Global fuel cell market will reach $41,143.1 million by 2031, growing by 21% annually over 2021-2031 driven by the increasing need for clean power generation, stringent norms on greenhouse gas (GHG) emission across the globe, increasing R&D grants and government incentives, and the mounting environmental concerns and expanding urbanization.
Highlighted with 101 tables and 83 figures, this 177-page report “Global Fuel Cell Market 2021-2031 by Product (PEMFC, PAFC, SOFC, MCFC, DMFC, AFC), Capacity (200 Kw or below, above 200 Kw), Application (Stationary, Transportation, Portable), End User, and Region: Trend Forecast and Growth Opportunity” is based on comprehensive research of the entire global fuel cell market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2018-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global fuel cell market in every aspect of the classification from perspectives of Product, Capacity, Application, End User, and Region.
Based on Product, the global market is segmented into the following sub-markets with annual revenue ($ mn), capacity (MW), and volume (units) for 2021-2031 included in each section.
• Proton Exchange Membrane Fuel Cell (PEMFC)
• Phosphoric Acid Fuel Cell (PAFC)
• Solid Oxide Fuel Cell (SOFC)
• Molten Carbonate Fuel Cell (MCFC)
• Direct Methanol Fuel Cell (DMFC)
• Alkaline Fuel Cell (AFC)
• Other Fuel Cells
Based on Capacity, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
• Small Scale (Up to 200 Kw)
• Large Scale (Above 200 Kw)
By Application, the global market is segmented into the following sub-markets with annual revenue ($ mn), capacity (MW), and volume (units) for 2021-2031 included in each section.
• Stationary
• Transportation
• Portable
By End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section.
• Transportation
• Utilities & Government/Municipal Institutes
• Residential
• Commercial & Industrial
• Data Centers
• Military & Defense
Geographically, the following regions together with the listed national/local markets are fully investigated:
• North America (U.S., Canada, and Mexico)
• Europe (Germany, UK, France, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland)
• APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines)
• South America (Brazil, Chile, Argentina, Rest of South America)
• MEA (Israel, Saudi Arabia, South Africa and Rest of MEA)
For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of all regional markets by country and split of each national market by Product, Capacity and Application over the forecast years are also included.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Selected Key Players:
Ballard Power Systems Inc.
Bloom Energy Corp.
Ceres Power Holdings PLC
Cummins Inc.
Doosan Fuel Cell America, Inc.
FuelCell Energy Inc.
Horizon Fuel Cell Technologies Pte. Ltd.
Hydrogenics Corporation
Intelligent Energy Limited
Mitsubishi Hitachi Power Systems Ltd.
Nedstack Fuel Cell Technology BV
Nuvera Fuel Cells Inc. (Nuvera Fuel Cells LLC)
Panasonic Corporation
Plug Power Inc.
PowerCell Sweden AB
SFC Energy AG
Toshiba Energy Systems & Solutions Corporation
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
1 Introduction 9
1.1 Industry Definition and Research Scope 9
1.1.1 Industry Definition 9
1.1.2 Research Scope 11
1.2 Research Methodology 14
1.2.1 Overview of Market Research Methodology 14
1.2.2 Market Assumption 15
1.2.3 Secondary Data 15
1.2.4 Primary Data 15
1.2.5 Data Filtration and Model Design 16
1.2.6 Market Size/Share Estimation 17
1.2.7 Research Limitations 18
1.3 Executive Summary 19
2 Market Overview and Dynamics 22
2.1 Market Size and Forecast 22
2.1.1 Impact of COVID-19 on World Economy 24
2.1.2 Impact of COVID-19 on the Market 26
2.2 Major Growth Drivers 28
2.3 Market Restraints and Challenges 32
2.4 Emerging Opportunities and Market Trends 35
2.5 Porter’s Fiver Forces Analysis 39
3 Segmentation of Global Market by Product 43
3.1 Market Overview by Product 43
3.2 Proton Exchange Membrane Fuel Cell (PEMFC) 50
3.3 Phosphoric Acid Fuel Cell (PAFC) 51
3.4 Solid Oxide Fuel Cell (SOFC) 52
3.5 Molten Carbonate Fuel Cell (MCFC) 53
3.6 Direct Methanol Fuel Cell (DMFC) 54
3.7 Alkaline Fuel Cell (AFC) 55
3.8 Other Fuel Cells 56
4 Segmentation of Global Market by Capacity 57
4.1 Market Overview by Capacity 57
4.2 Small Scale (Up to 200 Kw) 59
4.3 Large Scale (Above 200 Kw) 60
5 Segmentation of Global Market by Application 61
5.1 Market Overview by Application 61
5.2 Stationary 67
5.3 Transportation 68
5.4 Portable 69
6 Segmentation of Global Market by End User 70
6.1 Market Overview by End User 70
6.2 Transportation 72
6.3 Utilities & Government/Municipal Institutes 73
6.4 Residential 74
6.5 Commercial & Industrial 75
6.6 Data Centers 76
6.7 Military & Defense 77
7 Segmentation of Global Market by Region 78
7.1 Geographic Market Overview 2021-2031 78
7.2 North America Market 2021-2031 by Country 86
7.2.1 Overview of North America Market 86
7.2.2 U.S. 90
7.2.3 Canada 95
7.2.4 Mexico 97
7.3 European Market 2021-2031 by Country 99
7.3.1 Overview of European Market 99
7.3.2 Germany 103
7.3.3 U.K. 105
7.3.4 France 107
7.3.5 Spain 109
7.3.6 Italy 111
7.3.7 Netherlands 113
7.3.8 Rest of European Market 115
7.4 Asia-Pacific Market 2021-2031 by Country 117
7.4.1 Overview of Asia-Pacific Market 117
7.4.2 Japan 122
7.4.3 China 125
7.4.4 Australia 127
7.4.5 India 129
7.4.6 South Korea 131
7.4.7 Rest of APAC Region 133
7.5 South America Market 2021-2031 by Country 135
7.5.1 Argentina 138
7.5.2 Brazil 140
7.5.3 Chile 142
7.5.4 Rest of South America Market 144
7.6 MEA Market 2021-2031 by Country 145
7.6.1 Israel 148
7.6.2 Saudi Arabia 150
7.6.3 South Africa 152
7.6.4 Other National Markets 154
8 Competitive Landscape 155
8.1 Overview of Key Vendors 155
8.2 New Product Launch, Partnership, Investment, and M&A 158
8.3 Company Profiles 159
Ballard Power Systems Inc. 159
Bloom Energy Corp. 161
Ceres Power Holdings PLC 162
Cummins Inc. 163
Doosan Fuel Cell America, Inc. 164
FuelCell Energy Inc. 165
Horizon Fuel Cell Technologies Pte. Ltd. 166
Hydrogenics Corporation 167
Intelligent Energy Limited 168
Mitsubishi Hitachi Power Systems Ltd. 169
Nedstack Fuel Cell Technology BV 170
Nuvera Fuel Cells Inc. (Nuvera Fuel Cells LLC) 171
Panasonic Corporation 172
Plug Power Inc. 173
PowerCell Sweden AB 174
SFC Energy AG 175
Toshiba Energy Systems & Solutions Corporation 176
RELATED REPORTS 177
List of Tables:
Table 1. Snapshot of Global Fuel Cell Market in Balanced Perspective, 2021-2031 20
Table 2. World Economic Outlook, 2021-2031 25
Table 3. Pricing Trend of Lithium-ion Battery, USD per kWh, 2016-2031 31
Table 4. Main Product Trends and Market Opportunities in Global Fuel Cell Market 35
Table 5. Comparison of Fuel Cell Products 43
Table 6. Global Fuel Cell Market by Product, 2021-2031, Revenue ($ mn) 44
Table 7. Global Fuel Cell Market by Product, 2021-2031, Capacity (MW) 46
Table 8. Global Fuel Cell Market by Product, 2021-2031, Volume (units) 48
Table 9. Global Fuel Cell Market by Product: Proton Exchange Membrane Fuel Cell (PEMFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 50
Table 10. Global Fuel Cell Market by Product: Phosphoric Acid Fuel Cell (PAFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 51
Table 11. Global Fuel Cell Market by Product: Solid Oxide Fuel Cell (SOFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 52
Table 12. Global Fuel Cell Market by Product: Molten Carbonate Fuel Cell (MCFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 53
Table 13. Global Fuel Cell Market by Product: Direct Methanol Fuel Cell (DMFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 54
Table 14. Global Fuel Cell Market by Product: Alkaline Fuel Cell (AFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 55
Table 15. Global Fuel Cell Market by Product: Other Fuel Cells, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 56
Table 16. Global Fuel Cell Market by Capacity, 2021-2031, $ mn 57
Table 17. Global Fuel Cell Market by Application, 2021-2031, Revenue ($ mn) 61
Table 18. Global Fuel Cell Market by Application, 2021-2031, Capacity (MW) 63
Table 19. Global Fuel Cell Market by Application, 2021-2031, Volume (units) 65
Table 20. Global Fuel Cell Market by by Application: Stationary, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 67
Table 21. Global Fuel Cell Market by by Application: Transportation, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 68
Table 22. Global Fuel Cell Market by by Application: Portable, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 69
Table 23. Global Fuel Cell Market by End User, 2021-2031, $ mn 70
Table 24. Global Fuel Cell Market by Region, 2021-2031, Revenue ($ mn) 79
Table 25. Global Fuel Cell Market by Region, 2021-2031, Capacity (MW) 81
Table 26. Global Fuel Cell Market by Region, 2021-2031, Volume (units) 83
Table 27. Leading National Fuel Cell Market, 2021 and 2031, $ mn 85
Table 28. North America Fuel Cell Market by Country, 2021-2031, $ mn 88
Table 29. Funding for Fuel Cell Technology in U.S., 2020 91
Table 30. U.S. Fuel Cell Market by Product, 2021-2031, $ mn 94
Table 31. U.S. Fuel Cell Market by Capacity, 2021-2031, $ mn 94
Table 32. U.S. Fuel Cell Market by Application, 2021-2031, $ mn 94
Table 33. Canada Fuel Cell Market by Product, 2021-2031, $ mn 96
Table 34. Canada Fuel Cell Market by Capacity, 2021-2031, $ mn 96
Table 35. Canada Fuel Cell Market by Application, 2021-2031, $ mn 96
Table 36. Mexico Fuel Cell Market by Product, 2021-2031, $ mn 98
Table 37. Mexico Fuel Cell Market by Capacity, 2021-2031, $ mn 98
Table 38. Mexico Fuel Cell Market by Application, 2021-2031, $ mn 98
Table 39. List of Fuel Cell Projects under Fuel Cells and Hydrogen Joint Undertaking (FCH JU) 100
Table 40. Europe Fuel Cell Market by Country, 2021-2031, $ mn 102
Table 41. Germany Fuel Cell Market by Product, 2021-2031, $ mn 104
Table 42. Germany Fuel Cell Market by Capacity, 2021-2031, $ mn 104
Table 43. Germany Fuel Cell Market by Application, 2021-2031, $ mn 104
Table 44. U.K. Fuel Cell Market by Product, 2021-2031, $ mn 106
Table 45. U.K. Fuel Cell Market by Capacity, 2021-2031, $ mn 106
Table 46. U.K. Fuel Cell Market by Application, 2021-2031, $ mn 106
Table 47. France Fuel Cell Market by Product, 2021-2031, $ mn 108
Table 48. France Fuel Cell Market by Capacity, 2021-2031, $ mn 108
Table 49. France Fuel Cell Market by Application, 2021-2031, $ mn 108
Table 50. Spain Fuel Cell Market by Product, 2021-2031, $ mn 110
Table 51. Spain Fuel Cell Market by Capacity, 2021-2031, $ mn 110
Table 52. Spain Fuel Cell Market by Application, 2021-2031, $ mn 110
Table 53. Italy Fuel Cell Market by Product, 2021-2031, $ mn 112
Table 54. Italy Fuel Cell Market by Capacity, 2021-2031, $ mn 112
Table 55. Italy Fuel Cell Market by Application, 2021-2031, $ mn 112
Table 56. Netherlands Fuel Cell Market by Product, 2021-2031, $ mn 114
Table 57. Netherlands Fuel Cell Market by Capacity, 2021-2031, $ mn 114
Table 58. Netherlands Fuel Cell Market by Application, 2021-2031, $ mn 114
Table 59. Fuel Cell Market in Rest of Europe by Country, 2021-2031, $ mn 116
Table 60. FCEV Volume in Selected National Markets in APAC, 2020-2030, thousand units 118
Table 61. Volume of Hydrogen Fueling Stations in Selected National Markets in APAC, 2020-2030, units 118
Table 62. APAC Fuel Cell Market by Country, 2021-2031, $ mn 120
Table 63. Japan Fuel Cell Market by Product, 2021-2031, $ mn 124
Table 64. Japan Fuel Cell Market by Capacity, 2021-2031, $ mn 124
Table 65. Japan Fuel Cell Market by Application, 2021-2031, $ mn 124
Table 66. China Fuel Cell Market by Product, 2021-2031, $ mn 126
Table 67. China Fuel Cell Market by Capacity, 2021-2031, $ mn 126
Table 68. China Fuel Cell Market by Application, 2021-2031, $ mn 126
Table 69. Australia Fuel Cell Market by Product, 2021-2031, $ mn 128
Table 70. Australia Fuel Cell Market by Capacity, 2021-2031, $ mn 128
Table 71. Australia Fuel Cell Market by Application, 2021-2031, $ mn 128
Table 72. India Fuel Cell Market by Product, 2021-2031, $ mn 130
Table 73. India Fuel Cell Market by Capacity, 2021-2031, $ mn 130
Table 74. India Fuel Cell Market by Application, 2021-2031, $ mn 130
Table 75. South Korea Fuel Cell Market by Product, 2021-2031, $ mn 132
Table 76. South Korea Fuel Cell Market by Capacity, 2021-2031, $ mn 132
Table 77. South Korea Fuel Cell Market by Application, 2021-2031, $ mn 132
Table 78. Fuel Cell Market in Rest of APAC by Country/Region, 2021-2031, $ mn 134
Table 79. South America Fuel Cell Market by Country, 2021-2031, $ mn 137
Table 80. Argentina Fuel Cell Market by Product, 2021-2031, $ mn 139
Table 81. Argentina Fuel Cell Market by Capacity, 2021-2031, $ mn 139
Table 82. Argentina Fuel Cell Market by Application, 2021-2031, $ mn 139
Table 83. Brazil Fuel Cell Market by Product, 2021-2031, $ mn 141
Table 84. Brazil Fuel Cell Market by Capacity, 2021-2031, $ mn 141
Table 85. Brazil Fuel Cell Market by Application, 2021-2031, $ mn 141
Table 86. Chile Fuel Cell Market by Product, 2021-2031, $ mn 143
Table 87. Chile Fuel Cell Market by Capacity, 2021-2031, $ mn 143
Table 88. Chile Fuel Cell Market by Application, 2021-2031, $ mn 143
Table 89. MEA Fuel Cell Market by Country, 2021-2031, $ mn 147
Table 90. Israel Fuel Cell Market by Product, 2021-2031, $ mn 149
Table 91. Israel Fuel Cell Market by Capacity, 2021-2031, $ mn 149
Table 92. Israel Fuel Cell Market by Application, 2021-2031, $ mn 149
Table 93. Saudi Arabia Fuel Cell Market by Product, 2021-2031, $ mn 151
Table 94. Saudi Arabia Fuel Cell Market by Capacity, 2021-2031, $ mn 151
Table 95. Saudi Arabia Fuel Cell Market by Application, 2021-2031, $ mn 151
Table 96. South Africa Fuel Cell Market by Product, 2021-2031, $ mn 153
Table 97. South Africa Fuel Cell Market by Capacity, 2021-2031, $ mn 153
Table 98. South Africa Fuel Cell Market by Application, 2021-2031, $ mn 153
Table 99. Ballard Power Systems Inc.: Company Snapshot 159
Table 100. Ballard Power Systems Inc.: Business Segmentation 160
Table 101. Ballard Power Systems Inc.: Product Portfolio 160
