Reports

Fuel Cell Market

Global Fuel Cell Market: By Type: Proton Exchange Membrane Fuel Cells (PEMFC), Molten Carbonate Fuel Cells (MCFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cells (PAFC); By Application; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments

Global Fuel Cell Market Outlook

The global fuel cell market is being aided by the growing stationary fuel cell shipments, which reached a volume of about 336.23 megawatts in 2022. The global demand for stationary fuel cell shipments is further expected to grow at a CAGR of 9% in the forecast period of 2023-2028.

 

Global Fuel Cell Market

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Increasing Demand for Stationary Fuel Cells to Augment the Fuel Cell Industry Growth

Fuel cells can be used as stationary power units for primary power, backup power, or combined heat and power (CHP). Based on application, the stationary segment occupies a significant share in the industry. The increasing demand for stationary fuel cells can be attributed to their ability to power anything from a laptop to a single family home or even larger needs (200 kW and above), thus, becoming a versatile option for a wide range of markets like retail, residential, telecommunications, and others. This has significantly contributed to the growth of the fuel cell industry. Meanwhile, the transportation segment is expected to witness a significant growth in the forecast period owing to the increasing adoption of fuel cell powered forklifts and favourable government initiatives, particularly in developed economies.

 

The Asia Pacific to Provide Significant Growth Opportunities to the Fuel Cell Industry

Geographically, North America and Europe account for a significant share in the industry owing to the stringent environmental regulations and increased government investments to encourage the adoption of renewable energy sources across the regions. The United States is one of the largest global manufacturers of fuel cells and a leading global exporter. Meanwhile, the Asia Pacific is expected to witness a robust growth in the forecast period due to the increasing focus on reducing the economic dependence on fossil fuels, advances in fuel cell technology, and growing shift from the grid to clean, onsite power production.

 

Fuel Cell: Market Segmentation

Fuel cells are the cells that generate electricity through a mechanism that does not involve combustion. These cells transform the chemical energy in a hydrogen-rich fuel to electricity through an electrolytic process. This means fuel cells produce relatively fewer pollutants compared to the conventional, combustion-based power generation technologies. Further, they are fuel flexible, highly efficient, and operate at very low noise levels. Thus, they serve as an efficient alternative to traditional power generation technologies, offering improved reliability and environmental benefits.

 

Global Fuel Cell Market By Application

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By type, the market is divided into:

  • Proton Exchange Membrane Fuel Cells (PEMFC)
  • Molten Carbonate Fuel Cells (MCFC)
  • Solid Oxide Fuel Cell (SOFC)
  • Phosphoric Acid Fuel Cells (PAFC)
  • Others

Based on application, the industry can be segmented into:

  • Stationary
  • Portable
  • Transport 
  • Others

On the basis of end use, the industry can be categorised into:

  • Fuel Cell Vehicles
  • Utilities
  • Defence
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Fuel Cell Market By Region

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Increasing Focus on Clean Energy Generation to Bolster the Growth of the Fuel Cell Industry

The global fuel cell industry is being driven by the increasing demand for clean energy sources across the globe. The rising environmental concern and the increasing global demand for energy are supporting the growth of the industry. Additionally, favourable government initiatives and advancements in fuel cell technologies, such as PEMFC, PAFC, and others, have further boosted the growth of the industry. Over the forecast period, the growing adoption of fuel cell-based vehicles and the thriving power sector are expected to significantly contribute to the industry growth.

 

Key Industry Players in the Global Fuel Cell Market

The report gives a detailed analysis of the following key players in the global fuel cell market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Toshiba Energy Systems & Solutions Corporation
  • FuelCell Energy, Inc.
  • Mitsubishi Heavy Industries, Ltd
  • SFC Energy AG
  • Plug Power Inc.
  • Nuvera Fuel Cells, LLC
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, End Use, Region
Breakup by Type Proton Exchange Membrane Fuel Cells (PEMFC), Molten Carbonate Fuel Cells (MCFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cells (PAFC), Others
Breakup by Application Stationary, Portable, Transport, Others
Breakup by End Use Fuel Cell Vehicles, Utilities, Defence, Others
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Toshiba Energy Systems & Solutions Corporation, FuelCell Energy, Inc., Mitsubishi Heavy Industries, Ltd, SFC Energy AG, Plug Power Inc., Nuvera Fuel Cells, LLC, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Fuel Cell Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Fuel Cell Historical Market (2018-2022) 
    8.3    Global Fuel Cell Market Forecast (2023-2028)
    8.4    Global Fuel Cell Market by Type
        8.4.1    Proton Exchange Membrane Fuel Cells (PEMFC)
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Molten Carbonate Fuel Cells (MCFC)
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    Solid Oxide Fuel Cell (SOFC)
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
        8.4.4    Phosphoric Acid Fuel Cells (PAFC)
            8.4.4.1    Historical Trend (2018-2022)
            8.4.4.2    Forecast Trend (2023-2028)
        8.4.5    Others
    8.5    Global Fuel Cell Market by Application
        8.5.1    Stationary
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Portable
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    Transport 
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
        8.5.4    Others
    8.6    Global Fuel Cell Market by End Use
        8.6.1    Fuel Cell Vehicles
            8.6.1.1    Historical Trend (2018-2022)
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Utilities
            8.6.2.1    Historical Trend (2018-2022)
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Defence
            8.6.3.1    Historical Trend (2018-2022)
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Others    
    8.7    Global Fuel Cell Market by Region
        8.7.1    North America
            8.7.1.1    Historical Trend (2018-2022) 
            8.7.1.2    Forecast Trend (2023-2028)
        8.7.2    Europe
            8.7.2.1    Historical Trend (2018-2022) 
            8.7.2.2    Forecast Trend (2023-2028)
        8.7.3    Asia Pacific
            8.7.3.1    Historical Trend (2018-2022) 
            8.7.3.2    Forecast Trend (2023-2028)
        8.7.4    Latin America
            8.7.4.1    Historical Trend (2018-2022) 
            8.7.4.2    Forecast Trend (2023-2028)
        8.7.5    Middle East and Africa
            8.7.5.1    Historical Trend (2018-2022) 
            8.7.5.2    Forecast Trend (2023-2028)
9    North America Fuel Cell Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Fuel Cell Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Fuel Cell Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Fuel Cell Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Fuel Cell Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    Toshiba Energy Systems & Solutions Corporation
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    FuelCell Energy, Inc.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Mitsubishi Heavy Industries, Ltd
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    SFC Energy AG
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Plug Power Inc.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Nuvera Fuel Cells, LLC
            16.2.6.1    Company Overview
            16.2.6.2    Product Portfolio
            16.2.6.3    Demographic Reach and Achievements
            16.2.6.4    Certifications
        16.2.7     Others
17    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Fuel Cell Market: Key Industry Highlights, 2018 and 2028
2.    Global Fuel Cell Historical Market: Breakup by Type (Megawatts), 2018-2022
3.    Global Fuel Cell Market Forecast: Breakup by Type (Megawatts), 2023-2028
4.    Global Fuel Cell Historical Market: Breakup by Application (Megawatts), 2018-2022
5.    Global Fuel Cell Market Forecast: Breakup by Application (Megawatts), 2023-2028
6.    Global Fuel Cell Historical Market: Breakup by End Use (Megawatts), 2018-2022
7.    Global Fuel Cell Market Forecast: Breakup by End Use (Megawatts), 2023-2028
8.    Global Fuel Cell Historical Market: Breakup by Region (Megawatts), 2018-2022
9.    Global Fuel Cell Market Forecast: Breakup by Region (Megawatts), 2023-2028
10.    North America Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2022
11.    North America Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2023-2028
12.    Europe Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2022
13.    Europe Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2023-2028
14.    Asia Pacific Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2022
15.    Asia Pacific Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2023-2028
16.    Latin America Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2022
17.    Latin America Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2023-2028
18.    Middle East and Africa Fuel Cell Historical Market: Breakup by Country (Megawatts), 2018-2022
19.    Middle East and Africa Fuel Cell Market Forecast: Breakup by Country (Megawatts), 2023-2028
20.    Global Fuel Cell Market Structure

Key Questions Answered in the Report

What was the global fuel cell market size in 2022?

The global fuel cell market, driven by the stationary fuel cell shipments which attained a volume of nearly 336.23 megawatts in 2022.

What is the growth rate of the market?

The stationary fuel cell shipments market is projected to grow at a CAGR of 9% between 2023 and 2028, likely to aid the fuel cell market.

What are the major industry drivers?

The major industry drivers are increasing demand for stationary fuel cells, increasing adoption of fuel cell powered forklifts, and favourable government initiatives.

What are the key industry trends of the global fuel cell market?

The key trends in the market are increasing demand for clean energy sources across the globe, favourable government initiatives and advancements in fuel cell technologies.

What are the major regional markets of fuel cell, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

What are the different types of fuel cells in the market?

The types of fuel cell include proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cell (SOFC), and phosphoric acid fuel cells (PAFC), among others.

What is the dominant application of fuel cell in the industry?

Stationary is the dominant type in the industry.

What are the end-use sectors for the industry?

The end-use sectors include fuel cell vehicles, utilities, and defence, among others.

Who are the key industry players, according to the report?

The major players in the industry are Toshiba Energy Systems & Solutions Corporation, FuelCell Energy, Inc., Mitsubishi Heavy Industries, Ltd, SFC Energy AG, Plug Power Inc., and Nuvera Fuel Cells, LLC, among others.

Analyst Review

The global fuel cell market is driven by the increasing demand for stationary fuel cells which attained a volume of 336.23 megawatts in 2022. Aided by the increasing demand for clean energy sources across the globe, favourable government initiatives and advancements in fuel cell technologies, the stationary fuel cell market is expected to grow at a CAGR of 9% in the forecast period of 2023-2028.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The types of fuel cell include proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cell (SOFC), and phosphoric acid fuel cells (PAFC), among others. Based on applications, the fuel cell industry can be segmented into stationary, portable, transport, among others, with stationary accounting for the largest market share. The end-use sectors include fuel cell vehicles, utilities, and defence, among others. Major regional markets for fuel cell are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Toshiba Energy Systems & Solutions Corporation, FuelCell Energy, Inc., Mitsubishi Heavy Industries, Ltd, SFC Energy AG, Plug Power Inc., Nuvera Fuel Cells, LLC, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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