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Global Fuel Cell Stack Market Size, Share, Growth, Trends, Research: By Product Type: Air Cooled, Liquid Cooled; By Application: Portable Power, Backup Power, Motive Power, Material Handling Equipment, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape: Industry Events and Developments; 2022-2027

Global Fuel Cell Stack Market Outlook

The global fuel cell stack market size is expected to grow in the forecast period of 2022-2027 at a CAGR of 9.80%.

 

Increasing Applications of Fuel Cell Stacks in Hybrid Cars is Driving the Global Market

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.

 

North America Leads with a Sizable Segment in the Market for Fuel Cell Stacks

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.

 

Market Segmentation

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:

  • Air Cooled
  • Liquid Cooled

 

On the basis of application, the fuel cell stack market has been divided into:

  • Portable Power
  • Motive Power
  • Backup Power
  • Material Handling Equipment
  • Others

 

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

 

Increasing Applications in the Automotive Sector to Boost the Growth of the Fuel Cell Stack Market

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.

 

Key Players in the Global Fuel Cell Stack Market

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:

 

  • Solvay S.A.
  • Nedstack Fuel Cell Technology BV
  • Robert Bosch GmbH
  • ElringKlinger AG
  • Horizon Fuel Cell Technologies
  • Nuvera Fuel Cells, LLC
  • Ballard Power Systems
  • 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.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Application
  • Region
Breakup by Product Type
  • Air Cooled
  • Liquid Cooled
Breakup by Application
  • Portable Power
  • Backup Power
  • Motive Power
  • Material Handling Equipment
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Solvay S.A.
  • Robert Bosch GmbH
  • Horizon Fuel Cell Technologies
  • Ballard Power Systems
  • Nedstack Fuel Cell Technology BV
  • ElringKlinger AG
  • Nuvera Fuel Cells, LLC
  • Others

 

*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 (2017-2021) 
    8.3    Global Fuel Cell Stack Market Forecast (2022-2027)
    8.4    Global Fuel Cell Stack Market by Product Type
        8.4.1    Air Cooled
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Liquid Cooled
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global Fuel Cell Stack Market by Application
        8.5.1    Portable Power
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Backup Power
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Motive Power
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
        8.5.4    Material Handling Equipment
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2017-2021)
            8.5.4.3    Forecast Trend (2022-2027)
        8.5.5    Others
    8.6    Global Fuel Cell Stack Market by Region       
       8.6.1    North America
           8.6.1.1    Market Share
           8.6.1.2    Historical Trend (2017-2021) 
           8.6.1.3    Forecast Trend (2022-2027)
       8.6.2    Europe
           8.6.2.1    Market Share
           8.6.2.2    Historical Trend (2017-2021) 
           8.6.2.3    Forecast Trend (2022-2027)
       8.6.3    Asia Pacific
           8.6.3.1    Market Share
           8.6.3.2    Historical Trend (2017-2021) 
           8.6.3.3    Forecast Trend (2022-2027)
       8.6.4    Latin America
           8.6.4.1    Market Share
           8.6.4.2    Historical Trend (2017-2021) 
           8.6.4.3    Forecast Trend (2022-2027)
       8.6.5    Middle East and Africa
           8.6.5.1    Market Share
           8.6.5.2    Historical Trend (2017-2021) 
           8.6.5.3    Forecast Trend (2022-2027)
9    North America Fuel Cell Stack Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2017-2021) 
        9.1.3    Forecast Trend (2022-2027)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2017-2021) 
        9.2.3    Forecast Trend (2022-2027)
10    Europe Fuel Cell Stack Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2017-2021) 
        10.1.3    Forecast Trend (2022-2027)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2017-2021) 
        10.2.3    Forecast Trend (2022-2027)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2017-2021) 
        10.3.3    Forecast Trend (2022-2027)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2017-2021) 
        10.4.3    Forecast Trend (2022-2027)
    10.5    Others
11    Asia Pacific Fuel Cell Stack Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2017-2021) 
        11.1.3    Forecast Trend (2022-2027)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2017-2021) 
        11.2.3    Forecast Trend (2022-2027)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2017-2021) 
        11.3.3    Forecast Trend (2022-2027)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2017-2021) 
        11.4.3    Forecast Trend (2022-2027)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2017-2021) 
        11.5.3    Forecast Trend (2022-2027)
    11.6    Others
12    Latin America Fuel Cell Stack Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2017-2021) 
        12.1.3    Forecast Trend (2022-2027)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2017-2021) 
        12.2.3    Forecast Trend (2022-2027)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2017-2021) 
        12.3.3    Forecast Trend (2022-2027)
    12.4    Others
13    Middle East and Africa Fuel Cell Stack Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2017-2021) 
        13.1.3    Forecast Trend (2022-2027)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2017-2021) 
        13.2.3    Forecast Trend (2022-2027)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2017-2021) 
        13.3.3    Forecast Trend (2022-2027)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2017-2021) 
        13.4.3    Forecast Trend (2022-2027)
    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, 2017 and 2027
2.    Global Fuel Cell Stack Historical Market: Breakup by Product Type (USD Million), 2017-2021
3.    Global Fuel Cell Stack Market Forecast: Breakup by Product Type (USD Million), 2022-2027
4.    Global Fuel Cell Stack Historical Market: Breakup by Type (USD Million), 2017-2021
5.    Global Fuel Cell Stack Market Forecast: Breakup by Type (USD Million), 2022-2027
6.    Global Fuel Cell Stack Historical Market: Breakup by Application (USD Million), 2017-2021
7.    Global Fuel Cell Stack Market Forecast: Breakup by Application (USD Million), 2022-2027
8.    Global Fuel Cell Stack Historical Market: Breakup by Industry Vertical (USD Million), 2017-2021
9.    Global Fuel Cell Stack Market Forecast: Breakup by Industry Vertical (USD Million), 2022-2027
10.    Global Fuel Cell Stack Historical Market: Breakup by Region (USD Million), 2017-2021
11.    Global Fuel Cell Stack Market Forecast: Breakup by Region (USD Million), 2022-2027
12.    North America Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2017-2021
13.    North America Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Europe Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Europe Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Asia Pacific Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Asia Pacific Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Latin America Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Latin America Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Middle East and Africa Fuel Cell Stack Historical Market: Breakup by Country (USD Million), 2017-2021
21.    Middle East and Africa Fuel Cell Stack Market Forecast: Breakup by Country (USD Million), 2022-2027
22.    Global Fuel Cell Stack Market Structure.

Key Questions Answered in the Report

The market at a global level is estimated to grow at a CAGR of 9.80% between 2022 and 2027.

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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