Fuel Cells Market - Forecasts from 2021 to 2026
The fuel cells market is expected to grow at a compound annual growth rate of 16.47% over the forecast period to reach a market size of US$7,350.389 million in 2026 from US$2,528.202 million in 2019. A fuel cell is an electrochemical cell that converts the chemical energy of hydrogen or other fuels into electricity and is used in applications such as automobiles, utilities, and defense. The demand for clean energy has been increasing across the world and is anticipated to be one of the major factors driving the growth of the fuel cells market during the forecast period. Furthermore, favorable government policies in countries, such as China, are anticipated to boost the demand for fuel cells in the coming years.
Rising demand for clean energy sources
As the concerns regarding climate change and growing environmental pollution have been increasing, the demand for a clean energy source has been increasing, which is anticipated to propel the growth of the fuel cells market during the forecast period. The chemical energy of hydrogen or other fuels is utilized in fuel cells while it cleanly produces energy. The governments of various countries have been looking for measures to reduce their carbon emissions, in order to fulfill the goals, set by them to meet the global climate change objectives. As a result, the governments have been implementing various measures to reduce carbon emissions and promoting the use of fuel cells is one such thing, which is projected to surge the demand for fuel cells in the coming years. The governments have been investing in research and development in fuel cells to enhance performance. The government of South Korea has announced to replace a large number of its CNG buses with buses being run by fuel cells. Furthermore, conventional fuels have been depleting and hence the need for an alternative source of energy is prevalent, which further increases the prominence of fuel cells for power generation. This is projected to augment the growth of the fuel cells market in the coming years.
Impact of COVID-19 on the Fuel Cells Market
The outbreak of COVID-19 had a negative impact on the global fuel cells market. The lockdowns and travel restrictions led to the disruption in the supply chain and hence harmed the market growth. Furthermore, the pandemic led to the shutting down of manufacturing facilities which were implemented as a measure to curb the spread of the coronavirus. IEA states that the COVID-19 crisis led to a reduction in the number of new renewable power installations in 2020. Furthermore, the demand for fuel cells from the end-use industries also declined, as their operations were halted as well.
Competitive Insights
Prominent/major key market players in the fuel cells market include Ballard Power Systems, FuelCell Energy, Inc., Hydrogenics, among others. The players in the fuel cells market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the fuel cells market.
Segmentation:
By Type
Polymer Electrolyte Membrane Fuel Cells (PEM)
Molten Carbonate Fuel Cells (MCFC)
Phosphoric Acid Fuel Cells (PAFC)
Solid Oxide Fuel Cells (SOFC)
Direct Methanol Fuel Cells (DMFC)
By Application
Portable
Stationary
Transport
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
Italy
Spain
Others
Middle East and Africa
Israel
Saudi Arabia
Others
Asia Pacific
China
Japan
India
Australia
South Korea
Taiwan
Thailand
Indonesia
Others
- 1. Introduction
- 1.1. Market Overview
- 1.2. Covid-19 Scenario
- 1.3. Market Definition
- 1.4. Scope of The Study
- 1.5. Currency
- 1.6. Segmentation
- 1.7. Assumptions
- 1.8. Base, and Forecast Years Timeline
- 2. Research Methodology
- 2.1. Research Design
- 2.2. Secondary Sources
- 2.3. Validation
- 3. Executive Summary
- 3.1. Research Highlights
- 4. Market Dynamics
- 4.1. Drivers
- 4.1.1. Increasing Demand for Reliable Power Sources in Off-Grid Areas
- 4.1.2. Rising Adoption of Fuel Cells in the Automotive Sector
- 4.2. Restraints
- 4.2.1. High Cost of Catalysts Used in Hydrogen Fuel Cells
- 4.3. Porter’s Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers
- 4.3.2. Bargaining Power of Buyers
- 4.3.3. Threat of New Entrants
- 4.3.4. Threat of Substitutes
- 4.3.5. Competitive Rivalry in the Industry
- 4.4. Industry Value Chain Analysis
- 5. Fuel Cells Market By Type
- 5.1. Introduction
- 5.2. Polymer Electrolyte Membrane Fuel Cells (PEM)
- 5.3. Molten Carbonate Fuel Cells (MCFC)
- 5.4. Phosphoric Acid Fuel Cells (PAFC)
- 5.5. Solid Oxide Fuel Cells (SOFC)
- 5.6. Direct Methanol Fuel Cells (DMFC)
- 6. Fuel Cells Market By Application
- 6.1. Introduction
- 6.2. Portable
- 6.3. Stationary
- 6.4. Transport
- 7. Fuel Cells Market By Geography
- 7.1. Introduction
- 7.2. North America
- 7.2.1. USA
- 7.2.2. Canada
- 7.2.3. Mexico
- 7.3. South America
- 7.3.1. Brazil
- 7.3.2. Argentina
- 7.3.3. Others
- 7.4. Europe
- 7.4.1. UK
- 7.4.2. Germany
- 7.4.3. Italy
- 7.4.4. Spain
- 7.4.5. Others
- 7.5. Middle East And Africa
- 7.5.1. Israel
- 7.5.2. Saudi Arabia
- 7.5.3. Others
- 7.6. Asia Pacific
- 7.6.1. China
- 7.6.2. Japan
- 7.6.3. India
- 7.6.4. Australia
- 7.6.5. South Korea
- 7.6.6. Taiwan
- 7.6.7. Thailand
- 7.6.8. Indonesia
- 7.6.9. Others
- 8. Competitive Environment And Analysis
- 8.1. Major Players and Strategy Analysis
- 8.2. Emerging Players and Market Lucrativeness
- 8.3. Mergers, Acquisitions, Agreements, and Collaborations
- 8.4. Vendor Competitiveness Matrix
- 9. Company Profiles
- 9.1. Ballard Power Systems
- 9.1.1. Overview
- 9.1.2. Products and Services
- 9.1.3. Financials
- 9.1.4. Key Developments
- 9.2. Fuelcell Energy, Inc.
- 9.2.1. Overview
- 9.2.2. Products and Services
- 9.2.3. Financials
- 9.2.4. Key Developments
- 9.3. SFC Energy Ag
- 9.3.1. Overview
- 9.3.2. Products and Services
- 9.3.3. Financials
- 9.3.4. Key Developments
- 9.4. Plug Power Inc.
- 9.4.1. Overview
- 9.4.2. Products and Services
- 9.4.3. Financials
- 9.4.4. Key Developments
- 9.5. Ceres Power Holdings Plc
- 9.5.1. Overview
- 9.5.2. Products and Services
- 9.5.3. Financials
- 9.5.4. Key Developments
- 9.6. AFC Energy Plc
- 9.6.1. Overview
- 9.6.2. Products and Services
- 9.6.3. Key Developments
- 9.7. Altergy
- 9.7.1. Overview
- 9.7.2. Products and Services
- 9.7.3. Key Developments
- 9.8. Nuvera Fuel Cells LLC
- 9.8.1. Overview
- 9.8.2. Products and Services
- 9.8.3. Key Developments
- 9.9. Bloom Energy
- 9.9.1. Overview
- 9.9.2. Products and Services
- 9.9.3. Financials
- 9.9.4. Key Developments
- 9.10. Cummins
- 9.10.1. Overview
- 9.10.2. Products and Services
- 9.10.3. Financials
- 9.10.4. Key Developments
- LIST OF TABLES
- LIST OF FIGURES
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