Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Sep 2019  |  Report ID: GMI621  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 300   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Fuel Cell Market size valued at USD 3 billion in 2018 and is predicted to exceed annual installations of 1.5 GW by 2025.

U.S. Fuel Cell Market Size, By Product, 2018 & 2025 (USD Million)

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Fuel cell market growth is due to favorable government norms and subsidies toward the adoption of sustainable energy technologies in line with increasing demand for backup energy source from off-grid areas. Moreover, ongoing public and private partner funding programs to enhance the technology which are focusing on cost effective distributed power generation will positively influence the industry growth.

Upsurge in demand for space heating across commercial and residential establishments along with increasing investments toward the hydrogen refueling infrastructure will foster the business outlook. In addition, shifting trends toward movable charging devices on account of growing leisure industry and improvement in standard of living will complement the business outlook.

Upsurge in investment from government and private institutions including New Enterprise Associates, DOE, DAG Ventures and Credit Suisse coupled with growing adoption of fuel cell vehicles will complement the business outlook. For instance, the government of South Korea introduced “Fuel Cell Vehicle 10 Percent Era” with an aim to achieve 10 % of car sales as fuel cell electric vehicle by 2030.

Fuel Cell Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 3 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 12% 2025 Value Projection: 7 Billion (USD)
Pages: 300 Tables, Charts & Figures: 499
Geographies covered (23): U.S, Canada, Mexico, Germany, UK, France, Italy, Spain, Austria Japan, South Korea, China, India, Philippines, Vietnam, Brazil, Peru, Ecuador, Nigeria, Kenya, UAE, South Africa, Saudi Arabia
Segments covered: Product, Application and Region
Companies covered (17): Hydrogenics Corporation, Ballard Power Systems, Inc., Nedstack Fuel Cell Technology, Bloom Energy, Panasonic, Plug Power, SFC Energy AG, Toshiba, Doosan Fuel Cell America, Aisin Seiki Co. Ltd., Arcola Energy, Ceres Power Holding, Nuvera Fuel Cells, Horizon Fuel Cell Technologies, AFC Energy PLC, Fuel Cell Energy, Fuji Electric
Growth Drivers:
  • Government positive outlook and incentives
  • Environment-friendly and a better alternative than existing options
  • More efficient than batteries
Pitfalls & Challenges:
  • Lack of infrastructure

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By Product

PEMFC product was valued over USD 1.5 billion in 2018. Increasing demand for continuous power supply across off-grid and remote areas along with stringent regulatory norms toward carbon emissions will propel the fuel cell market growth. In addition, accelerating investments toward FCEV’s on account of favorable regulatory policies and incentives by government authorities will complement the business outlook. High power density, excellent dynamic, light weight and high efficiency are some of the key features which will propel the product demand.

Increasing demand for portable power including movable battery chargers, power for testing equipment, forklifts and consumer electronics will foster the DMFC industry growth. These cells use a polymer sheath as an electrolyte and a platinum-ruthenium catalyst on the anode, which can extract hydrogen from liquid methanol thereby, reducing the use of a fuel reformer. In addition, wide temperature range, comparatively low cost and high energy density are some of the key features which will boost the product penetration.

By Application

Stationary application is anticipated to witness strong growth on account of upsurge in demand for space heating across commercial and residential establishments. Increasing use across telecommunication base stations, hospitals, tetra networks, data centers, hotels and schools as a backup power source has provided favorable opportunities for the industry players to enhance their revenue share. In addition, there growing demand for large multi-megawatt units to supply electricity in off-grid areas will positively influence the fuel cell industry outlook.

Japan Fuel Cell Market Size, By Application, 2014 - 2025 (USD Million)

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Growing penetration across auxiliary power units, portable soldier power, skid-mounted fuel cell generators, cameras, torches, vine-trimmers and electronic items will augment the portable applications. These systems are developed in wide range of power from 5W to 500 W based on customer requirement. Moreover, low operating cost, longer run time, reduced weight, rapid recharging and high reliability are some of the key factors which will complement the product adoption.

By Region

Middle East Fuel Cell Industry Size, By Country, By 2025 (‘000 Units)

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Ongoing financial support from both public and private organization along with supportive government policies toward sustainable technology adoption will propel the U.S. industry. In addition, increasing investments toward microgrid network and refurbishment of aging grid infrastructure will provide favorable opportunities for the industry players to expand. In August 2019, the U.S. Department of Energy announced an investment of USD 40 million for funding of 29 projects to enhance the [email protected] scale concept.

The UK fuel cell market is predicted to surpass 50 MW by 2025. Growing consumer inclination toward commercialization of fuel cell EVs along with financial support provided by government authorities will complement the business landscape. In addition, upsurge in investments toward the advancement of hydrogen refueling infrastructure in line with stringent emission norms will positively influence the industry outlook.

Paradigm shift in power consumption coupled with increasing investments across advancement of transportation and stationary application will drive China industry. Accelerating funding toward R&D by prominent industry players toward sustainable infrastructure development will augment the business outlook. In June 2019, SHV Energy China has inaugurated its first hydrogen refueling station in Guangzhou. The station will have a capacity to fuel 100 trucks and 30 hydrogen buses.

Competitive Market Share

Prominent players operating across the fuel cell market includes Panasonic, Hydrogenics, Ballard Power Systems, Nedstack, Bloom Energy, Plug Power, Fuji Electric, Fuel Cell Energy, AFC Energy, Horizon Fuel Cell, Nuvera, Ceres Power Holding, Arcola, Aisin Seiki, Doosan, Toshiba and SFC.

Increasing focus toward public private partnership along with strategic alliances with various companies has been an important strategic inference by key players. In addition, increasing foreign direct investments followed by extensive research & development activities being carried by eminent industry players will propel the business scenario.

Industry Background  

These are electrochemical cells that convert chemical energy of fuel and an oxidizing agent into electricity through redox reactions. These cells require continuous flow of oxygen and fuel to sustain the chemical reaction. They consist of a cathode, anode and an electrolyte which allows ions to move between both side of fuel cell. These cells are widely used for producing electricity, CHP technology, automobiles and portable power systems.

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