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Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Global Forecast to 2027

Market report I 2022-05-03 I 310 Pages I MarketsandMarkets

The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and is projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. The market has a promising growth potential due to several factors, including the stringent norms on GHG emission across the globe, increasing R&D grants, increasing need of energy efficient power generation, and spur in demand of public as well as personal fuel cell electric vehicles.
"Stationary, The largest segment of fuel cell market, by application"
In the stationary application of fuel cells, the output required can be as high as multi megawatts (MW) or as low as less than 1 kW. Fuel cells with larger capacities are larger in size as well. These fuel cells can further be used for capacity addition and carbon capturing operations in a thermal power plant. Thus, the use of fuel cells consequently helps in reducing the carbon footprint in the residential, commercial, and industrial sectors.
"Transportation: The largest segment of fuel cell market, by end user"
The rising demand for personal mobility and increased concerns for low emission vehicles are driving the growth of the transportation end user. Several FCEV models, such as the Toyota Mirai, Honda Clarity, Mercedes Benz GLC FCEV, Nissan X-Trail FCEV, and Riversimple RASA are available in the market. Realizing the significant potential in the passenger light duty market, various companies are planning to launch new models in the coming years.
"Asia Pacific: The largest region in the fuel cell market"
Asia Pacific is one of the leading markets which is continuously shifting its focus towards green and renewable technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt fuel cell technology.
Breakdown of Primaries:
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type- Tier 1- 65%, Tier 2- 24% Tier 3 - 11%
- By Designation- C level - 30%, Managers & Other Level - 70%
- By Region- North America - 27%, Europe - 20%, Asia Pacific - 53%
The fuel cell market is dominated by a few globally established players such as Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), Plug Power Inc. (US), Ceres (UK), Cummins Inc. (US), PowerCell Sweden AB (Sweden), TOSHIBA CORPORATION (Japan), Ballard Power Systems (Canada), SFC Energy (Germany), Mitsubishi Heavy Industries, Ltd (Japan), AFC Energy PLC (UK), ElringKlinger AG (Germany), Fuji Electric Co., Ltd. (Japan), Proton Motor Fuel Cell GmbH (UK), Adaptive Energy (US), Adelan (UK), Special Power Sources (US), ZTEK Corporation (US), SOLIDpower S.p.A. (Italy), Watt Fuel Cell Corporation (US), AVL List GmbH (Austria), Altergy (US), MICROrganic Technologies (US), Nedstack Fuel Cell Technology BV (Netharlands), Intelligent Energy Limited (UK), Horizon Fuel cell Technologies (Singapore), Nuvera Fuel Cells, LLC (US), and PowerUP Energy Technologies (Estonia).
Study Coverage:
The report segments the fuel cell market and forecasts its size, by volume and value, based on region (Asia Pacific, Europe, North America, and RoW), type (PEMFC, SOFC, PAFC, AFC, MFC, and DMFC), application (Stationary, Portable, and Fuel Cell Vehicles), size (Small scale and Large scale), end user (Residential, Commercial & Industrial, Transportation, Data Centers, Military & Defense, and Utilities & Government/Municipal Institutes).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the fuel cell market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key benefits of buying the report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market

1 INTRODUCTION 37
1.1 STUDY OBJECTIVES 37
1.2 DEFINITION 37
1.3 INCLUSIONS AND EXCLUSIONS 38
1.3.1 FUEL CELL MARKET, BY APPLICATION 38
1.3.2 FUEL CELL MARKET, BY END USER 38
1.4 MARKET SCOPE 39
1.4.1 FUEL CELL MARKET SEGMENTATION 39
1.4.2 REGIONAL SCOPE 39
1.5 YEARS CONSIDERED 40
1.6 CURRENCY 40
1.7 LIMITATIONS 40
1.8 STAKEHOLDERS 41
1.9 SUMMARY OF CHANGES 41
2 RESEARCH METHODOLOGY 43
2.1 RESEARCH DATA 43
FIGURE 1 FUEL CELL MARKET: RESEARCH DESIGN 44
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 45
FIGURE 2 DATA TRIANGULATION METHODOLOGY 45
2.2.1 SECONDARY DATA 46
2.2.2 PRIMARY DATA 47
2.2.2.1 Key insights from primary sources 47
2.2.2.2 Breakdown of primaries 48
2.3 MARKET SIZE ESTIMATION 49
2.3.1 BOTTOM-UP APPROACH 49
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 49
2.3.2 TOP-DOWN APPROACH 50
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 50
2.4 DEMAND-SIDE METRICS 51
FIGURE 5 MAIN METRICS CONSIDERED FOR ANALYZING DEMAND FOR FUEL CELLS 51
2.4.1 REGIONAL ANALYSIS 51
2.4.1.1 Country analysis 51
2.4.2 DEMAND-SIDE KEY ASSUMPTIONS 52
2.4.3 DEMAND-SIDE CALCULATION 52
2.5 SUPPLY-SIDE ANALYSIS 53
FIGURE 6 KEY METRICS CONSIDERED FOR ASSESSING THE SUPPLY OF FUEL CELLS 53
FIGURE 7 FUEL CELL MARKET: SUPPLY-SIDE ANALYSIS 53
2.5.1 CALCULATIONS FOR SUPPLY-SIDE 54
2.5.2 ASSUMPTIONS FOR SUPPLY-SIDE 54
FIGURE 8 FUEL CELL MARKET: MARKER SHARE ANALYSIS, 2021 54
2.6 FORECAST 55
3 EXECUTIVE SUMMARY 56
TABLE 1 FUEL CELL MARKET SNAPSHOT 56
FIGURE 9 ASIA PACIFIC CONTRIBUTED THE LARGEST SHARE TO
FUEL CELL MARKET IN 2021 57
FIGURE 10 SOFC SEGMENT EXPECTED TO LEAD FUEL CELL MARKET, BY TYPE, IN 2027 58
FIGURE 11 STATIONARY SEGMENT EXPECTED TO HOLD THE LARGEST SHARE OF
THE FUEL CELL MARKET, BY APPLICATION, IN 2027 58
FIGURE 12 TRANSPORTATION SEGMENT EXPECTED TO DOMINATE THE FUEL CELL MARKET, BY END USER, IN 2027 59
FIGURE 13 SMALL SCALE SEGMENT EXPECTED TO HOLD A LARGER SHARE OF
THE FUEL CELL MARKET, BY SIZE, IN 2027 60
4 PREMIUM INSIGHTS 61
4.1 ATTRACTIVE OPPORTUNITIES IN THE FUEL CELL MARKET 61
FIGURE 14 INCREASING NEED FOR CLEAN POWER GENERATION TO BOOST MARKET GROWTH BETWEEN 2022 AND 2027 61
4.2 FUEL CELL MARKET, BY REGION 61
FIGURE 15 ASIA PACIFIC FUEL CELL MARKET TO WITNESS HIGHEST GROWTH
DURING FORECAST PERIOD 61
4.3 ASIA PACIFIC FUEL CELL MARKET, BY END-USER INDUSTRY AND COUNTRY 62
FIGURE 16 THE TRANSPORTATION SECTOR AND CHINA CONTRIBUTED THE LARGEST SHARES TO THE FUEL CELL MARKET IN ASIA PACIFIC IN 2021 62
4.4 FUEL CELL MARKET, BY TYPE 62
FIGURE 17 SOFC SEGMENT EXPECTED TO ACCOUNT FOR THE LARGEST MARKET SHARE, BY TYPE, IN 2027 62
4.5 FUEL CELL MARKET, BY APPLICATION 63
FIGURE 18 STATIONARY SEGMENT TO ACCOUNT FOR THE LARGEST SHARE OF
THE FUEL CELL MARKET, BY APPLICATION, IN 2027 63
4.6 FUEL CELL MARKET, BY END USER 63
FIGURE 19 TRANSPORTATION SEGMENT TO DOMINATE THE FUEL CELL MARKET,
BY END USER, IN 2027 63
4.7 FUEL CELL MARKET, BY SIZE 64
FIGURE 20 SMALL SCALE SEGMENT TO DOMINATE THE FUEL CELL MARKET,
BY SIZE, IN 2027 64
5 MARKET OVERVIEW 65
5.1 INTRODUCTION 65
5.2 COVID-19 HEALTH ASSESSMENT 65
FIGURE 21 GLOBAL PROPAGATION OF COVID-19 66
FIGURE 22 PROPAGATION OF COVID-19 CASES IN SELECTED COUNTRIES 66
5.3 COVID-19 ECONOMIC ASSESSMENT 67
FIGURE 23 COMPARISON OF GDP FOR SELECTED G20 COUNTRIES IN 2020 67
5.4 MARKET DYNAMICS 68
FIGURE 24 FUEL CELL MARKET: DRIVERS, RESTRAINTS,
OPPORTUNITIES, AND CHALLENGES 68
5.4.1 DRIVERS 68
5.4.1.1 Rise in the demand for fuel cell vehicles 68
FIGURE 25 FUEL CELL ELECTRIC VEHICLES BY MODE AND BY COUNTRY, 2020 69
5.4.1.2 Advancements in research & development on fuel cells and government rebates 69
5.4.1.3 Stringent emission norms in Europe and North America leading to demand for clean energy sources 70
FIGURE 26 ENERGY-RELATED CO2 EMISSIONS, 1990-2019 (GT CO2) 70
5.4.1.4 Faster refueling of FCEVs compared to BEVs 70
5.4.2 RESTRAINTS 71
5.4.2.1 High cost of catalysts used in fuel cells 71
5.4.2.2 Storage issues associated with using hydrogen as fuel 71
5.4.2.3 High initial investments in hydrogen fueling infrastructure 71
5.4.3 OPPORTUNITIES 71
5.4.3.1 Increased efforts to augment hydrogen fueling stations 71
FIGURE 27 HYDROGEN REFUELLING STATIONS IN THE WORLD, 2020 72
5.4.3.2 Rise in distributed power generation and combined heat & power applications across regions 72
TABLE 2 COMPARISON OF FUEL CELLS AND OTHER DISTRIBUTED POWER GENERATION SOURCES 73
5.4.3.3 Increased adoption of fuel cells for backup power in data centers 73
5.4.3.4 Growing investments in space programs and rising utilization of
fuel cells in the military 73
5.4.4 CHALLENGES 74
5.4.4.1 Water management in proton exchange membrane fuel cells 74
5.4.4.2 High operating temperatures and start-up time of
solid oxide fuel cells 74
5.4.4.3 High cost of fuel cell vehicles 74
5.4.4.4 Competition from BEVs and HEVs 75
5.5 IMPACT OF COVID-19 75
5.6 TRENDS/DISRUPTIONS IMPACTING CUSTOMER'S BUSINESS 75
FIGURE 28 REVENUE SHIFT FOR FUEL CELL PROVIDERS 75
5.7 PRICING ANALYSIS 76
5.7.1 PEMFC BACKUP SYSTEM PRICING ANALYSIS 76
TABLE 3 PEM STACK COMPONENT COST SUMMARY-5 KW & 10 KW BACKUP
SYSTEM (USD), 2016 76
TABLE 4 PEM BALANCE OF PLANT (BOP) COST SUMMARY (USD) 76
FIGURE 29 5 KW SYSTEM BOP COST DISTRIBUTION 77
FIGURE 30 10 KW SYSTEM BOP COST DISTRIBUTION 77
5.7.2 PEMFC AUTOMOTIVE SYSTEM PRICE ANALYSIS 77
TABLE 5 COST SUMMARY FOR A 80 KW FUEL CELL VEHICLE (USD), 2018-2015 77
TABLE 6 COST SUMMARY FOR A 160 KW MEDIUM DUTY FUEL CELL
VEHICLE (USD), 2018-2025 78
5.8 VALUE CHAIN ANALYSIS 78
FIGURE 31 VALUE CHAIN ANALYSIS: FUEL CELL MARKET 78
5.8.1 COMPONENT MANUFACTURERS 79
5.8.2 ASSEMBLERS/MANUFACTURERS 79
5.8.3 DISTRIBUTORS (BUYERS)/END USERS 79
5.9 TECHNOLOGY ANALYSIS 79
5.9.1 DIRECT BOROHYDRIDE FUEL CELLS 79
5.9.2 NANOPARTICLE BASED FUEL CELLS 79
5.9.3 NON PRECIOUS METAL CATALYST BASED FUEL CELLS 80
5.9.4 HEXAGONAL PEROVSKITES FOR CERAMIC FUEL CELLS 80
5.10 TRADE ANALYSIS 80
5.10.1 EXPORT SCENARIO 80
TABLE 7 EXPORT SCENARIO FOR HS CODE: 280410, BY COUNTRY, 2019-2021 (USD) 80
5.10.2 IMPORT SCENARIO 81
TABLE 8 IMPORT SCENARIO FOR HS CODE: 280410, BY COUNTRY, 2019-2021 (USD) 81
5.11 KEY CONFERENCES AND EVENTS IN 2022 & 2023 81
TABLE 9 FUEL CELL MARKET: DETAILED LIST OF CONFERENCES & EVENTS 81
5.12 MARKET MAP 84
FIGURE 32 MARKET MAP: FUEL CELL MARKET 84
TABLE 10 FUEL CELL MARKET: ROLE IN ECOSYSTEM 85
5.13 PATENT ANALYSIS 86
5.13.1 LIST OF MAJOR PATENTS 86
TABLE 11 FUEL CELL: INNOVATIONS AND PATENT REGISTRATIONS,
MARCH 2021-MARCH 2022 86
5.14 CASE STUDY ANALYSIS 88
5.14.1 SAMSUNG HEAVY INDUSTRIES PLANS FOR CLEAN POWER SHIPS UNDER A JOINT DEVELOPMENT AGREEMENT WITH BLOOM ENERGY (JUNE 2020) 88
5.14.1.1 Problem statement 88
5.14.1.2 Solution 88
5.14.2 BALLARD POWER SYSTEMS POWER THE WORLD'S FIRST COMMERCIAL
FUEL CELL POWERED TRAM LINE (JULY 2019) 89
5.14.2.1 Problem statement 89
5.14.2.2 Solution 89
5.14.3 SOUTHERN COMMUNICATION SERVICES EMPLOYS PLUG POWER HYDROGEN FUEL CELLS FOR UNINTERRUPTED POWER SUPPLY (JULY 2017) 89
5.14.3.1 Problem statement 89
5.14.3.2 Solution 89
5.14.4 IKEA USES FUEL CELLS FOR ON-SITE POWER (JANUARY 2017) 89
5.14.4.1 Problem statement 89
5.14.4.2 Solution 89
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5.15 FUEL CELL MARKET: REGULATIONS 90
5.15.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 90
TABLE 12 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 90
TABLE 13 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 90
TABLE 14 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 91
5.15.1.1 Regulations related to fuel cells 91
5.15.1.1.1 Regulatory framework in North America 91
5.15.1.1.2 Regulatory framework in Europe 92
5.15.1.1.3 Regulatory framework in Asia Pacific 92
5.16 PORTER'S FIVE FORCES ANALYSIS 93
FIGURE 33 PORTER'S FIVE FORCES ANALYSIS FOR THE FUEL CELL MARKET 93
TABLE 15 FUEL CELL MARKET: PORTER'S FIVE FORCES ANALYSIS 94
5.16.1 THREAT OF SUBSTITUTES 94
5.16.2 BARGAINING POWER OF SUPPLIERS 94
5.16.3 BARGAINING POWER OF BUYERS 94
5.16.4 THREAT OF NEW ENTRANTS 95
5.16.5 RIVALRY AMONG EXISTING COMPETITORS 95
5.17 KEY STAKEHOLDERS & BUYING CRITERIA 95
5.17.1 KEY STAKEHOLDERS IN BUYING PROCESS 95
FIGURE 34 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY TOP END USERS 95
TABLE 16 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY TOP END USERS (%) 96
5.17.2 BUYING CRITERIA 96
FIGURE 35 KEY BUYING CRITERIA FOR TOP END USERS 96
TABLE 17 KEY BUYING CRITERIA, BY END USER 96
6 FUEL CELL MARKET, BY TYPE 97
6.1 INTRODUCTION 98
FIGURE 36 FUEL CELL MARKET: BY TYPE, (VOLUME), 2021 98
TABLE 18 FUEL CELL MARKET: BY TYPE, 2016-2019 (MW) 98
TABLE 19 FUEL CELL MARKET: BY TYPE, 2020-2027 (MW) 99
FIGURE 37 FUEL CELL MARKET: BY TYPE, (VALUE) 2021 99
TABLE 20 FUEL CELL MARKET: BY TYPE, 2016-2019 (USD MILLION) 99
TABLE 21 FUEL CELL MARKET: BY TYPE, 2020-2027 (USD MILLION) 100
6.2 PROTON EXCHANGE MEMBRANE FUEL CELL (PEMFC) 100
6.2.1 INCREASING DEMAND FOR PEMFC IN FUEL CELL ELECTRIC VEHICLES (FCEVS) TO DRIVE THE MARKET GROWTH 100
TABLE 22 PROTON EXCHANGE MEMBRANE FUEL CELL MARKET: BY REGION,
2016-2019 (MW) 101
TABLE 23 PROTON EXCHANGE MEMBRANE FUEL CELL MARKET: BY REGION,
2020-2027 (MW) 101
TABLE 24 PROTON EXCHANGE MEMBRANE FUEL CELL MARKET: BY REGION,
2016-2019 (USD MILLION) 101
TABLE 25 PROTON EXCHANGE MEMBRANE FUEL CELL MARKET: BY REGION,
2020-2027 (USD MILLION) 102
6.3 SOLID OXIDE FUEL CELL (SOFC) 102
6.3.1 FUEL FLEXIBILITY AND INCREASING DEMAND FOR ENERGY-EFFICIENT POWER GENERATION TO BOOST THE SOFC MARKET GROWTH 102
TABLE 26 SOLID OXIDE FUEL CELL MARKET: BY REGION, 2016-2019 (MW) 102
TABLE 27 SOLID OXIDE FUEL CELL MARKET: BY REGION, 2020-2027 (MW) 103
TABLE 28 SOLID OXIDE FUEL CELL MARKET: BY REGION, 2016-2019 (USD MILLION) 103
TABLE 29 SOLID OXIDE FUEL CELL MARKET: BY REGION, 2020-2027 (USD MILLION) 103
6.4 PHOSPHORIC ACID FUEL CELL (PAFC) 104
6.4.1 ADOPTION OF PAFCS IN STATIONARY APPLICATIONS TO DRIVE
THE MARKET GROWTH 104
TABLE 30 PHOSPHORIC ACID FUEL CELL MARKET: BY REGION, 2016-2019 (KW) 104
TABLE 31 PHOSPHORIC ACID FUEL CELL MARKET: BY REGION, 2020-2027 (KW) 104
TABLE 32 PHOSPHORIC ACID FUEL CELL MARKET: BY REGION,
2016-2019 (USD THOUSAND) 105
TABLE 33 PHOSPHORIC ACID FUEL CELL MARKET: BY REGION,
2020-2027 (USD THOUSAND) 105
6.5 ALKALINE FUEL CELL(AFC) 105
6.5.1 HIGH ADOPTION OF AFCS IN TRANSPORT AND AEROSPACE APPLICATIONS TO ACCELERATE THE MARKET GROWTH 105
TABLE 34 ALKALINE FUEL CELL MARKET: BY REGION, 2016-2019 (KW) 106
TABLE 35 ALKALINE FUEL CELL MARKET: BY REGION, 2020-2027 (KW) 106
TABLE 36 ALKALINE FUEL CELL MARKET: BY REGION, 2016-2019 (USD THOUSAND) 106
TABLE 37 ALKALINE FUEL CELL MARKET: BY REGION, 2020-2027 (USD THOUSAND) 107
6.6 MICROBIAL FUEL CELL(MFC) 107
6.6.1 INCREASED USE OF MICROBES IN FUEL CELL OPERATIONS IN WATER AND WASTEWATER TREATMENT INDUSTRIES TO STIMULATE GROWTH OF
THE MFC SEGMENT 107
TABLE 38 MICROBIAL FUEL CELL MARKET: BY REGION, 2019-2027 (KW) 107
TABLE 39 MICROBIAL FUEL CELL MARKET: BY REGION, 2019-2027 (USD THOUSAND) 108
6.7 DIRECT METHANOL FUEL CELL (DMFC) 108
6.7.1 ADOPTION OF MCFCS IN LARGE STATIONARY APPLICATIONS TO
DRIVE THE MARKET GROWTH 108
TABLE 40 DMFC MARKET: BY REGION, 2016-2019 (KW) 108
TABLE 41 DMFC MARKET: BY REGION, 2020-2027 (KW) 109
TABLE 42 DMFC MARKET: BY REGION, 2016-2019 (USD THOUSAND) 109
TABLE 43 DMFC MARKET: BY REGION, 2020-2027 (USD THOUSAND) 109
6.8 OTHER TYPES OF FUEL CELLS 110
6.8.1 MOLTEN CARBONATE FUEL CELL (MCFC) 110
6.8.2 ANION EXCHANGE MEMBRANE FUEL CELL (AEMFC) 110
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7 FUEL CELL MARKET, BY APPLICATION 111
7.1 INTRODUCTION 112
FIGURE 38 FUEL CELL MARKET, BY APPLICATION, 2021 112
TABLE 44 FUEL CELL MARKET: BY APPLICATION, 2016-2019 (USD MILLION) 112
TABLE 45 FUEL CELL MARKET: BY APPLICATION, 2020-2027 (USD MILLION) 113
7.2 PORTABLE 113
7.2.1 ADOPTION OF PORTABLE FUEL CELLS IN THE MILITARY AND DEFENSE SECTORS FOR LIGHTWEIGHT AXULLIARY POWER UNITS TO BOOST THE GROWTH OF THE SEGMENT 113
TABLE 46 PORTABLE FUEL CELL MARKET: BY REGION, 2016-2019 (USD THOUSAND) 114
TABLE 47 PORTABLE FUEL CELL MARKET: BY REGION, 2020-2027 (USD THOUSAND) 114
7.3 STATIONARY 115
7.3.1 INCREASING ADOPTION OF SOLID OXIDE FUEL CELLS IN THE STATIONARY APPLICATIONS TO BOOST MARKET GROWTH 115
TABLE 48 STATIONARY FUEL CELL MARKET: BY REGION, 2016-2019 (USD MILLION) 116
TABLE 49 STATIONARY FUEL CELL MARKET: BY REGION, 2020-2027 (USD MILLION) 116
TABLE 50 STATIONARY FUEL CELL MARKET: BY APPLICATION,
2016-2019 (USD MILLION) 116
TABLE 51 STATIONARY FUEL CELL MARKET: BY APPLICATION,
2020-2027 (USD MILLION) 116
7.3.2 PRIMARY 117
7.3.2.1 Increasing utilization of fuel cells in North American utilities expected to fuel the growth of the primary segment 117
TABLE 52 PRIMARY APPLICATION FUEL CELL MARKET: BY REGION,
2016-2019 (USD MILLION) 117
TABLE 53 PRIMARY APPLICATION FUEL CELL MARKET: BY REGION,
2020-2027 (USD MILLION) 117
7.3.3 BACK-UP 118
7.3.3.1 Adoption of fuel cells for back-up power generation in data centers during grid outages to boost the market growth 118
TABLE 54 BACK-UP APPLICATION FUEL CELL MARKET: BY REGION,
2016-2019 (USD MILLION) 118
TABLE 55 BACK-UP APPLICATION FUEL CELL MARKET: BY REGION,
2020-2027 (USD MILLION) 119
7.3.4 COMBINED HEAT & POWER (CHP) 119
7.3.4.1 Adoption of residential combined heat & power fuel cell units in Europe and Japan expected to drive the growth of the segment 119
TABLE 56 COMBINED HEAT & POWER APPLICATION FUEL CELL MARKET: BY REGION, 2016-2019 (USD MILLION) 119
TABLE 57 COMBINED HEAT & POWER APPLICATION FUEL CELL MARKET: BY REGION, 2020-2027 (USD MILLION) 120
7.4 FUEL CELL VEHICLES 120
7.4.1 DECARBONIZING THE TRANSPORTATION SECTOR TO DRIVE MARKET GROWTH 120
TABLE 58 FUEL CELL VEHICLES MARKET: BY REGION, 2016-2019 (USD MILLION) 122
TABLE 59 FUEL CELL VEHICLES MARKET: BY REGION, 2020-2027 (USD MILLION) 122
TABLE 60 FUEL CELL VEHICLES MARKET: BY APPLICATION, 2016-2019 (USD MILLION) 122
TABLE 61 FUEL CELL VEHICLES MARKET: BY APPLICATION, 2020-2027 (USD MILLION) 123
7.4.2 PASSENGER LIGHT DUTY FUEL CELL VEHICLES 123
7.4.2.1 Increased demand of personal mobility and stringent regulations on emissions to drive the segment growth 123
TABLE 62 PASSENGER LIGHT DUTY FUEL CELL VEHICLES MARKET: BY REGION,
2016-2019 (USD MILLION) 124
TABLE 63 PASSENGER LIGHT DUTY FUEL CELL VEHICLES: BY REGION,
2020-2027 (USD MILLION) 124
7.4.3 FUEL CELL BUSES 125
7.4.3.1 Increasing adoption of fuel cell buses for public transport in
China to increase the growth of the segment 125
TABLE 64 FUEL CELL BUSES MARKET: BY REGION, 2016-2019 (USD MILLION) 125
TABLE 65 FUEL CELL BUSES MARKET: BY REGION, 2020-2027 (USD MILLION) 125
7.4.4 FUEL CELL TRUCKS 126
7.4.4.1 Adoption of fuel cell trucks for long-range transportation to
drive the segment 126
TABLE 66 FUEL CELL TRUCKS MARKET: BY REGION, 2016-2019 (USD MILLION) 126
TABLE 67 FUEL CELL TRUCKS MARKET: BY REGION, 2020-2027 (USD MILLION) 126
7.4.5 OTHERS 127
7.4.5.1 Increasing focus on developing fuel cells for marine applications to drive the growth of the segment 127
TABLE 68 OTHER FUEL CELL VEHICLES MARKET: BY REGION,
2016-2019 (USD MILLION) 128
TABLE 69 OTHER FUEL CELL VEHICLES MARKET: BY REGION,
2020-2027 (USD MILLION) 128
8 FUEL CELL MARKET, BY END USER 129
8.1 INTRODUCTION 130
FIGURE 39 FUEL CELL MARKET: BY END USER, 2021 130
TABLE 70 FUEL CELL MARKET: BY END USER, 2016-2019 (USD MILLION) 130
TABLE 71 FUEL CELL MARKET BY END USER, 2020-2027 (USD MILLION) 131
8.2 RESIDENTIAL 131
8.2.1 RISING NEED FOR ENERGY REDUCTION AND ENERGY EFFICIENCY IN RESIDENTIAL AREAS IS EXPECTED TO DRIVE THE GROWTH OF THE RESIDENTIAL SEGMENT 131
TABLE 72 RESIDENTIAL FUEL CELL MARKET: BY REGION, 2016-2019 (USD MILLION) 132
TABLE 73 RESIDENTIAL FUEL CELL MARKET: BY REGION, 2020-2027 (USD MILLION) 132
8.3 COMMERCIAL & INDUSTRIAL 132
8.3.1 DECARBONIZING GOALS AND STRINGENT LAWS BY REGIONAL AUTHORITIES TO DRIVE MARKET GROWTH 132
TABLE 74 COMMERCIAL & INDUSTRIAL FUEL CELL MARKET: BY REGION,
2016-2019 (USD MILLION) 133
TABLE 75 COMMERCIAL & INDUSTRIAL FUEL CELL, BY REGION,
2020-2027 (USD MILLION) 133
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8.4 TRANSPORTATION 134
8.4.1 PORTABLE SOLUTIONS ARE WELL SUITED FOR MILITARY & ORGANIZATIONS 134
TABLE 76 TRANSPORTATION FUEL CELL MARKET: BY REGION,
2016-2019 (USD MILLION) 134
TABLE 77 TRANSPORTATION FUEL CELL MARKET: BY REGION,
2020-2027 (USD MILLION) 135
8.5 DATA CENTERS 135
8.5.1 GROWING REQUIREMENT FOR BACKUP POWER IN DATA CENTERS DURING OUTAGES EXPECTED TO FUEL THE GROWTH OF THE DATA CENTERS SEGMENT 135
TABLE 78 DATA CENTERS FUEL CELL MARKET: BY REGION, 2016-2019 (USD MILLION) 136
TABLE 79 DATA CENTERS: FUEL CELL MARKET: BY REGION, 2020-2027 (USD MILLION) 136
8.6 MILITARY & DEFENSE 136
8.6.1 PORTABLE SOLUTIONS ARE WELL SUITED FOR MILITARY & ORGANIZATIONS WHICH DRIVES THE MARKET GROWTH 136
TABLE 80 MILITARY & DEFENSE FUEL CELL MARKET: BY REGION,
2016-2019 (USD MILLION) 137
TABLE 81 MILITARY & DEFENSE FUEL CELL MARKET: BY REGION,
2020-2027 (USD MILLION) 137
8.7 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES 138
8.7.1 STRINGENT LAWS BY REGIONAL AUTHORITIES AND DECARBONIZING GOALS TO DRIVE MARKET GROWTH 138
TABLE 82 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES FUEL CELL MARKET:
BY REGION, 2016-2019 (USD THOUSAND) 138
TABLE 83 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES FUEL CELL MARKET:
BY REGION, 2020-2027 (USD THOUSAND) 138
9 FUEL CELL MARKET, BY SIZE 139
9.1 INTRODUCTION 140
FIGURE 40 FUEL CELL MARKET, BY SIZE, 2021 140
TABLE 84 FUEL CELL MARKET: BY SIZE, 2020-2027 (USD MILLION) 140
9.2 SMALL SCALE (UP TO 200 KW) 140
9.2.1 DIVERSE POWER OUTPUT MAKES SMALL SCALE CELLS SUITABLE FOR
ALL TYPES OF END USERS 140
TABLE 85 SMALL SCALE: FUEL CELL MARKET, BY REGION, 2020-2027 (USD MILLION) 141
9.3 LARGE SCALE (ABOVE 200 KW) 141
9.3.1 ROBUST ENERGY & CLIMATE POLICIES AND THE PRESENCE OF DIVERSE END USERS ARE THE POTENTIAL DRIVERS FOR THE MARKET 141
TABLE 86 LARGE SCALE: FUEL CELL MARKET: BY REGION,
2020-2027 (USD THOUSAND) 142
10 GEOGRAPHIC ANALYSIS 143
10.1 INTRODUCTION 144
FIGURE 41 REGIONAL SNAPSHOT: ASIA PACIFIC IS EXPECTED TO WITNESS THE HIGHEST GROWTH DURING THE FORECAST PERIOD 144
FIGURE 42 FUEL CELL MARKET, BY REGION, 2021 144
TABLE 87 FUEL CELL MARKET, BY REGION, 2016-2019 (MW) 145
TABLE 88 FUEL CELL MARKET, BY REGION, 2020-2027 (MW) 145
TABLE 89 FUEL CELL MARKET, BY REGION, 2016-2019 (USD MILLION) 145
TABLE 90 FUEL CELL MARKET, BY REGION, 2020-2027 (USD MILLION) 146
10.2 NORTH AMERICA 146
FIGURE 43 SNAPSHOT: FUEL CELL MARKET IN NORTH AMERICA, 2021-2027 147
10.2.1 BY TYPE 147
TABLE 91 FUEL CELL MARKET IN NORTH AMERICA, BY TYPE, 2016-2019 (MW) 147
TABLE 92 FUEL CELL MARKET IN NORTH AMERICA, BY TYPE, 2020-2027 (MW) 148
TABLE 93 FUEL CELL MARKET IN NORTH AMERICA, BY TYPE,
2016-2019 (USD THOUSAND) 148
TABLE 94 FUEL CELL MARKET IN NORTH AMERICA, BY TYPE,
2020-2027 (USD THOUSAND) 148
10.2.2 BY APPLICATION 149
TABLE 95 FUEL CELL MARKET IN NORTH AMERICA, BY APPLICATION,
2016-2019 (USD MILLION) 149
TABLE 96 FUEL CELL MARKET IN NORTH AMERICA, BY APPLICATION,
2020-2027 (USD MILLION) 149
TABLE 97 FUEL CELL MARKET IN NORTH AMERICA, BY STATIONARY APPLICATION, 2016-2019 (USD MILLION) 149
TABLE 98 FUEL CELL MARKET IN NORTH AMERICA, BY STATIONARY APPLICATION, 2020-2027 (USD MILLION) 150
TABLE 99 FUEL CELL MARKET IN NORTH AMERICA, BY FUEL CELL VEHICLES APPLICATION, 2016-2019 (USD MILLION) 150
TABLE 100 FUEL CELL MARKET IN NORTH AMERICA, BY FUEL CELL VEHICLES APPLICATION, 2020-2027 (USD MILLION) 150
10.2.3 BY END USER 151
TABLE 101 FUEL CELL MARKET IN NORTH AMERICA, BY END USER,
2016-2019 (USD MILLION) 151
TABLE 102 FUEL CELL MARKET IN NORTH AMERICA, BY END USER,
2020-2027 (USD MILLION) 151
10.2.4 BY SIZE 151
TABLE 103 FUEL CELL MARKET IN NORTH AMERICA, BY SIZE,
2020-2027 (USD MILLION) 151
10.2.5 BY COUNTRY 152
TABLE 104 FUEL CELL MARKET IN NORTH AMERICA, BY COUNTRY, 2016-2019 (MW) 152
TABLE 105 FUEL CELL MARKET IN NORTH AMERICA, BY COUNTRY, 2020-2027 (MW) 152
TABLE 106 FUEL CELL MARKET IN NORTH AMERICA, BY COUNTRY,
2016-2019 (USD MILLION) 152
TABLE 107 FUEL CELL MARKET IN NORTH AMERICA, BY COUNTRY,
2020-2027 (USD MILLION) 152
10.2.5.1 US 153
10.2.5.1.1 State-level incentives for fuel cell programs to accelerate the regional market 153
TABLE 108 FUEL CELL MARKET IN US, BY TYPE, 2016-2019 (MW) 153
TABLE 109 FUEL CELL MARKET IN US, BY TYPE, 2020-2027 (MW) 154
TABLE 110 FUEL CELL MARKET IN US, BY TYPE, 2016-2019 (USD THOUSAND) 154
TABLE 111 FUEL CELL MARKET IN US, BY TYPE, 2020-2027 (USD THOUSAND) 154
TABLE 112 FUEL CELL MARKET IN US, BY SIZE, 2020-2027 (USD MILLION) 155
TABLE 113 FUEL CELL MARKET IN US, BY END USER, 2016-2019 (USD MILLION) 155
TABLE 114 FUEL CELL MARKET IN US, BY END USER, 2020-2027 (USD MILLION) 155
TABLE 115 FUEL CELL MARKET IN US, BY APPLICATION, 2016-2019 (USD MILLION) 156
TABLE 116 FUEL CELL MARKET IN US, BY APPLICATION, 2020-2027 (USD MILLION) 156
10.2.5.2 Canada 156
10.2.5.2.1 Grants from the government for fuel cell program to boost the market growth 156
TABLE 117 FUEL CELL MARKET IN CANADA, BY TYPE, 2016-2019 (KW) 157
TABLE 118 FUEL CELL MARKET IN CANADA, BY TYPE, 2020-2027 (KW) 157
TABLE 119 FUEL CELL MARKET IN CANADA, BY TYPE, 2016-2019 (USD THOUSAND) 157
TABLE 120 FUEL CELL MARKET IN CANADA, BY TYPE, 2020-2027 (USD THOUSAND) 158
TABLE 121 FUEL CELL MARKET IN CANADA, BY SIZE, 2020-2027 (USD MILLION) 158
TABLE 122 FUEL CELL MARKET IN CANADA, BY END USER, 2016-2019 (USD MILLION) 158
TABLE 123 FUEL CELL MARKET IN CANADA, BY END USER, 2020-2027 (USD MILLION) 159
TABLE 124 FUEL CELL MARKET IN CANADA, BY APPLICATION,
2016-2019 (USD MILLION) 159
TABLE 125 FUEL CELL MARKET IN CANADA, BY APPLICATION,
2020-2027 (USD MILLION) 159
10.3 ASIA PACIFIC 160
FIGURE 44 SNAPSHOT: FUEL CELL MARKET IN ASIA PACIFIC, 2021-2027 160
10.3.1 BY TYPE 161
TABLE 126 FUEL CELL MARKET IN ASIA PACIFIC, BY TYPE, 2016-2019 (MW) 161
TABLE 127 FUEL CELL MARKET IN ASIA PACIFIC, BY TYPE, 2020-2027 (MW) 161
TABLE 128 FUEL CELL MARKET IN ASIA PACIFIC, BY TYPE, 2016-2019 (USD MILLION) 161
TABLE 129 FUEL CELL MARKET IN ASIA PACIFIC, BY TYPE, 2020-2027 (USD MILLION) 162
10.3.2 BY APPLICATION 162
TABLE 130 FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION,
2016-2019 (USD MILLION) 162
TABLE 131 FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION,
2020-2027 (USD MILLION) 162
TABLE 132 FUEL CELL MARKET IN ASIA PACIFIC, BY STATIONARY APPLICATION,
2016-2019 (USD MILLION) 163
TABLE 133 FUEL CELL MARKET IN ASIA PACIFIC, BY STATIONARY APPLICATION,
2020-2027 (USD MILLION) 163
TABLE 134 FUEL CELL MARKET IN ASIA PACIFIC, BY FUEL CELL VEHICLES APPLICATION, 2016-2019 (USD MILLION) 163
TABLE 135 FUEL CELL MARKET IN ASIA PACIFIC, BY FUEL CELL VEHICLES APPLICATION, 2020-2027 (USD MILLION) 164
10.3.3 BY END USER 164
TABLE 136 FUEL CELL MARKET IN ASIA PACIFIC, BY END USER,
2016-2019 (USD MILLION) 164
TABLE 137 FUEL CELL MARKET IN ASIA PACIFIC, BY END USER,
2020-2027 (USD MILLION) 164
10.3.4 BY SIZE 165
TABLE 138 FUEL CELL MARKET IN ASIA PACIFIC, BY SIZE, 2020-2027 (USD MILLION) 165
10.3.5 BY COUNTRY 165
TABLE 139 FUEL CELL MARKET IN ASIA PACIFIC, BY COUNTRY, 2016-2019 (MW) 165
TABLE 140 FUEL CELL MARKET IN ASIA PACIFIC, BY COUNTRY, 2020-2027 (MW) 165
TABLE 141 FUEL CELL MARKET IN ASIA PACIFIC, BY COUNTRY,
2016-2019 (USD MILLION) 166
TABLE 142 FUEL CELL MARKET IN ASIA PACIFIC, BY COUNTRY,
2020-2027 (USD MILLION) 166
10.3.5.1 China 166
10.3.5.1.1 Increasing investments in fuel cell based public transport to boost the demand for fuel cell 166
TABLE 143 FUEL CELL MARKET IN CHINA, BY TYPE, 2016-2019 (MW) 167
TABLE 144 FUEL CELL MARKET IN CHINA, BY TYPE, 2020-2027 (MW) 167
TABLE 145 FUEL CELL MARKET IN CHINA, BY TYPE, 2016-2019 (USD THOUSAND) 167
TABLE 146 FUEL CELL MARKET IN CHINA, BY TYPE, 2020-2027 (USD THOUSAND) 168
TABLE 147 FUEL CELL MARKET IN CHINA, BY SIZE, 2020-2027 (USD MILLION) 168
TABLE 148 FUEL CELL MARKET IN CHINA, BY END USER, 2016-2019 (USD MILLION) 168
TABLE 149 FUEL CELL MARKET IN CHINA, BY END USER, 2020-2027 (USD MILLION) 169
TABLE 150 FUEL CELL MARKET IN CHINA, BY APPLICATION, 2016-2019 (USD MILLION) 169
TABLE 151 FUEL CELL MARKET IN CHINA, BY APPLICATION, 2020-2027 (USD MILLION) 169
10.3.5.2 Japan 170
10.3.5.2.1 Rise in demand for fuel cells in the residential sector to boost the market growth 170
TABLE 152 FUEL CELL MARKET IN JAPAN, BY TYPE, 2016-2019 (KW) 170
TABLE 153 FUEL CELL MARKET IN JAPAN, BY TYPE, 2020-2027 (KW) 171
TABLE 154 FUEL CELL MARKET IN JAPAN, BY TYPE, 2016-2019 (USD THOUSAND) 171
TABLE 155 FUEL CELL MARKET IN JAPAN, BY TYPE, 2020-2027 (USD THOUSAND) 171
TABLE 156 FUEL CELL MARKET IN JAPAN, BY SIZE, 2020-2027 (USD MILLION) 172
TABLE 157 FUEL CELL MARKET IN JAPAN, BY END USER, 2016-2019 (USD MILLION) 172
TABLE 158 FUEL CELL MARKET IN JAPAN, BY END USER, 2020-2027 (USD MILLION) 172
TABLE 159 FUEL CELL MARKET IN JAPAN, BY APPLICATION, 2016-2019 (USD MILLION) 173
TABLE 160 FUEL CELL MARKET IN JAPAN, BY APPLICATION, 2020-2027 (USD MILLION) 173
10.3.5.3 South Korea 173
10.3.5.3.1 Mandates to decarbonize the energy sector expected to increase the demand for fuel cells 173
TABLE 161 FUEL CELL MARKET IN SOUTH KOREA, BY TYPE, 2016-2019 (KW) 174
TABLE 162 FUEL CELL MARKET IN SOUTH KOREA, BY TYPE, 2020-2027 (KW) 174
TABLE 163 FUEL CELL MARKET IN SOUTH KOREA, BY TYPE,
2016-2019 (USD THOUSAND) 175
TABLE 164 FUEL CELL MARKET IN SOUTH KOREA, BY TYPE,
2020-2027 (USD THOUSAND) 175
TABLE 165 FUEL CELL MARKET IN SOUTH KOREA, BY SIZE, 2020-2027 (USD MILLION) 175
TABLE 166 FUEL CELL MARKET IN SOUTH KOREA, BY END USER,
2016-2019 (USD MILLION) 176
TABLE 167 FUEL CELL MARKET IN SOUTH KOREA, BY END USER,
2020-2027 (USD MILLION) 176
TABLE 168 FUEL CELL MARKET IN SOUTH KOREA, BY APPLICATION,
2016-2019 (USD MILLION) 176
TABLE 169 FUEL CELL MARKET IN SOUTH KOREA, BY APPLICATION,
2020-2027 (USD MILLION) 177
10.3.5.4 Rest of Asia Pacific 177
TABLE 170 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY TYPE, 2016-2019 (KW) 178
TABLE 171 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY TYPE, 2020-2027 (KW) 178
TABLE 172 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY TYPE,
2016-2019 (USD THOUSAND) 178
TABLE 173 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY TYPE,
2020-2027 (USD THOUSAND) 179
TABLE 174 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY SIZE,
2020-2027 (USD MILLION) 179
TABLE 175 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY END USER,
2016-2019 (USD MILLION) 179
TABLE 176 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY END USER,
2020-2027 (USD MILLION) 180
TABLE 177 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY APPLICATION,
2016-2019 (USD MILLION) 180
TABLE 178 FUEL CELL MARKET IN REST OF ASIA PACIFIC, BY APPLICATION,
2020-2027 (USD MILLION) 180
10.4 EUROPE 181
10.4.1 BY TYPE 181
TABLE 179 FUEL CELL MARKET IN EUROPE, BY TYPE, 2016-2019 (KW) 181
TABLE 180 FUEL CELL MARKET IN EUROPE, BY TYPE, 2020-2027 (KW) 182
TABLE 181 FUEL CELL MARKET IN EUROPE, BY TYPE, 2016-2019 (USD THOUSAND) 182
TABLE 182 FUEL CELL MARKET IN EUROPE, BY TYPE, 2020-2027 (USD THOUSAND) 182
10.4.2 BY APPLICATION 183
TABLE 183 FUEL CELL MARKET IN EUROPE, BY APPLICATION,
2016-2019 (USD MILLION) 183
TABLE 184 FUEL CELL MARKET IN EUROPE, BY APPLICATION,
2020-2027 (USD MILLION) 183
TABLE 185 FUEL CELL MARKET IN EUROPE, BY STATIONARY APPLICATION,
2016-2019 (USD MILLION) 183
TABLE 186 FUEL CELL MARKET IN EUROPE, BY STATIONARY APPLICATION,
2020-2027 (USD MILLION) 184
TABLE 187 FUEL CELL MARKET IN EUROPE, BY FUEL CELL VEHICLES APPLICATION, 2016-2019 (USD MILLION) 184
TABLE 188 FUEL CELL MARKET IN EUROPE, BY FUEL CELL VEHICLES APPLICATION, 2020-2027 (USD MILLION) 184
10.4.3 BY END USER 185
TABLE 189 FUEL CELL MARKET IN EUROPE, BY END USER, 2016-2019 (USD MILLION) 185
TABLE 190 FUEL CELL MARKET IN EUROPE, BY END USER, 2020-2027 (USD MILLION) 185
10.4.4 BY SIZE 185
TABLE 191 FUEL CELL MARKET IN EUROPE, BY SIZE, 2020-2027 (USD MILLION) 185
10.4.5 BY COUNTRY 186
TABLE 192 FUEL CELL MARKET IN EUROPE, BY COUNTRY, 2016-2019 (MW) 186
TABLE 193 FUEL CELL MARKET IN EUROPE, BY COUNTRY, 2020-2027 (MW) 186
TABLE 194 FUEL CELL MARKET IN EUROPE, BY COUNTRY, 2016-2019 (USD MILLION) 186
TABLE 195 FUEL CELL MARKET IN EUROPE, BY COUNTRY, 2020-2027 (USD MILLION) 187
10.4.5.1 Germany 187
10.4.5.1.1 Focus on emission-free transportation to drive
the market growth 187
TABLE 196 FUEL CELL MARKET IN GERMANY, BY TYPE, 2016-2019 (KW) 188
TABLE 197 FUEL CELL MARKET IN GERMANY, BY TYPE, 2020-2027 (KW) 188
TABLE 198 FUEL CELL MARKET IN GERMANY, BY TYPE, 2016-2019 (USD THOUSAND) 188
TABLE 199 FUEL CELL MARKET IN GERMANY, BY TYPE, 2020-2027 (USD THOUSAND) 189
TABLE 200 FUEL CELL MARKET IN GERMANY, BY SIZE, 2020-2027 (USD MILLION) 189
TABLE 201 FUEL CELL MARKET IN GERMANY, BY END USER, 2016-2019 (USD MILLION) 189
TABLE 202 FUEL CELL MARKET IN GERMANY, BY END USER, 2020-2027 (USD MILLION) 190
TABLE 203 FUEL CELL MARKET IN GERMANY, BY APPLICATION,
2016-2019 (USD MILLION) 190
TABLE 204 FUEL CELL MARKET IN GERMANY, BY APPLICATION,
2020-2027 (USD MILLION) 190
10.4.5.2 UK 191
10.4.5.2.1 Adoption of fuel cell technologies to help the UK to
reduce GHG emissions 191
TABLE 205 FUEL CELL MARKET IN UK, BY TYPE, 2016-2019 (KW) 191
TABLE 206 FUEL CELL MARKET IN UK, BY TYPE, 2020-2027 (KW) 192
TABLE 207 FUEL CELL MARKET IN UK, BY TYPE, 2016-2019 (USD THOUSAND) 192
TABLE 208 FUEL CELL MARKET IN UK, BY TYPE, 2020-2027 (USD THOUSAND) 192
TABLE 209 FUEL CELL MARKET IN UK, BY SIZE, 2020-2027 (USD MILLION) 193
TABLE 210 FUEL CELL MARKET IN UK, BY END USER, 2016-2019 (USD MILLION) 193
TABLE 211 FUEL CELL MARKET IN UK, BY END USER, 2020-2027 (USD MILLION) 193
TABLE 212 FUEL CELL MARKET IN UK, BY APPLICATION, 2016-2019 (USD MILLION) 194
TABLE 213 FUEL CELL MARKET IN UK, BY APPLICATION, 2020-2027 (USD MILLION) 194
10.4.6 ITALY 194
10.4.6.1 Increased focus on energy transition to drive the growth of the fuel cell market in Italy 194
TABLE 214 FUEL CELL MARKET IN ITALY, BY TYPE, 2016-2019 (KW) 195
TABLE 215 FUEL CELL MARKET IN ITALY, BY TYPE, 2020-2027 (KW) 195
TABLE 216 FUEL CELL MARKET IN ITALY, BY TYPE, 2016-2019 (USD THOUSAND) 195
TABLE 217 FUEL CELL MARKET IN ITALY, BY TYPE, 2020-2027 (USD THOUSAND) 196
TABLE 218 FUEL CELL MARKET IN ITALY, BY SIZE, 2020-2027 (USD THOUSAND) 196
TABLE 219 FUEL CELL MARKET IN ITALY, BY END USER, 2016-2019 (USD THOUSAND) 196
TABLE 220 FUEL CELL MARKET IN ITALY, BY END USER, 2020-2027 (USD THOUSAND) 197
TABLE 221 FUEL CELL MARKET IN ITALY, BY APPLICATION,
2016-2019 (USD THOUSAND) 197
TABLE 222 FUEL CELL MARKET IN ITALY, BY APPLICATION,
2020-2027 (USD THOUSAND) 197
10.4.6.2 Rest of Europe 198
TABLE 223 FUEL CELL MARKET IN REST OF EUROPE, BY TYPE, 2016-2019 (KW) 198
TABLE 224 FUEL CELL MARKET IN REST OF EUROPE, BY TYPE, 2020-2027 (KW) 199
TABLE 225 FUEL CELL MARKET IN REST OF EUROPE, BY TYPE,
2016-2019 (USD THOUSAND) 199
TABLE 226 FUEL CELL MARKET IN REST OF EUROPE, BY TYPE,
2020-2027 (USD THOUSAND) 199
TABLE 227 FUEL CELL MARKET IN REST OF EUROPE, BY SIZE,
2020-2027 (USD THOUSAND) 200
TABLE 228 FUEL CELL MARKET IN REST OF EUROPE, BY END USER,
2016-2019 (USD THOUSAND) 200
TABLE 229 FUEL CELL MARKET IN REST OF EUROPE, BY END USER,
2020-2027 (USD THOUSAND) 200
TABLE 230 FUEL CELL MARKET IN REST OF EUROPE, BY APPLICATION,
2016-2019 (USD THOUSAND) 201
TABLE 231 FUEL CELL MARKET IN REST OF EUROPE, BY APPLICATION,
2020-2027 (USD THOUSAND) 201
10.5 REST OF THE WORLD 201
10.5.1 BY TYPE 202
TABLE 232 FUEL CELL MARKET IN REST OF THE WORLD, BY TYPE, 2016-2019 (KW) 202
TABLE 233 FUEL CELL MARKET IN REST OF THE WORLD, BY TYPE, 2020-2027 (KW) 202
TABLE 234 FUEL CELL MARKET IN REST OF THE WORLD, BY TYPE,
2016-2019 (USD THOUSAND) 202
TABLE 235 FUEL CELL MARKET IN REST OF THE WORLD, BY TYPE,
2020-2027 (USD THOUSAND) 203
10.5.2 BY APPLICATION 203
TABLE 236 FUEL CELL MARKET IN REST OF THE WORLD, BY APPLICATION,
2016-2019 (USD THOUSAND) 203
TABLE 237 FUEL CELL MARKET IN REST OF THE WORLD, BY APPLICATION,
2020-2027 (USD THOUSAND) 203
TABLE 238 FUEL CELL MARKET IN REST OF THE WORLD, BY STATIONARY APPLICATION, 2016-2019 (USD THOUSAND) 204
TABLE 239 FUEL CELL MARKET IN REST OF THE WORLD, BY STATIONARY APPLICATION, 2020-2027 (USD THOUSAND) 204
TABLE 240 FUEL CELL MARKET IN REST OF THE WORLD, BY FUEL CELL VEHICLES APPLICATION, 2016-2019 (USD THOUSAND) 204
TABLE 241 FUEL CELL MARKET IN REST OF THE WORLD, BY FUEL CELL VEHICLES APPLICATION, 2020-2027 (USD THOUSAND) 205
10.5.3 BY END USER 205
TABLE 242 FUEL CELL MARKET IN REST OF THE WORLD, BY END USER,
2016-2019 (USD THOUSAND) 205
TABLE 243 FUEL CELL MARKET IN REST OF THE WORLD, BY END USER,
2020-2027 (USD THOUSAND) 206
10.5.4 BY SIZE 206
TABLE 244 FUEL CELL MARKET IN REST OF THE WORLD, BY SIZE,
2020-2027 (USD THOUSAND) 206

11 COMPETITIVE LANDSCAPE 207
11.1 KEY PLAYERS STRATEGIES 207
TABLE 245 OVERVIEW OF KEY STRATEGIES DEPLOYED BY TOP PLAYERS,
JANUARY 2017- FEBRURAY 2022 207
11.2 MARKET SHARE ANALYSIS OF TOP FIVE PLAYERS, 2021 210
TABLE 246 FUEL CELL MARKET: DEGREE OF COMPETITION, 2O21 210
FIGURE 45 FUEL CELL MARKET SHARE ANALYSIS, 2021 210
11.3 SEGMENTAL REVENUE ANALYSIS OF TOP FIVE MARKET PLAYERS, 2016-2021 211
FIGURE 46 SEGMENTAL REVENUE ANALYSIS OF TOP PLAYERS IN THE FUEL CELL MARKET FROM 2016 TO 2021 211
11.4 COMPANY EVALUATION QUADRANT, 2021 212
11.4.1 STAR 212
11.4.2 PERVASIVE 212
11.4.3 EMERGING LEADER 212
11.4.4 PARTICIPANT 212
FIGURE 47 COMPETITIVE LEADERSHIP MAPPING: FUEL CELL MARKET, 2021 213
11.5 FUEL CELL: COMPANY FOOTPRINT 214
TABLE 247 BY END USER: COMPANY FOOTPRINT 214
TABLE 248 BY REGION: COMPANY FOOTPRINT 215
TABLE 249 BY TYPE: COMPANY FOOTPRINT 216
TABLE 250 BY APPLICATION: COMPANY FOOTPRINT 217
TABLE 251 BY SIZE: COMPANY FOOTPRINT 218
TABLE 252 COMPANY FOOTPRINT 219
11.6 COMPETITIVE SCENARIO 220
TABLE 253 FUEL CELL MARKET: PRODUCT LAUNCHES, JANUARY 2017- FEBRUARY 2022 220
TABLE 254 FUEL CELL: DEALS, JANURAY 2017- FEBRUARY 2022 221
TABLE 255 FUEL CELL: OTHERS, JANURAY 2017 - FEBRURAY 2022 223
11.7 START-UP/SME EVALUATION QUADRANT, 2021 224
11.7.1 PROGRESSIVE COMPANY 224
11.7.2 RESPONSIVE COMPANY 224
11.7.3 DYNAMIC COMPANY 224
11.7.4 STARTING BLOCK 225
FIGURE 48 FUEL CELL MARKET: START-UP/SME EVALUATION QUADRANT, 2021 225
11.8 COMPETITIVE BENCHMARKING 226
TABLE 256 FUEL CELL MARKET: DETAILED LIST OF KEY STARTUP/SMES 226
TABLE 257 FUEL CELL MARKET: COMPETITIVE BENCHMARKING OF
KEY PLAYERS [STARTUPS/SMES] 227
?
12 COMPANY PROFILES 228
(Business Overview and Financial Review, Products Offered, Recent Developments, and MnM View)*
12.1 KEY PLAYERS 228
12.1.1 BLOOM ENERGY 228
TABLE 258 BLOOM ENERGY: BUSINESS OVERVIEW 228
FIGURE 49 BLOOM ENERGY: COMPANY SNAPSHOT, 2021 229
TABLE 259 BLOOM ENERGY: PRODUCTS OFFERED 229
TABLE 260 BLOOM ENERGY: PRODUCT LAUNCHES 230
TABLE 261 BLOOM ENERGY: DEALS 230
TABLE 262 BLOOM ENERGY: OTHERS 235
12.1.2 DOOSAN FUEL CELL CO., LTD. 237
TABLE 263 DOOSAN FUEL CELL CO., LTD.: BUSINESS OVERVIEW 237
FIGURE 50 DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT, 2021 237
TABLE 264 DOOSAN FUEL CELL CO., LTD.: PRODUCTS OFFERED 238
TABLE 265 DOOSAN FUEL CELL CO., LTD.: DEALS 238
TABLE 266 DOOSAN FUEL CELL CO., LTD.: OTHERS 241
12.1.3 AISIN CORPORATION 243
TABLE 267 AISIN CORPORATION: BUSINESS OVERVIEW 243
FIGURE 51 AISIN CORPORATION: COMPANY SNAPSHOT, 2020 244
TABLE 268 AISIN CORPORATION: PRODUCTS OFFERED 244
TABLE 269 AISIN CORPORATION: DEALS 245
12.1.4 PLUG POWER INC. 247
TABLE 270 PLUG POWER INC.: BUSINESS OVERVIEW 247
FIGURE 52 PLUG POWER INC.: COMPANY SNAPSHOT, 2021 247
TABLE 271 PLUG POWER INC.: PRODUCTS OFFERED 248
TABLE 272 PLUG POWER INC.: PRODUCT LAUNCHES 248
TABLE 273 PLUG POWER INC.: DEALS 249
TABLE 274 PLUG POWER INC.: OTHERS 251
12.1.5 KYOCERA CORPORATION 253
TABLE 275 KYOCERA CORPORATION: BUSINESS OVERVIEW 253
FIGURE 53 KYOCERA CORPORATION: COMPANY SNAPSHOT, 2020 254
TABLE 276 KYOCERA CORPORATION: PRODUCTS OFFERED 254
TABLE 277 KYOCERA CORPORATION: PRODUCT LAUNCHES 255
12.1.6 CERES 256
TABLE 278 CERES: BUSINESS OVERVIEW 256
FIGURE 54 CERES: COMPANY SNAPSHOT, 2021 257
TABLE 279 CERES: PRODUCTS OFFERED 257
TABLE 280 CERES: DEALS 258
TABLE 281 CERES: OTHERS 259
?
12.1.7 CUMMINS INC. 260
TABLE 282 CUMMINS INC.: BUSINESS OVERVIEW 260
FIGURE 55 CUMMINS INC.: COMPANY SNAPSHOT, 2021 261
TABLE 283 CUMMINS INC.: PRODUCTS OFFERED 261
TABLE 284 CUMMINS INC.: DEALS 262
TABLE 285 CUMMINS INC.: OTHERS 263
12.1.8 POWERCELL SWEDEN AB 265
TABLE 286 POWERCELL SWEDEN AB: BUSINESS OVERVIEW 265
FIGURE 56 POWERCELL SWEDEN AB: COMPANY SNAPSHOT, 2021 265
TABLE 287 POWERCELL SWEDEN AB: PRODUCTS OFFERED 266
TABLE 288 POWERCELL SWEDEN AB: PRODUCT LAUNCHES 266
TABLE 289 POWERCELL SWEDEN AB: DEALS 267
TABLE 290 POWERCELL SWEDEN AB.: OTHERS 268
12.1.9 TOSHIBA CORPORATION 269
TABLE 291 TOSHIBA CORPORATION: BUSINESS OVERVIEW 269
FIGURE 57 TOSHIBA CORPORATION: COMPANY SNAPSHOT, 2020 270
TABLE 292 TOSHIBA CORPORATION: PRODUCTS OFFERED 270
TABLE 293 TOSHIBA CORPORATION: DEALS 271
12.1.10 BALLARD POWER SYSTEMS 272
TABLE 294 BALLARD POWER SYSTEMS: BUSINESS OVERVIEW 272
FIGURE 58 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT, 2021 273
TABLE 295 BALLARD POWER SYSTEMS: PRODUCTS OFFERED 273
TABLE 296 BALLARD POWER SYSTEMS: PRODUCT LAUNCHES 274
TABLE 297 BALLARD POWER SYSTEMS: DEALS 275
TABLE 298 BALLARD POWER SYSTEMS: OTHERS 281
12.1.11 SFC ENERGY AG 282
TABLE 299 SFC ENERGY AG: BUSINESS OVERVIEW 282
FIGURE 59 SFC ENERGY AG: COMPANY SNAPSHOT, 2021 283
TABLE 300 SFC ENERGY: PRODUCTS OFFERED 283
TABLE 301 SFC ENERGY AG: PRODUCT LAUNCHES 284
TABLE 302 SFC ENERGY AG: DEALS 285
12.1.12 MITSUBISHI HEAVY INDUSTRIES, LTD. 287
TABLE 303 MITSUBISHI HEAVY INDUSTRIES, LTD.: BUSINESS OVERVIEW 287
FIGURE 60 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT, 2020 288
TABLE 304 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS OFFERED 288
TABLE 305 MITSUBISHI HEAVY INDUSTRIES, LTD.: DEALS 289
12.1.13 AFC ENERGY PLC 290
TABLE 306 AFC ENERGY PLC: BUSINESS OVERVIEW 290
FIGURE 61 AFC ENERGY PLC: COMPANY SNAPSHOT, 2021 290
TABLE 307 AFC ENERGY PLC: PRODUCTS OFFERED 291
TABLE 308 AFC ENERGY PLC: DEALS 291
TABLE 309 AFC ENERGY PLC: OTHERS 291
12.1.14 ELRINGKLINGER AG 292
TABLE 310 ELRINGKLINGER AG: BUSINESS OVERVIEW 292
FIGURE 62 ELRINGKLINGER AG: COMPANY SNAPSHOT, 2021 293
TABLE 311 ELRINGKLINGER AG: PRODUCTS OFFERED 293
TABLE 312 ELRINGKLINGER AG: DEALS 294
12.1.15 FUJI ELECTRIC CO., LTD. 295
TABLE 313 FUJI ELECTRIC CO., LTD.: BUSINESS OVERVIEW 295
FIGURE 63 FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT, 2020 296
TABLE 314 FUJI ELECTRIC CO., LTD.: PRODUCTS OFFERED 296
12.1.16 PROTON MOTOR POWER SYSTEMS PLC 297
TABLE 315 PROTON MOTOR POWER SYSTEMS PLC: BUSINESS OVERVIEW 297
FIGURE 64 PROTON MOTOR POWER SYSTEMS PLC: COMPANY SNAPSHOT, 2020 297
TABLE 316 PROTON MOTOR POWER SYSTEMS PLC: PRODUCTS OFFERED 298
TABLE 317 PROTON MOTOR POWER SYSTEMS PLC: DEALS 298
12.2 OTHER PLAYERS 299
12.2.1 ADAPTIVE ENERGY 299
TABLE 318 ADAPTIVE ENERGY: BUSINESS OVERVIEW 299
12.2.2 ADELAN 300
TABLE 319 ADELAN: BUSINESS OVERVIEW 300
12.2.3 SPECIAL POWER SOURCE 301
TABLE 320 SPECIAL POWER SOURCE: BUSINESS OVERVIEW 301
12.2.4 ZTEK CORPORATION, INC. 302
TABLE 321 ZTEK CORPORATION, INC.: BUSINESS OVERVIEW 302
12.2.5 SOLIDPOWER S.P.A 303
TABLE 322 SOLIDPOWER S.P.A: BUSINESS OVERVIEW 303
12.2.6 WATT FUEL CELL CORPORATION 304
TABLE 323 WATT FUEL CELL CORPORATION: BUSINESS OVERVIEW 304
12.2.7 AVL LIST GMBH 305
TABLE 324 AVL LIST GMBH: BUSINESS OVERVIEW 305
12.2.8 ALTERGY 306
TABLE 325 ALTERGY: BUSINESS OVERVIEW 306
12.2.9 MICRORGANIC TECHNOLGIES 307
TABLE 326 MICRORGANIC TECHNOLOGIES: BUSINESS OVERVIEW 307
12.2.10 NEDSTACK FUEL CELL TECHNOLOGY BV 308
TABLE 327 NEDSTACK FUEL CELL TECHNOLOGY BV: BUSINESS OVERVIEW 308
12.2.11 INTELLIGENT ENERGY LIMITED 309
TABLE 328 INTELLIGENT ENERGY LIMITED: BUSINESS OVERVIEW 309
12.2.12 HORIZON FUEL CELL TECHNOLOGIES 309
TABLE 329 HORIZON FUEL CELL TECHNOLOGIES: BUSINESS OVERVIEW 309
12.2.13 NUVERA FUEL CELLS, LLC 310
TABLE 330 NUVERA FUEL CELLS, LLC: BUSINESS OVERVIEW 310
?
12.2.14 POWERUP ENERGY TECHNOLOGIES 310
TABLE 331 POWERUP ENERGY TECHNOLOGIES: BUSINESS OVERVIEW 310
* Business Overview and Financial Review, Products Offered, Recent Developments, and MnM View might not be captured in case of unlisted companies.
13 APPENDIX 311
13.1 INSIGHTS OF INDUSTRY EXPERTS 311
13.2 DISCUSSION GUIDE 312
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 318
13.4 AVAILABLE CUSTOMIZATIONS 320
13.5 RELATED REPORTS 320
13.6 AUTHOR DETAILS 321

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