The global fuel cell generator market size is estimated to be USD 0.3 billion in 2022 and projected to reach USD 1.4 billion by 2030, at a CAGR of 19.9%. Government subsidies and increased R&D on fuel cell programs; global norms for carbon emission reduction are the main driver for the fuel cell generator market.
The fuel cell generator market is dominated by a few globally established players such as including Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), PowerCell Sweden AB (Sweden), Nedstack Fuel Cell Technology BV (Netherland) and Ballard Power Systems (Canada). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Bloom Energy (US) held the majority of the global fuel cell generator market share in 2021. Bloom Energy is increasing its market presence and is in process of making a strong foothold across the global fuel cell generator market. Doosan Fuel Cell Co., Ltd. (South Korea) followed in global fuel cell generator market. Doosan Fuel Cell Co., Ltd. was spun off from its parent company Doosan group and since then its revenue in fuel cell generator market is witnessing a positive growth. PowerCell Sweden AB (Sweden) is also among the key player of market share in global fuel cell generator market. The company offers Marine MW Solutions and Stationary Systems in its fuel cell product portfolio. Marine MW Solutions is a customized megawatt solution and a compact fuel cell system with an output of 200Kw. the system offers high efficiency and can be connected in parallel for megawatt power output.
Ballard Power Systems. which is a Canada based fuel cell supplier company. The company operates under single segment under which it offers hydrogen and fuel cell based solutions & products. The company recently expanded its services in Europe. Ballard Power Systems established a Marine Center of Excellence (“Marine CoE”) dedicated to fuel cell marine applications at the company’s engineering, manufacturing, and service facility in Hobro, Denmark. The Marine CoE designs and manufactures heavy-duty fuel cell modules. Moreover, the company also offers a IoT based product in its product portfolio for maintenance and on site services of fuel cells and their associated products.
Another important player in the market is Nedstack Fuel Cell Technology BV (Netherland). The company is first across globe which has achieved mass manufacturing of cell stacks for fuel cell. The company is investing to expand its business by expanding its existing product portfolio and investing in new technologies and product. For instance, Nedstack Fuel Cell Technology BV received a grant of USD 825 million from Advanced Manufacturing Research Centre (AMGC) to develop proton-exchange membrane (PEM) fuel cell technology with LAVO in Australia. This fuel cells will have 40 kWh storage unit.
Fuel Cell Generator Market by Type (PEMFC, SOFC, AFC), End User (Marine, Aquaculture, Construction, Agriculture, Data Center, Emergency Response Generator), Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2030
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