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Fuel Cell Market: Global Industry Trends, Size, Share, Growth, Opportunities and Forecast 2019-2024

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. According to the latest report by IMARC Group, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global fuel cell market reached a value of  US$ 4.5 Billion in 2018.

Fuel Cell Market Report

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. Looking forward, the market value is projected to reach a value US$ 9.5 Billion by 2024, registering a CAGR of 13.2% during 2019-2024.

Market Summary:

  • 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.
  • On the basis of application, stationary represents the largest segment, followed by transportation, portable and others.
  • 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.
  • 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.

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 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    Price Analysis
        5.3.1    Key Price Indicators
        5.3.2    Price Structure
        5.3.3    Margin Analysis
    5.4    Market Breakup by Type
    5.5    Market Breakup by Application
    5.6    Market Breakup by Region
    5.7    Market Forecast
    5.8    SWOT Analysis
        5.8.1    Overview
        5.8.2    Strengths
        5.8.3    Weaknesses
        5.8.4    Opportunities
        5.8.5    Threats
    5.9    Value Chain Analysis
        5.9.1    Overview
        5.9.2    Research and Development
        5.9.3    Raw Material Procurement
        5.9.4    Manufacturing
        5.9.5    Marketing
        5.9.6    Distribution
        5.9.7    End-Use
    5.10    Porters Five Forces Analysis
        5.10.1    Overview
        5.10.2    Bargaining Power of Buyers
        5.10.3    Bargaining Power of Suppliers
        5.10.4    Degree of Competition
        5.10.5    Threat of New Entrants
        5.10.6    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
    7.4    Others
        7.4.1 Market Trends
        7.4.2 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$), 2011-2018
Figure 3: Global: Fuel Cell Market: Breakup by Type (in %), 2018
Figure 4: Global: Fuel Cell Market: Breakup by Application (in %), 2018
Figure 5: Global: Fuel Cell Market: Breakup by Region (in %), 2018
Figure 6: Global: Fuel Cell Market Forecast: Sales Value (in Billion US$), 2019-2024
Figure 7: Fuel Cell Market: Price Structure (in %)
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$), 2011 & 2018
Figure 12: Global: Fuel Cell (Proton Exchange Membrane) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 13: Global: Fuel Cell (Solid Oxide) Market: Sales Value (in Million US$), 2011 & 2018
Figure 14: Global: Fuel Cell (Solid Oxide) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 15: Global: Fuel Cell (Molten Carbonate) Market: Sales Value (in Million US$), 2011 & 2018
Figure 16: Global: Fuel Cell (Molten Carbonate) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 17: Global: Fuel Cell (Direct Methanol) Market: Sales Value (in Million US$), 2011 & 2018
Figure 18: Global: Fuel Cell (Direct Methanol) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 19: Global: Fuel Cell (Phosphoric Acid) Market: Sales Value (in Million US$), 2011 & 2018
Figure 20: Global: Fuel Cell (Phosphoric Acid) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 21: Global: Fuel Cell (Other Types) Market: Sales Value (in Million US$), 2011 & 2018
Figure 22: Global: Fuel Cell (Other Types) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 23: Global: Fuel Cell (Stationary) Market: Sales Value (in Million US$), 2011 & 2018
Figure 24: Global: Fuel Cell (Stationary) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 25: Global: Fuel Cell (Transportation) Market: Sales Value (in Million US$), 2011 & 2018
Figure 26: Global: Fuel Cell (Transportation) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 27: Global: Fuel Cell (Portable) Market: Sales Value (in Million US$), 2011 & 2018
Figure 28: Global: Fuel Cell (Portable) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 29: Global: Fuel Cell (Other Applications) Market: Sales Value (in Million US$), 2011 & 2018
Figure 30: Global: Fuel Cell (Other Applications) Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 31: Asia Pacific: Fuel Cell Market: Sales Value (in Million US$), 2011 & 2018
Figure 32: Asia Pacific: Fuel Cell Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 33: North America: Fuel Cell Market: Sales Value (in Million US$), 2011 & 2018
Figure 34: North America: Fuel Cell Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 35: Europe: Fuel Cell Market: Sales Value (in Million US$), 2011 & 2018
Figure 36: Europe: Fuel Cell Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 37: Middle East and Africa: Fuel Cell Market: Sales Value (in Million US$), 2011 & 2018
Figure 38: Middle East and Africa: Fuel Cell Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 39: Latin America: Fuel Cell Market: Sales Value (in Million US$), 2011 & 2018
Figure 40: Latin America: Fuel Cell Market Forecast: Sales Value (in Million US$), 2019-2024
Figure 41: Fuel Cell Manufacturing: Detailed Process Flow


List of Tables

Table 1: Global: Fuel Cell Market: Key Industry Highlights, 2018 and 2024
Table 2: Global: Fuel Cell Market Forecast: Breakup by Type (in Million US$), 2019-2024
Table 3: Global: Fuel Cell Market Forecast: Breakup by Application (in Million US$), 2019-2024
Table 4: Global: Fuel Cell Market Forecast: Breakup by Region (in Million US$), 2019-2024
Table 5: Fuel Cell: Raw Material Requirements
Table 6: Global: Fuel Cell Market: Competitive Structure
Table 7: Global: Fuel Cell Market: Key Players   

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