Market Overview:
The global fuel cell market reached a value of US$ 3.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.2 Billion by 2027, exhibiting a CAGR of 25.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A fuel cell refers to an electrochemical cell which converts the chemical energy from a fuel to electricity. The major components of a fuel cell include anode, cathode and electrolyte. Some of the advantages offered by fuel cells are energy-efficiency, high operating time, ease of maintenance, etc. Apart from this, they are environment-friendly in nature as they prevent production of air pollutants or greenhouse gases. Owing to this, they are used to provide power to vehicles like forklifts, automobiles, buses, boats, motorcycles, etc.
Various initiatives and favourable policies by governments supporting the use of sustainable energy substitutes represents one of the major factors catalysing the growth of the global fuel cell market. Moreover, as fuel cells do not require conventional fuels such as oil or gas, it reduces economic dependence on oil producing countries, thereby broadening the growth prospects of the market. Other growth inducing factors include technological advancements, constant depletion of fossil fuels and rising awareness about the benefits of fuel cells.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global fuel cell market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type and application.
Breakup by Type:
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Solid Oxide Fuel Cells (SOFC)
- Molten Carbonate Fuel Cells (MCFC)
- Direct Methanol Fuel Cells (DMFC)
- Phosphoric Acid Fuel Cells (PAFC)
- Others
Based on the type, the market has been segmented as proton exchange membrane fuel cells, solid oxide fuel cells, molten carbonate fuel cells, direct methanol fuel cells, phosphoric acid fuel cells and others. Proton exchange membrane fuel cells currently account for the highest market share.
Breakup by Application:
- Stationary
- Transportation
- Portable
On the basis of application, stationary represents the largest segment, followed by transportation and portable.
Breakup by Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the biggest market.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.
This report provides a deep insight into the global fuel cell market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the fuel cell industry in any manner.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| Segment Coverage |
Type, Application, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered |
Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc. |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global fuel cell market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global fuel cell market?
- What are the key regions in the global fuel cell market?
- Which are the popular product types in the global fuel cell market?
- What are the key application segments in the global fuel cell market?
- What are the various stages in the value chain of the global fuel cell market?
- What are the key driving factors and challenges in the global fuel cell market?
- What is the structure of the global fuel cell market and who are the key players?
- What is the degree of competition in the global fuel cell market?
- How are fuel cells manufactured?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Fuel Cell Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Price Analysis
5.4.1 Key Price Indicators
5.4.2 Price Structure
5.4.3 Margin Analysis
5.5 Market Breakup by Type
5.6 Market Breakup by Application
5.7 Market Breakup by Region
5.8 Market Forecast
5.9 SWOT Analysis
5.9.1 Overview
5.9.2 Strengths
5.9.3 Weaknesses
5.9.4 Opportunities
5.9.5 Threats
5.10 Value Chain Analysis
5.10.1 Overview
5.10.2 Research and Development
5.10.3 Raw Material Procurement
5.10.4 Manufacturing
5.10.5 Marketing
5.10.6 Distribution
5.10.7 End-Use
5.11 Porters Five Forces Analysis
5.11.1 Overview
5.11.2 Bargaining Power of Buyers
5.11.3 Bargaining Power of Suppliers
5.11.4 Degree of Competition
5.11.5 Threat of New Entrants
5.11.6 Threat of Substitutes
6 Market Breakup by Type
6.1 Proton Exchange Membrane Fuel Cells (PEMFC)
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Solid Oxide Fuel Cells (SOFC)
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Molten Carbonate Fuel Cells (MCFC)
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Direct Methanol Fuel Cells (DMFC)
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Phosphoric Acid Fuel Cells (PAFC)
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Others
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Application
7.1 Stationary
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Transportation
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Portable
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Region
8.1 Asia Pacific
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 North America
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Europe
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Middle East and Africa
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Latin America
8.5.1 Market Trends
8.5.2 Market Forecast
9 Fuel Cell Manufacturing Process
9.1 Product Overview
9.2 Raw Material Requirements
9.3 Manufacturing Process
9.4 Key Success and Risk Factors
10 Competitive Landscape
10.1 Market Structure
10.2 Key Players
10.3 Profiles of Key Players
10.3.1 Ballard Power Systems Inc.
10.3.2 Bloom Energy Corporation
10.3.3 Toshiba Fuel Cell Power Systems Corporation
10.3.4 FuelCell Energy Inc
10.3.5 Plug Power Inc
10.3.6 Nuvera Fuel Cells Inc
10.3.7 AFC Energy plc
10.3.8 SFC Energy AG
10.3.9 Mitsubishi Hitachi Power Systems, Ltd.
10.3.10 Panasonic Corporation
10.3.11 Intelligent Energy Limited
10.3.12 Doosan Fuel Cell America Inc.
List of Figures
Figure 1: Global: Fuel Cell Market: Major Drivers and Challenges
Figure 2: Global: Fuel Cell Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Fuel Cell Market: Breakup by Type (in %), 2021
Figure 4: Global: Fuel Cell Market: Breakup by Application (in %), 2021
Figure 5: Global: Fuel Cell Market: Breakup by Region (in %), 2021
Figure 6: Global: Fuel Cell Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 7: Fuel Cell Market: Price Structure
Figure 8: Global: Fuel Cell Industry: SWOT Analysis
Figure 9: Global: Fuel Cell Industry: Value Chain Analysis
Figure 10: Global: Fuel Cell Industry: Porter’s Five Forces Analysis
Figure 11: Global: Fuel Cell (Proton Exchange Membrane) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Fuel Cell (Proton Exchange Membrane) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Fuel Cell (Solid Oxide) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Fuel Cell (Solid Oxide) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Fuel Cell (Molten Carbonate) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Fuel Cell (Molten Carbonate) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Fuel Cell (Direct Methanol) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Fuel Cell (Direct Methanol) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Fuel Cell (Phosphoric Acid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Fuel Cell (Phosphoric Acid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Fuel Cell (Other Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Fuel Cell (Other Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Fuel Cell (Stationary) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: Fuel Cell (Stationary) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: Fuel Cell (Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: Fuel Cell (Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: Fuel Cell (Portable) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: Fuel Cell (Portable) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Asia Pacific: Fuel Cell Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Asia Pacific: Fuel Cell Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: North America: Fuel Cell Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: North America: Fuel Cell Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: Europe: Fuel Cell Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: Europe: Fuel Cell Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Middle East and Africa: Fuel Cell Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Middle East and Africa: Fuel Cell Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Latin America: Fuel Cell Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Latin America: Fuel Cell Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Fuel Cell Manufacturing: Detailed Process Flow
List of Tables
Table 1: Global: Fuel Cell Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Fuel Cell Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Fuel Cell Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Fuel Cell Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Fuel Cell: Raw Material Requirements
Table 6: Global: Fuel Cell Market: Competitive Structure
Table 7: Global: Fuel Cell Market: Key Players