October 31 2022

Fuel Cell Market For Prime Power to record USD 177.71 Mn growth; Driven by supportive government policies for adoption of fuel cells — Technavio Research Reports

NEW YORK, Oct. 31, 2022 /PRNewswire/ — The “Fuel Cell Market For Prime Power by Product (PEMFC, PAFC, SOFC, and Others) and Geography (APAC, North America, Europe, Middle East and Africa, and South America) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years.

The potential growth difference for the fuel cell market for prime power between 2021 and 2026 is USD 177.71 million. To get the exact yearly growth variance and the Y-O-Y growth rate, Request a Free PDF Sample Report.

Key Market Dynamics:

Market Driver: The market is driven by supportive government policies for the adoption of fuel cells. The demand for clean technologies such as fuel cells is increasing as countries are adopting new technologies to reduce their dependence on fossil fuels. Fuel cells can efficiently generate electricity and thermal heat. As distributed generation systems, they can partially supplement the grid needs and reduce the load on the grid. Therefore, owing to these benefits of fuel cells, governments are providing funding and incentives to increase their adoption. In addition, governments of several countries are providing funding and incentives to promote R&D and the adoption of fuel cells. All these factors are fostering the growth of the market in focus.
Market Challenges: The high cost of fuel cells will challenge the growth of the market. Cost is the primary factor affecting the acceptance of fuel cell technology. It is expensive when compared with alternative technologies such as gas generators and lithium-ion batteries. Fuel cells for commercial and industrial locations were developed during the 1990s. However, they have not been able to penetrate the market due to low end-user acceptance compared with other technologies like batteries.

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Market Segmentation

By product, the PEMFC segment will be a significant contributor to market growth during the forecast period. PEMFCs are preferred among end-users owing to their higher efficiency and reliability. Governments are subsidizing fuel cell systems and making them eligible for feed-in tariffs, like India adopting renewable energy subsidies for emerging technologies and grid balancing. This is driving the installation of PEMFC in the residential and commercial building sectors. In addition, the development of zero energy buildings will further drive the adoption of PEMFC.

By geography, APAC will be the leading region with 39% of the market’s growth during the forecast period. The advances in technology and increasing investment in fuel cell technology are the major factors driving the use of fuel cells for prime power in the region. In addition, the development of zero energy homes and buildings will contribute to the growth of the regional market during the forecast period. South Korea, Japan, and China are the key markets in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Key Companies Mentioned in the Report

AFC Energy PLC
Ballard Power Systems Inc.
Bloom Energy Corp.
Ceres Power Holdings plc
Convion Ltd.
Cummins Inc.
Doosan Corp.
EBZ SE
EnergyOr Technologies Inc.
FuelCell Energy Inc.
Fuji Electric Co. Ltd.
GenCell Ltd.
Kyocera Corp.
Linde Plc
Mitsubishi Heavy Industries Ltd.
Plug Power Inc.
PowerCell Sweden AB
SFC Energy AG
SolidPower Spa
TW Horizon Fuel Cell Technologies
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Fuel Cell Market by Product, Application, and Geography – Forecast and Analysis 2022-2026: The market is driven by the growing demand for efficient and clean energy sources. The adoption of cleaner and more efficient power sources is increasing to mitigate climate change amid the growing environmental concerns. Fuel cells have emerged as an efficient and reliable alternate technology for electricity generation, heating, and other prime power applications.

Fuel Cell Market For Prime Power Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of over 16.6%
Market growth 2022-2026	USD 177.71 million
Market structure	Fragmented
YoY growth (%)	12.01
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 39%
Key consumer countries	US, South Korea, Japan, China, and Germany
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	AFC Energy PLC, Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Cummins Inc., Doosan Corp., EBZ SE, EnergyOr Technologies Inc., FuelCell Energy Inc., Fuji Electric Co. Ltd., GenCell Ltd., Kyocera Corp., Linde Plc, Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, SFC Energy AG, SolidPower Spa, and TW Horizon Fuel Cell Technologies
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents:

1 Executive Summary

1.1 Market overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global – Market size and forecast 2021-2026 ($ million)
Exhibit 14: Data Table on Global – Market size and forecast 2021-2026 ($ million)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis – Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by Product

5.1 Market segments

Exhibit 24: Chart on Product – Market share 2021-2026 (%)
Exhibit 25: Data Table on Product – Market share 2021-2026 (%)

5.2 Comparison by Product

Exhibit 26: Chart on Comparison by Product
Exhibit 27: Data Table on Comparison by Product

5.3 PEMFC – Market size and forecast 2021-2026

Exhibit 28: Chart on PEMFC – Market size and forecast 2021-2026 ($ million)
Exhibit 29: Data Table on PEMFC – Market size and forecast 2021-2026 ($ million)
Exhibit 30: Chart on PEMFC – Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on PEMFC – Year-over-year growth 2021-2026 (%)

5.4 PAFC – Market size and forecast 2021-2026

Exhibit 32: Chart on PAFC – Market size and forecast 2021-2026 ($ million)
Exhibit 33: Data Table on PAFC – Market size and forecast 2021-2026 ($ million)
Exhibit 34: Chart on PAFC – Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on PAFC – Year-over-year growth 2021-2026 (%)

5.5 SOFC – Market size and forecast 2021-2026

Exhibit 36: Chart on SOFC – Market size and forecast 2021-2026 ($ million)
Exhibit 37: Data Table on SOFC – Market size and forecast 2021-2026 ($ million)
Exhibit 38: Chart on SOFC – Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on SOFC – Year-over-year growth 2021-2026 (%)

5.6 Others – Market size and forecast 2021-2026

Exhibit 40: Chart on Others – Market size and forecast 2021-2026 ($ million)
Exhibit 41: Data Table on Others – Market size and forecast 2021-2026 ($ million)
Exhibit 42: Chart on Others – Year-over-year growth 2021-2026 (%)
Exhibit 43: Data Table on Others – Year-over-year growth 2021-2026 (%)

5.7 Market opportunity by Product

Exhibit 44: Market opportunity by Product ($ million)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 46: Chart on Market share by geography 2021-2026 (%)
Exhibit 47: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 48: Chart on Geographic comparison
Exhibit 49: Data Table on Geographic comparison

7.3 APAC – Market size and forecast 2021-2026

Exhibit 50: Chart on APAC – Market size and forecast 2021-2026 ($ million)
Exhibit 51: Data Table on APAC – Market size and forecast 2021-2026 ($ million)
Exhibit 52: Chart on APAC – Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on APAC – Year-over-year growth 2021-2026 (%)

7.4 North America – Market size and forecast 2021-2026

Exhibit 54: Chart on North America – Market size and forecast 2021-2026 ($ million)
Exhibit 55: Data Table on North America – Market size and forecast 2021-2026 ($ million)
Exhibit 56: Chart on North America – Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on North America – Year-over-year growth 2021-2026 (%)

7.5 Europe – Market size and forecast 2021-2026

Exhibit 58: Chart on Europe – Market size and forecast 2021-2026 ($ million)
Exhibit 59: Data Table on Europe – Market size and forecast 2021-2026 ($ million)
Exhibit 60: Chart on Europe – Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on Europe – Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa – Market size and forecast 2021-2026

Exhibit 62: Chart on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
Exhibit 63: Data Table on Middle East and Africa – Market size and forecast 2021-2026 ($ million)
Exhibit 64: Chart on Middle East and Africa – Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on Middle East and Africa – Year-over-year growth 2021-2026 (%)

7.7 South America – Market size and forecast 2021-2026

Exhibit 66: Chart on South America – Market size and forecast 2021-2026 ($ million)
Exhibit 67: Data Table on South America – Market size and forecast 2021-2026 ($ million)
Exhibit 68: Chart on South America – Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on South America – Year-over-year growth 2021-2026 (%)

7.8 US – Market size and forecast 2021-2026

Exhibit 70: Chart on US – Market size and forecast 2021-2026 ($ million)
Exhibit 71: Data Table on US – Market size and forecast 2021-2026 ($ million)
Exhibit 72: Chart on US – Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on US – Year-over-year growth 2021-2026 (%)

7.9 South Korea – Market size and forecast 2021-2026

Exhibit 74: Chart on South Korea – Market size and forecast 2021-2026 ($ million)
Exhibit 75: Data Table on South Korea – Market size and forecast 2021-2026 ($ million)
Exhibit 76: Chart on South Korea – Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on South Korea – Year-over-year growth 2021-2026 (%)

7.10 Japan – Market size and forecast 2021-2026

Exhibit 78: Chart on Japan – Market size and forecast 2021-2026 ($ million)
Exhibit 79: Data Table on Japan – Market size and forecast 2021-2026 ($ million)
Exhibit 80: Chart on Japan – Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Japan – Year-over-year growth 2021-2026 (%)

7.11 Germany – Market size and forecast 2021-2026

Exhibit 82: Chart on Germany – Market size and forecast 2021-2026 ($ million)
Exhibit 83: Data Table on Germany – Market size and forecast 2021-2026 ($ million)
Exhibit 84: Chart on Germany – Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on Germany – Year-over-year growth 2021-2026 (%)

7.12 China – Market size and forecast 2021-2026

Exhibit 86: Chart on China – Market size and forecast 2021-2026 ($ million)
Exhibit 87: Data Table on China – Market size and forecast 2021-2026 ($ million)
Exhibit 88: Chart on China – Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on China – Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography

Exhibit 90: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 91: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 93: Overview on factors of disruption

9.4 Industry risks

Exhibit 94: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 95: Vendors covered

10.2 Market positioning of vendors

Exhibit 96: Matrix on vendor position and classification

10.3 Ballard Power Systems Inc.

Exhibit 97: Ballard Power Systems Inc. – Overview
Exhibit 98: Ballard Power Systems Inc. – Business segments
Exhibit 99: Ballard Power Systems Inc. – Key news
Exhibit 100: Ballard Power Systems Inc. – Key offerings
Exhibit 101: Ballard Power Systems Inc. – Segment focus

10.4 Bloom Energy Corp.

Exhibit 102: Bloom Energy Corp. – Overview
Exhibit 103: Bloom Energy Corp. – Product / Service
Exhibit 104: Bloom Energy Corp. – Key news
Exhibit 105: Bloom Energy Corp. – Key offerings

10.5 Ceres Power Holdings plc

Exhibit 106: Ceres Power Holdings plc – Overview
Exhibit 107: Ceres Power Holdings plc – Business segments
Exhibit 108: Ceres Power Holdings plc – Key news
Exhibit 109: Ceres Power Holdings plc – Key offerings
Exhibit 110: Ceres Power Holdings plc – Segment focus

10.6 Doosan Corp.

Exhibit 111: Doosan Corp. – Overview
Exhibit 112: Doosan Corp. – Business segments
Exhibit 113: Doosan Corp. – Key news
Exhibit 114: Doosan Corp. – Key offerings
Exhibit 115: Doosan Corp. – Segment focus

10.7 FuelCell Energy Inc.

Exhibit 116: FuelCell Energy Inc. – Overview
Exhibit 117: FuelCell Energy Inc. – Business segments
Exhibit 118: FuelCell Energy Inc. – Key offerings
Exhibit 119: FuelCell Energy Inc. – Segment focus

10.8 Fuji Electric Co. Ltd.

Exhibit 120: Fuji Electric Co. Ltd. – Overview
Exhibit 121: Fuji Electric Co. Ltd. – Business segments
Exhibit 122: Fuji Electric Co. Ltd. – Key offerings
Exhibit 123: Fuji Electric Co. Ltd. – Segment focus

10.9 Linde Plc

Exhibit 124: Linde Plc – Overview
Exhibit 125: Linde Plc – Business segments
Exhibit 126: Linde Plc – Key news
Exhibit 127: Linde Plc – Key offerings
Exhibit 128: Linde Plc – Segment focus

10.10 Mitsubishi Heavy Industries Ltd.

Exhibit 129: Mitsubishi Heavy Industries Ltd. – Overview
Exhibit 130: Mitsubishi Heavy Industries Ltd. – Business segments
Exhibit 131: Mitsubishi Heavy Industries Ltd. – Key news
Exhibit 132: Mitsubishi Heavy Industries Ltd. – Key offerings
Exhibit 133: Mitsubishi Heavy Industries Ltd. – Segment focus

10.11 Plug Power Inc.

Exhibit 134: Plug Power Inc. – Overview
Exhibit 135: Plug Power Inc. – Product / Service
Exhibit 136: Plug Power Inc. – Key offerings

10.12 SolidPower Spa

Exhibit 137: SolidPower Spa – Overview
Exhibit 138: SolidPower Spa – Product / Service
Exhibit 139: SolidPower Spa – Key offerings

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 140: Inclusions checklist
Exhibit 141: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 142: Currency conversion rates for US$

11.4 Research methodology

Exhibit 143: Research methodology
Exhibit 144: Validation techniques employed for market sizing
Exhibit 145: Information sources

11.5 List of abbreviations

Exhibit 146: List of abbreviations

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