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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 (2016-2026); 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 283 megawatts in 2020. The global demand for stationary fuel cell shipments is further expected to grow at a CAGR of 9% in the forecast period of 2021-2026.
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: Industry Definition and 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.
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.
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 industry based on the Porter's five forces model along with giving a SWOT analysis.
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 Industry Opportunities and Challenges
8 Global Fuel Cell Market Analysis
8.1 Key Industry Highlights
8.2 Global Fuel Cell Historical Market (2016-2020)
8.3 Global Fuel Cell Market Forecast (2021-2026)
8.4 Global Fuel Cell Market by Type
8.4.1 Proton Exchange Membrane Fuel Cells (PEMFC)
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2016-2020)
8.4.1.3 Forecast Trend (2021-2026)
8.4.2 Molten Carbonate Fuel Cells (MCFC)
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2016-2020)
8.4.2.3 Forecast Trend (2021-2026)
8.4.3 Solid Oxide Fuel Cell (SOFC)
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2016-2020)
8.4.3.3 Forecast Trend (2021-2026)
8.4.4 Phosphoric Acid Fuel Cells (PAFC)
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2016-2020)
8.4.4.3 Forecast Trend (2021-2026)
8.4.5 Others
8.5 Global Fuel Cell Market by Application
8.5.1 Stationary
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2016-2020)
8.5.1.3 Forecast Trend (2021-2026)
8.5.2 Portable
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2016-2020)
8.5.2.3 Forecast Trend (2021-2026)
8.5.3 Transport
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2016-2020)
8.5.3.3 Forecast Trend (2021-2026)
8.5.4 Others
8.6 Global Fuel Cell Market by End Use
8.6.1 Fuel Cell Vehicles
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2016-2020)
8.6.1.3 Forecast Trend (2021-2026)
8.6.2 Utilities
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2016-2020)
8.6.2.3 Forecast Trend (2021-2026)
8.6.3 Defence
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2016-2020)
8.6.3.3 Forecast Trend (2021-2026)
8.6.4 Others
8.7 Global Fuel Cell Market by Region
8.7.1 Market Share
8.7.1.1 North America
8.7.1.2 Europe
8.7.1.3 Asia Pacific
8.7.1.4 Latin America
8.7.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2016-2020)
9.1.2 Forecast Trend (2021-2026)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2016-2020)
9.2.2 Forecast Trend (2021-2026)
9.2.3 Breakup by Country Kingdom
9.2.3.1 United
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2016-2020)
9.3.2 Forecast Trend (2021-2026)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2016-2020)
9.4.2 Forecast Trend (2021-2026)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2016-2020)
9.5.2 Forecast Trend (2021-2026)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Toshiba Energy Systems & Solutions Corporation
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 FuelCell Energy, Inc.
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Mitsubishi Heavy Industries, Ltd
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 SFC Energy AG
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Plug Power Inc.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Nuvera Fuel Cells, LLC
12.2.6.1 Company Overview
12.2.6.2 Product Portfolio
12.2.6.3 Demographic Reach and Achievements
12.2.6.4 Certifications
12.2.7 Others
13 Industry Events and Developments
List of Figures and Tables
1. Global Fuel Cell Market: Key Industry Highlights, 2016 and 2026
2. Global Fuel Cell Historical Market: Breakup by Type (USD Billion), 2016-2020
3. Global Fuel Cell Market Forecast: Breakup by Type (USD Billion), 2021-2026
4. Global Fuel Cell Historical Market: Breakup by Application (USD Billion), 2016-2020
5. Global Fuel Cell Market Forecast: Breakup by Application (USD Billion), 2021-2026
6. Global Fuel Cell Historical Market: Breakup by End Use (USD Billion), 2016-2020
7. Global Fuel Cell Market Forecast: Breakup by End Use (USD Billion), 2021-2026
8. Global Fuel Cell Historical Market: Breakup by Region (USD Billion), 2016-2020
9. Global Fuel Cell Market Forecast: Breakup by Region (USD Billion), 2021-2026
10. North America Fuel Cell Historical Market: Breakup by Country (USD Billion), 2016-2020
11. North America Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2021-2026
12. Europe Fuel Cell Historical Market: Breakup by Country (USD Billion), 2016-2020
13. Europe Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2021-2026
14. Asia Pacific Fuel Cell Historical Market: Breakup by Country (USD Billion), 2016-2020
15. Asia Pacific Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2021-2026
16. Latin America Fuel Cell Historical Market: Breakup by Country (USD Billion), 2016-2020
17. Latin America Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2021-2026
18. Middle East and Africa Fuel Cell Historical Market: Breakup by Country (USD Billion), 2016-2020
19. Middle East and Africa Fuel Cell Market Forecast: Breakup by Country (USD Billion), 2021-2026
20. Global Fuel Cell Market Structure
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