Summary

Over 15% of greenhouse gas emissions globally come from vehicle emissions. Governments everywhere are searching for alternate energy sources to use in the transportation sector as a result. Fuel cell vehicles (FCVs) are predicted to see a rise in adoption over the projection period due to their low CO2 emissions when in operation. As a result, a lot of important players are concentrating on fuel cell research and development and investments. By 2030, the EV30@30 campaign hopes to increase sales of new electric vehicles by at least 30%. Many nations are preparing to increase the use of electric vehicles as part of this campaign, including Canada, Finland, France, Japan, Mexico, the Netherlands, Norway, Sweden, and India.

Fuel cell electric vehicles, or FCEVs, use fuel cells to transform hydrogen that is stored inside the car into electricity that powers an electric motor. Because to the high cost of fuel and purchases, FCEVs are more expensive to buy and operate than electric cars. However, because fuel cells are environmentally beneficial, governments are using them to power garbage trucks and public buses all around the world. Since 2014, FCEVs have been sold commercially. The IEA projects that by 2020, there will be 40% more FCEVs on the road, with South Korea accounting for a large portion of this growth. The number of hydrogen refueling stations is rising in nations like China and Japan, which is predicted to propel the fuel cell market.

One of the main limitations of fuel cells is the storage of hydrogen, particularly for long distance transportation within the vehicle's weight, space, efficiency, safety, and cost constraints. Hydrogen storage systems are not able to achieve the same range as traditional petroleum-fueled vehicles due to their large weight and volume. Furthermore, the endurance of hydrogen systems is restricted, necessitating the development of materials and components that enable hydrogen storage systems with a 1,500 cycle lifetime. Additionally, systems that require less than three minutes to refuel must be developed because the refueling period associated with hydrogen storage is lengthy.


Research Methodology:
After secondary research provided a fundamental understanding of the worldwide Fuel Cells Market scenario, extensive primary research was carried out. A number of primary interviews were carried out with industry experts from the supply and demand sides, including C- and D-level executives, product managers, and marketing and sales managers of major manufacturers, distributors, and channel partners from tier 1 and tier 2 companies offering Fuel Cells Market, as well as personnel from academia, research, and CROs. These interviews were conducted across five major regions: North America, Europe, Asia Pacific, and the Rest of the World (Latin America & the Middle East & Africa). Participants from the supply-side and demand-side participated in about 70% and 30% of the primary interviews, respectively. Through the use of questionnaires, emails, online surveys, in-person interviews, and phone interviews, this main data was gathered. The primary participants share is given below:

The segmentation coverage of the study is provided below.
Fuel Cells Market based on Type:
• Proton Exchange Membrane Fuel Cell
• Solid Oxide Fuel Cell
• Phosphoric Acid Fuel Cell
• Others
Fuel Cells Market based on Application:
• Transport
• Stationary
• Portable
Fuel Cells Market based on Geography:
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe (RoE)
• Asia Pacific (APAC)
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
o Brazil
o Argentina
o Rest of South America
• Middle East and Africa (MEA)
o UAE
o Turkey
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
The market is segmented based on fuel type, including solid oxide and phosphoric acid fuel cells, proton exchange membrane fuel cells, and others. The market is dominated worldwide by the Proton Exchange Membrane Fuel Cell (PEMFC) category. PEMFC is in higher demand than other varieties because of a number of advantages. Benefits including lightweight, low cost, solidity of electrolyte, compact design, input fuel flexibility, and low cost will contribute to market expansion.

Over the course of the projected period, the Solid Oxide Fuel Cell (SOFC) segment is expected to increase rapidly. The Ene-Farm program has seen a notable increase in the share of SOFC because of the stack's improved efficiency and higher-grade heat. An rise of bloom units for prime power shipments to the United States and Korea is linked to the net increase in SOFC shipment capacity.

The market has been divided into three segments based on application: transport, stationary, and portable. Over the predicted period, the transport segment will increase at a high rate. The global trend is moving more and more in the direction of clean transportation. Many nations are making investments to create an environment free of emissions, which is increasing the transportation sector.

Throughout the projection period, the stationary sector is probably going to develop at a considerable rate. Amidst zero-emission standards and investments in green energy, fuel cell utilization in stationary applications—such as data centers, UPS, and others—is rising dramatically.

The global market has been examined in terms of geography, encompassing North America, Asia Pacific, Europe, and the rest of the world.

The largest proportion of the global fuel cell market is held by Asia Pacific. Thanks to encouraging government regulations, South Korea is currently expanding its lead in the production and use of FC automobiles. For instance, in 2021, a record 8,500 NEXOs were shipped into the nation; in the years to come, this number is expected to rise significantly. Furthermore, Hyundai intends to increase the output of its fuel cell systems to 100,000 units annually by the end of 2023. As a result, China commands a large share of the market in the region. China has set extremely ambitious goals to encourage the use of clean-fuel vehicles.

The established market for this technology is North America. Due to the increased capacity of fuel cell installations in the transportation sector, the region is investing more in the installation of fuel cells. Around the region, more and more portable applications are being installed. In the region of North America, the United States leads the industry. The administration has established ambitious targets to encourage hydrogen-powered automobiles in order to increase the local market for fuel-cell vehicles. Additionally, consumers will be encouraged to embrace hydrogen fuel cell vehicles across the United States and Canada through a variety of infrastructure development plans, research and development initiatives, and subsidy schemes.

In Europe, the number of FC installations has greatly expanded. The region is making significant financial investments to improve the hydrogen infrastructure and meet zero-emission ambitions. Throughout the region, the use of energy-efficient technologies is likewise rising quickly. One of the first CHPs in the world to run exclusively on hydrogen was installed at Berlin Airport in Germany.

Over the projection period, it is anticipated that the remainder of the world would increase dramatically. Worldwide, the need for the installation of fuel cells is growing quickly. All around the region, there have been more and more projects. The Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and ADQ signed an MOU in January 2021 to establish the Abu Dhabi Hydrogen Alliance, a specialized sustainable energy organization.


• This report illustrates the most vital attributes of the Fuel Cells Market, which are driving and providing opportunities.
• This research gives an in-depth analysis of the Fuel Cells Market growth on the basis of several segments in the market.
• This report presents the predictions of the past and present trends of the Fuel Cells Market.
• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Fuel Cells Market.

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Table of Contents

Table of Contents
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.2.1. Porter Five Forces
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.3.1. Drivers
4.3.2. Restraints
4.3.3. Opportunities
4.4. DRO - Impact Analysis
5. Type: Market Size & Analysis
5.1. Overview
5.2. Proton Exchange Membrane Fuel Cell
5.3. Solid Oxide Fuel Cell
5.4. Phosphoric Acid Fuel Cell
5.5. Others
6. Application: Market Size & Analysis
6.1. Overview
6.2. Transport
6.3. Stationary
6.4. Portable
6.5. Others
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America (U.S., Mexico, Canada)
7.3. Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Rest of Europe)
7.4. Asia Pacific (Japan, China, India, Australia, South East Asia, Rest of APAC)
7.5. Latin America (Brazil, Argentina)
7.6. Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. BALLARD POWER SYSTEMS (CANADA)
9.1.1. Overview
9.1.2. Financial Overview
9.1.3. Product Offerings
9.1.4. Developments
9.1.5. Business Strategy
9.2. BOSCH (GERMANY)
9.2.1. Overview
9.2.2. Financial Overview
9.2.3. Product Offerings
9.2.4. Developments
9.2.5. Business Strategy
9.3. HYDROGENICS (CANADA)
9.3.1. Overview
9.3.2. Financial Overview
9.3.3. Product Offerings
9.3.4. Developments
9.3.5. Business Strategy
9.4. SOLIDPOWER ITALIA (ITALY)
9.4.1. Overview
9.4.2. Financial Overview
9.4.3. Product Offerings
9.4.4. Developments
9.4.5. Business Strategy
9.5. CERES POWER (U.K.)
9.5.1. Overview
9.5.2. Financial Overview
9.5.3. Product Offerings
9.5.4. Developments
9.5.5. Business Strategy
9.6. AVL (AUSTRIA)
9.6.1. Overview
9.6.2. Financial Overview
9.6.3. Product Offerings
9.6.4. Developments
9.6.5. Business Strategy
9.7. PRAGMA INDUSTRIES (FRANCE)
9.7.1. Overview
9.7.2. Financial Overview
9.7.3. Product Offerings
9.7.4. Developments
9.7.5. Business Strategy
9.8. BLOOM ENERGY (U.S.)
9.8.1. Overview
9.8.2. Financial Overview
9.8.3. Product Offerings
9.8.4. Developments
9.8.5. Business Strategy
9.9. AISIN (JAPAN)
9.9.1. Overview
9.9.2. Financial Overview
9.9.3. Product Offerings
9.9.4. Developments
9.9.5. Business Strategy
9.10. CONVION (FINLAND)
9.10.1. Overview
9.10.2. Financial Overview
9.10.3. Product Offerings
9.10.4. Developments
9.10.5. Business Strategy

10. Analyst Opinion
11. Annexure
11.1. Report Scope
11.2. Market Definitions
11.3. Research Methodology
11.3.1. Data Collation and In-house Estimation
11.3.2. Market Triangulation
11.3.3. Forecasting
11.4. Report Assumptions
11.5. Declarations
11.6. Stakeholders

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List of Tables/Graphs

Tables
TABLE 1. FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 2. FUEL CELLS MARKET VALUE FOR PROTON EXCHANGE MEMBRANE FUEL CELL, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 3. FUEL CELLS MARKET VALUE FOR SOLID OXIDE FUEL CELL, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 4. FUEL CELLS MARKET VALUE FOR PHOSPHORIC ACID FUEL CELL, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 5. FUEL CELLS MARKET VALUE FOR OTHERS, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 6. FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 7. FUEL CELLS MARKET VALUE FOR TRANSPORT, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 8. FUEL CELLS MARKET VALUE FOR STATIONARY, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 9. FUEL CELLS MARKET VALUE FOR PORTABLE, BY GEOGRAPHY, 2021-2030 (USD BILLION)
TABLE 10. NORTH AMERICA FUEL CELLS MARKET VALUE, BY COUNTRY, 2021-2030 (USD BILLION)
TABLE 11. NORTH AMERICA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 12. NORTH AMERICA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 13. U.S FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 14. U.S FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 15. CANADA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 16. CANADA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 17. MEXICO FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 18. MEXICO FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 19. EUROPE FUEL CELLS MARKET VALUE, BY COUNTRY, 2021-2030 (USD BILLION)
TABLE 20. EUROPE FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 21. EUROPE FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 22. GERMANY FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 23. GERMANY FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 24. U.K FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 25. U.K FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 26. FRANCE FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 27. FRANCE FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 28. ITALY FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 29. ITALY FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 30. SPAIN FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 31. SPAIN FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 32. ROE FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 33. ROE FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 34. ASIA PACIFIC FUEL CELLS MARKET VALUE, BY COUNTRY, 2021-2030 (USD BILLION)
TABLE 35. ASIA PACIFIC FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 36. ASIA PACIFIC FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 37. CHINA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 38. CHINA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 39. INDIA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 40. INDIA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 41. JAPAN FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 42. JAPAN FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 43. REST OF APAC FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 44. REST OF APAC FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 45. LATIN AMERICA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 46. LATIN AMERICA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 47. BRAZIL FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 48. BRAZIL FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 49. ARGENTINA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 50. ARGENTINA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 51. MIDDLE EAST AND AFRICA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 52. MIDDLE EAST AND AFRICA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 53. SAUDI ARABIA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 54. SAUDI ARABIA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 55. UAE FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 56. UAE FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 57. REST OF MIDDLE EAST AND AFRICA FUEL CELLS MARKET VALUE, BY TYPE, 2021-2030 (USD BILLION)
TABLE 58. REST OF MIDDLE EAST AND AFRICA FUEL CELLS MARKET VALUE, BY APPLICATION, 2021-2030 (USD BILLION)
TABLE 59. BALLARD POWER SYSTEMS (CANADA) : FINANCIALS
TABLE 60. BALLARD POWER SYSTEMS (CANADA) : PRODUCTS & SERVICES
TABLE 61. BALLARD POWER SYSTEMS (CANADA) : RECENT DEVELOPMENTS
TABLE 62. BOSCH (GERMANY): FINANCIALS
TABLE 63. BOSCH (GERMANY): PRODUCTS & SERVICES
TABLE 64. BOSCH (GERMANY): RECENT DEVELOPMENTS
TABLE 65. HYDROGENICS (CANADA): FINANCIALS
TABLE 66. HYDROGENICS (CANADA): PRODUCTS & SERVICES
TABLE 67. HYDROGENICS (CANADA): RECENT DEVELOPMENTS
TABLE 68. SOLIDPOWER ITALIA (ITALY): FINANCIALS
TABLE 69. SOLIDPOWER ITALIA (ITALY): PRODUCTS & SERVICES
TABLE 70. SOLIDPOWER ITALIA (ITALY): RECENT DEVELOPMENTS
TABLE 71. CERES POWER (U.K.): FINANCIALS
TABLE 72. CERES POWER (U.K.): PRODUCTS & SERVICES
TABLE 73. CERES POWER (U.K.): RECENT DEVELOPMENTS
TABLE 74. AVL (AUSTRIA): FINANCIALS
TABLE 75. AVL (AUSTRIA): PRODUCTS & SERVICES
TABLE 76. AVL (AUSTRIA): RECENT DEVELOPMENTS
TABLE 77. PRAGMA INDUSTRIES (FRANCE): FINANCIALS
TABLE 78. PRAGMA INDUSTRIES (FRANCE): PRODUCTS & SERVICES
TABLE 79. PRAGMA INDUSTRIES (FRANCE): DEVELOPMENTS
TABLE 80. BLOOM ENERGY (U.S.): FINANCIALS
TABLE 81. BLOOM ENERGY (U.S.): PRODUCTS & SERVICES
TABLE 82. BLOOM ENERGY (U.S.): RECENT DEVELOPMENTS
TABLE 83. AISIN (JAPAN): FINANCIALS
TABLE 84. AISIN (JAPAN): PRODUCTS & SERVICES
TABLE 85. AISIN (JAPAN): RECENT DEVELOPMENTS
TABLE 86. CONVION (FINLAND): FINANCIALS
TABLE 87. CONVION (FINLAND): PRODUCTS & SERVICES
TABLE 88. CONVION (FINLAND): RECENT DEVELOPMENTS