Fuel Cell Market: Current Analysis and Forecast (2021-2027)

Fuel Cell Market: Current Analysis and Forecast (2021-2027)

  • UnivDatos Market Insight
  • August 2021
  • Power
  • 178 pages

Report Description

A fuel cell is a type of device consisting of a cathode and an anode submerged in an electrolyte medium to effectively conduct and generate electricity. These units operate like a battery providing the necessary power to the system but use hydrogen-based fuel rather than charging at various time intervals. Moreover, fuel cell technologies enable the highly efficient conversion of hydrogen into heat and power. Amongst other applications, fuel cells in the transportation sector can extend the portfolio of electric vehicles. Here, fuel cell vehicles present a decisive advantage in terms of refueling times over battery?electric options, as hydrogen can be refueled in comparable time periods to conventional liquid fuels. Also, Fuel cell is basically small and modular in nature, which makes it perfect for use as power source in various applications ranging from electric vehicles to grid-connected utility power units. The market growth is attributed to demand for clean energy generation in developed regions, increased use of fuel cell-based vehicles, booming power sector, and augmented power generation capacities globally. However, some of the restraints in the market include High manufacturing costs of fuel cell system, High capital and operational costs for setting up facilities & limited availability of necessary highly technological hydrogen infrastructure in several nations are some factors impeding the growth of this market all over the world.

Based on technology type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Microbial Fuel Cell (MFC). The Proton Exchange Membrane Fuel Cell (PEMFC) segment grabbed XX% market share of the Global Fuel Cell Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability.

Based on application, the market is segmented into Transport, Portable & Stationary. In 2020, the transport segment dominated the Fuel Cell Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to widespread usage of fuel cell technology in heavy-duty operations such as public transport in regions such as Asia Pacific.

Based on end user, the market is classified into Fuel cell vehicles, Utilities and Defense. The fuel cell vehicle segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027.

For a better understanding of the market adoption of Fuel Cell, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Norway and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the favorable government policies in countries, such as China, Japan, and South Korea, which are driving clean energy usage.

Some of the major players operating in the market include Ballard Power Systems, Cummins Inc., Horizon Fuel Cell Technologies, SFC Energy AG, Mitsubishi Power, Ltd. Bloom Energy etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Global Fuel Cell Market was valued at US$ xx billion in 2020 and is anticipated to reach US$ xx billion by 2027 displaying a CAGR of xx% over the forecast period (2021-2027). Fuel cells are electrochemical devices which convert the energy of a chemical reaction directly into electricity, with heat as a by-product. They are similar in principle to primary batteries except that the fuel and oxidant are stored externally, enabling them to continue operating as long as fuel and oxidant (oxygen or air) are supplied. Fuel cells are a rapidly developing energy conversion technology offering higher efficiencies than conventional technologies, they also operate quietly and have a modular construction that is easily scalable. The growth of Fuel Cell Market expanded significantly over recent years, underpinned by increasing GHG emissions, rising demand for fuel cell electric vehicles, and increasing public interest in sustainable and environmentally friendly products. For instance, as per IEA, 34,804 fuel cell vehicles (FCVs) of all types were in operation worldwide as of the end of 2020.

Other factor driving the growth of the Fuel Cell Market globally are high focus of the governments worldwide on the utilization of clean energy sources which has led to an increase in the overall investments in generating electricity using fuel cells. Also, Fuel cell technology, with its ability to replace traditional power generating technologies based on combustion methods for stationary and mobile applications, is being promoted as a new clean and green power generation approach. 

Ballard Power Systems, Cummins Inc., Horizon Fuel Cell Technologies, SFC Energy AG, Mitsubishi Power, Ltd. Bloom Energy etc. are some of the prominent players operating in the Global Fuel Cell Market. Several M&As along with partnerships have been undertaken by these players to facilitate countries with more innovative Fuel Cell applications.

Insights Presented in the Report

“Amongst technology type, Proton Exchange Membrane Fuel Cell (PEMFC) segment holds the major share.”

Based on technology type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Microbial Fuel Cell (MFC). The Proton Exchange Membrane Fuel Cell (PEMFC) segment grabbed XX% market share of the Global Fuel Cell Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its high efficiency, low operational cost, quick maintenance, and enhanced reliability and operability. 

“Amongst application type, Transport segment dominated the market in 2020.”

Based on application, the market is segmented into Transport, Portable & Stationary. In 2020, the transport segment dominated the Fuel Cell Market and accounted for XX% market share. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to widespread usage of fuel cell technology in heavy-duty operations such as public transport in regions such as Asia Pacific.

“Amongst End User type, Fuel Cell Vehicle segment dominated the market in 2020.”

Based on end user, the market is classified into Fuel cell vehicles, Utilities and Defense. The fuel cell vehicle segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027. This segment will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to its higher performance, reduced refueling time, and long-range offered by the systems.

“Asia Pacific represents as the largest market in the Global Fuel Cell Market.”

For a better understanding of the market adoption of Fuel Cell, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Norway, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. Asia Pacific constitutes the largest market for the industry and generated revenue of USD XX billion in 2020 on account of the growing automotive industry & favorable government policies in countries, such as China, Japan, and South Korea, which are driving clean energy usage.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

Customization Options:

The Global Fuel Cell Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Companies Covered

  • Ballard Power Systems
  • Cummins Inc.
  • Horizon Fuel Cell Technologies
  • SFC Energy AG
  • Mitsubishi Power, Ltd
  • Bloom Energy etc.

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Table of Content

1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Fuel Cell Market Study

2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Fuel Cell Market
2.1.1. Main Objective of the Global Fuel Cell Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL FUEL CELL MARKET COVID-19

6 GLOBAL FUEL CELL MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY TECHNOLOGY TYPE

7.1. Proton Exchange Membrane Fuel Cell (PEMFC)
7.2. Phosphoric Acid Fuel Cell (PAFC)
7.3. Alkaline Fuel Cell (AFC)
7.4. Microbial Fuel Cell (MFC)

8 MARKET INSIGHTS BY APPLICATION
8.1. Transport
8.2. Portable
8.3. Stationary

9 MARKET INSIGHTS BY END USER
9.1. Fuel cell vehicles
9.2. Utilities
9.3. Defense

10 MARKET INSIGHTS BY REGION
10.1. North America Fuel Cell Market
10.1.1. United States
10.1.2. Canada
10.1.3. Rest of North America
10.2. Europe Fuel Cell Market
10.2.1. Germany
10.2.2. France
10.2.3. United Kingdom
10.2.4. Italy
10.2.5. Spain
10.2.6. Norway
10.2.7. Rest of Europe
10.3. Asia Pacific Fuel Cell Market
10.3.1. China
10.3.2. Japan
10.3.3. India
10.3.4. Australia
10.3.5. South Korea
10.3.6. Rest of Asia Pacific
10.4. Rest of World Fuel Cell Market

11 FUEL CELL MARKET DYNAMICS
11.1. Market Drivers
11.2. Market Challenges
11.3. Impact Analysis

12 FUEL CELL MARKET OPPORTUNITIES

13 FUEL CELL MARKET TRENDS

14 LEGAL & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY SIDE ANALYSIS

15.1. Demand Side Analysis
15.2. Supply Side Analysis
15.2.1. Top Product Launches
15.2.2. Top Business Partnerships
15.2.3. Top Business Expansions, Investments and Divestitures
15.2.4. Top Merger and Acquisitions

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

17.1. Porter’s Five Forces Analysis
17.1.1. Bargaining power of Supplier
17.1.2. Bargaining power of Buyer
17.1.3. Industry Rivalry
17.1.4. Availability of Substitute
17.1.5. Threat of new Entrants
17.2. Competitive Landscape
17.2.1. Company Shares, By Revenue

18 COMPANY PROFILED
18.1. Ballard Power Systems
18.2. Cummins Inc.
18.3. SFC Energy AG
18.4. Horizon Fuel Cell Technologies
18.5. Mitsubishi Power, Ltd.
18.6. Toshiba Energy Systems & Solutions Corporation
18.7. Proton Motor Power Systems
18.8. Bloom Energy
18.9. Plug Power Inc.
18.10. ITM Power Plc

19 DISCLAIMER

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