Analysts’ Viewpoint on Fuel Cell Market Scenario
The on-demand delivery of fuel cells and after-sale services are key strategies to ensure long-term revenue opportunities during the uncertain times of the ongoing coronavirus pandemic. Manufacturers in the fuel cell market are adopting contingency planning to offer competitive pricing for products. However, the high cost of fuel cells in automobiles is inhibiting market growth. Hence, stakeholders in the fuel cell market should increase the availability of the fuel cell technology to help lower its price for use in automobiles in the upcoming years. The growing acceptance toward fuel cells in automobiles, consumer appliances, and transport applications is anticipated to create stable revenue streams for manufacturers.
Fuel cells are electrochemical devices that are being publicized as a clean source of electricity. They are naturally more effective than many of the other combustion engines available today, making them excellent providers of alternative green energy technology in automobiles.
Uninterrupted power supply systems (UPS), military power units, different electric appliances, combined heat & power (CHP) systems, submarines, and automobiles are examples of fuel cell uses. The fuel cell technology is becoming increasingly popular as a heating source in commercial buildings, as it produces no emissions. This is likely to work in favor of the global fuel cell market over the next few years.
Companies in the fuel cell market are taking data-driven decisions before making inroads into newer regions during the ongoing coronavirus pandemic. The fuel cell market is likely to witness a surge in prices due to limited availability of raw materials, while price for end products is expected to remain volatile amid changing demand sentiments.
Nevertheless, fuel cell manufacturers are catering to mission-critical applications for residential and transport sectors by ensuring robust supply chains. Import and export of fuel cells is projected to rise, owing to an increase in shipment and demand of the same in the upcoming months and years.
Major types of fuel cells are solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and proton exchange membrane fuel cells (PEMFC), of which, the PEMFC segment held the significant market share in 2020.
The tremendous growth of the market for PEMFC is expected to be driven by increasing applications in the transportation industry to power buses & cars and constant technological advancements aimed to increase the efficiency of these fuel cells. Furthermore, this technology is considered to be the preferred choice for several small-scale residential applications.
The Asia Pacific fuel cell market has been growing at an astonishing pace due to the rising demand for more power, reduced reliance on fossil fuels, and greater adoption of green energy technologies. In addition, rapid industrialization in this region is projected to significantly increase the demand for fuel cells.
Moreover, adherence to tough government rules to reduce greenhouse gas (GHG) emissions is likely to drive the Asia Pacific fuel cell market in the next decade. One of the major elements likely to drive the expansion of the Asia Pacific fuel cell market is the growing need for alternative energy sources. Other variables that are anticipated to fuel the demand in the market include lower impact on the environment and rise in private-public enterprises. Governments are anticipated to assist these advancements by providing financial support for R&D activities and appropriate financial schemes.
Fuel cell is an electrochemical cell that transforms chemical energy from fuel to electricity. Main components of a fuel cell include anode, cathode, and electrolyte. Fuel cells provide several advantages, including ease of maintenance, energy efficiency, and extended operating times, among others. Besides, they are environment-friendly as they avoid the generation of greenhouse gases and air pollutants.
The global fuel cell market is expected to generate huge value-grab opportunities over the next few years. One of the primary reasons for this forecast is the increasing usage of fuel cells in a variety of applications such as combined heat and power (CHP) systems, submarines, vehicles, electric appliances, uninterrupted power supply systems (UPS), military power units, etc.
Attribute | Detail |
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Market Size Value in 2020 (Base Year) | US$ 10.37 Bn |
Market Forecast Value in 2031 | US$ 107.03 Bn |
Growth Rate (CAGR) | 23.64% |
Forecast Period | 2021-2031 |
Quantitative Units | Value (US$ Bn) and Volume (Units) |
Competition Landscape | Company Profiles section includes overview, product portfolio, key subsidiaries or distributors, strategy & recent developments, and key financials |
Format | Electronic (PDF) + Excel |
Market Segmentation |
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Regions Covered |
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Countries Covered |
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Companies Profiled |
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Customization Scope | Available upon Request |
Pricing | Available upon Request |
Fuel Cell Market - Segmentation
TMR’s research study assesses the fuel cell market in terms of type, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the fuel cell market.
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Fuel Cell Market is expected to reach US$ 107.03 Bn By 2031
Fuel Cell Market is estimated to rise at a CAGR of 23.64% during forecast period
Growing use of fuel cells in portable applications is one of the prominent driving factors of the global fuel cell market
Some of the top companies operating in this market are Ballard Power Systems Inc., AFC Energy PLC, Doosan Fuel Cell America, Inc., Hydrogenics Corporation, Panasonic Corporation, Plug Power, Inc., Toshiba Corporation., Nedstack, and SFC Energy AG.
Stationary, Portable, Transport are the application segments in the Fuel Cell Market
1. Preface
1.1. Preface
1.2. Market Segmentation
2. Executive Summary
2.1. Executive Summary - Fuel Cell Market
3. Industry Analysis
3.1. Value Chain Analysis
3.2. Value Chain Analysis
3.3. Market Dynamics
3.3.1. Driver 1 - Fuel cells to play a vital role in back-up power options
3.3.2. Driver 2 - Eco-friendly and silent characteristics
3.3.3. Driver 3 - High energy density than batteries
3.3.4. Restraint 1- High switching cost and lack of infrastructure hindering growth of fuel cell market
3.3.5. Opportunity 1 - Strict government regulations to minimize carbon emissions has resulted in a paradigm shift toward green energy
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. BBargaining Power of Buyers
3.4.3. Threat of Substitutes
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Attractiveness - Fuel Cell Market
3.6. Company Market Share Analysis - Fuel Cell Market
4. Type Segment Analysis
4.1. Introduction - Fuel Cell Market, Type Segment
4.1.1. Fuel Cell Market, Type Segment
4.1.1.1. Fuel Cell Market- PEMFC
4.1.1.2. Fuel Cell Market- DMFC
4.1.1.3. Fuel Cell Market- SOFC
4.1.1.4. Fuel Cell Market - Others
5. Application Analysis
5.1. Introduction - Fuel Cell Market, Application Segment
5.1.1. Fuel Cell Market, Application Segment
5.1.1.1. Fuel Cell Market- Stationary
5.1.1.2. Fuel Cell Market- Portable
5.1.1.3. Fuel Cell Market- Transport
6. Geographical Analysis
6.1. Fuel Cell Market - Region Overview
6.1.1. Fuel Cell Market - North America
6.1.2. North America Fuel Cell Market
6.1.2.1. Canada Fuel Cell Market
6.1.2.2. Canada Fuel Cell Market by Application
6.1.2.3. Canada Fuel Cell Market by Type
6.1.3. Fuel Cell Market - Europe
6.1.4. Europe Fuel Cell Market
6.1.4.1. Germany Fuel Cell Market
6.1.4.2. Germany Fuel Cell Market by Application
6.1.4.3. Germany Fuel Cell Market by Type
6.1.4.4. Rest of Europe Fuel Cell Market
6.1.5. Fuel Cell Market - Asia Pacific
6.1.6. Asia Pacific Fuel Cell Market
6.1.6.1. Japan Fuel Cell Market
6.1.6.2. Japan Fuel Cell Market by Application
6.1.6.3. Japan Fuel Cell Market by Type
6.1.6.4. South Korea Fuel Cell Market
6.1.6.5. South Korea Fuel Cell Market by Application
6.1.6.6. South Korea Fuel Cell Market by Type
6.1.6.7. China Fuel Cell Market
6.1.6.8. China Fuel Cell Market by Application
6.1.6.9. China Fuel Cell Market by Type
6.1.6.10. Rest of Asia Pacific Fuel Cell Market
6.1.6.11. Rest of Asia Pacific Fuel Cell Market by Application
6.1.6.12. Rest of Asia Pacific Fuel Cell Market by Type
6.1.7. Fuel Cell Market - Middle East & Africa
6.1.7.1. Middle East & Africa Fuel Cell Market by Application
6.1.7.2. Middle East & Africa Fuel Cell Market by Type
6.1.8. Fuel Cell Market - Latin America
6.1.8.1. Latin America Fuel Cell Market by Application
6.1.8.2. Latin America Fuel Cell Market by Type
7. Company Profiles
7.1. AFC Energy PLC
7.1.1. Company Description
7.1.2. Business Overview
7.1.3. Financial Details
7.1.4. Key Developments
7.2. Ballard Power Systems Inc.
7.2.1. Company Description
7.2.2. Business Overview
7.2.3. Financial Details
7.2.4. Key Developments
7.3. Doosan Fuel Cell America, Inc.
7.3.1. Company Description
7.3.2. Business Overview
7.3.3. Financial Details
7.3.4. Key Developments
7.4. Fuel Cell Energy, Inc.
7.4.1. Company Description
7.4.2. Business Overview
7.4.3. Financial Details
7.4.4. Key Developments
7.5. Hydrogenics Corporation
7.5.1. Company Description
7.5.2. Business Overview
7.5.3. Financial Details
7.5.4. Key Developments
7.6. Nedstack Fuel Cell Technology B.V.
7.6.1. Company Description
7.6.2. Business Overview
7.6.3. Financial Details
7.6.4. Key Developments
7.7. Plug Power, Inc.
7.7.1. Company Description
7.7.2. Business Overview
7.7.3. Financial Details
7.7.4. Key Developments
7.8. Panasonic Corporation
7.8.1. Company Description
7.8.2. Business Overview
7.8.3. Financial Details
7.8.4. Key Developments
7.9. SFC Energy AG
7.9.1. Company Description
7.9.2. Business Overview
7.9.3. Financial Details
7.9.4. Key Developments
7.10. Toshiba Corporation
7.10.1. Company Description
7.10.2. Business Overview
7.10.3. Financial Details
7.10.4. Key Developments
List of Tables
Table 1: Global Fuel Cell Market: Snapshot
List of Figures
Figure 1: Global Fuel Cell Market Segmentation
Figure 2: Global Fuel Cell Market, Estimates and Forecast, by Volume (Units), 2020-2031
Figure 3: Global Fuel Cell Market, Estimates and Forecast, by Revenue (US$ Bn), 2020-2031
Figure 4: Figure Global Fuel Cell Market, Value Chain Analysis
Figure 5: Figure Global Fuel Cell Market, Comparison of Fuel Cell Noise with Other Products, by Decibels (dB)
Figure 6: Figure Global Fuel Cell Market, Comparison of Fuel Cell Emissions compared to Other Conventional Fuels
Figure 7: Market Attractiveness Analysis of Fuel Cell Market, by Region, 2020
Figure 8: Figure Company Market Share % of Fuel Cell Market, 2020
Figure 9: Global Fuel Cell Market, % Share by Type Segment, 2020
Figure 10: Global Fuel Cell Market, % Share by Type Segment, 2031
Figure 11: Global Fuel Cell Market, Type Segment, by Volume, 2020-2031 (Units)
Figure 12: Global Fuel Cell Market, Type Segment, by Revenue, 2020-2031 (US$ Bn)
Figure 13: Global Fuel Cell Market, PEMFC, by Volume, 2020-2031 (Units)
Figure 14: Global Fuel Cell Market, PEMFC, by Revenue, 2020-2031 (US$ Bn)
Figure 15: Global Fuel Cell Market, DMFC, by Volume, 2020-2031 (Units)
Figure 16: Global Fuel Cell Market, DMFC, by Revenue, 2020-2031 (US$ Bn)
Figure 17: Global Fuel Cell Market, SOFC, by Volume, 2020-2031 (Units)
Figure 18: Global Fuel Cell Market, SOFC, by Revenue, 2020-2031 (US$ Bn)
Figure 19: Global Fuel Cell Market, Others, by Volume, 2020-2031 (Units)
Figure 20: Global Fuel Cell Market, Others, by Revenue, 2020-2031 (US$ Bn)
Figure 21: Global Fuel Cell Market, % Share by Application Segment, 2020
Figure 22: Global Fuel Cell Market, % Share by Application Segment, 2031
Figure 23: Global Fuel Cell Market, Application Segment, by Volume, 2020-2031 (Units)
Figure 24: Global Fuel Cell Market, Application Segment, by Revenue, 2020-2031 (US$ Bn)
Figure 25: Global Fuel Cell Market, Stationary, by Volume, 2020-2031 (Units)
Figure 26: Global Fuel Cell Market, Stationary, by Revenue, 2020-2031 (US$ Bn)
Figure 27: Global Fuel Cell Market, Portable, by Volume, 2020-2031 (Units)
Figure 28: Global Fuel Cell Market, Portable, by Revenue, 2020-2031 (US$ Bn)
Figure 29: Global Fuel Cell Market, Transport, by Volume, 2020-2031 (Units)
Figure 30: Global Fuel Cell Market, Transport, by Revenue, 2020-2031 (US$ Bn)
Figure 31: Global Fuel Cell Market Share, by Region, 2020 and 2031
Figure 32: North America Fuel Cell Market Share, by Country, 2020 and 2031
Figure 33: North America Fuel Cell Market, by Volume (Units), 2020-2031
Figure 34: North America Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 35: U.S. Fuel Cell Market, by Volume (Units), 2020-2031
Figure 36: U.S. Fuel Cell Market, by Revenue (US$ Bn), 2020-2031 (US$ Bn)
Figure 37: Canada Fuel Cell Market, by Volume (Units), 2020-2031
Figure 38: Canada Fuel Cell Market, by Revenue (US$ Bn), 2020-2031 (US$ Bn)
Figure 39: Europe Fuel Cell Market Share, by Country, 2020 and 2031
Figure 40: Europe Fuel Cell Market, by Volume (Units), 2020-2031
Figure 41: Europe Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 42: Germany Fuel Cell Market, by Volume (Units), 2020-2031
Figure 43: Germany Fuel Cell Market, by Revenue (US$ Bn), 2020-2031 (US$ Bn)
Figure 44: U.K. Fuel Cell Market, by Volume (Units), 2020-2031
Figure 45: U.K. Fuel Cell Market, by Revenue (US$ Bn), 2020-2031 (US$ Bn)
Figure 46: Rest of Europe Fuel Cell Market, by Volume (Units), 2020-2031
Figure 47: Rest of Europe Fuel Cell Market, by Revenue (US$ Bn), 2020-2031 (US$ Bn)
Figure 48: Asia Pacific Fuel Cell Market Share, by Country, 2020 and 2031
Figure 49: Asia Pacific Fuel Cell Market, by Volume (Units), 2020-2031
Figure 50: Asia Pacific Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 51: Japan Fuel Cell Market, by Volume (Units), 2020-2031
Figure 52: Japan Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 53: South Korea Fuel Cell Market, by Volume (Units), 2020-2031
Figure 54: South Korea Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 55: China Fuel Cell Market, by Volume (Units), 2020-2031
Figure 56: China Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 57: Rest of Asia Pacific Fuel Cell Market, by Volume (Units), 2020-2031
Figure 57: Rest of Asia Pacific Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 58: Middle East & Africa Fuel Cell Market, by Volume (Units), 2020-2031
Figure 59: Middle East & Africa Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 60: Latin America Fuel Cell Market, by Volume (Units), 2020-2031
Figure 61: Latin America Fuel Cell Market, by Revenue (US$ Bn), 2020-2031
Figure 62: Ballard Power Systems Inc., Revenue (US$ Bn) by Fuel Cells Product & Services, (2020)
Figure 63: Ballard Power Systems Inc., Revenue (US$ Bn) by Region Segment,(2020)
Figure 64: Fuel Cell Energy, Inc., Revenue (US$ Bn) by Business Segment, (2020)
Figure 65: Fuel Cell Energy, Inc., Revenue (US$ Bn) by Region, (2020)
Figure 66: Plug Power, Inc. Revenue (US$ Bn) by Business Segment, (2020)
Figure 67: Plug Power, Inc., Growth in Revenue (US$ Bn) by Year, (2020-2031)
Figure 68: Panasonic Corporation, Revenue (US$ Bn) by Business Segment, (2020)
Figure 69: Panasonic Corporation, Revenue (US$ Bn) by Appliances Sub-Segment,(2020))
Figure 70: Toshiba Corporation, Revenue (US$ Bn) by Business Segment, (2020)
Figure 71: Toshiba Corporation, Revenue (US$ Bn) by Region Segment, (2020)