Global fuel cell market stood at around $ 2606.16 million in 2019 and is forecast to grow at a CAGR of over 18% by 2026, owing to increasing public-private partnership for development of fuel cell technology and rising demand for fuel cell powered vehicles, including FCEV (Fuel Cell Electric Vehicles), forklift, trains, etc. Research & development on fuel cell technology along with increasing focus on reducing carbon emissions is further fueling demand for fuel cells across the globe. Additionally, fuel cell & hydrogen alliances driving collaboration between organizations coupled with increasing focus on phasing out of ICE (Internal Combustion Engine) vehicles is further anticipated to accelerate growth in global fuel cell market in the next five years.

Global fuel cell market is segmented based on application, type, region, and company. Based on regional analysis, Asia-Pacific region is expected to dominate the global fuel cell market during the forecast period. China, Japan, and India anticipated to play major role for the global fuel cell market growth. Japan has established “Hydrogen Society” to raise funds for establishing hydrogen fueling stations. China energy initiative to establish fuel cell powered vehicles and hydrogen fueling stations is anticipated to propel the growth of the fuel cell market. Government initiatives towards eco-friendly technology and initiatives taken to boost the manufacturing sector is expected to foster the market growth.

Global fuel cell market is controlled by these major players, namely – Bloom Energy Corporation, Ballard Power Systems Inc., Plug Power Inc., FuelCell Energy, Inc., SFC Energy AG, Hydrogenics Corporation, Doosan Fuel Cell America, Inc., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, Nedstack fuel cell technology BV, etc.

Years considered for this report:

Historical Years: 2016-2019

Base Year: 2020

Estimated Year: 2021

Forecast Period: 2022–2026

Objective of the Study:

·         To define, classify and forecast global fuel cell market on the basis of application, type and region.

·         To analyze and forecast global fuel cell market size.

·         To assess the detailed market segmentation and forecast the market size by segmenting the fuel cell market into regions, namely – Asia-Pacific, North America, Europe and Rest of World.

·         To identify the tailwinds and headwinds for global fuel cell market.

·         To identify the drivers and challenges for global fuel cell market.

·         To strategically profile leading players in the market which are driving innovation and technological advancements in global fuel cell market.  


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TechSci Research performed exhaustive secondary research as well as primary research for this study. Initially, TechSci Research sourced a list of fuel cell companies across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels, and presence of all major fuel cell companies worldwide.

TechSci Research calculated the market size for fuel cell market using a bottom-up approach, wherein data for different components of standard application (Application, such as Stationary Fuel Cell, Transport Fuel Cell & Portable Fuel Cell and Type, Proton Exchange Membrane (PEM) Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell, etc.) was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as Company Website, News Articles, Press Releases, Company Annual Report, Factiva, International Monetary Fund, World Bank, California Air Resources Board, Canadian Hydrogen and Fuel Cell Association (CHFCA), US Department of Energy, Fuel Cell & Hydrogen Energy Association, The International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), etc., were also studied by TechSci Research.

Key Target Audience:

  • Fuel cell vendors
  • Fuel cell equipment OEMs
  • Associations, organizations, forums and alliances related to fuel cell
  • Research organizations and consulting companies

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as fuel cell OEMs, providers, partners, etc. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.  

Report Scope:

In this report, global fuel cell market has been segmented into the following categories in addition to the industry trends which have also been detailed below:

  • Market, by Application:
    • Stationary Fuel Cell
    • Transport Fuel Cell
    • Portable Fuel Cell
  • Market, by Application:
    • Proton Exchange Membrane (PEM) Fuel Cell
    • Solid Oxide Fuel Cell
    • Molten Carbonate Fuel Cell
    • Others
  • Market, by Geography:
    • Asia-Pacific

·         Japan

·         South Korea

·         China

·         India

·         Australia

·         Rest of Region

    • North America

·         United States

·         Canada

    • Europe

·         Germany

·         United Kingdom

·         France

·         Italy

·         Spain

·         Rest of Region

    • Rest of World

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global fuel cell market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Additional Customization:

·         Profiling of additional market players (up to five)

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]

1.       Product Overview

2.       Research Methodology

3.       Analyst View

4.       Impact of COVID-19 on Global Fuel Cell Market

5.       Voice of Customer

5.1.    By Major Use Case

5.2.    By High Potential Use Case

5.3.    By Factors Influencing Demand

5.4.    By Impact of Factors on Adoption

5.5.    By Challenge

6.       Global Fuel Cell Market Landscape

7.       Global Fuel Cell Market Outlook

7.1.    Market Size & Forecast

7.1.1. By Value & Volume

7.2.    Market Share & Forecast

7.2.1. By Application (Stationary Fuel Cell, Transport Fuel Cell and Portable Fuel Cell)

7.2.2. By Type (Proton Exchange Membrane (PEM) Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell and Others)

7.2.3. By Region (By Value & By Volume)

7.2.4. By Company

7.3.    Market Attractiveness Index

7.3.1. By Application

7.3.2. By Type

7.3.3. By Region (By Value & By Volume)

8.       Asia-Pacific Fuel Cell Market Outlook

8.1.    Market Size & Forecast

8.1.1. By Value & By Volume

8.2.    Market Share & Forecast

8.2.1. By Application

8.2.2. By Type

8.2.3. By Country

8.3.   Japan Fuel Cell Market Outlook

8.3.1. Market Size & Forecast

8.3.1.1.  By Value

8.3.2. Market Share & Forecast

8.3.2.1.  By Application

8.3.2.2.  By Type

8.4.   South Korea Fuel Cell Market Outlook

8.4.1. Market Size & Forecast

8.4.1.1.  By Value

8.4.2. Market Share & Forecast

8.4.2.1.  By Application

8.4.2.2.  By Type

8.5.   China Fuel Cell Market Outlook

8.5.1. Market Size & Forecast

8.5.1.1.  By Value

8.5.2. Market Share & Forecast

8.5.2.1.  By Application

8.5.2.2.  By Type

8.6.   India Fuel Cell Market Outlook

8.6.1. Market Size & Forecast

8.6.1.1.  By Value

8.6.2. Market Share & Forecast

8.6.2.1.  By Application

8.6.2.2.  By Type

8.7.   Australia Fuel Cell Market Outlook

8.7.1. Market Size & Forecast

8.7.1.1.  By Value

8.7.2. Market Share & Forecast

8.7.2.1.  By Application

8.7.2.2.  By Type

9.       North America Fuel Cell Market Outlook

9.1.    Market Size & Forecast

9.1.1. By Value & By Volume

9.2.    Market Share & Forecast

9.2.1. By Application

9.2.2. By Type

9.2.3. By Country

9.3.   United States Fuel Cell Market Outlook

9.3.1. Market Size & Forecast

9.3.1.1.  By Value

9.3.2. Market Share & Forecast

9.3.2.1.  By Application

9.3.2.2.  By Type

9.4.   Canada Fuel Cell Market Outlook

9.4.1. Market Size & Forecast

9.4.1.1.  By Value

9.4.2. Market Share & Forecast

9.4.2.1.  By Application

9.4.2.2.  By Type

10.   Europe Fuel Cell Market Outlook

10.1.                     Market Size & Forecast

10.1.1.     By Value & By Volume

10.2.                     Market Share & Forecast

10.2.1.     By Application

10.2.2.     By Type

10.2.3.     By Country

10.3.                     Germany Fuel Cell Market Outlook

10.3.1.     Market Size & Forecast

10.3.1.1.          By Value

10.3.2.     Market Share & Forecast

10.3.2.1.          By Application

10.3.2.2.          By Type

10.4.                     United Kingdom Fuel Cell Market Outlook

10.4.1.     Market Size & Forecast

10.4.1.1.          By Value

10.4.2.     Market Share & Forecast

10.4.2.1.          By Application

10.4.2.2.          By Type

10.5.                     France Fuel Cell Market Outlook

10.5.1.     Market Size & Forecast

10.5.1.1.          By Value

10.5.2.     Market Share & Forecast

10.5.2.1.          By Application

10.5.2.2.          By Type

10.6.                     Italy Fuel Cell Market Outlook

10.6.1.     Market Size & Forecast

10.6.1.1.          By Value

10.6.2.     Market Share & Forecast

10.6.2.1.          By Application

10.6.2.2.          By Type

10.7.                     Spain Fuel Cell Market Outlook

10.7.1.     Market Size & Forecast

10.7.1.1.          By Value

10.7.2.     Market Share & Forecast

10.7.2.1.          By Application

10.7.2.2.          By Type

11.   Rest of World Fuel Cell Market Outlook

11.1.   Market Size & Forecast

11.1.1.    By Value & By Volume

11.2.   Impact Analysis

11.2.1.    By Application

11.2.2.    By Type

12.   Market Dynamics

12.1.   Impact Analysis

12.2.   Drivers

12.3.   Challenges

13.   Market Trends & Developments

14.   Global Fuel Cell Market Competitive Landscape

14.1.   Competitive Benchmarking

14.2.   Company Profiles

14.2.1.    Bloom Energy Corporation

14.2.2.    Ballard Power Systems Inc.

14.2.3.    Plug Power Inc.

14.2.4.    FuelCell Energy, Inc.

14.2.5.    SFC Energy AG

14.2.6.    Hydrogenics Corporation

14.2.7.    Doosan Fuel Cell America, Inc.

14.2.8.    Toshiba Energy Systems & Solutions Corporation

14.2.9.    Intelligent Energy Limited.

14.2.10.   Nedstack fuel cell technology BV

15.   Strategic Recommendations

16.   About Us & Disclaimer

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]

  • List of Figures

     

    Figure 1: Respondent Split, By Major Use Case of Fuel Cell Technology, 2021 (N=100)

    Figure 2: Respondent Split, By High Potential Use Case of Fuel Cell Technology, 2021 (N=100)

    Figure 3: Respondent Split, By Factors Influencing Demand for Fuel Cell, 2021 (N=100)

    Figure 4: Respondent Split, By Impact of Factors on Adoption of Fuel Cell Technology, 2021 (N=100) (Rating Scale – 1 = least Impact, 5 = High Impact)

    Figure 5: Respondent Split, By Challenge to Fuel Cell Technology Adoption, 2021 (N=100)

    Figure 6: Global Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Figure 7: Global Fuel Cell Market Size, By Volume, 2016-2026F (Thousand Unit)

    Figure 8: World Energy Consumption, By Type of Countries, 1990-2030F (Quadrillion BTU)

    Figure 9: Non-OECD Energy Consumption, By Region, 1990, 2000, 2010, 2015, 2020F & 2030F (Quadrillion BTU)

    Figure 10: Global Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 11: Global Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 12: Global Fuel Cell Market Share, By Region, By Value, 2016-2026F

    Figure 13: Global Fuel Cell Market Size, By Region, By Value, 2016–2020 (USD Million)

    Figure 14: Global Fuel Cell Market Size, By Region, By Value, 2021E–2026F (USD Million)

    Figure 15: Global Fuel Cell Market Share, By Region, By Volume, 2016-2026F

    Figure 16: Global Fuel Cell Market Size, By Region, By Volume, 2016–2020 (Thousand Units)

    Figure 17: Global Fuel Cell Market Size, By Region, By Volume, 2021E–2026F (Thousand Units)

    Figure 18: Global Fuel Cell Market Share, By Company, By Value, 2020

    Figure 19: Global Fuel Cell Market Attractiveness Index, By Application, By Value, 2020-2026F

    Figure 20: Global Fuel Cell Market Attractiveness Index, By Type, By Value, 2020-2026F

    Figure 21: Global Fuel Cell Market Attractiveness Index, By Region, By Value, 2020-2026F

    Figure 22: Global Fuel Cell Market Attractiveness Index, By Region, By Volume, 2020-2026F

    Figure 23: Asia-Pacific Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Figure 24: Asia-Pacific Fuel Cell Market Size, By Volume, 2016-2026F (Thousand Units)

    Figure 25 Asia-Pacific Carbon Dioxide Emissions, 2016-2027 (Trillion Tonnes)

    Figure 26: Asia-Pacific Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 27: Asia-Pacific Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 28: Asia-Pacific Fuel Cell Market Share, By Country, By Value, 2016-2026F

    Figure 29: Japan’s Share in Asia-Pacific Fuel Cell Market, By Value, 2020 & 2026F

    Figure 30: Japan Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 31: Japan Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 32: South Korea’s Share in Asia-Pacific Fuel Cell Market, By Value, 2020 & 2026F

    Figure 33: South Korea Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 34: South Korea Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 35: China’s Share in Asia-Pacific Fuel Cell Market, By Value, 2020 & 2026F

    Figure 36: China Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 37: China Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 38: India’s Share in Asia-Pacific Fuel Cell Market, By Value, 2020 & 2026F

    Figure 39: India Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 40: India Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 41: Australia’s Share in Asia-Pacific Fuel Cell Market, By Value, 2020 & 2026F

    Figure 42: Australia Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 43: Australia Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 44: North America Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Figure 45: North America Fuel Cell Market Size, By Volume, 2016-2026F (Thousand Units)

    Figure 46: North America Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 47: North America Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 48: North America Fuel Cell Market Share, By Country, By Value, 2016-2026F

    Figure 49: United States' Share in North America Fuel Cell Market, By Value, 2020 & 2026F

    Figure 50: United States Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 51: United States Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 52: Canada’s Share in North America Fuel Cell Market, By Value, 2020 & 2026F

    Figure 53: Canada Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 54: Canada Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 55: Europe Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Figure 56: Europe Fuel Cell Market Size, By Volume, 2016-2026F (Thousand Units)

    Figure 57: Europe Fuel Cell Market Share, By Application. By Value, 2016-2026F

    Figure 58: Europe Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 59: Europe Fuel Cell Market Share, By Country, By Value, 2016-2026F

    Figure 60: Germany’s Share in Europe Fuel Cell Market, By Value, 2020 & 2026F

    Figure 61: Germany Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 62: Germany Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 63: United Kingdom’s Share in Europe Fuel Cell Market, By Value, 2020 & 2026F

    Figure 64: United Kingdom Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 65: United Kingdom Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 66: France’s Share in Europe Fuel Cell Market, By Value, 2020 & 2026F

    Figure 67: France Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 68: France Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 69: Italy’s Share in Europe Fuel Cell Market, By Value, 2020 & 2026F

    Figure 70: Italy Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 71: Italy Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 72: Spain’s Share in Europe Fuel Cell Market, By Value, 2020 & 2026F

    Figure 73: Spain Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 74: Spain Fuel Cell Market Share, By Type, By Value, 2016-2026F

    Figure 75: Rest of World Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Figure 76: Rest of World Fuel Cell Market Size, By Volume, 2016-2026F (Thousand Units)

    Figure 77: Rest of World Fuel Cell Market Share, By Application, By Value, 2016-2026F

    Figure 78: Rest of World Fuel Cell Market Share, By Type, By Value, 2016-2026F

     

    List of Tables

     

    Table 1: Global Gross Domestic Product (GDP), By Value (Current Price in USD Billion), 2016-2026F

    Table 2: List of Fuel Cell Electric Vehicles, By Company Name, By Product Type, By Product Name, As of 2021

    Table 3: List of Fuel Cell/Hydrogen Associations/Alliances, By Country, As of 2021

    Table 4: Asia-Pacific Emission of Pollutants from Heat & Power Systems, 2020

    Table 5: Japan Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 6: Japan Transportation Fuel Cell, By Type, By Status, By Target, By Policy Support, As of May 2021

    Table 7: Japan H2 (Hydrogen) Refuelling Stations (HRS), By Type, By Status, By Target, By Policy Support, As of May 2021

    Table 8: Japan Stationary Fuel Cell, By Type, By Status, By Target, By Policy Support, As of May 2021

    Table 9: South Korea Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 10: China Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 11: China Transportation Fuel Cell, By Type, By Status, By Target, By Policy Support, As of May 2021

    Table 12: China H2 (Hydrogen) Refuelling Stations (HRS), By Type, By Status, By Policy Support, As of May 2021

    Table 13: India Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 14: Australia Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 15: United States Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 16: United States New Policy Initiatives on Hydrogen and Fuel Cells (November 2020–April 2021)

    Table 17: United States Transportation Fuel Cell, By Type, By Status, As of April 2021

    Table 18: United States H2 (Hydrogen) Refuelling Stations, By Type, By Status, As of April 2021

    Table 19: Canada Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 20: Canada New Policy Initiatives on Hydrogen and Fuel Cells (December 2020–May 2021)

    Table 21: Canada Transportation Fuel Cell, By Type, By Status, As of May 2021

    Table 22: Europe Fuel Cells and Hydrogen Joint Undertaking (FCH JU) Projects, By Country, As of 2021 (Number of Projects)

    Table 23: Fuel Cells and Hydrogen Joint Undertaking (FCH JU) Transportation Projects, By Type,

     By Status, Partnerships/Strategic Approach, By Policy Support, As of April 2021

    Table 24: Fuel Cells and Hydrogen Joint Undertaking (FCH JU) H2 (Hydrogen) Refuelling Station (HRS) Projects, By Type, By Status, Partnerships/Strategic Approach, By Policy Support, As of April 2021

    Table 25: Fuel Cells and Hydrogen Joint Undertaking (FCH JU) Stationary Projects, By Type, By Status, Partnerships/Strategic Approach, By Policy Support, As of April 2021

    Table 26: Germany Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 27: United Kingdom Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 28: France Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 29: Italy Fuel Cell Market Size, By Value, 2016-2026F (USD Million)

    Table 30: Spain Fuel Cell Market Size, By Value, 2016-2026F (USD Million)