New York, United States, June 12, 2023 (GLOBE NEWSWIRE) -- The need to lower greenhouse gas emissions and to mitigate the detrimental impacts of climate change are primary elements that are expected to lead to a higher adoption of cleaner energy solutions. Fuel cells offer a promising answer as they generate electricity through electrochemical reactions with hydrogen or other fuels, producing minimal to no emissions. This will remain the strongest factor diving the growth of the global fuel cell market. Gradual transition to cleaner energy solutions is expected to have a major influence on the adoption of fuel cells.
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Ongoing advancements in fuel cell technology has resulted in improvements to their efficiency, performance, and reliability. Progress in this field, in terms of materials used, catalysts, and system designs, are resulting in the development of fuels cells that are more cost-effective, durable, and more suitable for various applications. This is expected to make these energy solutions more appealing to various industries and end-users. Moreover, the rolling-out of favorable incentive plans and policies that promote the use and/or adoption of fuel cell technology is another major factor that is slated to have a profound impact on the further augmentation of the global fuel cell market.
Insights into Segmentation Analysis
The global fuel cell market is segmented based on – Fuel Cell Type, End-User Industry, Application, and Region. With respect to the Fuel Cell Type aspect of this market, the ‘PEMFC’ sub-segment is slated to account for the majority share of this market. This is attributed to advantages that these fuel cells offer such as high-power density, quick start up time, and suitability for various applications. In terms of Application segmentation, the ‘Transportation’ sub-segment is slated to account for the majority market share. Whereas, based on the End-User Industry segmentation, the ‘Automotive’ sub-segment is expected to account for the majority share of the global fuel cell market.
Insights into Regional Analysis
As per a study conducted by Fairfield Market Research, North America has been a prominent region in the fuel cell market, particularly the United States, which has been at the forefront of fuel cell deployment including initiatives that promote their adoption in stationary power, transportation, and portable applications. Europe is another crucial region for the fuel cell market owing to the growing demand for cleaner, sustainable energy solutions. However, the Asia Pacific is set to index significant growth in this space due to the increasing deployment of fuel cell technology in residential power generations and hydrogen infrastructure development.
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Global Fuel Cell Market is Segmented as Below:
Technology Coverage
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Solid Oxide Fuel Cell (SOFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Alkaline Fuel Cell (AFC)
- Microbial Fuel Cell (MFC)
- Direct Methanol Fuel Cell (DMFC)
Application Coverage
- Portable
- Stationary
- Transportation
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Market Companies
- FuelCell Energy, Inc.
- Cummins Inc.
- Bloom Energy
- Doosan Fuel Cell America, Inc.
- Ballard Power Systems Inc.
- Plug Power Inc.
- Horizon Fuel Cell Technologies
- Powercell Sweden AB
- Toshiba Corporation
- SFC Energy AG
- Mitsubishi Power
- Fuji Electric Co., Ltd.
Table Of Content
1. Executive Summary
1.1. Global Fuel Cell Market Snapshot
1.2. Key Market Trends
1.3. Future Projections
1.4. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.6. Government Regulations
2.7. Technology Landscape
2.8. Impact of Fuel Cell on Electric Vehicles
2.9. Economic Analysis
2.10. PESTLE
3. Production Output and Trade Statistics, 2019 - 2022
3.1. Supply-Demand Analysis
3.2. Regional Production Statistics
3.3. Trade Statistics
4. Price Trends Analysis and Future Projects, 2019 - 2030
4.1. Key Highlights
4.2. Prominent Factors Affecting Prices
4.3. By Technology
4.4. By Region
5. Global Fuel Cell Market Outlook, 2019 - 2030
5.1. Global Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
5.2. Global Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
5.3. Global Fuel Cell Market Outlook, by Region, Capacity (MW) and Value (US$ Mn), 2019 - 2030
6. North America Fuel Cell Market Outlook, 2019 - 2030
6.1. North America Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
6.2. North America Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
6.3. North America Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 – 2030
7. Europe Fuel Cell Market Outlook, 2019 - 2030
7.1. Europe Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
7.2. Europe Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
7.3. Europe Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
8. Asia Pacific Fuel Cell Market Outlook, 2019 - 2030
8.1. Asia Pacific Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
8.2. Asia Pacific Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
8.3. Asia Pacific Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
9. Latin America Fuel Cell Market Outlook, 2019 - 2030
9.1. Latin America Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
9.2. Latin America Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
9.3. Latin America Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
10. Middle East & Africa Fuel Cell Market Outlook, 2019 - 2030
10.1. Middle East & Africa Fuel Cell Market Outlook, by Technology, Capacity (MW) and Value (US$ Mn), 2019 - 2030
10.2. Middle East & Africa Fuel Cell Market Outlook, by Application, Capacity (MW) and Value (US$ Mn), 2019 - 2030
10.3. Middle East & Africa Fuel Cell Market Outlook, by Country, Capacity (MW) and Value (US$ Mn), 2019 - 2030
11. Competitive Landscape
11.1. Company Market Share Analysis, 2022
11.2. Competitive Dashboard
11.3. Product vs Application Heatmap
11.4. Company Profiles
12. Appendix
12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations
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