Hydrogen Fuel Cell Stacks Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
MARKET INTRODUCTION
The fuel cell stack is the heart of the fuel cell power system. It produces electricity in the form of direct current (DC) from the electrochemical reactions that occur in fuel cells. A single fuel cell produces less than 1V, which is not sufficient for most applications. Therefore, individual fuel cells are usually combined in series to form a fuel cell stack. A typical fuel cell stack can consist of hundreds of fuel cells. The amount of energy produced by a fuel cell depends on several factors, including fuel cell type, cell size, operating temperature, and pressure of gas supplied to the cell.
MARKET DYNAMICS
Political leaders from around the world have come together to reduce their carbon emissions and sign the Paris Agreement, helping green and renewable technologies take hold in the market. Fuel cells, as zero-emission solutions for power generation, meet the green and renewable technology category and are growing for CO2 emission standards. In addition, the German H2 Mobility program will support the introduction of fuel cell vehicles through the development of gas stations, expanding the possibilities of fuel cell use. In addition, a European project, Hydrogen for Innovative Vehicles (HyFIVE), aims to expand the hydrogen fuel cell network and develop stations in Italy, the United Kingdom, Austria and Denmark.
MARKET SCOPE
The "Global Hydrogen Fuel Cell Stacks Market Analysis to 2028" is a specialized and in-depth study of the hydrogen fuel cell stacks market with a special focus on the global market trend analysis. The report aims to provide an overview of the hydrogen fuel cell stacks market with detailed market segmentation by application and geography. The global hydrogen fuel cell stacks market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading hydrogen fuel cell stacks market players and offers key trends and opportunities in the hydrogen fuel cell stacks market.
MARKET SEGMENTATION
The global hydrogen fuel cell stacks market is segmented based on application. Based on its application, hydrogen fuel cell stacks market can be segmented into transport, portable and stationary.
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IMPACT OF COVID-19 ON HYDROGEN FUEL CELL STACKS MARKET
The blockade imposed by the COVID-19 pandemic has temporarily banned import / export, manufacturing and processing activities in various industries and utilities, reducing electricity demand from these consumers. In addition, the construction and freezing of new power infrastructure, renewable power plants, grids and other power plants due to labor unavailability and widening supply-demand gaps is projected to impede market growth during the pandemic.
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REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Hydrogen Fuel Cell Stacks Market based on various segments. It also provides market size and forecast estimates from year 2017 to 2028 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The Hydrogen Fuel Cell Stacks Market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting Hydrogen Fuel Cell Stacks Market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the hydrogen fuel cell stacks market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Hydrogen Fuel Cell Stacks Market based on various segments. It also provides market size and forecast estimates from year 2017 to 2028 with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The Hydrogen Fuel Cell Stacks Market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting Hydrogen Fuel Cell Stacks Market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely, North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the hydrogen fuel cell stacks market in these regions.
MARKET PLAYERS
The reports cover key developments in the hydrogen fuel cell stacks market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from hydrogen fuel cell stacks market are anticipated to lucrative growth opportunities in the future with the rising demand for hydrogen fuel cell stacks market. Below mentioned is the list of few companies engaged in the hydrogen fuel cell stacks market.
The report also includes the profiles of key hydrogen fuel cell stacks market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Advent Technologies Holdings Inc.
- Ballard Power Systems Inc.
- Cummins Inc.
- Freudenberg FST GmbH
- Horizon Fuel Cell Technologies Pte. Ltd.
- Nuvera Fuel Cells LLC
- Plug Power Inc.
- PowerCell Sweden AB
- Proton Power Systems plc
- Xinyuan Power Co. Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Hydrogen Fuel Cell Stacks Market - By Application
1.3.2 Hydrogen Fuel Cell Stacks Market - By Region
1.3.2.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HYDROGEN FUEL CELL STACKS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. HYDROGEN FUEL CELL STACKS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. HYDROGEN FUEL CELL STACKS MARKET - GLOBAL MARKET ANALYSIS
6.1. HYDROGEN FUEL CELL STACKS - GLOBAL MARKET OVERVIEW
6.2. HYDROGEN FUEL CELL STACKS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. HYDROGEN FUEL CELL STACKS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. TRANSPORT STATIONARY
7.3.1. Overview
7.3.2. Transport Stationary Market Forecast and Analysis
7.4. PORTABLE
7.4.1. Overview
7.4.2. Portable Market Forecast and Analysis
8. HYDROGEN FUEL CELL STACKS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1 North America Hydrogen Fuel Cell Stacks Market Overview
8.1.2 North America Hydrogen Fuel Cell Stacks Market Forecasts and Analysis
8.1.3 North America Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Application
8.1.4 North America Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Countries
8.1.4.1 United States Hydrogen Fuel Cell Stacks Market
8.1.4.1.1 United States Hydrogen Fuel Cell Stacks Market by Application
8.1.4.2 Canada Hydrogen Fuel Cell Stacks Market
8.1.4.2.1 Canada Hydrogen Fuel Cell Stacks Market by Application
8.1.4.3 Mexico Hydrogen Fuel Cell Stacks Market
8.1.4.3.1 Mexico Hydrogen Fuel Cell Stacks Market by Application
8.2. EUROPE
8.2.1 Europe Hydrogen Fuel Cell Stacks Market Overview
8.2.2 Europe Hydrogen Fuel Cell Stacks Market Forecasts and Analysis
8.2.3 Europe Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Application
8.2.4 Europe Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Countries
8.2.4.1 Germany Hydrogen Fuel Cell Stacks Market
8.2.4.1.1 Germany Hydrogen Fuel Cell Stacks Market by Application
8.2.4.2 France Hydrogen Fuel Cell Stacks Market
8.2.4.2.1 France Hydrogen Fuel Cell Stacks Market by Application
8.2.4.3 Italy Hydrogen Fuel Cell Stacks Market
8.2.4.3.1 Italy Hydrogen Fuel Cell Stacks Market by Application
8.2.4.4 United Kingdom Hydrogen Fuel Cell Stacks Market
8.2.4.4.1 United Kingdom Hydrogen Fuel Cell Stacks Market by Application
8.2.4.5 Russia Hydrogen Fuel Cell Stacks Market
8.2.4.5.1 Russia Hydrogen Fuel Cell Stacks Market by Application
8.2.4.6 Rest of Europe Hydrogen Fuel Cell Stacks Market
8.2.4.6.1 Rest of Europe Hydrogen Fuel Cell Stacks Market by Application
8.3. ASIA-PACIFIC
8.3.1 Asia-Pacific Hydrogen Fuel Cell Stacks Market Overview
8.3.2 Asia-Pacific Hydrogen Fuel Cell Stacks Market Forecasts and Analysis
8.3.3 Asia-Pacific Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Application
8.3.4 Asia-Pacific Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Countries
8.3.4.1 Australia Hydrogen Fuel Cell Stacks Market
8.3.4.1.1 Australia Hydrogen Fuel Cell Stacks Market by Application
8.3.4.2 China Hydrogen Fuel Cell Stacks Market
8.3.4.2.1 China Hydrogen Fuel Cell Stacks Market by Application
8.3.4.3 India Hydrogen Fuel Cell Stacks Market
8.3.4.3.1 India Hydrogen Fuel Cell Stacks Market by Application
8.3.4.4 Japan Hydrogen Fuel Cell Stacks Market
8.3.4.4.1 Japan Hydrogen Fuel Cell Stacks Market by Application
8.3.4.5 South Korea Hydrogen Fuel Cell Stacks Market
8.3.4.5.1 South Korea Hydrogen Fuel Cell Stacks Market by Application
8.3.4.6 Rest of Asia-Pacific Hydrogen Fuel Cell Stacks Market
8.3.4.6.1 Rest of Asia-Pacific Hydrogen Fuel Cell Stacks Market by Application
8.4. MIDDLE EAST AND AFRICA
8.4.1 Middle East and Africa Hydrogen Fuel Cell Stacks Market Overview
8.4.2 Middle East and Africa Hydrogen Fuel Cell Stacks Market Forecasts and Analysis
8.4.3 Middle East and Africa Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Application
8.4.4 Middle East and Africa Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Countries
8.4.4.1 South Africa Hydrogen Fuel Cell Stacks Market
8.4.4.1.1 South Africa Hydrogen Fuel Cell Stacks Market by Application
8.4.4.2 Saudi Arabia Hydrogen Fuel Cell Stacks Market
8.4.4.2.1 Saudi Arabia Hydrogen Fuel Cell Stacks Market by Application
8.4.4.3 U.A.E Hydrogen Fuel Cell Stacks Market
8.4.4.3.1 U.A.E Hydrogen Fuel Cell Stacks Market by Application
8.4.4.4 Rest of Middle East and Africa Hydrogen Fuel Cell Stacks Market
8.4.4.4.1 Rest of Middle East and Africa Hydrogen Fuel Cell Stacks Market by Application
8.5. SOUTH AND CENTRAL AMERICA
8.5.1 South and Central America Hydrogen Fuel Cell Stacks Market Overview
8.5.2 South and Central America Hydrogen Fuel Cell Stacks Market Forecasts and Analysis
8.5.3 South and Central America Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Application
8.5.4 South and Central America Hydrogen Fuel Cell Stacks Market Forecasts and Analysis - By Countries
8.5.4.1 Brazil Hydrogen Fuel Cell Stacks Market
8.5.4.1.1 Brazil Hydrogen Fuel Cell Stacks Market by Application
8.5.4.2 Argentina Hydrogen Fuel Cell Stacks Market
8.5.4.2.1 Argentina Hydrogen Fuel Cell Stacks Market by Application
8.5.4.3 Rest of South and Central America Hydrogen Fuel Cell Stacks Market
8.5.4.3.1 Rest of South and Central America Hydrogen Fuel Cell Stacks Market by Application
9. INDUSTRY LANDSCAPE
9.1. MERGERS AND ACQUISITIONS
9.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
9.3. NEW PRODUCT LAUNCHES
9.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
10. HYDROGEN FUEL CELL STACKS MARKET, KEY COMPANY PROFILES
10.1. ADVENT TECHNOLOGIES HOLDINGS INC.
10.1.1. Key Facts
10.1.2. Business Description
10.1.3. Products and Services
10.1.4. Financial Overview
10.1.5. SWOT Analysis
10.1.6. Key Developments
10.2. BALLARD POWER SYSTEMS INC.
10.2.1. Key Facts
10.2.2. Business Description
10.2.3. Products and Services
10.2.4. Financial Overview
10.2.5. SWOT Analysis
10.2.6. Key Developments
10.3. CUMMINS INC.
10.3.1. Key Facts
10.3.2. Business Description
10.3.3. Products and Services
10.3.4. Financial Overview
10.3.5. SWOT Analysis
10.3.6. Key Developments
10.4. FREUDENBERG FST GMBH
10.4.1. Key Facts
10.4.2. Business Description
10.4.3. Products and Services
10.4.4. Financial Overview
10.4.5. SWOT Analysis
10.4.6. Key Developments
10.5. HORIZON FUEL CELL TECHNOLOGIES PTE. LTD.
10.5.1. Key Facts
10.5.2. Business Description
10.5.3. Products and Services
10.5.4. Financial Overview
10.5.5. SWOT Analysis
10.5.6. Key Developments
10.6. NUVERA FUEL CELLS LLC
10.6.1. Key Facts
10.6.2. Business Description
10.6.3. Products and Services
10.6.4. Financial Overview
10.6.5. SWOT Analysis
10.6.6. Key Developments
10.7. PLUG POWER INC.
10.7.1. Key Facts
10.7.2. Business Description
10.7.3. Products and Services
10.7.4. Financial Overview
10.7.5. SWOT Analysis
10.7.6. Key Developments
10.8. POWERCELL SWEDEN AB
10.8.1. Key Facts
10.8.2. Business Description
10.8.3. Products and Services
10.8.4. Financial Overview
10.8.5. SWOT Analysis
10.8.6. Key Developments
10.9. PROTON POWER SYSTEMS PLC
10.9.1. Key Facts
10.9.2. Business Description
10.9.3. Products and Services
10.9.4. Financial Overview
10.9.5. SWOT Analysis
10.9.6. Key Developments
10.10. XINYUAN POWER CO. LTD.
10.10.1. Key Facts
10.10.2. Business Description
10.10.3. Products and Services
10.10.4. Financial Overview
10.10.5. SWOT Analysis
10.10.6. Key Developments
11. APPENDIX
11.1. ABOUT THE INSIGHT PARTNERS
11.2. GLOSSARY OF TERMS
The List Of Companies
- Advent Technologies Holdings Inc.
- Ballard Power Systems Inc.
- Cummins Inc.
- Freudenberg FST GmbH
- Horizon Fuel Cell Technologies Pte. Ltd.
- Nuvera Fuel Cells LLC
- Plug Power Inc.
- PowerCell Sweden AB
- Proton Power Systems plc
- Xinyuan Power Co. Ltd.
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.