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The global fuel cell stack market size is expected to grow in the forecast period of 2024-2032 at a CAGR of 9.80%.
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The increasing application of liquid cooled fuel cell stacks in light-, medium-, and heavy-duty vehicles to provide propulsion is driving the segment’s growth. These stacks have a high operating temperature which can exceed up to 95°C, enabling more efficient and smaller cooling system. In addition, liquid cooled fuel cell stacks are used in the manufacture of hybrid batteries. In this regard, the increasing demand for hybrid cars is furthering the growth of this segment.
Liquid cooled fuel cells exhibit high scalability and high level of power output, which makes them ideal for fulfilling the power requirements of heavy equipment. The segment is anticipated to be aided by the progressive product innovations in the design of liquid cooled fuel cell stacks. These innovations are aimed towards achieving long term performance, dynamic response, and high durability to optimise operating conditions.
The fuel cell stack market in the North America region is driven by the growth of the industries such as food and beverage, retail, and e-commerce, which is propelling the demand for material handling equipment. Meanwhile, the rapid development of light-duty hydrogen fuel cell electric vehicles in some parts of the United States is generating a significant demand for fuel cell stacks.
The growing expansion of the power generation industry in the region owing to the rapid digitalisation and advancements in industrial services is further aiding the market. Over the forecast period, the stringent regulations of the government aimed towards curbing the emission of carbon dioxide and methane, are likely to encourage the production of fuel cell stacks. The strong manufacturing sector in the region is anticipated to propel the demand for fuel cell stacks to ramp-up the manufacturing processes of various electronic equipment.
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A fuel cell stack is defined as an integration of single fuel cells to form a system which provides higher power and voltage. The system generates direct current (DC) from electrochemical reactions, and the amount of power generated can vary based on type of fuel cell, cell size, and the operating temperature. Fuel cell stacks can be used for the most specific applications.
Based on product type, the market can be segmented into:
On the basis of application, the fuel cell stack market has been divided into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The increasing application of fuel cell stacks in the automotive industry to power the electric motors of vehicles is driving the market growth. In addition, the growing inclination towards fuel cell vehicles owing to the zero-carbon emission advantage, is furthering the fuel cell stack demand. Over the forecast period, the increasing demand for fuel cell cars and the growing research and development activities aimed towards reducing the manufacturing costs of fuel cell vehicles by the major automotive manufacturers are anticipated to propel the market growth.
Fuel cell stacks are also utilised as a power backup in various applications including smartphones, power tools, and as electronic components in military, sensors, and battery chargers, among others. Furthermore, the increasing application of fuel cell stacks in material handling equipment to provide operational benefits by enhancing productivity and saving time is likely to accelerate the market growth in the coming years.
The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
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 | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Product Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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 Market Snapshot
6.1 Global
6.2 Region
7 Opportunities and Challenges in the Market
8 Global Fuel Cell Stack Market Analysis
8.1 Key Industry Highlights
8.2 Global Fuel Cell Stack Historical Market (2018-2023)
8.3 Global Fuel Cell Stack Market Forecast (2024-2032)
8.4 Global Fuel Cell Stack Market by Product Type
8.4.1 Air Cooled
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Liquid Cooled
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Fuel Cell Stack Market by Application
8.5.1 Portable Power
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Backup Power
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Motive Power
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Material Handling Equipment
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Fuel Cell Stack Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Fuel Cell Stack Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Fuel Cell Stack Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Fuel Cell Stack Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Fuel Cell Stack Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Fuel Cell Stack Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Solvay S.A.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Robert Bosch GmbH
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Horizon Fuel Cell Technologies
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ballard Power Systems
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Nedstack Fuel Cell Technology BV
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 ElringKlinger AG
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Nuvera Fuel Cells, LLC
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Fuel Cell Stack Market: Key Industry Highlights, 2018 and 2032
2. Global Fuel Cell Stack Historical Market: Breakup by Product Type (USD Million), 2018-2023
3. Global Fuel Cell Stack Market Forecast: Breakup by Product Type (USD Million), 2024-2032
4. Global Fuel Cell Stack Historical Market: Breakup by Type (USD Million), 2018-2023
5. Global Fuel Cell Stack Market Forecast: Breakup by Type (USD Million), 2024-2032
6. Global Fuel Cell Stack Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Fuel Cell Stack Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Fuel Cell Stack Historical Market: Breakup by Industry Vertical (USD Million), 2018-2023
9. Global Fuel Cell Stack Market Forecast: Breakup by Industry Vertical (USD Million), 2024-2032
10. Global Fuel Cell Stack Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Fuel Cell Stack Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Fuel Cell Stack Market Structure.
The market at a global level is estimated to grow at a CAGR of 9.80% between 2024 and 2032.
The major regional markets for fuel cell stacks as per the EMR report are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the increasing application of the product in the automotive industry, growing research and development activities by the major manufacturers to enhance the long-term performance of fuel cell stacks, and environment-friendly properties of the product.
The technological advancements in the manufacturing sector are likely to be key trends in the market.
Air cooled and liquid cooled are the different products based on which the market has been segmented.
Portable power, motive power, backup power, and material handling equipment, among others are the different applications based on which the market has been segmented.
The major players in the industry are Solvay S.A., Robert Bosch GmbH, Horizon Fuel Cell Technologies, Ballard Power Systems, Nedstack Fuel Cell Technology BV, ElringKlinger AG, and Nuvera Fuel Cells, LLC, among others.
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