Global fuel cell market stood at around $ 2606.16 million in 2019 and is forecast to grow at a CAGR of over 18% by 2026, owing to increasing public-private partnership for development of fuel cell technology and rising demand for fuel cell powered vehicles, including FCEV (Fuel Cell Electric Vehicles), forklift, trains, etc. Research & development on fuel cell technology along with increasing focus on reducing carbon emissions is further fueling demand for fuel cells across the globe. Additionally, fuel cell & hydrogen alliances driving collaboration between organizations coupled with increasing focus on phasing out of ICE (Internal Combustion Engine) vehicles is further anticipated to accelerate growth in global fuel cell market in the next five years.
Global fuel cell market is segmented based on application, type, region, and company. Based on regional analysis, Asia-Pacific region is expected to dominate the global fuel cell market during the forecast period. China, Japan, and India anticipated to play major role for the global fuel cell market growth. Japan has established “Hydrogen Society” to raise funds for establishing hydrogen fueling stations. China energy initiative to establish fuel cell powered vehicles and hydrogen fueling stations is anticipated to propel the growth of the fuel cell market. Government initiatives towards eco-friendly technology and initiatives taken to boost the manufacturing sector is expected to foster the market growth.
Global fuel cell market is controlled by these major players, namely – Bloom Energy Corporation, Ballard Power Systems Inc., Plug Power Inc., FuelCell Energy, Inc., SFC Energy AG, Hydrogenics Corporation, Doosan Fuel Cell America, Inc., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, Nedstack fuel cell technology BV, etc.
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Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022–2026
Objective of the Study:
- To define, classify and forecast global fuel cell market on the basis of application, type and region.
- To analyze and forecast global fuel cell market size.
- To assess the detailed market segmentation and forecast the market size by segmenting the fuel cell market into regions, namely – Asia-Pacific, North America, Europe and Rest of World.
- To identify the tailwinds and headwinds for global fuel cell market.
- To identify the drivers and challenges for global fuel cell market.
- To strategically profile leading players in the market which are driving innovation and technological advancements in global fuel cell market.
TechSci Research performed exhaustive secondary research as well as primary research for this study. Initially, TechSci Research sourced a list of fuel cell companies across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels, and presence of all major fuel cell companies worldwide.
TechSci Research calculated the market size for fuel cell market using a bottom-up approach, wherein data for different components of standard application (Application, such as Stationary Fuel Cell, Transport Fuel Cell & Portable Fuel Cell and Type, Proton Exchange Membrane (PEM) Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell, etc.) was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as Company Website, News Articles, Press Releases, Company Annual Report, Factiva, International Monetary Fund, World Bank, California Air Resources Board, Canadian Hydrogen and Fuel Cell Association (CHFCA), US Department of Energy, Fuel Cell & Hydrogen Energy Association, The International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), etc., were also studied by TechSci Research.
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Key Target Audience:
- Fuel cell vendors
- Fuel cell equipment OEMs
- Associations, organizations, forums and alliances related to fuel cell
- Research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as fuel cell OEMs, providers, partners, etc. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, global fuel cell market has been segmented into the following categories in addition to the industry trends which have also been detailed below:
- Market, by Application:
- Stationary Fuel Cell
- Transport Fuel Cell
- Portable Fuel Cell
- Market, by Application:
- Proton Exchange Membrane (PEM) Fuel Cell
- Solid Oxide Fuel Cell
- Molten Carbonate Fuel Cell
- Others
- Market, by Geography:
- Asia-Pacific
- Japan
- South Korea
- China
- India
- Australia
- Rest of Region
-
- North America
- United States
- Canada
-
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Region
-
- Rest of World
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global fuel cell market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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