$4550
$2730
In terms of revenue, the fuel cell market was valued at US$ 709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027; it is expected to grow at a CAGR of 26.8% from 2020 to 2027.
The fuel cell market is broadly segmented into five major regions North America, Europe, APAC, MEA, and SAM. In terms of market share, the APACregion dominated the fuel cell market in 2019.The Asian countries are witnessing huge steps by the auto makers that is contributing toward fuel cell. Yamaha, Toyota, Tata Motors, are some of the companies taking steps for encouraging fuel cell. For instance, Toyota has deployed their SimpleFuelTMrefueling station in Motomachi Plant in Toyota City. Similarly, Railway Technology Institute of Japan has created a hybrid train with a 540 kW Li-ion battery and two 90 kW fuel cells. Such initiatives from companies play a major role in propelling the market growth.
Impact of COVID-19 Pandemic on Fuel Cell Market
The COVID-19 outbreak has been affecting every business globally since December 2019. The rapid spread of the virus has urged governments across the world to impose strict restrictions on the movement of humans and vehicles. Earlier, in the first quarter, the global automotive industry was suffering serious disruptions due to supply chain breaks, technology events cancellations, and factory and office shutdowns, as a result of COVID-19 outbreak. The automotive industry is facing the biggest existential crisis, with 97% of the light vehicle manufacturing plants in North America and Europe are temporarily shut down. In addition to this, the global travel bans imposed by countries in Europe, Asia,North America, and others are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to negatively affect the automotive industry and hamper the market growth in the coming 6–9 months; however, the overall growth is anticipated to be positive during the forecast period.
Lucrative Regional Fuel Cell Market
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Market Insights–Fuel Cell Market
Growing Need to Lower Dependency on Oil and Fuel
Over the recent years, there has been a global augmentation in the demand of fuel cell technology. Conventional petroleum and fuels have incrementally created severe ecological concerns owing to excessive emissions of CO, CO2, NOx, and SOx. Fuel cells serve as an alternative energy source to the conventional energy source, and thereby reduce the dependency on oil, diesel, and other sources. Therefore, the transport segment is anticipated to witness a high growth rate of fuel cells owing to the increasing demand for eco-friendly vehicles across the world and need to lower impact of harmful gases released in the environment.
Type SegmentInsights
Based on type, the fuel cell market is dominated by the proton exchange membrane fuel cell segment.These fuel cells are majorly used for transport applications, portable fuel-cell applications, and stationary fuel-cell applications. In addition, it is also used for mobile applications. Companiessuch as Horizon Fuel Cellare focused on developing larger fuel cell systems.
Fuel Cell Market, by Application(% share)
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Application SegmentInsights
Based on application, the fuel cell market is dominated by the stationary segment. Solid oxide fuel cells are heavily adopted for stationary purpose. Companies such as Bosch and Ceres are collaborating for the development of fuel cell stacks for stationary power applications. Such contractual alliances will promote the market growth.
End User Segment Insights
Based on end user, the fuel cell market is dominated by the utilities segment. Fuel cells have huge potential of generating power, thereby ensuring further reduction of carbon footprints. As a vital environmental solution, hydrogen fuel cells can be used as one of the major resources for power generation across the world.
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Fuel Cell Market: Strategic Insights
Market Size Value in US$ 709.00 Million in 2019 Market Size Value by US$ 4,570.68 Million by 2027 Growth rate CAGR of 26.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Fuel Cell Market: Strategic Insights
Market Size Value in | US$ 709.00 Million in 2019 |
Market Size Value by | US$ 4,570.68 Million by 2027 |
Growth rate | CAGR of 26.8% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystThe market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, Doosan Fuel Cell signed and Kyonggi University with a motive to provide students of university with job training and internship to ensure they have proper knowledge, workplace skills, and equipment to analyze fuel cell materials and components.
- In 2020, The Horizon’s deployment of JMC trucks is going to be an easy largest fuel cell heavy duty truck fleet globally and an important step toward clean mobility for heavy vehicles.
- In 2019, In the Gyeonggi province of South Korea, two new fuel cell-based electricity generation plants have been powered on. The new installations utilize the solid-oxide fuel cells of Bloom Energy.
The global fuel cell market has been segmented as follows:
Fuel Cell Market– By Type
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Solid Oxide Fuel Cell (SOFC)
- Others
Fuel Cell Market– ByApplication
- Transport
- Portable
- Stationary
Fuel Cell Market – ByEnd User
- Fuel Cell Vehicles
- Passenger Car
- Commercial Vehicle
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Class 6
- Class 7
- Utilities
- Defense
- Others
Fuel Cell Market- By Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
RoW (MEA)
- MEA
- SAM
Fuel Cell Market –Companies Profiles
- Hydrogenics Corp.
- FuelCell Energy, Inc.
- Plug Power Inc.
- Bloom Energy
- Ballard Power Systems
- SFC Energy AG
- Intelligent Energy Limited
- Doosan Fuel Cell Co., Ltd.
- TW Horizon Fuel Cell Technologies
- Toshiba Energy Systems & Solutions Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Canada, China, France, Germany, India, Italy, Japan, MEA, Mexico, Russian Federation, SAM, South Korea, United Kingdom, United States
The List of Companies - Fuel Cell Market
- Hydrogenics Corp.
- FuelCell Energy, Inc.
- Plug Power Inc.
- Bloom Energy
- Ballard Power Systems
- SFC Energy AG
- Intelligent Energy Limited
- Doosan Fuel Cell Co., Ltd.
- TW Horizon Fuel Cell Technologies
- Toshiba Energy Systems & Solutions Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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