Fuel Cells Market - Global Industry Analysis

Fuel Cells Market (PEMFC, MCFC, SOFC, DMFC, PAFC And Others) For Stationary, Transport And Portable Applications: Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028

Published Date: 12-Jun-2021 Category: Chemical & Materials Report Format : PDF Pages: 167 Report Code: ZMR-2316 Status : Published

The global Fuel Cell market accounted for USD 4.7 Billion in 2020 and is expected to reach USD 10.7 Billion by 2028, growing at a CAGR of around 10.8% between 2021 and 2028.

Description

Market Overview    

The global Fuel Cell market accounted for USD 4.7 Billion in 2020 and is expected to reach USD 10.7 Billion by 2028, growing at a CAGR of around 10.8% between 2021 and 2028.   

A fuel cell is a type of device that uses electrochemical processes to transform the chemical energy of a fuel directly into electricity. Mainly, hydrogen is used as a fuel in the fuel cells. To keep the processes that generate electricity going, these cells need a constant supply of fuel and an oxidising agent (usually oxygen). As a result, until the supply of fuel and oxygen is shut off, these cells can continue to generate power. Fuel cells produce power straight from hydrogen and oxygen, resulting in no carbon dioxide or other pollutants being released into the atmosphere. Fuel cells have a better efficiency than traditional fuels, which is its most significant advantage over traditional fuels. When compared to internal combustion engines, they also produce less noise, making them more suited for business environments such as hospitals. Fuel cells finds applications in anything from a single family house to a large utility power stations and media communications, hospitals and in the vehicles as well.

The global fuel cell market to see a growth due to increasing approach towards the use of sustainable energy options. Depletion in non-renewable energy sources will boost the demand of fuel cell in the coming years         

COVID-19 Impact Analysis

The global supply chain and operations across various sectors witnessed disruption due to lockdowns  enforced by many countries around the world to control the spread of Covid-19. Fuel Cell production and its consumption declined due to shut down of commercial places as people had to stay indoors carry on work from home. Also, use of fuel cells in global transport industry has also noticed negative impact due to lesser use of vehicles around the world. However, the markets are slowly opening to their full potential and demand for fuel cell will also grow as pandemic has resulted in more sustainable approach across the world. The market will remain positive next year.

The significant increase in the global Fuel Cell market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary sources and the current data available about the situation.

Growth Factors

Due to its use in variety of applications, ranging from utility power plants to the laptops we operate, the fuel cell will have a huge demand in the near future. The worldwide fuel cells market is predicted to be driven by rising government incentives and favourable policies for the adoption and deployment of fuel cells. Factors such as ease of storage, lesser carbon emissions than combustion engines, and a longer life period are going to drive up demand for such cells on the market. In the coming years, rising knowledge of the benefits of fuel cells, as well as the depletion of non - renewable resources, are expected to propel the growth of the fuel cell market.

However, a key restraint for the global fuel cell market is likely to be the absence of fuel cell infrastructure and the high cost of the fuel cell.

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 

The type segments covered include proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others. Forklifts, automobiles, telephones, primary systems, and backup power systems are all examples of PEMFC uses. Due to wide range of applications, PEMFC dominates the market and will continue to do so in coming time because of growing demand.

Application Segment Analysis Preview 

Stationary, transport, and portable are the application segments of the global fuel cells market.  Due to tremendous expansion in the regional transportation sector and high fossil fuel use, environmental challenges such as climate change and poor air quality have arisen, necessitating the development of renewable energy sources. The transport sector will have a significant growth in the forecast period.

Key Market Players & Competitive Landscape

Some of the major players of global Fuel Cell market includes AFC Energy, Aisin Seiki Co. Ltd., Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Horizon Fuel Cell Technologies and Hydrogenics Corporation among other

The global Fuel Cell Market is segmented as follows:

By Type

  • Proton Exchange Membrane Fuel Cells (PEMFC)
  • Molten Carbonate Fuel Cells (MCFC)
  • Solid Oxide Fuel Cells (SOFC)
  • Direct Methanol Fuel Cells (DMFC)
  • Phosphoric Acid Fuel Cells (PAFC)
  • Others

By Application

  • Stationary
  • Transport
  • 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 Fuel Cell Market, 2016 – 2028 (USD Billion)
    • 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 Billion)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion)
    • 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 Fuel Cell Market – Type Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Type, 2020 & 2028
    • 4.2. Proton Exchange Membrane Fuel Cells (PEMFC)
      • 4.2.1. Market Size and Forecast, By Region (USD Billion)
      • 4.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.3. Multen Carbonate Fuel Cells (MCFC)
      • 4.3.1. Market Size and Forecast, By Region (USD Billion)
      • 4.3.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.3.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.4. Sulic Oxide Fuel Cells (SOFC)
      • 4.4.1. Market Size and Forecast, By Region (USD Billion)
      • 4.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.4.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.5. Direct Methanul Fuel Cells (DMFC)
      • 4.5.1. Market Size and Forecast, By Region (USD Billion)
      • 4.5.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.5.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.6. Phosphoric Acid Fuel Cells (PAFC)
      • 4.6.1. Market Size and Forecast, By Region (USD Billion)
      • 4.6.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.7.3. Key Market Trends, Growth Factors, & Opportunities
    • 4.7. Others
      • 4.7.1. Market Size and Forecast, By Region (USD Billion)
      • 4.7.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 4.7.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 5 Fuel Cell Market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
    • 5.2. Stationary
      • 5.2.1. Market Size and Forecast, By Region (USD Billion)
      • 5.2.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.2.3. Key Market Trends, Growth Factors, & Opportunities
    • 5.3. Transport
      • 5.3.1. Market Size and Forecast, By Region (USD Billion)
      • 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 Billion)
      • 5.4.2. Comparative Revenue Analysis, By Country, 2020 & 2028
      • 5.4.3. Key Market Trends, Growth Factors, & Opportunities
  • Chapter No. 6: Fuel Cell Market – Industry 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 Billion)
    • 6.2. North America
      • 6.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Billion)
      • 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 Billion)
      • 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 Billion)
      • 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 Billion)
      • 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 Billion)
      • 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
      • 6.6.5. Rest of Middle-East Africa
        • 6.6.5.1. Rest of Middle-East Africa Market Revenue, By Type, 2016 – 2028
        • 6.6.5.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
  • Chapter No. 7: Fuel Cell 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. Technology 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 Fuel Cell Market: Company Market Share, 2019
      • 8.1.2. Global Fuel Cell Market, Company Market Revenue, 2016 – 2019 (USD Billion)
      • 8.1.3. Global Fuel Cell Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 8.1.4. Global Fuel Cell Market: Radar Determinant Chart, 2019
    • 8.2. Strategic Developments
      • 8.2.1. Acquisitions & Mergers
      • 8.2.2. New Type Launch
      • 8.2.3. Regional Expansion
    • 8.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 9: Company Profiles
    • 9.1. AFC Energy
      • 9.1.1. Company Overview
      • 9.1.2. Key Executives
      • 9.1.3. Product Portfolio
      • 9.1.4. Financial Overview
      • 9.1.5. Operating Business Segments
      • 9.1.6. Business Performance
      • 9.1.7. Recent Developments
    • 9.2. Aisin Seiki Co. Ltd.
    • 9.3. Ballard Power Systems Inc.
    • 9.4. Bloom Energy
    • 9.5. Ceramic Fuel Cells Limited
    • 9.6. Ceres Power Huldings PLC
    • 9.7. Doosan Corporation
    • 9.8. Fuelcell Energy
    • 9.9. Horizon Fuel Cell Technulogies
    • 9.10. Hydrogenics Corporation
  • 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 Methodology
    • 11.1. Research Methodology
    • 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

Table Of Figures

List of Figures 

FIG NO. 1. Market Attractiveness Analysis, By Type
FIG NO. 2. Market Attractiveness Analysis, By Application
FIG NO. 3. Market Attractiveness Analysis, By Region
FIG NO. 4. Global Fuel Cell Market Revenue, 2016 – 2028 (USD Billion)
FIG NO. 5. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 6. Market Revenue Share, By Type, 2020 & 2028 
FIG NO. 7. Global Fuel Cell Market for Proton Exchange Membrane Fuel Cells (PEMFC), Revenue (USD Billion) 2016 – 2028
FIG NO. 8. Comparative Revenue Analysis of Fuel Cell Market for Proton Exchange Membrane Fuel Cells (PEMFC), By Country, 2020 & 2028
FIG NO. 9. Global Fuel Cell Market for Molten Carbonate Fuel Cells (MCFC), Revenue (USD Billion) 2016 – 2028
FIG NO. 10. Comparative Revenue Analysis of Fuel Cell Market for Molten Carbonate Fuel Cells (MCFC), By Country, 2020 & 2028
FIG NO. 11. Global Fuel Cell Market for Solic Oxide Fuel Cells (SOFC), Revenue (USD Billion) 2016 – 2028
FIG NO. 12. Comparative Revenue Analysis of Fuel Cell Market for  Solic Oxide Fuel Cells (SOFC) By Country, 2020 & 2028
FIG NO. 13. Global Fuel Cell Market for Direct Methanol Fuel Cells (DMFC) Revenue (USD Billion) 2016 – 2028
FIG NO. 14. Comparative Revenue Analysis of Fuel Cell Market for Direct Methanol Fuel Cells (DMFC) By Country, 2020 & 2028
FIG NO. 15. Global Fuel Cell Market for Phosphoric Acid Fuel Cells (PAFC)  Revenue (USD Billion) 2016 – 2028
FIG NO. 16. Comparative Revenue Analysis of Fuel Cell Market for Phosphoric Acid Fuel Cells (PAFC) By Country, 2020 & 2028
FIG NO. 17. Global Fuel Cell Market for Others Revenue (USD Billion) 2016 – 2028
FIG NO. 18. Comparative Revenue Analysis of Fuel Cell Market for Others By Country, 2020 & 2028
FIG NO. 19. Market Revenue Share, By Application, 2020 & 2028 
FIG NO. 20. Global Fuel Cell Market for Stationary, Revenue (USD Billion) 2016 – 2028
FIG NO. 21. Comparative Revenue Analysis of Fuel Cell Market for Stationary, By Country, 2020 & 2028
FIG NO. 22. Global Fuel Cell Market for Transport, Revenue (USD Billion) 2016 – 2028
FIG NO. 23. Comparative Revenue Analysis of Fuel Cell Market for Transport, By Country, 2020 & 2028
FIG NO. 24. Global Fuel Cell Market for Portable, Revenue (USD Billion) 2016 – 2028
FIG NO. 25. Comparative Revenue Analysis of Fuel Cell Market for Portable, By Country, 2020 & 2028
FIG NO. 26. Global Fuel Cell Market Revenue Share, By Region, 2020 & 2028
FIG NO. 27. North America Fuel Cell Market Revenue, 2016 - 2028 (USD Billion)
FIG NO. 28. Porter’s Five Forces Analysis for Global Fuel Cell Market
FIG NO. 29. PEST Analysis for Global Fuel Cell Market
FIG NO. 30. Pricing Analysis for Global Fuel Cell Market
FIG NO. 31. Value Chain Analysis for Global Fuel Cell Market
FIG NO. 32. Company Share Analysis, 2019
FIG NO. 33. Radar Determinant Chart, 2019
FIG NO. 34. Company Strategic Developments – Heat Map Analysis
FIG NO. 35. Archer Daniels Midland Company Business Segment Revenue Share, 2020 (%)
FIG NO. 36. Archer Daniels Midland Company Geographical Segment Revenue Share, 2020 (%)
FIG NO. 37. Market Channels
FIG NO. 38. Marketing Channel Development Trend
FIG NO. 39. Growth in World Gross Type, 2008-2018
FIG NO. 40. Research Methodology – Detailed View
FIG NO. 41. Research Methodology
 


Table Of Tables

List of Tables 

TABLE NO. 1. Global Fuel Cell Market: Snapshot
TABLE NO. 2. Quarterly Fuel Cell Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Fuel Cell Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Billion) 
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Billion) 
TABLE NO. 6. Global Fuel Cell Market for Proton Exchange Membrane Fuel Cells (PEMFC), by Region, 2016 – 2028 (USD Billion)
TABLE NO. 7. Global Fuel Cell Market for Molten Carbonate Fuel Cells (MCFC), by Region, 2016 – 2028 (USD Billion)
TABLE NO. 8. Global Fuel Cell Market for Solic Oxide Fuel Cells (SOFC) by Region, 2016 – 2028 (USD Billion)
TABLE NO. 9. Global Fuel Cell Market for Direct Methanol Fuel Cells (DMFC) by Region, 2016 – 2028 (USD Billion)
TABLE NO. 10. Global Fuel Cell Market for Phosphoric Acid Fuel Cells (PAFC) by Region, 2016 – 2028 (USD Billion)
TABLE NO. 11. Global Fuel Cell Market for Others by Region, 2016 – 2028 (USD Billion)
TABLE NO. 12. Global Fuel Cell Market for Stationary, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 13. Global Fuel Cell Market for Transport, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 14. Global Fuel Cell Market for Portable, by Region, 2016 – 2028 (USD Billion)
TABLE NO. 15. Global Fuel Cell Market Revenue, By Region, 2016 – 2028 (USD Billion)
TABLE NO. 16. North America Fuel Cell Market Revenue, By Country, 2016 – 2028 (USD Billion)
TABLE NO. 17. North America Fuel Cell Market Revenue, By Type, 2016 – 2028 (USD Billon)
TABLE NO. 18. North America Fuel Cell Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 19. U.S. Fuel Cell Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 20. U.S. Fuel Cell Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 21. Canada Fuel Cell Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 22. Canada Fuel Cell Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 23. Mexico Fuel Cell Market Revenue, By Type, 2016 – 2028 (USD Billion)
TABLE NO. 24. Mexico Fuel Cell Market Revenue, By Application, 2016 – 2028 (USD Billion)
TABLE NO. 25. Drivers for the Fuel Cell Market: Impact Analysis
TABLE NO. 26. Restraints for the Fuel Cell Market: Impact Analysis
TABLE NO. 27. Major Buyers of Fuel Cell
TABLE NO. 28. Distributors/Traders List of Fuel Cell
TABLE NO. 29. Global Fuel Cell Market, Company Market Revenue, 2016 – 2019 (USD Billion)
TABLE NO. 30: Global Fuel Cell Market, Company Y-o-Y Growth, 2017 – 2019 (USD Billion)   


 

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Fuel Cells market. Zion Research has collected and analyzed key data belong to the global Fuel Cells market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Fuel Cells across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Fuel Cells industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Fuel Cells market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Global fuel cells market is expected to witness positive growth within the forecast period on account of increasing government incentives for the adoption of fuel cells. Fuel cells are devices that electrochemically combine hydrogen and oxygen to produce electricity, water, and heat. Unlike batteries, fuel cells continuously generate electricity as long as a source of fuel is supplied. Fuel cells do not burn fuel, helping to make the process quiet, pollution-free and around two to three times more efficient than combustion technologies.

A fuel cell system can be a truly zero-emission source of electricity when hydrogen is produced from nonpolluting sources. Growing government incentives and favorable policies for the adoption and application of fuel cells is expected to be the major driving factor of the global fuel cells market. Moreover, the technological innovations coupled with the commercialization of fuel cells have also been aiding the growth of the fuel cells market. Rising awareness about the benefits of fuel cells and depletion of fossil fuels is expected to surge the demand for fuel cells in the years to come. However, the lack of fuel cell infrastructure and the high cost of the fuel cell is expected to be a major restraint for the global fuel cells market. Technological advancements and favorable government policies to construct hydrogen power stations are expected to provide growth opportunities for the key players in the market over the coming years.

Fuel-Cells-Market

The fuel cells market can be segmented into categories by types such as proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others. PEMFC accounted for the largest share of the global fuel cells market in 2016. This can be attributed to the wide range of applications of PEMFCs such as forklifts, automobiles, telecommunications, data centers and primary & backup power systems. SOFC segment is expected to register remarkable growth within the forecast period owing to their ability to operate at high temperatures that reduce the requirement of costly catalysts.

Stationary, transport, and portable are the application segments of the global fuel cells market. Among applications, stationary accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization of direct current, flexibility in the choice of fuels etc. Transport segment is expected to witness significant growth during the forecast period due to the increasing research and development activities to produce hybrid vehicles that are not completely reliant on fossil fuels.

North America accounted for most of the global market share in 2016 and is expected to grow in light of the government regulations in the region that promotes the adoption of fuel cells. Moreover, the technological developments in the region are expected to further drive the growth of the North America fuel cells market within the forecast period. Asia Pacific is expected to witness significant growth owing to the large demand for a sustainable source of energy in order to meet the demands of the enormously expanding population in the region.

The key players in the global fuel cells market are AFC Energy, Aisin Seiki Co. Ltd., Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Horizon Fuel Cell Technologies and Hydrogenics Corporation among others.

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FrequentlyAsked Questions

The global Fuel Cell Market was valued at USD 4.7 billion in 2020.

The global Fuel Cell Market is expected to reach USD 10.7 billion by 2028, growing at a CAGR of  10.8% between 2021 to 2028.

Factors such as ease of storage, lesser carbon emissions than combustion engines, and a longer life period are going to drive up demand for such cells on the market. In the coming years, rising knowledge of the benefits of fuel cells, as well as the depletion of non - renewable resources, are expected to propel the growth of the fuel cell market.

In 2020, North America accounted towards a major share of Fuel Cell market and will continue to dominate the market over the next few years. Due to the increasing demand for a sustainable source of energy to fulfil the demands of the region's rapidly growing population, Asia Pacific is likely to see tremendous growth.

Some of the major players of global Fuel Cell market includes  AFC Energy, Aisin Seiki Co. Ltd., Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Horizon Fuel Cell Technologies and Hydrogenics Corporation among others . 

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