Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2024

Published by MarketsandMarkets on 14th November 2019 | Ref: 1463969 | This Product Is In Stock

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$6650 | Multi User
$8150 | Corporate License
$10000 | Enterprise License

Introduction

“The global fuel cells market is projected to reach USD 1,059 million by 2024, at a CAGR of 25.4% from 2019 to 2024”

The global fuel cells market size is projected to reach USD 1,059 million by 2024 from an estimated market size of USD 342 million in 2019, at a CAGR of 25.4% during the forecast period with major focus on the advances in the fuel cell technologies. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.

“The transport segment is expected to be the fastest-growing market during the forecast period.”

The fuel cells market, by application, is segmented into transport, portable, and stationary applications. Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water. In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.

“The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2019 to 2024. “

Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2018 and is expected to grow at the highest CAGR during 2019 to 2024 owing to their application in fuel cell-based vehicle operations.

“Asia Pacific is expected to lead in the global fuel cells market.”

Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. The Asia Pacific market is driven by the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.

With the demand for electrical power, and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably. The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells. Apart from the China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier I: 52%, Tier II: 27%, and Tier III: 21%

By Designation: C-Level Executives: 31%, Directors: 34%, and Others: 35%

By Region: North America: 48%, Europe: 11%, Asia Pacific: 32%, Rest of the World (RoW): 9%

Note: Others include sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:

The global fuel cells market and the advances in fuel cell technology market is dominated by a few major players that have an extensive global and regional presence. The leading players in the advances in fuel cell technology industry are Ballard Power (Canada), Hydrogenics (Canada), SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US).

Research Coverage:

The report defines, describes, and forecasts the global fuel cells market and the advances in fuel cell technology market by type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the advances in fuel cell technology market.

Table of Contents

TABLE OF CONTENTS

1 INTRODUCTION 16

1.1 OBJECTIVES OF THE STUDY 16

1.2 DEFINITION 16

INCLUSIONS & EXCLUSIONS 18

INCLUSIONS & EXCLUSIONS 18

1.3 MARKET SCOPE 19

1.4 YEARS CONSIDERED FOR THE STUDY 20

1.5 CURRENCY 20

1.6 LIMITATIONS 20

1.7 STAKEHOLDERS 21

2 RESEARCH METHODOLOGY 22

2.1 RESEARCH DATA 22

2.2 SCOPE 25

2.3 MARKET SIZE ESTIMATION 27

3 EXECUTIVE SUMMARY 30

4 PREMIUM INSIGHTS 34

4.1 ATTRACTIVE OPPORTUNITIES IN THE ADVANCES IN FUEL CELL TECHNOLOGY MARKET DURING THE FORECAST PERIOD 34

4.2 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY REGION 35

4.3 ASIA PACIFIC ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY COUNTRY AND APPLICATION 35

4.4 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY END USE 36

4.5 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY APPLICATION 36

5 MARKET OVERVIEW 37

5.1 INTRODUCTION 37

5.2 MARKET DYNAMICS 37

6 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY END USER 42

6.1 INTRODUCTION 43

6.2 FUEL CELL VEHICLES 43

6.3 UTILITIES 45

6.4 DEFENSE 45

7 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY APPLICATION 47

7.1 INTRODUCTION 48

7.2 PORTABLE 49

7.3 STATIONARY 50

7.4 TRANSPORT 50

8 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY TYPE 52

8.1 INTRODUCTION 53

8.2 PROTON EXCHANGE MEMBRANE FUEL CELL (PEMFC) 54

8.3 PHOSPHORIC ACID FUEL CELL (PAFC) 55

8.4 ALKALINE FUEL CELL (AFC) 55

8.5 MICROBIAL FUEL CELL (MFC) 56

8.6 KEY UPCOMING TECHNOLOGIES 57

9 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY REGION 58

9.1 INTRODUCTION 59

9.2 NORTH AMERICA 61

9.3 ASIA PACIFIC 68

9.4 EUROPE 77

9.5 REST OF THE WORLD 86

10 COMPETITIVE LANDSCAPE 88

10.1 OVERVIEW 88

10.2 COMPETITIVE LEADERSHIP MAPPING (OVERALL MARKET) 90

10.3 MARKET SHARE, 2018 91

10.4 COMPETITIVE SCENARIO 92

11 COMPANY PROFILES 96

(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*

11.1 HYDROGENICS 96

11.2 FUELCELL ENERGY 100

11.3 PLUG POWER 103

11.4 BALLARD POWER SYSTEMS 107

11.5 SFC ENERGY 113

11.6 BLOOM ENERGY 117

11.7 INTELLIGENT ENERGY 120

11.8 CERES POWER 122

11.9 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION 124

11.10 AISIN SEIKI ENERGY 126

11.11 HORIZON FUEL CELL 127

11.12 NUVERA 129

11.13 MITSUBISHI HITACHI POWER SYSTEM 130

11.14 DOOSAN FUEL CELL AMERICA 131

11.15 AFC ENERGY 132

11.16 OTHER COMPANIES 134

11.17 ANNEXURE 136

*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.

12 APPENDIX 137

12.1 INSIGHTS OF INDUSTRY EXPERTS 137

12.2 DISCUSSION GUIDE 138

12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 142

12.4 AVAILABLE CUSTOMIZATIONS 144

12.5 RELATED REPORTS 144

12.6 AUTHOR DETAILS 145

Additional Details

Publisher

MarketsandMarkets

Publisher Information

Reference

1463969 | EP 2762

Number of Pages

146

Report Format

PDF

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