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Global Fuel Cell Market By Type (Phosphoric Acid Fuel Cell, PEMFC, MFC, Others), By Application (Transport, Stationary and Stationary), By End-Users (Fuel Cell Vehicles, Defense and Utilities), By Region, Forecast & Opportunities to 2026

The global fuel cell market accounted for a value of USD 252 million in 2019 and is projected to register growth at a CAGR of 22.2% during forecast period.

COVID-19 has impacted fuel cell market significantly. The number of new renewable power installations is declining across the world due to pandemic. The renewable electricity generation has been declined approx. 13.0% in 2020. The supply chain is disrupted which affects hydrogen-based technologies. The demand for hydrogen is decreasing from chemical industry, steel manufacturing and oil refining due to spread of corona virus. The market is likely recover from 2021.

Definition:

Fuel Cell can be defined as an electrochemical cell which is used to convert chemical energy of fuel into electricity through a pair of redox reactions. It is different from batteries as fuel cell requires continuous source of oxygen and fuel to sustain chemical reaction. It generates electricity as long as oxygen and fuel supplied to it.

Market Dynamics (Drivers/Opportunities):

Many countries such as US, UK, China, Japan, and Germany are investing in fuel cell technology. The advancement in technology is increasing around the world. The awareness about increasing pollution is rising among population and this leads to high demand of hydrogen based fuel cell in the market and this drives growth in fuel cell market during forecast period.

The R&D department is growing and major companies are focusing on research and development for introducing advanced technologies in fuel cell market. The focus is also more towards fuel cell powered vehicles as demand for such vehicles is increasing in the market. The market for portable power generation is also increasing significantly. This drives growth in fuel cell market during forecast period.

The governments across various regions are focusing of increasing consumption of clean energy to reduce pollution. The government support to clean energy increases investment in this segment from various company around the globe. This drives growth in fuel cell market during forecast period.

Market Insights, by Type

On the basis of type, the fuel cell market is segmented into MFC, AFC, PAFC and PEMFC. The proton exchange membrane fuel cell (PEMFC) segment is estimated to dominate the market during forecast period. The demand for generation of clean energy is increasing around the world. Many regions are shifting public transportation which is based on fuel cell technology. PMEFC offers high efficiency and it is easy to maintain. It has low operational cost. It has high reliability and enhanced operability. This segment is highly preferred and this drives growth in PEMFC segment during forecast period.

Market Insights, by Application

On the basis of application, the fuel cell market is segmented into portable, transport and stationary. The transport segment is estimated to be the fastest growing segment during forecast period. The use of fuel cell technology is increasing in heavy duty vehicles. Many countries are adopting fuel cell based vehicles. The public transport is adopting fuel cell based technology majorly and this drives growth in transport segment during forecast period.

Market Insights, by End-Users

On the basis of application, the fuel cell market is segmented into utilities, fuel cell vehicles and defense. The fuel cell vehicles segment is estimated to be fastest growing segment during forecast period. The advancement in fuel cell technology is increasing around the world. The pollution from conventional vehicles is increasing due to which government is promoting use of clean energy. The fuel cell vehicles contribute in reducing carbon emission and the adoption of such vehicles is increasing around the world. This drives growth in fuel cell vehicle segment during forecast period.

Regional Insights

Asia-Pacific region is projected to hold largest market share during forecast period. The demand for advancement in fuel cell technology is increasing in this region. The use of fuel cell vehicles in increasing in this region as the pollution is increasing rapidly and fuel cell vehicle reduces carbon emission which reduces pollution. The government in this region is taking initiatives to promote fuel cell vehicles. This drives growth in fuel cell vehicles segment during forecast period.   

Key Companies & Market Share Insights

The key market players in fuel cell market are Cummins, Fuel Cell Energy, Plug Power, Ballard power System, SFC Energy, Bloom Energy, Intelligent Energy, Ceres Power, Toshiba Energy systems & Solutions Corporation, Aisin Seiki Energy, Horizon Fuel Cell, Nuvera, Mitsubishi, Hitachi Power System, Doosan Fuel Cell America, AFC Energy, Kyocera, Altergy and Solid Power.

Segments Covered in the Report

This report forecasts The Global Fuel Cell Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global fuel cell market report on the basis of type, application and end-users.

Fuel Cell Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  1. Executive Summary
    • Market Snapshot
  2. Industry Insights
    • Industry ecosystem analysis
      • Value Chain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Fuel Cell Market, By Type, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • MFC
  • AFC
  • PAFC
  • PEMFC
  1. Fuel Cell Market, By Application, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Portable
  • Transport
  • Stationary
  1. Fuel Cell Market, By End-Users, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Utilities
  • Fuel Cell Vehicles
  • Defense
  1. Fuel Cell Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Type
    • By Application
    • By End-Users
    • By Country
      • USA
        • By End-Users
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Type
      • By Application
      • By End-Users
      • By Country
        • Brazil
          • By End-Users
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Type
        • By Application
        • By End-Users
        • By Country
          • UK
            • By End-Users
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Type
          • By Application
          • By End-Users
          • By Country
            • China
              • By End-Users
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Type
            • By Application
            • By End-Users
            • By Country
              • Saudi Arabia
                • By End-Users
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Solid Power
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Cummins
    • Fuel Cell Energy
    • Plug Power
    • Ballard Power System
    • SFC Energy
    • Bloom Energy
    • Intelligent Energy
    • Ceres Power
    • Toshiba Energy Systems & Solutions Corporation
    • Aisin Seiki Energy
    • Horizon Fuel Cell
    • Nuvera
    • Mitsubishi
    • Hitachi Power System
    • Doosan Fuel Cell America
    • AFC Energy
    • Kyocera
    • Altergy
  2. Appendix
    • Interrelated Market

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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