Market By Application, Type And Geography- Forecast 2019-2027
Triton’s market research predicts that the global market for fuel cell would witness a CAGR of 18.03% over the forecast period of 2019-2027. The market was assessed to be worth $4395.02 million in the year 2018 and is predicted to generate a revenue of approximately $19228.74 million by the year 2027.
A fuel cell produces electricity through a chemical reaction, without combustion. Fuel cells are technological devices that transform a variety of fuels into electricity along with heat & water as by products. Fuel cells do not produce heat and power by combustion process unlike other fossil fuels; they create end products electrochemically by combining hydrogen and oxygen, thus providing an environment-friendly and non-polluting method. In contrast to batteries, fuel cells can uninterruptedly generate electricity as long as the source of fuel is supplied.
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Fuel cells generate electricity directly from hydrogen and oxygen; hence, the power generated does not result in the emission of carbon dioxide or any other environmental pollutants. Production of hydrogen by processing petroleum fuels unavoidably emits carbon dioxide, but power generation using fuel cell results in low fuel requirements, thereby, cutting down carbon dioxide emissions. Moreover, only a small amount of harmful substances is released when hydrogen is formed using this method. Also, hydrogen manufactured using renewable resources makes fuel cell a zero-emission energy source. Further, fuel cells produce power through a chemical reaction, thus producing zero or little noise. Fuel cell technology is expected to play a vital role to counter not only various regional environmental issues but also deal with a long-standing problem of global warming.
Triton market research’s report on fuel cell provides an in-depth insight of the market. The detailed analysis of the market includes Key insights, Porter’s five force analysis, Market attractiveness index, Vendor scorecard, Industry components, Key impact analysis, Regulatory framework & Industry player positioning.
Fuel cells have certain advantages over other technologies, which drives the growth of the fuel cell market. Besides the decreased CO2 emissions and high-efficiency rates, fuel cells offer plenty of positive environmental impacts such as fuel conservation, Combined Heat & Power (CHP) & Pollution control. For instance, DMFC devices use methanol as fuel, which is available in all environmental conditions. Methanol is lighter than water and delivers ten times more charge than lithium-ion cells. Further, improvements are underway in DMFC technology to develop stronger and passive DMFC. This new technology focuses on managing the by-product of water more efficiently, ensuring the extended life of the fuel cells.
Moreover, declining prices of fuel cells & FCEV’s coupled with the growing number of hydrogen refuelling stations would provide ample growth opportunity for the fuel cell market. The number of hydrogen refuelling stations are escalating throughout the world. These stations are necessary as they are the fuel supply chain of fuel cell electric vehicles. There are different types of fuel stations, depending on the capacities of fuel.
However, issues with the durability of fuel cell technology, the high capital cost of fuel cells, availability of alternative technologies & lack of fuel infrastructure pose challenges that hinder the growth of the fuel cell market. The high capital cost of fuel cells is one of the biggest challenges for the fuel cell market to be competitive in future. The cost per kilowatt ranges from $4000 to $5000, which includes $1500 for installation. The price attributes to platinum- a catalyst required for the fuel cell reaction, which is highly expensive at present.
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Key Geographies Covered in Global Fuel Cell Market are:
• North America Fuel Cell Market: the United States and Canada
• Europe Fuel Cell Market: United Kingdom, France, Germany, Spain, Italy, Russia and Rest of Europe
• Asia-Pacific Fuel Cell Market: China, Japan, India, Australia, South Korea, ASEAN Countries and Rest of Asia Pacific
• Latin America Fuel Cell Market: Brazil, Mexico, and Rest of Latin America
• Middle East & Africa Fuel Cell Market: Saudi Arabia, Turkey, United Arab Emirates, South Africa & Rest of Middle East & Africa
The Segmentation Analysis of the Fuel Cell includes:
• By Application
o Transportation
o Stationary
o Portable
• By Type:
o Solid Oxide Fuel Cells (SOFC)
o Phosphoric Acid Fuel Cells (PAFC)
o Molten Carbonate Fuel Cells (MCFC)
o Proton Exchange Membrane Fuel Cells (PEMFC)
o Other Fuel Cells
Some of the key players operating in the global fuel cell market are Aisin Seiki Co Ltd, Plug Power Inc., SFC Energy AG, General Electric Company, Ballard Power Systems, Hitachi Ltd, Exxon Mobil Corporation, AFC Energy Plc, Ceres Power Holdings Plc, Bloom Energy Corporation, Fuel Cell Energy Inc., Hydrogenics Corporation & others.
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VIEW REPORT1. GLOBAL
FUEL CELL MARKET - SUMMARY
2. INDUSTRY
OUTLOOK
2.1. MARKET
DEFINITION
2.2. KEY
INSIGHTS
2.2.1. PROMISING
INVESTMENTS IN FUEL CELL
2.2.2. INCREASING
NUMBER OF PARTNERSHIPS BETWEEN PUBLIC & PRIVATE COMPANIES
2.2.3. GROWING
APPLICATION OF FUEL CELL IN EV’S, HEV’S & PHEV’S
2.2.4. PROACTIVE
INVOLVEMENT OF UNIVERSITIES, GOVERNMENT ORGANIZATIONS & COMPANIES IN
R&D
2.3. PORTERS
FIVE FORCE ANALYSIS
2.3.1. THREAT
OF NEW ENTRANTS
2.3.2. THREAT
OF SUBSTITUTE
2.3.3. BARGAINING
POWER OF SUPPLIERS
2.3.4. BARGAINING
POWER OF BUYERS
2.3.5. THREAT
OF COMPETITIVE RIVALRY
2.4. MARKET
ATTRACTIVENESS INDEX
2.5. VENDOR
SCORECARD
2.6. INDUSTRY
COMPONENTS
2.6.1. RAW
MATERIAL SUPPLIERS
2.6.2. MANUFACTURERS
2.6.3. DISTRIBUTORS
2.6.4. END-USERS
2.7. KEY
IMPACT ANALYSIS
2.7.1. COST
2.7.2. APPLICATION
2.7.3. EFFICIENCY
2.8. REGULATORY
FRAMEWORK
2.9. INDUSTRY
PLAYER POSITIONING
2.10.
MARKET DRIVERS
2.10.1. BENEFITS
OFFERED BY FUEL CELLS OVER OTHER POWER GENERATING SYSTEMS
2.10.2. GROWING
DEMAND FOR EFFICIENT & CLEANER TECHNOLOGIES
2.10.3. RAPID
INTEGRATION OF FUEL CELL TECHNOLOGY IN AUTOMOBILES
2.11.
MARKET RESTRAINTS
2.11.1. ISSUES
WITH DURABILITY OF FUEL CELL TECHNOLOGY
2.11.2. HIGH
CAPITAL COST OF FUEL CELLS
2.12.
MARKET OPPORTUNITIES
2.12.1. DECLINING
PRICES OF FUEL CELLS & FCV’S
2.12.2. GROWING
NUMBER OF HYDROGEN REFUELLING STATIONS
2.13.
MARKET CHALLENGES
2.13.1. AVAILABILITY
OF ALTERNATIVE TECHNOLOGIES
2.13.2. LACK
OF FUEL INFRASTRUCTURE
3. GLOBAL
FUEL CELL INDUSTRY OUTLOOK - BY APPLICATION
3.1. TRANSPORTATION
3.2. STATIONARY
3.3. PORTABLE
4. GLOBAL
FUEL CELL INDUSTRY OUTLOOK - BY TYPE
4.1. SOLID
OXIDE FUEL CELLS (SOFC)
4.2. PHOSPHORIC
ACID FUEL CELLS (PAFC)
4.3. MOLTEN
CARBONATE FUEL CELLS (MCFC)
4.4. PROTON EXCHANGE MEMBRANE FUEL CELLS
(PEMFC)
4.5. OTHER
FUEL CELLS
5. GLOBAL
FUEL CELL INDUSTRY – REGIONAL OUTLOOK
5.1. NORTH
AMERICA
5.1.1. MARKET
BY APPLICATION
5.1.2. MARKET
BY TYPE
5.1.3. COUNTRY
ANALYSIS
5.1.3.1. UNITED
STATES
5.1.3.2. CANADA
5.2. EUROPE
5.2.1. MARKET
BY APPLICATION
5.2.2. MARKET
BY TYPE
5.2.3. COUNTRY
ANALYSIS
5.2.3.1. UNITED
KINGDOM
5.2.3.2. GERMANY
5.2.3.3. FRANCE
5.2.3.4. SPAIN
5.2.3.5. ITALY
5.2.3.6. RUSSIA
5.2.3.7. REST
OF EUROPE
5.3. ASIA
PACIFIC
5.3.1. MARKET
BY APPLICATION
5.3.2. MARKET
BY TYPE
5.3.3. COUNTRY
ANALYSIS
5.3.3.1. CHINA
5.3.3.2. JAPAN
5.3.3.3. INDIA
5.3.3.4. SOUTH
KOREA
5.3.3.5. ASEAN
COUNTRIES
5.3.3.6. AUSTRALIA
& NEW ZEALAND
5.3.3.7. REST
OF ASIA PACIFIC
5.4. LATIN
AMERICA
5.4.1. MARKET
BY APPLICATION
5.4.2. MARKET
BY TYPE
5.4.3. COUNTRY
ANALYSIS
5.4.3.1. BRAZIL
5.4.3.2. MEXICO
5.4.3.3. REST
OF LATIN AMERICA
5.5. MIDDLE
EAST & AFRICA
5.5.1. MARKET
BY APPLICATION
5.5.2. MARKET
BY TYPE
5.5.3. COUNTRY
ANALYSIS
5.5.3.1. UNITED
ARAB EMIRATES
5.5.3.2. TURKEY
5.5.3.3. SAUDI
ARABIA
5.5.3.4. SOUTH
AFRICA
5.5.3.5. REST
OF MIDDLE EAST & AFRICA
6. COMPETITIVE
LANDSCAPE
6.1. HITACHI
LTD
6.2. GENERAL
ELECTRIC COMPANY
6.3. EXXON
MOBIL CORPORATION
6.4. AFC
ENERGY PLC
6.5. FUEL CELL
ENERGY INC
6.6. HYDROGENICS
CORPORATION
6.7. AISIN
SEIKI CO LTD
6.8. BALLARD
POWER SYSTEMS
6.9. BLOOM
ENERGY CORPORATION
6.10. CERES POWER HOLDINGS PLC
6.11. PLUG POWER INC
6.12. SFC ENERGY
AG
6.13. PANASONIC CORPORATION
6.14. TOYOTA MOTOR CORPORATION
6.15. TOSHIBA CORPORATION
7. RESEARCH
METHODOLOGY & SCOPE
7.1. RESEARCH
SCOPE & DELIVERABLES
7.2. SOURCES
OF DATA
7.3. RESEARCH
METHODOLOGY
TABLE 1: GLOBAL FUEL CELL
MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)
TABLE 2: PROMINENT INVESTMENT
IN FUEL CELLS
TABLE 3: FUEL CELL
TECHNOLOGIES OFFICE R&D BUDGET IN UNITED STATES, 2015-2017 ($ MILLIONS)
TABLE 4: VENDOR SCORECARD
TABLE 5: REGULATORY FRAMEWORK
TABLE 6: TYPICAL STACK SIZE OF
DIFFERENT FUEL CELL TECHNOLOGIES
TABLE 7: ENERGY CONVERSION
EFFICIENCY OF DIFFERENT ENERGY SOURCES
TABLE 8: ESTIMATED NUMBER OF
FCEV’S ON ROAD IN KEY GEOGRAPHIES, 2014- 2020
TABLE 9: GLOBAL FUEL CELL
MARKET, BY APPLICATION, 2019-2027, (IN $ MILLION)
TABLE 10: GLOBAL FUEL CELL
MARKET, BY TYPE, 2019-2027, (IN $ MILLION)
TABLE 11: GLOBAL FUEL CELL
MARKET, BY GEOGRAPHY, 2019-2027, (IN $ MILLION)
TABLE 12: NORTH AMERICA FUEL
CELL MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)
TABLE 13: NORTH AMERICA FUEL
CELL MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)
TABLE 14: NORTH AMERICA FUEL
CELL MARKET, BY TYPE, 2019-2027 (IN $ MILLION)
TABLE 15: EUROPE FUEL CELL
MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)
TABLE 16: EUROPE FUEL CELL
MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)
TABLE 17: EUROPE FUEL CELL MARKET,
BY TYPE, 2019-2027 (IN $ MILLION)
TABLE 18: ASIA PACIFIC FUEL
CELL MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)
TABLE 19: ASIA PACIFIC FUEL
CELL MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)
TABLE 20: ASIA PACIFIC FUEL
CELL MARKET, BY TYPE, 2019-2027 (IN $ MILLION)
TABLE 21: LATIN AMERICA FUEL
CELL MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)
TABLE 22: LATIN AMERICA FUEL
CELL MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)
TABLE 23: LATIN AMERICA FUEL
CELL MARKET, BY TYPE, 2019-2027 (IN $ MILLION)
TABLE 24: MIDDLE EAST &
AFRICA FUEL CELL MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)
TABLE 25: MIDDLE EAST &
AFRICA FUEL CELL MARKET, BY APPLICATION, 2019-2027 (IN $ MILLION)
TABLE 26: MIDDLE EAST &
AFRICA FUEL CELL MARKET, BY TYPE, 2019-2027 (IN $ MILLION)
FIGURE 1: GLOBAL FUEL CELL
MARKET, BY APPLICATION, 2018 & 2027 (IN %)
FIGURE 2: NETL’S SOFC PROGRAM
FIGURE 3: FUEL CELL COMPONENTS
R&D IN CHINA
FIGURE 4: MARKET
ATTRACTIVENESS INDEX
FIGURE 5: INDUSTRY COMPONENTS
FIGURE 6: KEY IMPACT ANALYSIS
FIGURE 7: INDUSTRY PLAYER
POSITIONING IN 2018 (IN %)
FIGURE 8: FUEL CELL SYSTEM
COSTS ($)
FIGURE 9: ESTIMATED NUMBER OF
HYDROGEN FUELING STATIONS IN KEY GEOGRAPHIES, 2014-2020
FIGURE 10: GLOBAL FUEL CELL
MARKET, BY TRANSPORTATION, 2019-2027 (IN $ MILLION)
FIGURE 11: GLOBAL FUEL CELL
MARKET, BY STATIONARY, 2019-2027 (IN $ MILLION)
FIGURE 12: GLOBAL FUEL CELL
MARKET, BY PORTABLE, 2019-2027 (IN $ MILLION)
FIGURE 13: GLOBAL FUEL CELL
MARKET, BY SOLID OXIDE FUEL CELLS (SOFC), 2019-2027 (IN $ MILLION)
FIGURE 14: GLOBAL FUEL CELL
MARKET, BY PHOSPHORIC ACID FUEL CELLS (PAFC), 2019-2027 (IN $ MILLION)
FIGURE 15: GLOBAL FUEL CELL
MARKET, BY MOLTEN CARBONATE FUEL CELLS (MCFC), 2019-2027 (IN $ MILLION)
FIGURE 16: GLOBAL FUEL CELL
MARKET, BY PROTON EXCHANGE MEMBRANE FUEL CELLS
(PEMFC), 2019-2027 (IN $ MILLION)
FIGURE 17: GLOBAL FUEL CELL
MARKET, BY OTHER FUEL CELLS, 2019-2027 (IN $ MILLION)
FIGURE 18: GLOBAL FUEL CELL
MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)
FIGURE 19: UNITED STATES FUEL
CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 20: CANADA FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 21: UNITED KINGDOM FUEL
CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 22: GERMANY FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 23: FRANCE FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 24: SPAIN FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 25: ITALY FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 26: RUSSIA FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 27: REST OF EUROPE FUEL
CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 28: CHINA FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 29: JAPAN FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 30: INDIA FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 31: SOUTH KOREA FUEL
CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 32: ASEAN COUNTRIES
FUEL CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 33: AUSTRALIA & NEW
ZEALAND FUEL CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 34: REST OF ASIA
PACIFIC FUEL CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 35: BRAZIL FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 36: MEXICO FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 37: REST OF LATIN
AMERICA FUEL CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 38: UNITED ARAB
EMIRATES FUEL CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 39: TURKEY FUEL CELL
MARKET, 2019-2027 (IN $ MILLION)
FIGURE 40: SAUDI ARABIA FUEL
CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 41: SOUTH AFRICA FUEL
CELL MARKET, 2019-2027 (IN $ MILLION)
FIGURE 42: REST OF MIDDLE EAST
& AFRICA FUEL CELL MARKET, 2019-2027 (IN $ MILLION)