GLOBAL FUEL CELL MARKET FORECAST 2020-2028

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GLOBAL FUEL CELL MARKET FORECAST 2020-2028

The global fuel cell market was valued at $xx billion in 2019, and is expected to reach $22.59 billion by 2028, growing at a CAGR of 17.74% during the forecast period.  The base year considered for the study is 2019, and the estimated period is between 2020 and 2028. The proactive involvement and coordination between public and private companies for ensuring widespread deployment of hydrogen fuel is a crucial market driver of the market.  For instance, the Government of the United Kingdom has allocated $13.7 million for setting up and installation of 15 hydrogen fueling stations, and for funding development of vehicles powered by the hydrogen fuel cells, in the UK. Another $8.2 million has been allocated for setting up of an additional of 12 new hydrogen refueling stations.

GLOBAL FUEL CELL MARKET FORECAST 2020-2028

Global Fuel Cell Market by Product (Solid Oxide Fuel Cells (SOFC), Phosphoric Acid Fuel Cells (PAFC), Molten Carbonate Fuel Cells (MCFC), Proton Exchange Membrane Fuel Cells (Pemfc), Other Fuel Cells) by Application (Transportation, Stationary, Portable) by Geography.

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The global fuel cell market was valued at $xx billion in 2019, and is expected to reach $22.59 billion by 2028, growing at a CAGR of 17.74% during the forecast period. The base year considered for the study is 2019, and the estimated period is between 2020 and 2028.

The key factors boosting the global fuel cell market growth are:

  • Continuous innovation in fuel cell technology
  • Development of hydrogen infrastructure
  • Growing public-private partnership
  • Increasing demand for power generation

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The proactive involvement and coordination between public and private companies for ensuring widespread deployment of hydrogen fuel is a crucial market driver of the market.  For instance, the Government of the United Kingdom has allocated $13.7 million for setting up and installation of 15 hydrogen fueling stations, and for funding development of vehicles powered by the hydrogen fuel cells, in the UK. Another $8.2 million has been allocated for setting up of an additional of 12 new hydrogen refueling stations. Further, an increase in demand for power generation is also expected to promote the market growth, since it uses hydrogen as a fuel source, which is widely available and has much lower greenhouse gas emissions as compared to conventional energy systems of power generation using fossil fuels such as coal.

In 2019, around 46% of the revenue share was captured by the proton exchange membrane or polymer electrolyte membrane (PEM) fuel cells. In comparison to other fuel cell types, PEMFC’s application is majorly focused on transportation due to the potential impact on the environment that they may pose like controlling the greenhouse gas (GHG) emission, and also because of their lightweight. Other applications include stationary/distributed and portable power generation. Generally, PEMFCs are implemented on buses over smaller vehicles, owing to the available volume to house the system and store of fuel.

On the other hand, the solid oxide fuel cells (SOFC) category is anticipated to exhibit the highest CAGR. The solid oxide fuel cells have various advantages like long-term stability, low emission, high efficiency, fuel flexibility, and is also cost effective, which leads to its various applications. The high funding in the research and development is majorly driving the market of SOFC. For instance, EU NELLHI had received a fund of $1.9 million from Europe’s Fuel Cells and Hydrogen Joint Undertaking (FCH JU) in 2017. Similarly, in 2017 the Office of Fossil Energy (FE) in the U.S. Department of Energy (DOE) has designated 16 projects for getting a fund of $10.2 million for the development of advanced solid oxide fuel cell technology.

However, the high capital investment & high cost of these technologies, are hampering the growth of the market profoundly. The fuel cell system is a very complex system and contains expensive material like platinum in the anode and the use of carbon fiber in the hydrogen fuel tank. The use of platinum increases the overall cost of these systems. Also, its production process needs improvement, which is very expensive. According to the International Energy Association (IEA), the fuel cells cost $ 34,000, while simple Li-ion batteries cost $20,000.

The report includes segmentation analysis on the basis of product & application.

Market by Product:

  • Solid Oxide Fuel Cells (SOFC)
  • Proton Exchange Membrane Fuel Cells (PEMFC)
  • Molten Carbonate Fuel Cells (MCFC)
  • Phosphoric Acid Fuel Cells (PAFC)
  • Other Product Types

Market by Application:

  • Transportation
  • Stationary
  • Portable

Geographically, the market has been segmented on the basis of four major regions, which includes:

  • North America: the United States and Canada
  • Europe: Russia, Belgium, the United Kingdom, Germany, France, Italy, Poland, and the Rest of Europe
  • Asia Pacific: China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and the Rest of Asia Pacific
  • Rest of World: Latin America, the Middle East, and Africa

The Asia Pacific market region dominated with a revenue share of 58.78% in 2019, since fuel cells are being deployed in multiple applications ranging from residential CHP, large scale stationary power projects, in the transportation segment, and portable chargers. The governments in the region have been strongly supporting major businesses by various provisions in the form of subsidies, initiatives, and investments. For instance, Japan has set a target of 40,000 fuel cell vehicles (FCV) powered by hydrogen, along with 160 hydrogen fuel stations. Also, the Government of Japan is offering a subsidy of ~$18,500 per FCEV, along with a budget for the infrastructure and refueling stations, targeting 50-70% of the car fleet to be new-generation vehicles, mainly EV and FCEV by 2030. Furthermore, the presence of homegrown and global players like Doosan Corporation, Aisin Seiki, POSCO Energy, Bloom Energy, Ballard Power, Intelligent Energy, Toyota, Honda, Nissan Co. has made the region a hub of fuel cells. The market region of Asia Pacific is also expected to be the fastest-growing region.

The key players involved in the market are:

  • Ballard Power Systems Inc.
  • Fuel Cell Energy, Inc
  • Hydrogenics Corporation
  • Plug Power Inc.
  • SFC Energy Ag
  • Others

Key strategies adopted by some of these companies;

In December, 2019, ENGIE chose Plug Power Inc to build a custom refueling system. In the same month, Weichai Power Co., Ltd awarded a contract worth $19.2 million to Ballard Power Systems for Membrane Electrode Assemblies (MEAs), which will be used in fuel cell electric vehicles in China.

Key findings of the global fuel cell market:

  • Fuel cells have certain advantages over other technologies. For instance, DMFC (Direct Methanol Fuell Cell) devices use methanol as fuel, which is available in all environmental conditions. Methanol is lighter than water and delivers 10 times more charge than lithium-ion cells.
  • The stationary application dominated the segment by capturing the largest market share of around xx% in 2019. The primary driver for the wide adoption of stationary cells is low space requirement to deploy large-scale systems coupled with high power efficiency of fuel cells.
  • Several new techniques have reduced the price of fuel cells, which exerts a positive influence on the market worldwide. The cost in 2002 was about $275/KW, which is reduced to $106/KW by 2007, and further reduced to $53/KW in 2016.

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • DEVELOPMENT OF FUEL CELL
    • MARKET DEFINITION
    • KEY DRIVERS
      • DEVELOPMENT OF HYDROGEN INFRASTRUCTURE
      • RISING PUBLIC-PRIVATE PARTNERSHIP
      • INNOVATION IN FUEL CELL TECHNOLOGY
      • INCREASING DEMAND FOR POWER GENERATION
    • KEY RESTRAINTS
      • HIGH COST OF FUEL CELL TECHNOLOGIES
      • LACK OF INFRASTRUCTURE
      • HIGH CAPITAL INVESTMENT
      • LACK OF SKILLED PROFESSIONALS
  1. KEY ANALYTICS
    • KEY INVESTMENT INSIGHTS
    • PORTER’S FIVE FORCE ANALYSIS
      • BUYER POWER
      • SUPPLIER POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
      • RAW MATERIAL SUPPLIERS
      • MANUFACTURERS
      • DISTRIBUTORS
      • END-USERS
    • KEY BUYING CRITERIA
      • PRICE
      • APPLICATION
      • EFFICIENCY OF THE SYSTEM
    • REGULATORY FRAMEWORK
    • PATENT ANALYSIS
      • UNITED STATES
      • EUROPE
      • JAPAN
  1. MARKET BY PRODUCT
    • SOLID OXIDE FUEL CELLS (SOFC)
    • PHOSPHORIC ACID FUEL CELLS (PAFC)
    • MOLTEN CARBONATE FUEL CELLS (MCFC)
    • PROTON EXCHANGE MEMBRANE FUEL CELLS (PEMFC)
    • OTHER FUEL CELLS
  2. MARKET BY APPLICATION
    • TRANSPORTATION
    • STATIONARY
    • PORTABLE
  3. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • ITALY
      • RUSSIA
      • BELGIUM
      • POLAND
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • INDONESIA
      • THAILAND
      • VIETNAM
      • AUSTRALIA & NEW ZEALAND
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • AFC ENERGY PLC
    • AISIN SEIKI CO. LTD
    • BALLARD POWER SYSTEMS INC.
    • BLOOM ENERGY CORPORATION
    • CERES POWER HOLDINGS PLC
    • EXXON MOBIL CORPORATION
    • FUEL CELL ENERGY, INC
    • GENERAL ELECTRIC COMPANY (GE)
    • HITACHI, LTD
    • HYDROGENICS CORPORATION
    • PANASONIC CORPORATION
    • PLUG POWER INC.
    • SFC ENERGY AG
    • TOSHIBA CORPORATION
    • TOYOTA MOTOR CORPORATION

TABLE LIST

TABLE 1: MARKET SNAPSHOT – FUEL CELL

TABLE 2: REGULATORY FRAMEWORK

TABLE 3: GLOBAL FUEL CELL MARKET, BY PRODUCT, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 4: GLOBAL FUEL CELL MARKET, BY PRODUCT, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 5: GLOBAL SOLID OXIDE FUEL CELLS (SOFC) MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 6: GLOBAL SOLID OXIDE FUEL CELLS (SOFC) MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 7: GLOBAL PHOSPHORIC ACID FUEL CELLS (PAFC) MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 8: GLOBAL PHOSPHORIC ACID FUEL CELLS (PAFC) MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 9: GLOBAL MOLTEN CARBONATE FUEL CELLS (MCFC) MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 10: GLOBAL MOLTEN CARBONATE FUEL CELLS (MCFC) MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 11: GLOBAL PROTON EXCHANGE MEMBRANE FUEL CELLS (PEMFC) MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 12: GLOBAL PROTON EXCHANGE MEMBRANE FUEL CELLS (PEMFC) MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 13: GLOBAL OTHER FUEL CELLS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 14: GLOBAL OTHER FUEL CELLS MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 15: GLOBAL FUEL CELL MARKET, BY APPLICATION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 16: GLOBAL FUEL CELL MARKET, BY APPLICATION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 17: GLOBAL TRANSPORTATION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 18: GLOBAL TRANSPORTATION MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 19: GLOBAL STATIONARY MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 20: GLOBAL STATIONARY MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 21: GLOBAL PORTABLE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 22: GLOBAL PORTABLE MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 23: GLOBAL FUEL CELL MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 24: GLOBAL FUEL CELL MARKET, BY GEOGRAPHY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 25: NORTH AMERICA FUEL CELL MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 26: NORTH AMERICA FUEL CELL MARKET, BY COUNTRY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 27: EUROPE FUEL CELL MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 28: EUROPE FUEL CELL MARKET, BY COUNTRY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 29: ASIA PACIFIC FUEL CELL MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 30: ASIA PACIFIC FUEL CELL MARKET, BY COUNTRY, FORECAST YEARS, 2020-2028 (IN $ MILLION)

TABLE 31: REST OF WORLD FUEL CELL MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 32: REST OF WORLD FUEL CELL MARKET, BY REGION, FORECAST YEARS, 2020-2028 (IN $ MILLION)

FIGURE LIST

FIGURE 1: TIMELINE OF FUEL CELLS

FIGURE 2: CUT IN FUEL COSTS DUE TO TECHNOLOGICAL INNOVATIONS $/KW (2002-2016)

FIGURE 3: KEY INVESTMENT INSIGHTS

FIGURE 4: PORTER’S FIVE FORCE ANALYSIS

FIGURE 5: OPPORTUNITY MATRIX

FIGURE 6: VENDOR LANDSCAPE

FIGURE 7: VALUE CHAIN ANALYSIS

FIGURE 8: KEY BUYING CRITERIA

FIGURE 9: GLOBAL FUEL CELL MARKET, GROWTH POTENTIAL, BY PRODUCT, IN 2019

FIGURE 10: GLOBAL FUEL CELL MARKET, SOLID OXIDE FUEL CELLS (SOFC), 2020-2028 (IN $ MILLION)

FIGURE 11: GLOBAL FUEL CELL MARKET, PHOSPHORIC ACID FUEL CELLS (PAFC), 2020-2028 (IN $ MILLION)

FIGURE 12: GLOBAL FUEL CELL MARKET, MOLTEN CARBONATE FUEL CELLS (MCFC), 2020-2028 (IN $ MILLION)

FIGURE 13: GLOBAL FUEL CELL MARKET, PROTON EXCHANGE MEMBRANE FUEL CELLS (PEMFC), 2020-2028 (IN $ MILLION)

FIGURE 14: GLOBAL FUEL CELL MARKET, OTHER FUEL CELLS, 2020-2028 (IN $ MILLION)

FIGURE 15: GLOBAL FUEL CELL MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2019

FIGURE 16: GLOBAL FUEL CELL MARKET, TRANSPORTATION, 2020-2028 (IN $ MILLION)

FIGURE 17: GLOBAL FUEL CELL MARKET, STATIONARY, 2020-2028 (IN $ MILLION)

FIGURE 18: GLOBAL FUEL CELL MARKET, PORTABLE, 2020-2028 (IN $ MILLION)

FIGURE 19: NORTH AMERICA FUEL CELL MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 20: UNITED STATES FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 21: CANADA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 22: EUROPE FUEL CELL MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 23: UNITED KINGDOM FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 24: GERMANY FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 25: FRANCE FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 26: ITALY FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 27: RUSSIA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 28: BELGIUM FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 29: POLAND FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 30: REST OF EUROPE FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 31: ASIA PACIFIC FUEL CELL MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 32: CHINA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 33: JAPAN FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 34: INDIA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 35: SOUTH KOREA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 36: INDONESIA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 37: THAILAND FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 38: VIETNAM FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 39: AUSTRALIA & NEW ZEALAND FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 40: REST OF ASIA PACIFIC FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 41: REST OF WORLD FUEL CELL MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 42: LATIN AMERICA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

FIGURE 43: MIDDLE EAST & AFRICA FUEL CELL MARKET, 2020-2028 (IN $ MILLION)

  1. MARKET BY PRODUCT
    • SOLID OXIDE FUEL CELLS (SOFC)
    • PHOSPHORIC ACID FUEL CELLS (PAFC)
    • MOLTEN CARBONATE FUEL CELLS (MCFC)
    • PROTON EXCHANGE MEMBRANE FUEL CELLS (PEMFC)
    • OTHER FUEL CELLS
  2. MARKET BY APPLICATION
    • TRANSPORTATION
    • STATIONARY
    • PORTABLE
  3. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • ITALY
      • RUSSIA
      • BELGIUM
      • POLAND
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • JAPAN
      • INDIA
      • SOUTH KOREA
      • INDONESIA
      • THAILAND
      • VIETNAM
      • AUSTRALIA & NEW ZEALAND
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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