North America fuel cell market is projected to grow by 19.6% annually in the forecast period and reach $5,216.9 million by 2031, driven by the increasing need for clean power generation, stringent norms on greenhouse gas (GHG) emission across the globe, increasing R&D grants and government incentives, and the mounting environmental concerns and expanding urbanization.
Highlighted with 37 tables and 43 figures, this 111-page report “North America Fuel Cell Market 2021-2031 by Product (PEMFC, PAFC, SOFC, MCFC, DMFC, AFC), Capacity (200 Kw or below, above 200 Kw), Application (Stationary, Transportation, Portable), End User, and Country: Trend Forecast and Growth Opportunity” is based on comprehensive research of the entire North America fuel cell market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2018-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)
In-depth qualitative analyses include identification and investigation of the following aspects:
• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter’s Fiver Forces
The trend and outlook of North America market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify North America fuel cell market in every aspect of the classification from perspectives of Product, Capacity, Application, End User, and Country.
Based on Product, the North America market is segmented into the following sub-markets with annual revenue ($ 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 North America 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 North America 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 North America 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 national/local markets are fully investigated:
• U.S.
• Canada
• Mexico
For each key country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of national markets 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 8
1.1 Industry Definition and Research Scope 8
1.1.1 Industry Definition 8
1.1.2 Research Scope 10
1.2 Research Methodology 13
1.2.1 Overview of Market Research Methodology 13
1.2.2 Market Assumption 14
1.2.3 Secondary Data 14
1.2.4 Primary Data 14
1.2.5 Data Filtration and Model Design 15
1.2.6 Market Size/Share Estimation 16
1.2.7 Research Limitations 17
1.3 Executive Summary 18
2 Market Overview and Dynamics 21
2.1 Market Size and Forecast 21
2.1.1 Impact of COVID-19 on World Economy 23
2.1.2 Impact of COVID-19 on the Market 25
2.2 Major Growth Drivers 27
2.3 Market Restraints and Challenges 31
2.4 Emerging Opportunities and Market Trends 34
2.5 Porter’s Fiver Forces Analysis 38
3 Segmentation of North America Market by Product 42
3.1 Market Overview by Product 42
3.2 Proton Exchange Membrane Fuel Cell (PEMFC) 49
3.3 Phosphoric Acid Fuel Cell (PAFC) 50
3.4 Solid Oxide Fuel Cell (SOFC) 51
3.5 Molten Carbonate Fuel Cell (MCFC) 52
3.6 Direct Methanol Fuel Cell (DMFC) 53
3.7 Alkaline Fuel Cell (AFC) 54
3.8 Other Fuel Cells 55
4 Segmentation of North America Market by Capacity 56
4.1 Market Overview by Capacity 56
4.2 Small Scale (Up to 200 Kw) 58
4.3 Large Scale (Above 200 Kw) 59
5 Segmentation of North America Market by Application 60
5.1 Market Overview by Application 60
5.2 Stationary 66
5.3 Transportation 67
5.4 Portable 68
6 Segmentation of North America Market by End User 69
6.1 Market Overview by End User 69
6.2 Transportation 71
6.3 Utilities & Government/Municipal Institutes 72
6.4 Residential 73
6.5 Commercial & Industrial 74
6.6 Data Centers 75
6.7 Military & Defense 76
7 North America Market 2021-2031 by Country 77
7.1 Overview of North America Market 77
7.2 U.S. 80
7.3 Canada 85
7.4 Mexico 87
8 Competitive Landscape 89
8.1 Overview of Key Vendors 89
8.2 New Product Launch, Partnership, Investment, and M&A 92
8.3 Company Profiles 93
Ballard Power Systems Inc. 93
Bloom Energy Corp. 95
Ceres Power Holdings PLC 96
Cummins Inc. 97
Doosan Fuel Cell America, Inc. 98
FuelCell Energy Inc. 99
Horizon Fuel Cell Technologies Pte. Ltd. 100
Hydrogenics Corporation 101
Intelligent Energy Limited 102
Mitsubishi Hitachi Power Systems Ltd. 103
Nedstack Fuel Cell Technology BV 104
Nuvera Fuel Cells Inc. (Nuvera Fuel Cells LLC) 105
Panasonic Corporation 106
Plug Power Inc. 107
PowerCell Sweden AB 108
SFC Energy AG 109
Toshiba Energy Systems & Solutions Corporation 110
RELATED REPORTS 111
List of Tables:
Table 1. Snapshot of North America Fuel Cell Market in Balanced Perspective, 2021-2031 19
Table 2. World Economic Outlook, 2021-2031 24
Table 3. Pricing Trend of Lithium-ion Battery, USD per kWh, 2016-2031 30
Table 4. Main Product Trends and Market Opportunities in North America Fuel Cell Market 34
Table 5. Comparison of Fuel Cell Products 42
Table 6. North America Fuel Cell Market by Product, 2021-2031, Revenue ($ mn) 43
Table 7. North America Fuel Cell Market by Product, 2021-2031, Capacity (MW) 45
Table 8. North America Fuel Cell Market by Product, 2021-2031, Volume (units) 47
Table 9. North America Fuel Cell Market by Product: Proton Exchange Membrane Fuel Cell (PEMFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 49
Table 10. North America Fuel Cell Market by Product: Phosphoric Acid Fuel Cell (PAFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 50
Table 11. North America Fuel Cell Market by Product: Solid Oxide Fuel Cell (SOFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 51
Table 12. North America Fuel Cell Market by Product: Molten Carbonate Fuel Cell (MCFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 52
Table 13. North America Fuel Cell Market by Product: Direct Methanol Fuel Cell (DMFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 53
Table 14. North America Fuel Cell Market by Product: Alkaline Fuel Cell (AFC), 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 54
Table 15. North America Fuel Cell Market by Product: Other Fuel Cells, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 55
Table 16. North America Fuel Cell Market by Capacity, 2021-2031, $ mn 56
Table 17. North America Fuel Cell Market by Application, 2021-2031, Revenue ($ mn) 60
Table 18. North America Fuel Cell Market by Application, 2021-2031, Capacity (MW) 62
Table 19. North America Fuel Cell Market by Application, 2021-2031, Volume (units) 64
Table 20. North America Fuel Cell Market by by Application: Stationary, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 66
Table 21. North America Fuel Cell Market by by Application: Transportation, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 67
Table 22. North America Fuel Cell Market by by Application: Portable, 2021-2031, Revenue ($ mn)/Capacity (MW)/Volume (units) 68
Table 23. North America Fuel Cell Market by End User, 2021-2031, $ mn 69
Table 24. North America Fuel Cell Market by Country, 2021-2031, $ mn 78
Table 25. Funding for Fuel Cell Technology in U.S., 2020 81
Table 26. U.S. Fuel Cell Market by Product, 2021-2031, $ mn 84
Table 27. U.S. Fuel Cell Market by Capacity, 2021-2031, $ mn 84
Table 28. U.S. Fuel Cell Market by Application, 2021-2031, $ mn 84
Table 29. Canada Fuel Cell Market by Product, 2021-2031, $ mn 86
Table 30. Canada Fuel Cell Market by Capacity, 2021-2031, $ mn 86
Table 31. Canada Fuel Cell Market by Application, 2021-2031, $ mn 86
Table 32. Mexico Fuel Cell Market by Product, 2021-2031, $ mn 88
Table 33. Mexico Fuel Cell Market by Capacity, 2021-2031, $ mn 88
Table 34. Mexico Fuel Cell Market by Application, 2021-2031, $ mn 88
Table 35. Ballard Power Systems Inc.: Company Snapshot 93
Table 36. Ballard Power Systems Inc.: Business Segmentation 94
Table 37. Ballard Power Systems Inc.: Product Portfolio 94
