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Pulished Date November, 2019
ID: 8926
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Fuel Cell market segmented by Application (Portable, Stationary and Transportation), by Technology (Polymer Electrolyte Membrane Fuel Cell (PEMFC) or Proton Exchange Membrane Fuel Cell (Also PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cells (MCFC), Other Fuel Cells), by End - Use (Vehicles, Defense, Utilities and Other Uses), Regional analysis- Global Industry Analysis, Forecast, Trends and Market Size.(2020-2025)

Pulished: November, 2019
ID: 8926
Pages: 175

Fuel Cells Market value and growth 

The Fuel Cells Market is estimated to rise at a compound annual growth rate of around 13.2% throughout the foreseen period of 2020 to 2025.

Fuel Cells Market Overview

 A fuel cell is known to be an electrochemical cell that transforms the chemical energy from a fuel to electricity. The key components of a fuel cell are anode, cathode and electrolyte. Some of the benefits provided by fuel cells include energy-efficiency, high operating time, ease of maintenance, etc. Besides this, they are eco-friendly as they avoid the production of air pollutants or greenhouse gases. Due to this, they are employed to offer power to vehicles such as forklifts, automobiles, buses, boats, motorcycles, etc. Fuel cells are devices which produce energy by the chemical reaction within it that is estimated to showcase notable expansion in the future years. This is owing to the competitive benefits of the fuel cell such as improved efficiency, eco-friendliness, and longer life span compared to others. Rising applications of fuel cells in the transport segment like in cars and buses is estimated to a spike in the future years.

Power-based electricity generation is effective in reducing the emission of carbon dioxide or any other dangerous pollutants. Therefore, fuel cell technology plays a major role in dealing with environmental problems as well as boosting the employment of renewable carriers of energy. Ongoing product developments and innovation are estimated to open new opportunities for growing players. Utilizing fuel cells can minimize the dependency on non-renewable energy sources like coal, natural gas and petrochemical derivatives. Fuel cells employ electrochemical procedure for generation of energy and led to less combustion of fuels. Hybrid systems utilizing traditional engines and fuel cells are deployed in most electric vehicles.

Drivers and Restraints:

Rising demand for portable devices, strict government rules aimed at decreasing the rising pollution levels, and improved efficiency of fuel cells are some driving factors of the global fuel cells market. The effect of these drivers is estimated to escalate significantly, owing to raising awareness about the advantages of the fuel cell. Some of the restraints related to the global fuel cell market are high price of the catalyst that increases the cost and lack of proper infrastructure. 

With the development of technology, the price of a fuel cell is estimated to decrease in the future years. The global fuel cell business holds a high scope for expansion worldwide. The market is in its maturity stage; nevertheless, its contribution to the worldwide market is estimated to escalate significantly in the next six years. 

Nevertheless, recent innovations like embedding high-efficiency portable technologies are probable to reach a broader sector of audience. Several players are entering the market with innovative products. Growing technology like new kind of fuel cells is estimated to escalate the competition in the future years.

Fuel Cells Market Segmentation:

By application:

  • Stationary
  • Portable
  • Transport

Transport and portable applications have always been the primary drivers of the fuel cell in the global market. Due to increasing use in industrial activities, fuel cells are gaining traction in the market. The increasing heavy duty applications of the fuel cell in the transportation of developing regions is tremendously boosting the transport segment of the global fuel cells market. The economic slowdown in the Euro-zone has impacted fuel cell adoption to a considerable extent. In addition to that, medical, military, and energy storage sectors are the most specific markets that are estimated to contribute to the expansion.

By Type:

  • Solid Oxide Fuel Cell (SOFC)
  • Hydrogen Fuel Cell
  • Proton Exchange Membrane Fuel Cell (PEMFC)
  • Molten Carbonate Fuel Cell (MCFC)
  • Phosphoric Acid Fuel Cell (PAFC)
  • Others

The proton exchange membrane fuel cell held the principal portion of the global fuel cells industry in the previous years and is likely to continue its lead in the coming years. The multiple benefits of the PEMFC, coupled with the rising use of fuel cells in public transportation is mainly supporting the growth and demand of this segment in the international marketplace.

Fuel Cells Regional Analysis:

Marked Segmentation based on the region:

  1. North America
    1. S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa
  6. Middle East
  7. Africa

North America accounts for a biggest share in the global fuel cell market, owing to commercialization and adoption of electric vehicles. Nevertheless, Asia Pacific fuel cell market emerges as a rising market in terms of shipment. Rising demand for combined heat and power systems in the APAC boosts the overall market demand.

Fuel Cells Market Key Players:

Major fuel cell market players in this segment are Ballard Power Systems Inc., Plug Power Inc., Proton Power Systems PLC, ITM Power Plc, AFC Energy Plc, Fuel Cell Energy Inc., SFC Energy, United Technologies, Hydrogenics, and Fuji Electric India Pvt. Ltd. Other prominent players operating in this market are Thameswey Energy Ltd, SEC Industrial Battery Co., Logan Energy Ltd, EnerFuel Inc., Dantherm, Fronius International GmbH, Greenlight Innovation, Hero Future Energies, Acta S.p.A., Powercell Sweden AB, and SGL Group.

Recent Developments and Trends

  • Ballard Power Systems declared its collaboration with ABB  and other consortium partners in the Flagships project to develop and introduce a zero-emission river push boat, planned for deployment in France in 2021 to push river barges. Ballard is planning to deliver 2 of its next-generation 200-kilowatt fuel cell modules in 2020 that will offer propulsion power for the vessel. The river push boat will be owned and operated by Sogestran Group subsidiary Compagnie Fluviale de Transport (CFT) on the Rhône river in France, to demonstrate that fuel cell-powered propulsion provides a price-effective and practical zero-emission solution for owners and builders of mid-sized vessels carrying more than 100 passengers or the equivalent freight volumes inland or coastally.
  • Plug Power Inc., a leader offering energy solutions that change the way the world moves, declared the introduction of its 30 kilowatts (kW) hydrogen fuel cell engine, the latest commercial product from the ProGen suite of products. The reliable ProGen 30kW engine offers a cost-effective solution to meet the requirements of today’s electric vehicle (EV) use-case, including high utilization, extended runtimes, reliable performance in harsh environments, fast fueling, and zero emissions. ProGen industry-dominating products make it simple for original equipment manufacturers (OEMs) to adopt sustainable fuel cell power.  
  • Hydrogenic, a giant in the fuel cell market, reached an agreement with sinohytec (china) in june 2016 to improve and co-develop new fuel cell systems for the chinese market, that can be built into busses and trucks from a number of leading automotive manufacturers in china.
  • Various contracts have also been signed with companies such as asko (norway), golden gate zero emission marine (us) and blue-g new energy science and technology corporation (china) to provide fuel cells for marine and on-ground vehicle propulsion applications between june 2017 and december 2018.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 By End-Use                 

                                5.1.1 Introduction           

                                5.1.2 Vehicles   

                                5.1.3 Defence   

                                5.1.4 Aviation    

                                5.1.5 Utilities     

                                5.1.6 Other Uses             

                                5.1.7 Y-o-Y Growth Analysis        

                                5.1.8 Market Attractiveness Analysis      

                                5.1.9 Market Share Analysis       

                5.2 By Technology                           

                                5.2.1 Introduction           

                                5.2.2 Polymer Electrolyte Membrane Fuel Cell (PEMFC) or Proton Exchange Membrane Fuel Cell (Also PEMFC)               

                                5.2.3 Solid Oxide Fuel Cell (SOFC)             

                                5.2.4 Molten Carbonate Fuel Cells (MCFC)           

                                5.2.5 Other Technologies             

                                5.2.6 Y-o-Y Growth Analysis        

                                5.2.7 Market Attractiveness Analysis      

                                5.2.8 Market Share Analysis       

                5.3 By Application                           

                                5.3.1 Introduction           

                                5.3.2 Portable   

                                5.3.3 Stationary

                                5.3.4 Transportation      

                                5.3.5 Y-o-Y Growth Analysis        

                                5.3.6 Market Attractiveness Analysis      

                                5.3.7 Market Share Analysis       

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By End- Use

                                                6.1.3.3 By Application

                                                6.1.3.4 By Technology

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By End- Use

                                                6.1.4.3 By Application

                                                6.1.4.4 By Technology

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By End- Use

                                                6.1.5.3 By Application

                                                6.1.5.4 By Technology

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa                               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leader Analysis                                           

                8.1 Fuel Cell Energy Inc                 

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Hydrogenic Corporation                        

                8.3 Nedstack Fuel Cell Technology B.V.                 

                8.4 Doosan Fuel Cell America Inc                              

                8.5 Plug Power. Inc                         

                8.6 Ballard Power Systems                          

                8.7 SFC Energy AG                          

                8.8 Bloom Energy                            

                8.9 Ceres Power Holdings Plc                     

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of By Type, Function, Application and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Fuel Cell Market By Region, From 2020-2025 ( USD Billion )
  2. Global Fuel Cell Market By Application, From 2020-2025 ( USD Billion )
  3. Global Portable Market By Region, From 2020-2025 ( USD Billion )
  4. Global Stationary Market By Region, From 2020-2025 ( USD Billion )
  5. Global Transportation Market By Region, From 2020-2025 ( USD Billion )
  6. Global Fuel Cell Market By Technology, From 2020-2025 ( USD Billion )
  7. Global Polymer Electrolyte Membrane  Fuel Cell(PEMFC) or Proton Exchange Membrabe  Fuel Cell (Also PEMFC) Market By Region, From 2020-2025 ( USD Billion )
  8. Global Solid Oxide Fuel Cell (SOFC) Market By Region, From 2020-2025 ( USD Billion )
  9. Global Molten Carbonate Fuel Cells (MCFC) Market By Region, From 2020-2025 ( USD Billion )
  10. Global Other Fuel Cells Market By Region, From 2020-2025 ( USD Billion )
  11. Global Fuel Cell Market By End-Use, From 2020-2025 ( USD Billion )
  12. Global Vehicles Market By Region, From 2020-2025 ( USD Billion )
  13. Global Defence Market By Region, From 2020-2025 ( USD Billion )
  14. Global Utilities Market By Region, From 2020-2025 ( USD Billion )
  15. Global Other Uses Market By Region, From 2020-2025 ( USD Billion )

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