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REPORT OUTLOOK
| Market Size | CAGR | Dominating Region |
|---|---|---|
| USD 17.91 Billion by 2029 | 19.70% | Asia Pacific |
| By Type | By Application | By Region |
|---|---|---|
|
|
|
SCOPE OF THE REPORT
Fuel Cells Market Overview
The global fuel cells market is expected to grow at 19.70 % CAGR from 2020 to 2029. It is expected to reach above USD 17.91 Billion by 2029 from USD 3.55 Billion in 2020.
A fuel cell is an electrochemical device that converts the chemical energy of a fuel usually hydrogen and an oxidant usually oxygen into electrical energy. Fuel cells produce electricity through a reaction between the fuel and the oxidant, with the only byproducts being water and heat. They are a promising alternative to traditional fossil fuel-based energy sources as they produce electricity with lower greenhouse gas emissions and higher efficiency. Fuel cells can be used for a variety of applications, including transportation, stationary power generation, and portable power.
The demand for clean and efficient energy sources is driving growth in the fuel cells market. As concerns over climate change and environmental sustainability increase, there is a growing need for energy solutions that produce lower greenhouse gas emissions and have higher energy efficiency. Fuel cells are seen as a promising alternative to traditional fossil fuel-based energy sources as they produce electricity with zero or very low emissions and higher efficiency. The adoption of fuel cells is being supported by government policies and incentives, technological advancements in fuel cell technology, and increasing demand for fuel cell electric vehicles. Fuel cells are being used for stationary power generation, backup power, and portable power, and are expected to play a major role in the transition to a cleaner, more sustainable energy future.
One of the major restraints to the growth of the fuel cells market is the high upfront costs associated with installing fuel cell systems. While fuel cells are seen as a promising alternative to traditional fossil fuel-based energy sources due to their efficiency and low emissions, the initial cost of installing a fuel cell system can be prohibitive for many potential customers. This is particularly true for small businesses and individuals who may not have the resources to invest in expensive fuel cell technology. The high upfront costs can also make it difficult for fuel cell companies to compete with other clean energy sources that have already established themselves in the market, such as solar and wind power. As a result, reducing the cost of fuel cell production is a key priority for the fuel cells industry.
The expansion of hydrogen infrastructure is a significant opportunity for growth in the fuel cells market. As more hydrogen production, storage, and distribution facilities are developed, fuel cell systems can become more widespread and accessible, particularly in the transportation sector. The development of hydrogen infrastructure can enable the deployment of fuel cell electric vehicles and other hydrogen-powered equipment, such as buses and trucks. In addition, the expansion of hydrogen infrastructure can create new markets and opportunities for growth in the fuel cells industry, such as hydrogen-based power generation and storage. As governments and private companies invest in developing hydrogen infrastructure, it can help to drive down the costs of fuel cell technology, making it more competitive with other clean energy sources and accelerating the adoption of fuel cells as a sustainable and efficient energy solution.
The COVID-19 pandemic had a negative impact on the fuel cells market. The lockdowns and supply chain disruptions caused by the pandemic had delayed or canceled many fuel cell projects, particularly in the transportation sector. The decreased demand for energy and the economic downturn caused by the pandemic had also affected the investment and funding for fuel cell research and development. Additionally, the reduction in travel and transportation had led to a decrease in demand for fuel cell electric vehicles, which had impacted the growth of the fuel cells market. The pandemic had slowed down the growth of the fuel cells market in the short term, but the long-term prospects for fuel cells remain strong.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion), (Thousand Units) |
| Segmentation | By Type, Application and region. |
| By Type |
|
| By Application |
|
| By Region |
|
Fuel Cells Market Segment Analysis
PEMFCs, or Proton Exchange Membrane Fuel Cells, are commonly used in transportation applications, particularly in fuel cell electric vehicles. This is for the reason that PEMFCs have a high-power density and operate at a relatively low temperature, making them well-suited for use in vehicles. In addition, PEMFCs have a fast start-up time and can operate at varying loads and speeds, which is important for use in vehicles that require quick response times and variable power outputs. PEMFCs are also being developed for stationary power generation applications, such as backup power systems for buildings and remote power generation for off-grid locations. Overall, PEMFCs are a promising technology for meeting the world’s energy needs in a sustainable and efficient manner, particularly in the transportation sector.
The stationary segment of the fuel cells market refers to the use of fuel cells in stationary power generation applications, such as residential, commercial, and industrial buildings. According to some reports, the stationary segment has dominated the global fuel cells market in recent years, in terms of both revenue and installed capacity. This is due to the increasing demand for reliable and efficient power generation, particularly in regions with unreliable or inadequate electricity infrastructure. Fuel cells offer a clean and efficient alternative to traditional fossil fuel-based generators, with lower emissions and noise levels, as well as the ability to operate in remote locations. In addition, government policies and incentives, such as tax credits and subsidies, have helped to support the growth of the stationary fuel cells market in some regions. However, the transportation segment of the fuel cells market, particularly in the form of fuel cell electric vehicles, is also growing rapidly and may eventually surpass the stationary segment in terms of market share.
Fuel Cells Market Players
The fuel cells market key players include Ballard Power Systems Inc., Plug Power Inc., Fuel Cell Energy Inc., SFC Energy, Bloom Energy, Doosan Fuel Cell America Inc., Ceres Power Holdings Plc, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Nuvera Fuel Cells LLC
For corporate expansion, these key leaders are implementing strategic formulations such as new product development and commercialization, commercial expansion, and distribution agreements. Moreover, these participants are substantially spending on product development, which is fueling revenue generation.
Recent developments
May 03, 2023: Ballard Power Systems announced an order for 3.6 megawatts (MW) of fuel cell systems from a European provider of clean energy solutions for critical stationary power applications. Ballard expects to deliver 36 x 100 kW systems in 2023 and 2024
January 2022 Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement.
March 2022 Ceres and HORIBA MIRA entered into a partnership for fuel cell testing and development of a Ceres fuel cell test facility at HORIBA MIRA West Midlands site in UK.
Who Should Buy? Or Key stakeholders
- Investors
- Raw Materials Manufacturer
- Electric Vehicle Manufacturer
- EV Batteries Manufacturer
- Supplier and Distributor
- Research Organizations
- Regulatory Authorities
- Institutional & retail players
- Others
Fuel Cells Market Regional Analysis
The Fuel Cells market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
- North America: includes the US, Canada, Mexico
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN, and Rest of APAC
- Europe: includes the UK, Germany, France, Italy, Spain, Russia, and the Rest of Europe
- South America: includes Brazil, Argentina, and Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA
The Asia-Pacific region has been the largest market for fuel cells, driven by increasing demand for clean energy and supportive government initiatives. Countries like Japan, South Korea, and China have invested heavily in fuel cell technology, hydrogen infrastructure, and supportive policies. The adoption of fuel cells in various applications, such as transportation and stationary power generation, has also contributed to the growth of the fuel cell market in the region. The Asia-Pacific region is expected to continue dominating the fuel cell market in the coming years with increasing adoption of fuel cell technology.
North America is also a significant market for fuel cells, particularly in the United States. The country has been investing in fuel cell technology for several years and has been at the forefront of fuel cell research and development. The transportation sector has been a key area of focus for fuel cells in North America, with the development of fuel cell electric vehicles and the establishment of hydrogen refueling infrastructure. Additionally, the use of fuel cells for stationary power generation, particularly in the data center industry, has been gaining traction in the region.
Key Market Segments: Fuel Cells Market
Fuel Cells Market by Type, 2020-2029, (USD Billion), (Thousand Units)
- PEMFC
- SOFC
- PAFC
- MFC
- DMFC
- AFC
Fuel Cells Market by Application, 2020-2029, (USD Billion), (Thousand Units)
- Portable
- Stationary
- Transport
Fuel Cells Market by Region, 2020-2029, (USD Billion), (Thousand Units)
- North America
- Asia Pacific
- Europe
- South America
- Middle East And Africa
Important Countries In All Regions Are Covered.
Key Question Answered
- What is the expected growth rate of the fuel cells market over the next 7 years?
- Who are the major players in the fuel cells market and what is their market share?
- What are the end-user industries driving demand for market and what is their outlook?
- What are the opportunities for growth in emerging markets such as Asia-pacific, middle east, and Africa?
- How is the economic environment affecting the fuel cells market, including factors such as interest rates, inflation, and exchange rates?
- What is the expected impact of government policies and regulations on the fuel cells market?
- What is the current and forecasted size and growth rate of the global fuel cells market?
- What are the key drivers of growth in the fuel cells market?
- What are the distribution channels and supply chain dynamics in the fuel cells market?
- What are the technological advancements and innovations in the fuel cells market and their impact on product development and growth?
- What are the regulatory considerations and their impact on the market?
- What are the challenges faced by players in the fuel cells market and how are they addressing these challenges?
- What are the opportunities for growth and expansion in the fuel cells market?
- What are the product offerings and specifications of leading players in the market?
- What is the pricing trend of in the market and what is the impact of raw material prices on the price trend?
Exactitude Consultancy Services Key Objectives
- Increasing sales and market share
- Developing new technology
- Improving profitability
- Entering new markets
- Enhancing brand reputation
Table of Content
- INTRODUCTION
- MARKET DEFINITION
- MARKET SEGMENTATION
- RESEARCH TIMELINES
- ASSUMPTIONS AND LIMITATIONS
- RESEARCH METHODOLOGY
- DATA MINING
- SECONDARY RESEARCH
- PRIMARY RESEARCH
- SUBJECT-MATTER EXPERTS’ ADVICE
- QUALITY CHECKS
- FINAL REVIEW
- DATA TRIANGULATION
- BOTTOM-UP APPROACH
- TOP-DOWN APPROACH
- RESEARCH FLOW
- DATA SOURCES
- DATA MINING
- EXECUTIVE SUMMARY
- MARKET OVERVIEW
- GLOBAL FUEL CELLS MARKET OUTLOOK
- MARKET DRIVERS
- MARKET RESTRAINTS
- MARKET OPPORTUNITIES
- IMPACT OF COVID-19 ON FUEL CELLS MARKET
- PORTER’S FIVE FORCES MODEL
- THREAT FROM NEW ENTRANTS
- THREAT FROM SUBSTITUTES
- BARGAINING POWER OF SUPPLIERS
- BARGAINING POWER OF CUSTOMERS
- DEGREE OF COMPETITION
- INDUSTRY VALUE CHAIN ANALYSIS
- GLOBAL FUEL CELLS MARKET OUTLOOK
- GLOBAL FUEL CELLS MARKET BY TYPE, 2020-2029, (USD BILLION), (THOUSAND UNITS)
- PEMFC
- SOFC
- PAFC
- MFC
- DMFC
- AFC
- GLOBAL FUEL CELLS MARKET BY APPLICATION, 2020-2029, (USD BILLION), (THOUSAND UNITS)
- PORTABLE
- STATIONARY
- TRANSPORT
- GLOBAL FUEL CELLS MARKET BY REGION, 2020-2029, (USD BILLION), (THOUSAND UNITS)
- NORTH AMERICA
- US
- CANADA
- MEXICO
- SOUTH AMERICA
- BRAZIL
- ARGENTINA
- COLOMBIA
- REST OF SOUTH AMERICA
- EUROPE
- GERMANY
- UK
- FRANCE
- ITALY
- SPAIN
- RUSSIA
- REST OF EUROPE
- ASIA PACIFIC
- INDIA
- CHINA
- JAPAN
- SOUTH KOREA
- AUSTRALIA
- SOUTH-EAST ASIA
- REST OF ASIA PACIFIC
- MIDDLE EAST AND AFRICA
- UAE
- SAUDI ARABIA
- SOUTH AFRICA
- REST OF MIDDLE EAST AND AFRICA
- NORTH AMERICA
- COMPANY PROFILES* (BUSINESS OVERVIEW, COMPANY SNAPSHOT, PRODUCTS OFFERED, RECENT DEVELOPMENTS)
- BALLARD POWER SYSTEMS INC.
- PLUG POWER INC.
- FUEL CELL ENERGY INC.
- SFC ENERGY
- BLOOM ENERGY
- DOOSAN FUEL CELL AMERICA INC.
- CERES POWER HOLDINGS PLC
- NEDSTACK FUEL CELL TECHNOLOGY B.V.
- INTELLIGENT ENERGY
- NUVERA FUEL CELLS LLC *THE COMPANY LIST IS INDICATIVEÂ
LIST OF TABLES
TABLE 1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 2Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 4Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 5Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY REGION (USD BILLION), 2020-2029
TABLE 6Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY REGION (THOUSAND UNITS), 2020-2029
TABLE 7Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 9Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 10Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 11Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA FUEL CELLS MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 12Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA FUEL CELLS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 13Â Â Â Â Â Â Â Â Â Â Â Â Â US FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 14Â Â Â Â Â Â Â Â Â Â Â Â Â US FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 15Â Â Â Â Â Â Â Â Â Â Â Â Â US FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 16Â Â Â Â Â Â Â Â Â Â Â Â Â US FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 17Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 18Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 19Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 20Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 21Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 22Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 23Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 24Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 25Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 26Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 27Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA FUEL CELLS MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 28Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA FUEL CELLS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 29Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 30Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 31Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 32Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 33Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 34Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 35Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 36Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 37Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 38Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 39Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 40Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 41Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 42Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 43Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 44Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 45Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 46Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 47Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 48Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 49Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 50Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 51Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC FUEL CELLS MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 52Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC FUEL CELLS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 53Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 54Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 55Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 56Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 57Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 58Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 59Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 60Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 61Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 62Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 63Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 64Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 65Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 66Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 67Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 68Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 69Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 70Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 71Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 72Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 73Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH EAST ASIA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 74Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH EAST ASIA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 75Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH EAST ASIA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 76Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH EAST ASIA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 77Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 78Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 79Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 80Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 81Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 82Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 83Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 84Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 85Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE FUEL CELLS MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 86Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE FUEL CELLS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 87Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 88Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 89Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 90Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 91Â Â Â Â Â Â Â Â Â Â Â Â Â UK FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 92Â Â Â Â Â Â Â Â Â Â Â Â Â UK FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 93Â Â Â Â Â Â Â Â Â Â Â Â Â UK FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 94Â Â Â Â Â Â Â Â Â Â Â Â Â UK FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 95Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 96Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 97Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 98Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 99Â Â Â Â Â Â Â Â Â Â Â Â Â ITALY FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 100Â Â Â Â Â Â Â Â Â Â Â ITALY FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 101Â Â Â Â Â Â Â Â Â Â Â ITALY FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 102Â Â Â Â Â Â Â Â Â Â Â ITALY FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 103Â Â Â Â Â Â Â Â Â Â Â SPAIN FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 104Â Â Â Â Â Â Â Â Â Â Â SPAIN FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 105Â Â Â Â Â Â Â Â Â Â Â SPAIN FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 106Â Â Â Â Â Â Â Â Â Â Â SPAIN FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 107Â Â Â Â Â Â Â Â Â Â Â RUSSIA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 108Â Â Â Â Â Â Â Â Â Â Â RUSSIA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 109Â Â Â Â Â Â Â Â Â Â Â RUSSIA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 110Â Â Â Â Â Â Â Â Â Â Â RUSSIA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 111Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 112Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 113Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 114Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 115Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 116Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 117Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 118Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 119Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY COUNTRY (USD BILLION), 2020-2029
TABLE 120Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY COUNTRY (THOUSAND UNITS), 2020-2029
TABLE 121Â Â Â Â Â Â Â Â Â Â Â UAE FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 122Â Â Â Â Â Â Â Â Â Â Â UAE FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 123Â Â Â Â Â Â Â Â Â Â Â UAE FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 124Â Â Â Â Â Â Â Â Â Â Â UAE FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 125Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 126Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 127Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 128Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 129Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 130Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 131Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 132Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
TABLE 133Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY TYPE (USD BILLION), 2020-2029
TABLE 134Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY TYPE (THOUSAND UNITS), 2020-2029
TABLE 135Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY APPLICATION (USD BILLION), 2020-2029
TABLE 136Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA FUEL CELLS MARKET BY APPLICATION (THOUSAND UNITS), 2020-2029
LIST OF FIGURES
FIGURE 1Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET DYNAMICS
FIGURE 2Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET SEGMENTATION
FIGURE 3Â Â Â Â Â Â Â Â Â Â Â Â Â REPORT TIMELINES: YEARS CONSIDERED
FIGURE 4Â Â Â Â Â Â Â Â Â Â Â Â Â DATA TRIANGULATION
FIGURE 5Â Â Â Â Â Â Â Â Â Â Â Â Â BOTTOM-UP APPROACH
FIGURE 6Â Â Â Â Â Â Â Â Â Â Â Â Â TOP-DOWN APPROACH
FIGURE 7Â Â Â Â Â Â Â Â Â Â Â Â Â RESEARCH FLOW
FIGURE 8Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY TYPE, USD BILLION, 2020-2029
FIGURE 9Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY APPLICATION, USD BILLION, 2020-2029
FIGURE 10Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY REGION, USD BILLION, 2020-2029
FIGURE 11          PORTER’S FIVE FORCES MODEL
FIGURE 12Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY TYPE, USD BILLION, 2021
FIGURE 13Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY APPLICATION, USD BILLION, 2021
FIGURE 14Â Â Â Â Â Â Â Â Â Â GLOBAL FUEL CELLS MARKET BY REGION, USD BILLION, 2021
FIGURE 15Â Â Â Â Â Â Â Â Â Â MARKET SHARE ANALYSIS
FIGURE 16Â Â Â Â Â Â Â Â Â Â BALLARD POWER SYSTEMS INC.: COMPANY SNAPSHOT
FIGURE 17Â Â Â Â Â Â Â Â Â Â PLUG POWER INC.: COMPANY SNAPSHOT
FIGURE 18Â Â Â Â Â Â Â Â Â Â FUEL CELL ENERGY INC.: COMPANY SNAPSHOT
FIGURE 19Â Â Â Â Â Â Â Â Â Â SFC ENERGY: COMPANY SNAPSHOT
FIGURE 20Â Â Â Â Â Â Â Â Â Â BLOOM ENERGY: COMPANY SNAPSHOT
FIGURE 21Â Â Â Â Â Â Â Â Â Â DOOSAN FUEL CELL AMERICA INC.: COMPANY SNAPSHOT
FIGURE 22Â Â Â Â Â Â Â Â Â Â CERES POWER HOLDINGS PLC: COMPANY SNAPSHOT
FIGURE 23Â Â Â Â Â Â Â Â Â Â NEDSTACK FUEL CELL TECHNOLOGY B.V.: COMPANY SNAPSHOT
FIGURE 24Â Â Â Â Â Â Â Â Â Â INTELLIGENT ENERGY: COMPANY SNAPSHOT
FIGURE 25Â Â Â Â Â Â Â Â Â Â NUVERA FUEL CELLS LLC: COMPANY SNAPSHOT
FAQ
The global fuel cells market is expected to grow at 19.70 % CAGR from 2020 to 2029. It is expected to reach above USD 17.91 Billion by 2029 from USD 3.55 Billion in 2020.
Asia Pacific held more than 43% of the fuel cells market revenue share in 2020 and will witness tremendous expansion during the forecast period.
Fuel cells are seen as a promising alternative to traditional fossil fuel-based energy sources as they produce electricity with lower greenhouse gas emissions and higher efficiency.
The electric vehicles sector is where the application of market has seen more.
The markets largest share is in the Asia Pacific region.
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