Global Fuel Cell Technology Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Fuel cells are referred to a class of devices that helps in converting the chemical energy of the fuel directly into electricity through an electromagnetic reaction. It compile a battery in several aspects and provides electrical energy for a longer period. The rise in investments in R&D activities of fuel cell technology and the increase in focus on clean energy generation for transportation and power generation are the key driving factors for the growth of the market over the forecast years.
The rising government support and subsidies for promoting the adoption of fuel cell are playing a significant role in the market growth across the globe. For instance, the South Korean government announced that they are focusing on replacing approximately 26,000 CNG buses with fuel cell buses by the year 2030. Also, The Zhangjiakou City administration in China placed an order for 74 fuel cell electric buses (FCEBs) for the 2022 Winter Olympics. Moreover, the IEA's Global EV Outlook 2021 reported that it was estimated that in China is accounted for 94% of world's fuel-cell buses and 99% of fuel cell trucks. Therefore, the rising adoption of fuel cell automobiles and increasing government support are bolstering the demand for fuel cell technologies in the global market. Additionally, the efficient property such as fuel flexibility and the rise in investment in battery & renewable technology integration, as well as the advent of new technologies are lucrative opportunities for the growth of the market over the upcoming years. However, the presence of the expensive catalyst and lack of hydrogen infrastructure are the factors hampering the growth of the market during the estimated years.
The key regions considered for the Global Fuel Cell Technology Market study include: Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia Pacific accounts for the largest share in global fuel cell technology due to the high demand for advances in fuel cell technology coupled with the growing use of fuel cell-powered vehicles in the region. Similarly, Asia Pacific is the fastest-growing region in the global fuel cell technology due to the increase in power generation from clean energy sources.
Major market players included in this report are:
- Hydrogenics
- Fuel cell Energy, Inc.
- Plug Power Inc.
- Ballard Power Systems Inc.
- SFC Energy AG
- Bloom Energy
- Intelligent Energy Limited
- Ceres Power
- Horizon Fuel Cell
- Nuvera Fuel Cells, LLC
Recent Developments in the Market:
- In December 2021, Plug Power and Edison Motors unveiled that the companies have signed an agreement to develop and market a hydrogen fuel-cell-powered electric city bus.
Global Fuel Cell Technology Market Report Scope:
- Historical Data: 2019-2020-2021
- Base Year for Estimation: 2021
- Forecast period: 2022-2029
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: End-User, Application, Type, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End user:
- Fuel cell vehicles
- Utilities
- Defense
By Application:
- Portable
- Stationery
- Transport
By Type:
- Proton Exchange Membrane fuel cell
- Phosphoric acid fuel cell
- Alkaline fuel cell
- Others
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Fuel Cell Technology Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Fuel Cell Technology Market, by End user, 2019-2029 (USD Billion)
- 1.2.3. Fuel Cell Technology Market, by Application, 2019-2029 (USD Billion)
- 1.2.4. Fuel Cell Technology Market, by Type, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Fuel Cell Technology Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Fuel Cell Technology Market Dynamics
- 3.1. Fuel Cell Technology Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing focus on clean energy generation for transportation and power generation
- 3.1.1.2. Rising government support and subsidies
- 3.1.2. Market Challenges
- 3.1.2.1. Presence of expensive catalyst
- 3.1.2.2. Lack of hydrogen infrastructure
- 3.1.3. Market Opportunities
- 3.1.3.1. Efficient properties such as fuel flexibility
- 3.1.3.2. Rise in investment in battery & renewable technology integration, as well as the advent of new technologies
Chapter 4. Global Fuel Cell Technology Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. Industry Experts Prospective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Fuel Cell Technology Market, by End user
- 6.1. Market Snapshot
- 6.2. Global Fuel Cell Technology Market by End user, Performance - Potential Analysis
- 6.3. Global Fuel Cell Technology Market Estimates & Forecasts by End user 2019-2029 (USD Billion)
- 6.4. Fuel Cell Technology Market, Sub Segment Analysis
- 6.4.1. Fuel cell vehicles
- 6.4.2. Utilities
- 6.4.3. Defense
Chapter 7. Global Fuel Cell Technology Market, by Application
- 7.1. Market Snapshot
- 7.2. Global Fuel Cell Technology Market by Application, Performance - Potential Analysis
- 7.3. Global Fuel Cell Technology Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
- 7.4. Fuel Cell Technology Market, Sub Segment Analysis
- 7.4.1. Portable
- 7.4.2. Stationery
- 7.4.3. Transport
Chapter 8. Global Fuel Cell Technology Market, by Type
- 8.1. Market Snapshot
- 8.2. Global Fuel Cell Technology Market by Type, Performance - Potential Analysis
- 8.3. Global Fuel Cell Technology Market Estimates & Forecasts by Type 2019-2029 (USD Billion)
- 8.4. Fuel Cell Technology Market, Sub Segment Analysis
- 8.4.1. Proton Exchange Membrane fuel cell
- 8.4.2. Phosphoric acid fuel cell
- 8.4.3. Alkaline fuel cell
- 8.4.4. Others
Chapter 9. Global Fuel Cell Technology Market, Regional Analysis
- 9.1. Fuel Cell Technology Market, Regional Market Snapshot
- 9.2. North America Fuel Cell Technology Market
- 9.2.1. U.S. Fuel Cell Technology Market
- 9.2.1.1. End user breakdown estimates & forecasts, 2019-2029
- 9.2.1.2. Application breakdown estimates & forecasts, 2019-2029
- 9.2.1.3. Type breakdown estimates & forecasts, 2019-2029
- 9.2.2. Canada Fuel Cell Technology Market
- 9.3. Europe Fuel Cell Technology Market Snapshot
- 9.3.1. U.K. Fuel Cell Technology Market
- 9.3.2. Germany Fuel Cell Technology Market
- 9.3.3. France Fuel Cell Technology Market
- 9.3.4. Spain Fuel Cell Technology Market
- 9.3.5. Italy Fuel Cell Technology Market
- 9.3.6. Rest of Europe Fuel Cell Technology Market
- 9.4. Asia-Pacific Fuel Cell Technology Market Snapshot
- 9.4.1. China Fuel Cell Technology Market
- 9.4.2. India Fuel Cell Technology Market
- 9.4.3. Japan Fuel Cell Technology Market
- 9.4.4. Australia Fuel Cell Technology Market
- 9.4.5. South Korea Fuel Cell Technology Market
- 9.4.6. Rest of Asia Pacific Fuel Cell Technology Market
- 9.5. Latin America Fuel Cell Technology Market Snapshot
- 9.5.1. Brazil Fuel Cell Technology Market
- 9.5.2. Mexico Fuel Cell Technology Market
- 9.5.3. Rest of Latin America Fuel Cell Technology Market
- 9.6. Rest of The World Fuel Cell Technology Market
Chapter 10. Competitive Intelligence
- 10.1. Top Market Strategies
- 10.2. Company Profiles
- 10.2.1. Hydrogenics
- 10.2.1.1. Key Information
- 10.2.1.2. Overview
- 10.2.1.3. Financial (Subject to Data Availability)
- 10.2.1.4. Product Summary
- 10.2.1.5. Recent Developments
- 10.2.2. Fuel cell Energy Inc.
- 10.2.3. Plug Power Inc.
- 10.2.4. Ballard Power Systems Inc
- 10.2.5. SFC Energy AG
- 10.2.6. Bloom Energy
- 10.2.7. Intelligent Energy Limited
- 10.2.8. Ceres Power
- 10.2.9. Horizon Fuel Cell
- 10.2.10. Nuvera Fuel Cells, LLC
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption