Fuel Cell Market Size to Grow by 1584.77 MW with 56% of the Contribution from the Americas - Technavio

NEW YORK, Aug. 25, 2022 -- The latest market analysis report titled Fuel Cell Market by Product, Application, and Geography - Forecast and Analysis 2021-2025 has been recently added to Technavio's catalog. The report predicts the market to witness a decelerating growth momentum at a CAGR of 23.44%. Technavio categorizes the global fuel cell market as a part of the global renewable electricity market. Our report provides extensive information on the value chain analysis for the fuel cell market, which vendors can leverage to gain a competitive advantage during the forecast period. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

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"Some of the primary growth drivers for this market is the growing demand for efficient and clean energy sources, growing government incentives to increase adoption of fuel cell vehicles, and rising environmental benefits," says a senior analyst for the utilities industry at Technavio. Another key factor driving the fuel cell market growth is the increasing R&D activities. Systems that use fuel cells have higher upfront costs than other alternative technologies. Hence, capital cost forms one of the critical factors for product selection, which might hinder the adoption of fuel cell systems. With a decline in costs, adoption will increase. This will further encourage vendors to invest in R&D. Thus, increasing R&D activities will make fuel cell and hydrogen technologies more attractive and feasible, which will increase the adoption of fuel cell technology and drive the growth of the market.

However, the high cost of the fuel cell is one of the key challenges hindering the fuel cell market growth. Though fuel cells have higher efficiency and environmental benefits, they were not fully commercialized. However, the cost is still a primary factor affecting the acceptance of the technology, as both a fuel cell system and its fuel are expensive when compared with alternative technologies such as gas generators and lithium-ion batteries. his huge price gap has made subsidies a necessity for fuel cells to stay competitive with other technologies. The subsidies lower the initial costs and increase the adoption of fuel cells. However, subsidies will gradually reduce, fueling the need for increased investments in technology that would help reduce the overall cost and support its adoption.

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Fuel Cell Market Segment Highlights

• Furthermore, this report extensively covers fuel cell market segmentation by product (PEMFC, PAFC, SOFC, and others) and application (transport, stationary, and portable).
• A Proton Exchange Membrane Fuel Cells (PEMFC) uses a water-based and acidic polymer electrolyte, generally in the form of a thin, permeable sheet. PEMFCs have various advantages in these fuel cells, which include fast start-up time, low operating temperature, compactness, sustainable operations in high energy density, and low emissions.
• PEMFCs are preferred owing to their higher efficiency and reliability. As a result, governments are subsidizing fuel cell systems and making them eligible for feed-in tariffs. This is driving the installation of PEMFCs in the residential and commercial building sectors.
• Owing to economic growth, there has been significant growth in the energy demand from the transport sector. The transport sector accounted for around a quarter of the global primary energy consumption in 2020.
• Moreover, there has been significant growth in the adoption of road freight transport through trucks and vans, which has been increasing the share of diesel in oil-based road fuels. Hence, owing to the extensive use of petroleum products, there has been a significant rise in carbon dioxide (CO2) emissions from the transport sector.

Regional Analysis

• 56% of the market's growth will originate from the Americas during the forecast period. The US is the key market for fuel cells in the Americas. Market growth in this region will be faster than the growth of the market in APAC regions.
• The high support from the federal government for the development and installation of fuel cells will facilitate the fuel cell market growth in the Americas over the forecast period. 
• Japan, South Korea (Republic of Korea), China, and Germany are some of the key revenue-generating economies of the fuel cell market.

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Vendor Insights:

• The fuel cell market is fragmented and the vendors are deploying growth strategies such as developing technologically advanced offerings to compete in the market. This statistical study of the fuel cell market encompasses successful business strategies deployed by the key vendors.
• The fuel cell market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
• To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
• The research report offers information on several market vendors, including Aisin Corp, Ballard Power Systems Inc., Bloom Energy Corp., Doosan Corp., FuelCell Energy Inc., Fuji Electric Co. Ltd., Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, and SFC Energy AG

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Related Reports:

Fuel Cell Market for Prime Power by Product and Geography - Forecast and Analysis 2022-2026

Hydrogen Fuel Cell Stacks Market by Application and Geography - Forecast and Analysis 2022-2026 

Residential Fuel Cell Market by Product and Geography - Forecast and Analysis 2022-2026

Stationary Fuel Cell Market by Application and Geography - Forecast and Analysis 2022-2026

Table of Content

1 Executive Summary

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 01: Parent market
• Exhibit 02: Market characteristics

• 2.2 Value chain analysis
• Exhibit 03: Value chain analysis: Energy storage

3 Market Sizing

• 3.1 Market definition
• Exhibit 04: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 05: Market segments

• 3.3 Market size 2020

• 3.4 Market outlook: Forecast for 2020 - 2025
• Exhibit 06: Global - Market size and forecast 2020 - 2025 (MW)
• Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

• 4.1 Five forces analysis
• Exhibit 08: Five forces analysis 2020 & 2025

• 4.2 Bargaining power of buyers
• Exhibit 09: Bargaining power of buyers

• 4.3 Bargaining power of suppliers
• Exhibit 10: Bargaining power of suppliers

• 4.4 Threat of new entrants
• Exhibit 11: Threat of new entrants

• 4.5 Threat of substitutes
• Exhibit 12: Threat of substitutes

• 4.6 Threat of rivalry
• Exhibit 13: Threat of rivalry

• 4.7 Market condition
• Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by Product

• 5.1 Market segments
• Exhibit 15: Product - Market share 2020-2025 (%)

• 5.2 Comparison by Product
• Exhibit 16: Comparison by Product

• 5.3 PEMFC - Market size and forecast 2020-2025
• Exhibit 17: PEMFC - Market size and forecast 2020-2025 (MW)
• Exhibit 18: PEMFC - Year-over-year growth 2020-2025 (%)

• 5.4 PAFC - Market size and forecast 2020-2025
• Exhibit 19: PAFC - Market size and forecast 2020-2025 (MW)
• Exhibit 20: PAFC - Year-over-year growth 2020-2025 (%)

• 5.5 SOFC - Market size and forecast 2020-2025
• Exhibit 21: SOFC - Market size and forecast 2020-2025 (MW)
• Exhibit 22: SOFC - Year-over-year growth 2020-2025 (%)

• 5.6 Others - Market size and forecast 2020-2025
• Exhibit 23: Others - Market size and forecast 2020-2025 (MW)
• Exhibit 24: Others - Year-over-year growth 2020-2025 (%)

• 5.7 Market opportunity by Product
• Exhibit 25: Market opportunity by Product

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 26: Application - Market share 2020-2025 (%)

• 6.2 Comparison by Application
• Exhibit 27: Comparison by Application

• 6.3 Transport - Market size and forecast 2020-2025
• Exhibit 28: Transport - Market size and forecast 2020-2025 (MW)
• Exhibit 29: Transport - Year-over-year growth 2020-2025 (%)

• 6.4 Stationary - Market size and forecast 2020-2025
• Exhibit 30: Stationary - Market size and forecast 2020-2025 (MW)
• Exhibit 31: Stationary - Year-over-year growth 2020-2025 (%)

• 6.5 Portable - Market size and forecast 2020-2025
• Exhibit 32: Portable - Market size and forecast 2020-2025 (MW)
• Exhibit 33: Portable - Year-over-year growth 2020-2025 (%)

• 6.6 Market opportunity by Application
• Exhibit 34: Market opportunity by Application

7 Customer landscape

• 7.1 Customer landscape
• Exhibit 35: Customer landscape

8 Geographic Landscape

• 8.1 Geographic segmentation
• Exhibit 36: Market share by geography 2020-2025 (%)

• 8.2 Geographic comparison
• Exhibit 37: Geographic comparison

• 8.3 Americas - Market size and forecast 2020-2025
• Exhibit 38: Americas - Market size and forecast 2020-2025 (MW)
• Exhibit 39: Americas - Year-over-year growth 2020-2025 (%)

• 8.4 APAC - Market size and forecast 2020-2025
• Exhibit 40: APAC - Market size and forecast 2020-2025 (MW)
• Exhibit 41: APAC - Year-over-year growth 2020-2025 (%)

• 8.5 EMEA - Market size and forecast 2020-2025
• Exhibit 42: EMEA - Market size and forecast 2020-2025 (MW)
• Exhibit 43: EMEA - Year-over-year growth 2020-2025 (%)

• 8.6 Key leading countries
• Exhibit 44: Key leading countries

• 8.7 Market opportunity by geography
• Exhibit 45: Market opportunity by geography (MW)

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Market trends

10 Vendor Landscape

• 10.1 Overview
• Exhibit 47: Vendor landscape

• 10.2 Landscape disruption
• Exhibit 48: Landscape disruption
• Exhibit 49: Industry risks

11 Vendor Analysis

• 11.1 Vendors covered
• Exhibit 50: Vendors covered

• 11.2 Market positioning of vendors
• Exhibit 51: Market positioning of vendors

• 11.3 Aisin Corp
• Exhibit 52: Aisin Corp - Overview
• Exhibit 53: Aisin Corp - Business segments
• Exhibit 54: Aisin Corp.- Key news
• Exhibit 55: Aisin Corp - Key offerings
• Exhibit 56: Aisin Corp - Segment focus

• 11.4 Ballard Power Systems Inc.
• Exhibit 57: Ballard Power Systems Inc. - Overview
• Exhibit 58: Ballard Power Systems Inc. - Business segments
• Exhibit 59: Ballard Power Systems Inc.- Key news
• Exhibit 60: Ballard Power Systems Inc. - Key offerings
• Exhibit 61: Ballard Power Systems Inc. - Segment focus

• 11.5 Bloom Energy Corp.
• Exhibit 62: Bloom Energy Corp. - Overview
• Exhibit 63: Bloom Energy Corp. - Product and service
• Exhibit 64: Bloom Energy Corp.- Key news
• Exhibit 65: Bloom Energy Corp. - Key offerings

• 11.6 Doosan Corp.
• Exhibit 66: Doosan Corp. - Overview
• Exhibit 67: Doosan Corp. - Business segments
• Exhibit 68: Doosan Corp.- Key news
• Exhibit 69: Doosan Corp. - Key offerings
• Exhibit 70: Doosan Corp. - Segment focus

• 11.7 FuelCell Energy Inc.
• Exhibit 71: FuelCell Energy Inc. - Overview
• Exhibit 72: FuelCell Energy Inc. - Business segments
• Exhibit 73: FuelCell Energy Inc.- Key news
• Exhibit 74: FuelCell Energy Inc. - Key offerings
• Exhibit 75: FuelCell Energy Inc. - Segment focus

• 11.8 Fuji Electric Co. Ltd.
• Exhibit 76: Fuji Electric Co. Ltd. - Overview
• Exhibit 77: Fuji Electric Co. Ltd. - Business segments
• Exhibit 78: Fuji Electric Co. Ltd. - Key offerings
• Exhibit 79: Fuji Electric Co. Ltd. - Segment focus

• 11.9 Mitsubishi Heavy Industries Ltd.
• Exhibit 80: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 81: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 82: Mitsubishi Heavy Industries Ltd.- Key news
• Exhibit 83: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 84: Mitsubishi Heavy Industries Ltd. - Segment focus

• 11.10 Plug Power Inc.
• Exhibit 85: Plug Power Inc. - Overview
• Exhibit 86: Plug Power Inc. - Product and service
• Exhibit 87: Plug Power Inc. - Key news
• Exhibit 88: Plug Power Inc. - Key offerings

• 11.11 PowerCell Sweden AB
• Exhibit 89: PowerCell Sweden AB - Overview
• Exhibit 90: PowerCell Sweden AB - Product and service
• Exhibit 91: PowerCell Sweden AB- Key news
• Exhibit 92: PowerCell Sweden AB - Key offerings

• 11.12 SFC Energy AG
• Exhibit 93: SFC Energy AG - Overview
• Exhibit 94: SFC Energy AG - Business segments
• Exhibit 95: SFC Energy AG - Key offerings
• Exhibit 96: SFC Energy AG - Segment focus

12 Appendix

• 12.1 Scope of the report

• 12.2 Currency conversion rates for US$
• Exhibit 97: Currency conversion rates for US$

• 12.3 Research methodology
• Exhibit 98: Research Methodology
• Exhibit 99: Validation techniques employed for market sizing
• Exhibit 100: Information sources

• 12.4 List of abbreviations
• Exhibit 101: List of abbreviations

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