Fuel Cell Technology Market - Global Industry Analysis

Global Fuel Cell Technology Market by Type (Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cell, Molten Carbonate Fuel Cell, Phosphoric Acid Fuel Cells, and Others), By Application (Transport, Stationary, Portable): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2028

Published Date: 24-May-2021 Category: Automotive Report Format : PDF Pages: 140 Report Code: ZMR-1062 Status : Published

Description

Market Overview

The Global Fuel Cell Technology Market accounted for USD 11.94 Billion in 2020 and is expected to reach USD 37.07 Billion by 2028, growing at a CAGR of 15.3% from 2021 to 2028.

A fuel cell is a system that effectively conducts and generates electricity by combining a cathode and an anode immersed in an electrolyte medium.

Chemical energy is converted into electrical energy by fuel cells. Buildings use fuel cells as a source of heat and energy, as well as as an electrical power source for electric motors that drive cars. Forklifts, or trucks that carry and move bulky goods, are often often used. Fuel cells don't need to be charged externally and can generate electricity as long as they have access to fuel and oxygen.

COVID-19 Impact Analysis

The Global Fuel Cell Technology Market has been adversely impacted by the COVID-19 pandemic, which has resulted in supply chain shortages, project delays, and a lack of financial funding for R&D operations.

The effect of the outbreak on global supply chains would have an impact on hydrogen-based systems, which require a well-coordinated supply chain and a large amount of resources to demonstrate. The COVID-19 outbreak has impacted existing hydrogen demand from oil refining, steel production, and the chemicals industry, according to the IEA. According to the International Energy Agency, gasoline usage would fall by 9%, diesel by 6%, and jet fuel by 26% by 2020, while demand for core hydrogen-based chemicals (such as methanol) will fall by 7%. Sales of hydrogen-based fuel-cell vehicles increased in 2019, and it was predicted that early 2020 would set a new sales milestone.

The COVID-19 crisis, according to the IEA, has had a major effect on the addition of renewable power energy. According to IEA projections, owing to the unprecedented COVID-19 global crisis, the number of new renewable power installations is expected to decline in 2020.

Growth Factors

One of the major growth drivers for the Global Fuel Cell Technology Market is increasing Demand for electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles (EV/HEV/PHV). The market for electric cars is rapidly increasing, resulting in a strong demand for fuel cells. Furthermore, the carbon emissions have heightened government interest in the use of electric and plug-in hybrid cars.

Another factor for the growth in this market is  the dependency on oil, diesel, and other non-conventional energy source is reducing. The demand for fuel cells has increased around the world. Excessive CO2, CO, NOx, and SOx emissions from traditional petroleum products and oils have raised environmental issues. By - reliance on gasoline, diesel, and other fossil fuels, fuel cells act as an alternative to traditional and unconventional energy sources.

Because of the growing need for environmentally sustainable cars, fuel cells have a strong acceptance rate in the transportation sector. Furthermore, as the government's commitment to reducing greenhouse emissions grows, the need for fuel cell vehicles, buses, and trucks grows. The demand for stationary fuel cells in buildings, schools, and shopping centres has increased as a result of globalisation. Fuel cells are expected to become more widely used in handheld devices such as smartphones, tablets, and PCs, as well as as power backup batteries, and have been described as a profitable target market for investment.

Report Scope :

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Type Segment Analysis Preview

In 2019, the Proton Exchange Membrane Fuel Cell (PEMFC) accounted for more than 67.7% of all units shipped. Forklifts, motorcycles, telecommunications, main systems, and secondary control systems are all examples of PEMFC implementations. Their demand is expected to be bolstered by their versatility in the forecast timeframe.

Fuel Cell Technologies Office (FCTO), Solid Oxide Fuel Cell (SOFC), and other fuel cell research projects receive funds from the US Department of Energy (DOE). The Solid Oxide Fuel Cell (SOFC) is expected to expand rapidly in the immediate future. In SOFCs, the presence of all solid components eliminates the need for electrolyte loss. The fact that they can work at high temperatures reduces the need for expensive catalysts like ruthenium.

Molten Carbonate Fuel Cells (MCFC) emerged as the most common product category in 2019, with 380 MW of demand. The market for molten carbonate fuel cells is expected to rise steadily in the coming years, thanks to their widespread use in large stationary power plants.

Application Segment Analysis Preview

In terms of application, stationary fuel cells lead the Fuel Cell Market. The stationary segment is expected to retain its leadership role due to product simplicity and performance. Due to the demand for fuel cell powered forklifts and increased R&D activities in developing economies of Europe, the transportation sector is projected to be the fastest growing segment during the forecast period. Personal devices, portable products, printers, mobile phones, APUs, and household products, among other things, use portable fuel cells.

Regional Segment Analysis Preview

The Global Fuel Cell Technology Market is divided into five regions : North America, Europe, Asia Pacific, Latin America and Middle East Africa . The Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. 

In 2020, Asia-Pacific accounted for a large share with 17.3 % CAGR and this domination is projected to persist during the forecast period. Because of supportive government policies in countries like China, Japan, and South Korea, the Asia-Pacific region is one of the most lucrative international markets for fuel cells in the coming years. The PEMFC is the most widely deployed fuel cell technology in the area of the available fuel cell technologies.

China's fuel cell industry has a lot of promise, as the government is gradually working on ways to use renewable energy technologies to transition to a low-carbon economy. Furthermore, the hydrogen fuel cell industry in the country has been gaining momentum as a result of attractive national and regional government incentives as well as local government funding schemes to promote the use of hydrogen vehicles to reduce emissions.

In Canada , the federal government has provided money to associations and fuel cell firms.. Government financing programmes in the United States and Canada have fueled the product's growth and deployment in North America. In the near future, Europe's industry will change its emphasis to public-private alliances in order to achieve the goal of being a low-carbon economy while maintaining a competitive advantage.

Key Market Players and Competitive Landscape

Some of the key players in the Global Fuel Cell Technology Market include Fuel Cell Energy, Inc.; Ballard Power Systems; Hydrogenics Corporation; SFC Energy AG; Nedstack Fuel Cell Technology B.V.; Bloom Energy; Doosan Fuel Cell America, Inc.; Ceres Power Holdings Plc; Plug Power, Inc.;  Nuvera Fuel Cells LLC.; and Others.

Ballard Power Systems, Fuel Cell Energy, Hydrogenics Corporation, Plug Technology, and Ceres Power, for example, have a high level of convergence across the value chain. These businesses have developed themselves as major producers. They concentrate on R&D activities in order to improve low-cost fuel cell technologies for the car industry. Mergers and acquisitions, as well as product releases, are some of the key tactics used by industry participants. Ceres Power and Honda R & D Co Ltd have agreed to collaborate on the construction of solid oxide fuel cell stacks. This effort aids the organisation in gaining acceptance for its steel cell technology.

The Global Fuel Cell Technology Market is segmented as follows:-

Type

  • Solid Oxide Fuel Cells
  • Proton Exchange Membrane Fuel Cells
  • Molten Carbonate Fuel Cells
  • Phosphoric Acid Fuel Cells
  • Others

Application

  • Transport
  • Stationary
  • Portable

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Type
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Global Fuel Cell Technulogy Market, 2016 – 2028 (USD Million)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Global Fuel Cell Technulogy Market – Type Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Type, 2020 & 2028
    • 4.2. Sulid Oxide Fuel Cells
      • 4.2.1. Market Size and Forecast, By Region (USD Million)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Proton Exchange Membrane Fuel Cells
      • 4.3.1. Market Size and Forecast, By Region (USD Million)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Multen Carbonate Fuel Cells
      • 4.4.1. Market Size and Forecast, By Region (USD Million)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.5. Phosphoric Acid Fuel Cells
      • 4.5.1. Market Size and Forecast, By Region (USD Million)
      • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.6. Others
      • 4.6.1. Market Size and Forecast, By Region (USD Million)
      • 4.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.6.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Global Fuel Cell Technulogy Market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Transport
      • 5.2.1. Market Size and Forecast, By Region (USD Million)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Stationary
      • 5.3.1. Market Size and Forecast, By Region (USD Million)
      • 5.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.4. Portable
      • 5.4.1. Market Size and Forecast, By Region (USD Million)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6 Global Fuel Cell Technulogy Market – Regional Analysis
    • 6.1. Overview
      • 6.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 6.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Million)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.2.2. North America Market Revenue, By Type, 2016 – 2028
      • 6.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 6.2.4. U.S.
        • 6.2.4.1. U.S. Market Revenue, By Type, 2016 – 2028
        • 6.2.4.2. U.S. Market Revenue, By Application, 2016 – 2028
      • 6.2.5. Canada
        • 6.2.5.1. Canada Market Revenue, By Type, 2016 – 2028
        • 6.2.5.2. Canada Market Revenue, By Application, 2016 – 2028
      • 6.2.6. Mexico
        • 6.2.6.1. Mexico Market Revenue, By Type, 2016 – 2028
        • 6.2.6.2. Mexico Market Revenue, By Application, 2016 – 2028
    • 6.3. Europe
      • 6.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.3.2. Europe Market Revenue, By Type, 2016 – 2028
      • 6.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 6.3.4. Germany
        • 6.3.4.1. Germany Market Revenue, By Type, 2016 – 2028
        • 6.3.4.2. Germany Market Revenue, By Application, 2016 – 2028
      • 6.3.5. France
        • 6.3.5.1. France Market Revenue, By Type, 2016 – 2028
        • 6.3.5.2. France Market Revenue, By Application, 2016 – 2028
      • 6.3.6. U.K.
        • 6.3.6.1. U.K. Market Revenue, By Type, 2016 – 2028
        • 6.3.6.2. U.K. Market Revenue, By Application, 2016 – 2028
      • 6.3.7. Italy
        • 6.3.7.1. Italy Market Revenue, By Type, 2016 – 2028
        • 6.3.7.2. Italy Market Revenue, By Application, 2016 – 2028
      • 6.3.8. Spain
        • 6.3.8.1. Spain Market Revenue, By Type, 2016 – 2028
        • 6.3.8.2. Spain Market Revenue, By Application, 2016 – 2028
      • 6.3.9. Rest of Europe
        • 6.3.9.1. Rest of Europe Market Revenue, By Type, 2016 – 2028
        • 6.3.9.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
    • 6.4. Asia Pacific
      • 6.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.4.2. Asia Pacific Market Revenue, By Type, 2016 – 2028
      • 6.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 6.4.4. China
        • 6.4.4.1. China Market Revenue, By Type, 2016 – 2028
        • 6.4.4.2. China Market Revenue, By Application, 2016 – 2028
      • 6.4.5. Japan
        • 6.4.5.1. Japan Market Revenue, By Type, 2016 – 2028
        • 6.4.5.2. Japan Market Revenue, By Application, 2016 – 2028
      • 6.4.6. India
        • 6.4.6.1. India Market Revenue, By Type, 2016 – 2028
        • 6.4.6.2. India Market Revenue, By Application, 2016 – 2028
      • 6.4.7. South Korea
        • 6.4.7.1. South Korea Market Revenue, By Type, 2016 – 2028
        • 6.4.7.2. South Korea Market Revenue, By Application, 2016 – 2028
      • 6.4.8. South-East Asia
        • 6.4.8.1. South-East Asia Market Revenue, By Type, 2016 – 2028
        • 6.4.8.2. South-East Asia Market Revenue, By Application, 2016 – 2028
      • 6.4.9. Rest of Asia Pacific
        • 6.4.9.1. Rest of Asia Pacific Market Revenue, By Type, 2016 – 2028
        • 6.4.9.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
    • 6.5. Latin America
      • 6.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.5.2. Latin America Market Revenue, By Type, 2016 – 2028
      • 6.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 6.5.4. Brazil
        • 6.5.4.1. Brazil Market Revenue, By Type, 2016 – 2028
        • 6.5.4.2. Brazil Market Revenue, By Application, 2016 – 2028
      • 6.5.5. Argentina
        • 6.5.5.1. Argentina Market Revenue, By Type, 2016 – 2028
        • 6.5.5.2. Argentina Market Revenue, By Application, 2016 – 2028
      • 6.5.6. Rest of Latin America
        • 6.5.6.1. Rest of Latin America Market Revenue, By Type, 2016 – 2028
        • 6.5.6.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
    • 6.6. The Middle-East and Africa
      • 6.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 6.6.2. The Middle-East and Africa Market Revenue, By Type, 2016 – 2028
      • 6.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.4. GCC Countries
        • 6.6.4.1. GCC Countries Market Revenue, By Type, 2016 – 2028
        • 6.6.4.2. GCC Countries Market Revenue, By Application, 2016 – 2028
      • 6.6.5. South Africa
        • 6.6.5.1. South Africa Market Revenue, By Type, 2016 – 2028
        • 6.6.5.2. South Africa Market Revenue, By Application, 2016 – 2028
      • 6.6.6. Rest of Middle-East Africa
        • 6.6.6.1. Rest of Middle-East Africa Market Revenue, By Type, 2016 – 2028
        • 6.6.6.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 7 Global Fuel Cell Technulogy Market – Industry Analysis
    • 7.1. Introduction
    • 7.2. Market Drivers
      • 7.2.1. Driving Factor 1 Analysis
      • 7.2.2. Driving Factor 2 Analysis
    • 7.3. Market Restraints
      • 7.3.1. Restraining Factor Analysis
    • 7.4. Market Opportunities
      • 7.4.1. Market Opportunity Analysis
    • 7.5. Porter’s Five Forces Analysis
    • 7.6. PEST Analysis
    • 7.7. Regulatory Landscape
    • 7.8. Technulogy Landscape
    • 7.9. Regional Market Trends
      • 7.9.1. North America
      • 7.9.2. Europe
      • 7.9.3. Asia Pacific
      • 7.9.4. Latin America
      • 7.9.5. The Middle-East and Africa
    • 7.10. Pricing Analysis
    • 7.11. Value Chain Analysis
    • 7.12. Downstream Buyers
    • 7.13. Distributors/Traders List
  • Chapter No. 8 Competitive Landscape
    • 8.1. Company Market Share Analysis – 2019
      • 8.1.1. Global Global Fuel Cell Technulogy Market: Company Market Share, 2019
      • 8.1.2. Global Global Fuel Cell Technulogy Market, Company Market Revenue, 2016 – 2019 (USD Million)
      • 8.1.3. Global Global Fuel Cell Technulogy Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Global Fuel Cell Technulogy Market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Product Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9 Company Profiles
    • 9.1. Fuel Cell Energy Inc.
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfulio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Ballard Power Systems
    • 9.3. Hydrogenics Corporation
    • 9.4. SFC Energy AG
    • 9.5. Nedstack Fuel Cell Technulogy B.V.
    • 9.6. Bloom Energy
    • 9.7. Doosan Fuel Cell America Inc.
    • 9.8. Ceres Power Huldings Plc
    • 9.9. Plug Power Inc.
    • 9.10. Nuvera Fuel Cells LLC.
  • Chapter No. 10 Marketing Strategy Analysis
    • 10.1. Marketing Channel
    • 10.2. Direct Marketing
    • 10.3. Indirect Marketing
    • 10.4. Marketing Channel Development Trends
    • 10.5. Economic/Pulitical Environmental Change
  • Chapter No. 11 Research Methodulogy
    • 11.1. Research Methodulogy
    • 11.2. Phase I - Secondary Research
    • 11.3. Phase II - Data Modeling
      • 11.3.1. Company Share Analysis Model
      • 11.3.2. Revenue Based Modeling
    • 11.4. Phase III - Primary Research
    • 11.5. Research Limitations
      • 11.5.1. Assumptions

Methodology


Frequently Asked Questions

The Global Fuel Cell Technology Market was valued at USD 11.94 Billion in 2020.

The Global Fuel Cell Technology Market is expected to reach USD 37.07 Billion by 2028, growing at a CAGR of 15.3% between 2021 to 2028.

Increasing Demand for electric vehicles, hybrid electric vehicles, and plug-in hybrid vehicles (EV/HEV/PHV) and Dependency on oil, diesel, and other non-conventional energy source is reducing are the major key factors in driving the Global Fuel Cell Technology Market.

The Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. 

Some of the key players in the Global Fuel Cell Technology Market include Fuel Cell Energy Inc.; Ballard Power Systems; Hydrogenics Corporation; SFC Energy AG; Nedstack Fuel Cell Technology B.V.; Bloom Energy; Doosan Fuel Cell America Inc.; Ceres Power Holdings Plc; Plug Power Inc.; Nuvera Fuel Cells LLC.; and Others.

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