Rising demand for energy across the globe coupled with governmental initiates for consumption of clean and renewable energy is driving the market growth. Technological advancement for development of energy efficient products is again fueling the market growth. Also, diminution of non-renewable energy sources and rising awareness regarding fuel cell benefits is pushing the market demand upwards. In addition to this, owing to better substitute for energy generation over conventional non-renewable energy sources is further boosting the market growth. Increasing demand for fuel cells in the residential building, power generators, and various mobile and stationary application is likely to upsurge the market growth in the upcoming year.
The latest report by Value Market Research expects the Global Fuel Cell Market was valued at USD 7 billion in 2017 and is likely to reach USD 16.64 billion by 2024 with the CAGR of 10%.
PEMFC DOMINATED THE PRODUCT TYPE
In 2017, PEMFC led the product type segment by accounting X.X% of the total market share. Owing to superior characteristics such as high power density, lightweight, and low volume is driving the segment growth. Also, faster startup time and the favorable power-to-weight ratio has widened its application in passenger vehicles. This, in turn, is fueling segment growth.
TRANSPORTATION LED THE APPLICATION SEGMENT
Transport dominated the application segment and has accounted for X.X% of the total market share. Use of fuel cell to meet zero carbon emission standards and provide greater well to wheel efficiency is driving the market growth. Governmental policies to stimulate a cleaner transport system are further boosting the segment growth.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
Geographically, Asia Pacific led the market and has accounted for over 40% of the market share. Rising adoption of fuel cell operating vehicles in Japan and Korea is driving the market growth.
KEY PLAYERS OF THE MARKET
Hydrogenics Corporation, Ballard, Bloom Energy, FuelCell Energy, Toshiba, UTC Power, Panasonic, Doosan, AFC Energy, Arcola, Plug Power, SFC, Horizon and Ceres Power are the major players of the market.
As per this study, the Global Fuel Cell Market was valued USD 7 BN (by revenue) in 2017 and is anticipated to reach USD 16.64 BN by 2024 with a CAGR of 10.0%. By volume, the market was estimated XXX Units in 2017 and is expected to reach XXX Units by 2024 with a CAGR of X.X%.
A fuel cell is a device which produces electrical energy through a chemical reaction with oxygen or other oxidizing agents within it. Basically, they worked as a battery and have numerous advantages such as enhanced efficiency, longer lifespan, and eco-friendly nature. They have application across transport sectors such as in car and buses.
Objectives of the Study:
- Define and measure the global fuel cell market
- Volume and revenue forecast of the global fuel cell market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments
Growing environmental concern coupled with the strict regulation in order to reduce carbon footprint is likely to upsurge the demand for fuel cell over the forecast period. Also, the declining price of fuel cell owing to ongoing technological innovation is again fueling the market growth. Also, growing concern over depletion of oil and gas reserves along with the growing demand clean energy is further spurring the market growth. On the flip side, the high cost of the catalyst leads followed by lack of catalyst infrastructure is expected to curb the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of fuel cell.
The broad fuel cell market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for fuel cell in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Fuel Cell Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the fuel cell market include Ballard Power Systems, Bloom Energy, Ceramic Fuel Cells, Ltd, Ceres Power, FuelCell Energy, Inc., Hydrogenics Corporation, Nedstack Fuel Cell Technology BV., Plug Power, SFC Group, and UTC Power Corporation. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.
2. EXECUTIVE SUMMARY
- Introduction To Fuel Cell
- Report Description
- Objectives Of The Study
- Research Scope
- Research Methodology
3. MARKET ANALYSIS
- Market Highlight
- Global Fuel Cell Market: Snapshot
4. FUEL CELL MARKET ANALYSIS BY PRODUCT
- Porter’s Five Forces Analysis
- Value Chain Analysis
5. FUEL CELL MARKET ANALYSIS BY APPLICATION
- Market In PEMFC
- Market In PAFC
- Market In SOFC
- Market In MCFC
- Market In Others
6. FUEL CELL MARKET ANALYSIS BY GEOGRAPHY
- Market In Stationary
- Market In Transportation
- Market In Portable
7. COMPETITIVE LANDSCAPE OF THE FUEL CELL COMPANIES
- North America (NA)
- North America Market Estimates
- North America Market Estimates By Country
- United States (U.S.) Market Estimates By Segments
- Rest Of North America Market Estimates By Segments
- Europe (EU)
- Europe Market Estimates
- Europe Market Estimates By Country
- United Kingdom (UK) Market Estimates By Segments
- Germany Market Estimates By Segments
- France Market Estimates By Segments
- Rest Of Europe Market Estimates By Segments
- Asia Pacific (APAC)
- Asia Pacific Market Estimates
- Asia Pacific Market Estimates By Country
- China Market Estimates By Segments
- Japan Market Estimates By Segments
- India Market Estimates By Segments
- Rest Of Asia Pacific Market Estimates By Segments
- Latin America (LA)
- Latin America Market Estimates
- Latin America Market Estimates By Country
- Brazil Market Estimates By Segments
- Rest Of Latin America Market Estimates By Segments
- Middle East And Africa (MEA)
- Middle East And Africa Market Estimates
- Middle East And Africa Market Estimates By Country
- Middle East Market Estimates By Segments
- Africa Market Estimates By Segments
8. COMPANY PROFILES OF THE FUEL CELL INDUSTRY (Company Overview, Financial, Major Products & Recent Development)
- Market Competition
- Mergers And Acquisitions
- New Product Launches
- Other Developments
* Tentative TOC
LIST OF TABLES
- Ballard Power Systems
- Bloom Energy
- Ceramic Fuel Cells, Ltd
- Ceres Power
- FuelCell Energy,Inc.
- Hydrogenics Corporation
- Nedstack Fuel Cell Technology BV.
- Plug Power
- SFC Group
- UTC Power Corporation
Table 1. Market Highlights Of Fuel Cell
Table 2. Global Fuel Cell Market By Product
Table 3. Global Fuel Cell Market By Application
Table 4. Global Fuel Cell Market By Geography
Table 5. North America Fuel Cell Market
Table 6. Europe Fuel Cell Market
Table 7. Asia Pacific Fuel Cell Market
Table 8. Latin America Fuel Cell Market
Table 9. Middle East And Africa Fuel Cell Market
Table 10. Partnership/Collaboration/Agreements
Table 11. Mergers And Acquisitions
Table 12. New Product Development
Table 13. Other Developments
LIST OF FIGURES
Fig. 1. Market Segmentation Of Fuel Cell Market
Fig. 2. Top-Down Approach
Fig. 3. Bottom-Up Approach
Fig. 4. Market Highlights Of Fuel Cell
Fig. 5. Porter’s Five Forces Analysis
Fig. 6. Value Chain Analysis
Fig. 7. Global Fuel Cell Market By Product
Fig. 8. Global Fuel Cell Market By Application
Fig. 9. Global Fuel Cell Market By Geography
Fig. 10. North America Fuel Cell Market
Fig. 11. Europe Fuel Cell Market
Fig. 12. Asia Pacific Fuel Cell Market
Fig. 13. Latin America Fuel Cell Market
Fig. 14. Middle East And Africa Fuel Cell Market
Fig. 15. Market Share Of Fuel Cell Companies
Fig. 16. Recent Developments In Fuel Cell Industry
* Kindly note that the above listed are the basic tables and figures of the report and are not limited to the TOC.