Global Fuel Cell for CHP Applications Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Fuel Cell for CHP Applications Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Fuel cells use electrochemical processes to convert chemical energy in the fuel into electrical energy.

The CHP system involves the simultaneous generation of electricity and available heat from a power plant or heat engine in a single high efficiency process. It captures the energy generated during power generation and uses it for commercial and residential heat production.

Market Overview:

The latest research study on the global Fuel Cell for CHP Applications market finds that the global Fuel Cell for CHP Applications market reached a value of USD 8092.11 million in 2022. It’s expected that the market will achieve USD 36602.49 million by 2028, exhibiting a CAGR of 28.6% during the forecast period.

Market Challenges

Key factors driving the demand of Fuel Cell for CHP Applications category is its suitability for combined heat and power (CHP) and increased tolerance to fuel impurities. Nonetheless, their sensitivity to Sulphur, long start-up time, and expensive catalyst is restricting its application in distributed generation systems.
The growing conflict between the United States and China, the two largest economies on the planet, has become the greatest threat to global wealth. Trade growth is a key force driving global economic growth. However, the first major economy launched a trade war and a scientific and technological blockade against the second largest economy, leaving the world economy, which was originally in a difficult recovery, to face a crisis of recession.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Panasonic is one of the major players operating in the Fuel Cell for CHP Applications market, holding a share of 20.78% in 2019.

Panasonic Corporation, together with its subsidiaries, develops, produces, sells, and services electrical and electronic products under the Panasonic brand name worldwide. It operates through Appliances, Eco Solutions, Connected Solutions, Automotive & Industrial Systems, and Other segments.

Toshiba Corporation, together with its subsidiaries, manufactures and markets electronic and electrical products and systems worldwide. It operates through six segments: Energy Systems & Solutions, Infrastructure Systems & Solutions, Retail & Printing Solutions, Storage & Electronic Devices Solutions, Industrial ICT Solutions, and Others.

Segmentation Overview:

Among different product types, PEMFC segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Non-residential segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Fuel Cell for CHP Applications market covered in Chapter 3:

SOLIDpower
Panasonic
Aisin Seiki Co., Ltd
Toshiba
EC Power
Baxi (BDR Thermea)
Convion
FuelCell Energy
Viessmann
Doosan Fuel Cell
Vaillant
Ceres Power

In Chapter 4 and Chapter 14.2, on the basis of types, the Fuel Cell for CHP Applications market from 2018 to 2029 is primarily split into:

PEMFC
MCFC
SOFC
PAFC

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Fuel Cell for CHP Applications market from 2018 to 2029 covers:

Residential
Non-residential

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)