Country, 2017–2024 (Units)
Table 60 Europe: Market Size, By Country, 2017–2024 (Megawatt)
Table 61 Europe: Market Size, By Application, 2017–2024 (Megawatt)
Table 62 Europe: Market Size, By End Use, 2017–2024 (Megawatt)
Table 63 Europe: Market Size, By Type, 2017–2024 (Megawatt)
Table 64 Europe: Market Size, By Country, 2017–2024 (USD Million)
Table 65 Germany: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 66 Germany: Market Size, By End Use, 2017–2024 (Megawatt)
Table 67 Germany: Market Size, By Type, 2017–2024 (Megawatt)
Table 68 Germany: Market Size, By Type, 2017–2024 (USD Million)
Table 69 UK: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 70 UK: Market Size, By End Use, 2017–2024 (Megawatt)
Table 71 UK: Market Size, By Type, 2017–2024 (Megawatt)
Table 72 UK: Market Size, By Type, 2017–2024 (USD Million)
Table 73 Italy: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 74 Italy: Market Size, By End Use, 2017–2024 (Megawatt)
Table 75 Italy: Market Size, By Type, 2017–2024 (Megawatt)
Table 76 Italy: Market Size, By Type, 2017–2024 (USD Million)
Table 77 Rest of Europe: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 78 Rest of Europe: Market Size, By End Use, 2017–2024 (Megawatt)
Table 79 Rest of Europe: Market Size, By Type, 2017–2024 (Megawatt)
Table 80 Rest of Europe: Market Size, By Type, 2017–2024 (USD Million)
Table 81 Rest of the World: Fuel Cells Market Size, By Application, 2017–2024 (Megawatt)
Table 82 Rest of the World: Market Size, By End Use, 2017–2024 (Megawatt)
Table 83 Rest of the World: Market Size, By Type, 2017–2024 (Megawatt)
Table 84 Rest of the World: 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 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 Cell Market, on the Basis of Application, By 2024
Figure 14 Fuel Cell: 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 cells 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 cells 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
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Fuel Cells Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
CUSTOMIZED WORKSHOP REQUEST
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
© MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home