Fuel Cells Market

Market Leader - Fuel Cells Market

The global fuel cells market with focus on advcens in fuel cell technology market size is expected to grow from estimated revenue of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4% during the forecast period. The growth of this market is driven by the increasing demand for cleaner public transportation modes in developed regions, booming global power sector, and increased distributed generation.

The fuel cells market is dominated by both global and regional players, such as Ballard Power Systems (Canada), Cummins (US), SFC Energy (Germany), Bloom Energy (US), Plug Power (US), and Fuel Cell Energy (US).

The major strategies adopted by the players include contracts & agreements, investments & expansions, mergers & acquisitions, and new product launches. New product launches were the most commonly adopted strategy from September 2017 to January 2020.

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Ballard Power Systems offers key advancement in 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.

Plug power offers proton-exchange membrane (PEM)-based fuel cells. The key focus areas of the company for fuel cells include End user, such as backup power in the utilities and telecom sector, and propulsion requirements in the automotive sector. Due to the increased investments in fuel cell-powered vehicles in various regions, such as Asia Pacific, Europe, and North America, it is focusing on signing partnerships and contracts with various companies, including Charlatte America (US), MULAG (Germany), Workhorse (US), and FM LOGISTIC (France). The company is provider of alternative energy technologies, which focuses on the design, development, commercialization, and production of hydrogen and fuel cell systems. Moreover, the company manufactures and offers fuel cell products, particularly for stationary backup power applications. The company majorly operates through a single segment, where it provides commercially viable hydrogen and fuel cell product solution. The key operational regions of this company corresponding to fuel cells, include North America and Europe. It assembles the products at the manufacturing facilities in Latham (New York), Clifton Park (New York), and Spokane (Washington), and provides installation services at customer locations and service centers in Illinois and Ohio in the US.

Related Reports:

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

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Report Code
EP 2762
RI Published ON
12/7/2020
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