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Fuel Cells-Global Market Insights and Sales Trends 2024
Synopsis
A fuel cell is an energy conversion device that continuously converts chemical energy in a fuel into electrical energy, as long as both the fuel and oxidant are available. It exhibits advantageous characteristics exceeding conventional combustion-based technologies that are currently applied in certain critical fields, such as electronic, housing power, power plants, passenger vehicles, as well as military applications. Operating with higher efficiency than combustion engines, fuel cells demonstrate an electrical energy conversion efficiency of 60% or more, with lower emissions. Water is the only product of the power generation process in hydrogen fuel cells, and thus there are no carbon dioxide emissions or air pollutants that create smog and cause health problems during operation. Moreover, fuel cells emit low noise during operation, because they contain fewer moving parts. Fuel cells come in many varieties, but they all work in generally the same manner. In essence, a fuel cell consists of three adjacent segments, namely, the anode, electrolyte, and cathode. When hydrogen undergoes an oxidation reaction at the anode (), it generates cations that migrate to the cathode through the electrolyte and free electrons that flow the external circuit. Contrarily, a reduction reaction occurs at the cathode, where oxygen is reduced to water by the cations and electrons (Ralph et al., 1998). The electrochemical reaction that occurs at the cathode is . Based on the type of electrolyte used, fuel cells can be categorized into alkaline fuel cells (AFCs), PEMFCs, phosphoric acid fuel cells (PAFCs), molten carbonate fuel cells (MCFCs), and solid oxide fuel cells (SOFCs).
The global Fuel Cells market size is expected to reach US$ 12610 million by 2029, growing at a CAGR of 18.0% from 2023 to 2029. The market is mainly driven by the significant applications of Fuel Cells in various end use industries. The expanding demands from the Residential, Industrial and Other, are propelling Fuel Cells market. 0-1 KW, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the 1-4 KW segment is estimated at % CAGR for the next seven-year period.
The major players in global Fuel Cell market include Bloom Energy, Panasonic, Toshiba ESS, etc. The top 5 players occupy about 56% shares of the global market. North America and Japan are main markets, they occupy about 75% of the global market. PEMFCs is the main type, with a share about 72%. Stationary is the main application, which holds a share about 67%.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Fuel Cells, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Fuel Cells market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Fuel Cells market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Fuel Cells sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Fuel Cells covered in this report include Panasonic, Toshiba, Siemens, Fuji Electric, POSCO ENERGY, Bloom Energy, JX Nippon, FuelCell Energy and Ballard Power, etc.
The global Fuel Cells market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Panasonic
Toshiba
Siemens
Fuji Electric
POSCO ENERGY
Bloom Energy
JX Nippon
FuelCell Energy
Ballard Power
Plug Power
Doosan PureCell America
Altergy
SOLIDpower
Global Fuel Cells market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Fuel Cells market, Segment by Type:
0-1 KW
1-4 KW
Above 4 KW
Global Fuel Cells market, by Application
Residential
Industrial
Other
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Fuel Cells manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Fuel Cells in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
A fuel cell is an energy conversion device that continuously converts chemical energy in a fuel into electrical energy, as long as both the fuel and oxidant are available. It exhibits advantageous characteristics exceeding conventional combustion-based technologies that are currently applied in certain critical fields, such as electronic, housing power, power plants, passenger vehicles, as well as military applications. Operating with higher efficiency than combustion engines, fuel cells demonstrate an electrical energy conversion efficiency of 60% or more, with lower emissions. Water is the only product of the power generation process in hydrogen fuel cells, and thus there are no carbon dioxide emissions or air pollutants that create smog and cause health problems during operation. Moreover, fuel cells emit low noise during operation, because they contain fewer moving parts. Fuel cells come in many varieties, but they all work in generally the same manner. In essence, a fuel cell consists of three adjacent segments, namely, the anode, electrolyte, and cathode. When hydrogen undergoes an oxidation reaction at the anode (), it generates cations that migrate to the cathode through the electrolyte and free electrons that flow the external circuit. Contrarily, a reduction reaction occurs at the cathode, where oxygen is reduced to water by the cations and electrons (Ralph et al., 1998). The electrochemical reaction that occurs at the cathode is . Based on the type of electrolyte used, fuel cells can be categorized into alkaline fuel cells (AFCs), PEMFCs, phosphoric acid fuel cells (PAFCs), molten carbonate fuel cells (MCFCs), and solid oxide fuel cells (SOFCs).
The global Fuel Cells market size is expected to reach US$ 12610 million by 2029, growing at a CAGR of 18.0% from 2023 to 2029. The market is mainly driven by the significant applications of Fuel Cells in various end use industries. The expanding demands from the Residential, Industrial and Other, are propelling Fuel Cells market. 0-1 KW, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the 1-4 KW segment is estimated at % CAGR for the next seven-year period.
The major players in global Fuel Cell market include Bloom Energy, Panasonic, Toshiba ESS, etc. The top 5 players occupy about 56% shares of the global market. North America and Japan are main markets, they occupy about 75% of the global market. PEMFCs is the main type, with a share about 72%. Stationary is the main application, which holds a share about 67%.
Report Objectives
This report provides market insight on the different segments, by manufacturers, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Fuel Cells, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Fuel Cells market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Fuel Cells market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Fuel Cells sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Fuel Cells covered in this report include Panasonic, Toshiba, Siemens, Fuji Electric, POSCO ENERGY, Bloom Energy, JX Nippon, FuelCell Energy and Ballard Power, etc.
The global Fuel Cells market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
Panasonic
Toshiba
Siemens
Fuji Electric
POSCO ENERGY
Bloom Energy
JX Nippon
FuelCell Energy
Ballard Power
Plug Power
Doosan PureCell America
Altergy
SOLIDpower
Global Fuel Cells market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Fuel Cells market, Segment by Type:
0-1 KW
1-4 KW
Above 4 KW
Global Fuel Cells market, by Application
Residential
Industrial
Other
Core Chapters
Chapter One: Introduces the study scope of this report, executive summary of market segments by Type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Two: Detailed analysis of Fuel Cells manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Three: Sales, revenue of Fuel Cells in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter Four: Introduces market segments by Application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter Five, Six, Seven, Eight and Nine: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter Ten: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter Eleven: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics. Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Analysis of sales channel, distributors and customers.
Chapter Thirteen: Research Findings and Conclusion.
Index1 Fuel Cells Market Overview
1.1 Fuel Cells Product Overview
1.2 Fuel Cells Market Segment by Type
1.2.1 0-1 KW
1.2.2 1-4 KW
1.2.3 Above 4 KW
1.3 Global Fuel Cells Market Size by Type
1.3.1 Global Fuel Cells Market Size Overview by Type (2018-2029)
1.3.2 Global Fuel Cells Historic Market Size Review by Type (2018-2023)
1.3.3 Global Fuel Cells Forecasted Market Size by Type (2024-2029)
1.4 Key Regions Market Size Segment by Type
1.4.1 North America Fuel Cells Sales Breakdown by Type (2018-2023)
1.4.2 Europe Fuel Cells Sales Breakdown by Type (2018-2023)
1.4.3 Asia-Pacific Fuel Cells Sales Breakdown by Type (2018-2023)
1.4.4 Latin America Fuel Cells Sales Breakdown by Type (2018-2023)
1.4.5 Middle East and Africa Fuel Cells Sales Breakdown by Type (2018-2023)
2 Global Fuel Cells Market Competition by Company
2.1 Global Top Players by Fuel Cells Sales (2018-2023)
2.2 Global Top Players by Fuel Cells Revenue (2018-2023)
2.3 Global Top Players by Fuel Cells Price (2018-2023)
2.4 Global Top Manufacturers Fuel Cells Manufacturing Base Distribution, Sales Area, Product Type
2.5 Fuel Cells Market Competitive Situation and Trends
2.5.1 Fuel Cells Market Concentration Rate (2018-2023)
2.5.2 Global 5 and 10 Largest Manufacturers by Fuel Cells Sales and Revenue in 2022
2.6 Global Top Manufacturers by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Fuel Cells as of 2022)
2.7 Date of Key Manufacturers Enter into Fuel Cells Market
2.8 Key Manufacturers Fuel Cells Product Offered
2.9 Mergers & Acquisitions, Expansion
3 Fuel Cells Status and Outlook by Region
3.1 Global Fuel Cells Market Size and CAGR by Region: 2018 VS 2022 VS 2029
3.2 Global Fuel Cells Historic Market Size by Region
3.2.1 Global Fuel Cells Sales in Volume by Region (2018-2023)
3.2.2 Global Fuel Cells Sales in Value by Region (2018-2023)
3.2.3 Global Fuel Cells Sales (Volume & Value) Price and Gross Margin (2018-2023)
3.3 Global Fuel Cells Forecasted Market Size by Region
3.3.1 Global Fuel Cells Sales in Volume by Region (2024-2029)
3.3.2 Global Fuel Cells Sales in Value by Region (2024-2029)
3.3.3 Global Fuel Cells Sales (Volume & Value), Price and Gross Margin (2024-2029)
4 Global Fuel Cells by Application
4.1 Fuel Cells Market Segment by Application
4.1.1 Residential
4.1.2 Industrial
4.1.3 Other
4.2 Global Fuel Cells Market Size by Application
4.2.1 Global Fuel Cells Market Size Overview by Application (2018-2029)
4.2.2 Global Fuel Cells Historic Market Size Review by Application (2018-2023)
4.2.3 Global Fuel Cells Forecasted Market Size by Application (2024-2029)
4.3 Key Regions Market Size Segment by Application
4.3.1 North America Fuel Cells Sales Breakdown by Application (2018-2023)
4.3.2 Europe Fuel Cells Sales Breakdown by Application (2018-2023)
4.3.3 Asia-Pacific Fuel Cells Sales Breakdown by Application (2018-2023)
4.3.4 Latin America Fuel Cells Sales Breakdown by Application (2018-2023)
4.3.5 Middle East and Africa Fuel Cells Sales Breakdown by Application (2018-2023)
5 North America Fuel Cells by Country
5.1 North America Fuel Cells Historic Market Size by Country
5.1.1 North America Fuel Cells Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
5.1.2 North America Fuel Cells Sales in Volume by Country (2018-2023)
5.1.3 North America Fuel Cells Sales in Value by Country (2018-2023)
5.2 North America Fuel Cells Forecasted Market Size by Country
5.2.1 North America Fuel Cells Sales in Volume by Country (2024-2029)
5.2.2 North America Fuel Cells Sales in Value by Country (2024-2029)
6 Europe Fuel Cells by Country
6.1 Europe Fuel Cells Historic Market Size by Country
6.1.1 Europe Fuel Cells Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
6.1.2 Europe Fuel Cells Sales in Volume by Country (2018-2023)
6.1.3 Europe Fuel Cells Sales in Value by Country (2018-2023)
6.2 Europe Fuel Cells Forecasted Market Size by Country
6.2.1 Europe Fuel Cells Sales in Volume by Country (2024-2029)
6.2.2 Europe Fuel Cells Sales in Value by Country (2024-2029)
7 Asia-Pacific Fuel Cells by Region
7.1 Asia-Pacific Fuel Cells Historic Market Size by Region
7.1.1 Asia-Pacific Fuel Cells Market Size Growth Rate (CAGR) by Region: 2018 VS 2022 VS 2029
7.1.2 Asia-Pacific Fuel Cells Sales in Volume by Region (2018-2023)
7.1.3 Asia-Pacific Fuel Cells Sales in Value by Region (2018-2023)
7.2 Asia-Pacific Fuel Cells Forecasted Market Size by Region
7.2.1 Asia-Pacific Fuel Cells Sales in Volume by Region (2024-2029)
7.2.2 Asia-Pacific Fuel Cells Sales in Value by Region (2024-2029)
8 Latin America Fuel Cells by Country
8.1 Latin America Fuel Cells Historic Market Size by Country
8.1.1 Latin America Fuel Cells Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
8.1.2 Latin America Fuel Cells Sales in Volume by Country (2018-2023)
8.1.3 Latin America Fuel Cells Sales in Value by Country (2018-2023)
8.2 Latin America Fuel Cells Forecasted Market Size by Country
8.2.1 Latin America Fuel Cells Sales in Volume by Country (2024-2029)
8.2.2 Latin America Fuel Cells Sales in Value by Country (2024-2029)
9 Middle East and Africa Fuel Cells by Country
9.1 Middle East and Africa Fuel Cells Historic Market Size by Country
9.1.1 Middle East and Africa Fuel Cells Market Size Growth Rate (CAGR) by Country: 2018 VS 2022 VS 2029
9.1.2 Middle East and Africa Fuel Cells Sales in Volume by Country (2018-2023)
9.1.3 Middle East and Africa Fuel Cells Sales in Value by Country (2018-2023)
9.2 Middle East and Africa Fuel Cells Forecasted Market Size by Country
9.2.1 Middle East and Africa Fuel Cells Sales in Volume by Country (2024-2029)
9.2.2 Middle East and Africa Fuel Cells Sales in Value by Country (2024-2029)
10 Company Profiles
10.1 Panasonic
10.1.1 Panasonic Company Information
10.1.2 Panasonic Introduction and Business Overview
10.1.3 Panasonic Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.1.4 Panasonic Fuel Cells Products Offered
10.1.5 Panasonic Recent Development
10.2 Toshiba
10.2.1 Toshiba Company Information
10.2.2 Toshiba Introduction and Business Overview
10.2.3 Toshiba Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.2.4 Toshiba Fuel Cells Products Offered
10.2.5 Toshiba Recent Development
10.3 Siemens
10.3.1 Siemens Company Information
10.3.2 Siemens Introduction and Business Overview
10.3.3 Siemens Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.3.4 Siemens Fuel Cells Products Offered
10.3.5 Siemens Recent Development
10.4 Fuji Electric
10.4.1 Fuji Electric Company Information
10.4.2 Fuji Electric Introduction and Business Overview
10.4.3 Fuji Electric Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.4.4 Fuji Electric Fuel Cells Products Offered
10.4.5 Fuji Electric Recent Development
10.5 POSCO ENERGY
10.5.1 POSCO ENERGY Company Information
10.5.2 POSCO ENERGY Introduction and Business Overview
10.5.3 POSCO ENERGY Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.5.4 POSCO ENERGY Fuel Cells Products Offered
10.5.5 POSCO ENERGY Recent Development
10.6 Bloom Energy
10.6.1 Bloom Energy Company Information
10.6.2 Bloom Energy Introduction and Business Overview
10.6.3 Bloom Energy Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.6.4 Bloom Energy Fuel Cells Products Offered
10.6.5 Bloom Energy Recent Development
10.7 JX Nippon
10.7.1 JX Nippon Company Information
10.7.2 JX Nippon Introduction and Business Overview
10.7.3 JX Nippon Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.7.4 JX Nippon Fuel Cells Products Offered
10.7.5 JX Nippon Recent Development
10.8 FuelCell Energy
10.8.1 FuelCell Energy Company Information
10.8.2 FuelCell Energy Introduction and Business Overview
10.8.3 FuelCell Energy Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.8.4 FuelCell Energy Fuel Cells Products Offered
10.8.5 FuelCell Energy Recent Development
10.9 Ballard Power
10.9.1 Ballard Power Company Information
10.9.2 Ballard Power Introduction and Business Overview
10.9.3 Ballard Power Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.9.4 Ballard Power Fuel Cells Products Offered
10.9.5 Ballard Power Recent Development
10.10 Plug Power
10.10.1 Plug Power Company Information
10.10.2 Plug Power Introduction and Business Overview
10.10.3 Plug Power Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.10.4 Plug Power Fuel Cells Products Offered
10.10.5 Plug Power Recent Development
10.11 Doosan PureCell America
10.11.1 Doosan PureCell America Company Information
10.11.2 Doosan PureCell America Introduction and Business Overview
10.11.3 Doosan PureCell America Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.11.4 Doosan PureCell America Fuel Cells Products Offered
10.11.5 Doosan PureCell America Recent Development
10.12 Altergy
10.12.1 Altergy Company Information
10.12.2 Altergy Introduction and Business Overview
10.12.3 Altergy Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.12.4 Altergy Fuel Cells Products Offered
10.12.5 Altergy Recent Development
10.13 SOLIDpower
10.13.1 SOLIDpower Company Information
10.13.2 SOLIDpower Introduction and Business Overview
10.13.3 SOLIDpower Fuel Cells Sales, Revenue and Gross Margin (2018-2023)
10.13.4 SOLIDpower Fuel Cells Products Offered
10.13.5 SOLIDpower Recent Development
11 Upstream, Opportunities, Challenges, Risks and Influences Factors Analysis
11.1 Fuel Cells Key Raw Materials
11.1.1 Key Raw Materials
11.1.2 Key Raw Materials Price
11.1.3 Raw Materials Key Suppliers
11.2 Manufacturing Cost Structure
11.2.1 Raw Materials
11.2.2 Labor Cost
11.2.3 Manufacturing Expenses
11.3 Fuel Cells Industrial Chain Analysis
11.4 Fuel Cells Market Dynamics
11.4.1 Fuel Cells Industry Trends
11.4.2 Fuel Cells Market Drivers
11.4.3 Fuel Cells Market Challenges
11.4.4 Fuel Cells Market Restraints
12 Market Strategy Analysis, Distributors
12.1 Sales Channel
12.2 Fuel Cells Distributors
12.3 Fuel Cells Downstream Customers
13 Research Findings and Conclusion
14 Appendix
14.1 Research Methodology
14.1.1 Methodology/Research Approach
14.1.2 Data Source
14.2 Author Details
14.3 Disclaimer
Published By : QY Research
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