Product Code: A07838
The stationary fuel cell market valued for $2.6 billion in 2021 and is estimated to reach $9.0 billion by 2031, exhibiting a CAGR of 13.1% from 2022 to 2031.
Fuel cells are electrochemical devices that use the oxidation of fuel to convert chemical energy into heat and electricity (hydrogen, natural gas, or methanol). R&D in fuel cell technology has resulted in a reduction in global carbon emissions. Population growth has resulted in increased energy demand, putting a strain on fossil fuel supplies. On the other side, governments worldwide are focusing on reducing the impact of carbon emissions by using renewable energy. This is expected to improve stationary fuel cell applications in the forecast period.
Stationary fuel cells generate electricity from hydrogen as a by-product, generating nitrogen oxide. Stationary hydrogen fuel cells provide electricity without the usage of any moving parts (such as pistons used in generators), resulting in less noise than current technologies. Furthermore, as compared to alternative typical backups that use an internal combustion engine, fuel cells are small and may minimize fuel usage by at least 50%.
In addition, as compared to traditional power sources, these cells emit fewer pollutants. The pollution produced by a stationary fuel cell power plant is less than one ounce of every 1,000 kilowatt-hours of energy. Conventional power sources, on the other hand, create up to 25 pounds of pollutants for every unit of electricity consumed. One of the key driving elements for market growth is the fundamental properties of fuel cells. All such factors positively influence the stationary fuel cell market.
Strict government regulations related to CO2 and SO2 emission drives the growth of the stationary fuel cell market. For instance, in 2020, European Commission issued a regulatory proposal confirming an 81g/km target by 2025, and 59g/Km target by 2030. Strict government regulations such as 81g/km CO2 emissions in Europe and 113g/Km CO2 emissions after 2022 by Corporate Average Fuel Economy (CAFE) in the U.S. are the major factors supporting the growth of the stationary fuel cell market.
The surge in the need for environment-friendly energy storage solutions propels the demand for renewable fuel cell energy storage solutions. Fuel cells are considered environmentally friendly as compared to the other conventional power generation system, thereby increasing their demand worldwide. Strict government mandates in Asia-Pacific, mainly in China and Japan also contribute toward the growth of the stationary fuel cell market. In addition, the "Go Green" revolution is another factor driving the market growth. Stringent government regulations related to carbon emissions are expected to propel the growth of the stationary fuel cell market.
The cost of catalysts used by a fuel cell is almost 26% of the total cost when 1,000 systems are produced per year. The high cost of catalysts is projected to inhibit the growth of the advances in fuel cell technology in the coming years. Furthermore, the high cost of fuel cells has a huge impact on the cost of fuel cell vehicles. For instance, the price of the 201 Toyota Mirai is almost $58,000 in the U.S., whereas the 2019 Tesla Model 3 costs $36,000. The huge price difference between battery electric and fuel-cell vehicles is a major challenge for the growth of fuel-cell electric vehicle sales.
The stationary fuel cell market analysis is segmented on the basis of capacity, type, application, end-use industry, and region. By type, the market is divided into less than 1 KW, 1 KW to 5 KW, 5 KW to 250 KW, 250 to 1 MW, and more than 1 MW. By type, the stationary fuel cell market is divided into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), and other. By application, the stationary fuel cell market is divided into combined heat and power, prime power, uninterrupted power supply, and others. On the basis of end-use industry, the stationary fuel cell market is divided into transportation, defense, oil and gas, utilities, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players in the stationary fuel cell industry: Ballard Power Systems, Posco Energy, Toshiba Fuel Cell Power System Corporation, Denso Corporation, Mitsubishi Hitachi power systems Ltd., FUJI Electric Co. Ltd., Fuelcell Energy Inc., Plug Power Inc., Horizon Fuel Cell Technologies Pte, and Aisin Seiki Co., Ltd.
Impact of COVID-19 on the stationary fuel cell market
COVID-19 has influenced the stationary fuel cell sector and has had an impact on economic growth in several regions. Lockdowns and curfews have caused various manufacturing processes to be halted, forcing fuel prices to skyrocket. Additionally, rise in customer knowledge about the need to cut GHG emissions and improve air quality will boost market demand.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the stationary fuel cell market analysis from 2021 to 2031 to identify the prevailing stationary fuel cell market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the stationary fuel cell market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global stationary fuel cell market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Capacity
- 1 KW to 5kW
- 5kW to 250kW
- 250kW to 1MW
- More than 1MW
- Less than 1kW
By Type
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Molten Carbonate Fuel Cell (MCFC)
- Solid Oxide Fuel Cell (SOFC)
- Direct Methanol Fuel Cell (DMFC)
- Others
By Application
- Combined Heat and Power (CHP)
- Prime Power
- Uninterrupted Power Supply (UPS)
- Others
By End-Use Industry
- Transportation
- Defense
- Oil and Gas
- Utilities
- Others
By Region
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Ballard Power Systems
- Fuji Electric Co Ltd.
- Horizon Fuel Cell Technologies Pte Ltd.
- Plug Power Inc.
- Mitsubishi Hitachi Power Systems Ltd
- Toshiba Fuel Cell Power Systems Corporation
- Posco Energy
- Denso Corporation
- Fuelcell Energy Inc.
- Aisin Seiki Co., Ltd.
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.3.1. Bargaining power of suppliers
- 3.3.2. Bargaining power of buyers
- 3.3.3. Threat of substitutes
- 3.3.4. Threat of new entrants
- 3.3.5. Intensity of rivalry
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.1.1. Stringent government regulations to control increasing pollution
- 3.4.1.2. Increase in demand for distributed power system
- 3.4.1.3. Initiatives toward developing a hydrogen economy
- 3.4.2. Restraints
- 3.4.2.1. High cost of the catalyst leads to higher cost of fuel cell
- 3.4.2.2. The presence of alternatives for energy storage and power generation
- 3.4.3. Opportunities
- 3.4.3.1. Demand for fuel cells and technological developments in the fuel cell
- 3.5. COVID-19 Impact Analysis on the market
- 3.6. Key Regulation Analysis
- 3.7. Pricing Analysis
- 3.8. Value Chain Analysis
CHAPTER 4: STATIONARY FUEL CELL MARKET, BY CAPACITY
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Less than 1kW
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. 1 KW to 5kW
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. 5kW to 250kW
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
- 4.5. 250kW to 1MW
- 4.5.1. Key market trends, growth factors and opportunities
- 4.5.2. Market size and forecast, by region
- 4.5.3. Market share analysis by country
- 4.6. More than 1MW
- 4.6.1. Key market trends, growth factors and opportunities
- 4.6.2. Market size and forecast, by region
- 4.6.3. Market share analysis by country
CHAPTER 5: STATIONARY FUEL CELL MARKET, BY TYPE
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Proton Exchange Membrane Fuel Cell (PEMFC)
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Phosphoric Acid Fuel Cell (PAFC)
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
- 5.4. Molten Carbonate Fuel Cell (MCFC)
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country
- 5.5. Solid Oxide Fuel Cell (SOFC)
- 5.5.1. Key market trends, growth factors and opportunities
- 5.5.2. Market size and forecast, by region
- 5.5.3. Market share analysis by country
- 5.6. Direct Methanol Fuel Cell (DMFC)
- 5.6.1. Key market trends, growth factors and opportunities
- 5.6.2. Market size and forecast, by region
- 5.6.3. Market share analysis by country
- 5.7. Others
- 5.7.1. Key market trends, growth factors and opportunities
- 5.7.2. Market size and forecast, by region
- 5.7.3. Market share analysis by country
CHAPTER 6: STATIONARY FUEL CELL MARKET, BY APPLICATION
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Combined Heat and Power (CHP)
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Prime Power
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Uninterrupted Power Supply (UPS)
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
CHAPTER 7: STATIONARY FUEL CELL MARKET, BY END-USE INDUSTRY
- 7.1. Overview
- 7.1.1. Market size and forecast
- 7.2. Transportation
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by region
- 7.2.3. Market share analysis by country
- 7.3. Defense
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by region
- 7.3.3. Market share analysis by country
- 7.4. Oil and Gas
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by region
- 7.4.3. Market share analysis by country
- 7.5. Utilities
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by region
- 7.5.3. Market share analysis by country
- 7.6. Others
- 7.6.1. Key market trends, growth factors and opportunities
- 7.6.2. Market size and forecast, by region
- 7.6.3. Market share analysis by country
CHAPTER 8: STATIONARY FUEL CELL MARKET, BY REGION
- 8.1. Overview
- 8.1.1. Market size and forecast By Region
- 8.2. North America
- 8.2.1. Key trends and opportunities
- 8.2.2. Market size and forecast, by Capacity
- 8.2.3. Market size and forecast, by Type
- 8.2.4. Market size and forecast, by Application
- 8.2.5. Market size and forecast, by End-Use Industry
- 8.2.6. Market size and forecast, by country
- 8.2.6.1. U.S.
- 8.2.6.1.1. Key market trends, growth factors and opportunities
- 8.2.6.1.2. Market size and forecast, by Capacity
- 8.2.6.1.3. Market size and forecast, by Type
- 8.2.6.1.4. Market size and forecast, by Application
- 8.2.6.1.5. Market size and forecast, by End-Use Industry
- 8.2.6.2. Canada
- 8.2.6.2.1. Key market trends, growth factors and opportunities
- 8.2.6.2.2. Market size and forecast, by Capacity
- 8.2.6.2.3. Market size and forecast, by Type
- 8.2.6.2.4. Market size and forecast, by Application
- 8.2.6.2.5. Market size and forecast, by End-Use Industry
- 8.2.6.3. Mexico
- 8.2.6.3.1. Key market trends, growth factors and opportunities
- 8.2.6.3.2. Market size and forecast, by Capacity
- 8.2.6.3.3. Market size and forecast, by Type
- 8.2.6.3.4. Market size and forecast, by Application
- 8.2.6.3.5. Market size and forecast, by End-Use Industry
- 8.3. Europe
- 8.3.1. Key trends and opportunities
- 8.3.2. Market size and forecast, by Capacity
- 8.3.3. Market size and forecast, by Type
- 8.3.4. Market size and forecast, by Application
- 8.3.5. Market size and forecast, by End-Use Industry
- 8.3.6. Market size and forecast, by country
- 8.3.6.1. Germany
- 8.3.6.1.1. Key market trends, growth factors and opportunities
- 8.3.6.1.2. Market size and forecast, by Capacity
- 8.3.6.1.3. Market size and forecast, by Type
- 8.3.6.1.4. Market size and forecast, by Application
- 8.3.6.1.5. Market size and forecast, by End-Use Industry
- 8.3.6.2. France
- 8.3.6.2.1. Key market trends, growth factors and opportunities
- 8.3.6.2.2. Market size and forecast, by Capacity
- 8.3.6.2.3. Market size and forecast, by Type
- 8.3.6.2.4. Market size and forecast, by Application
- 8.3.6.2.5. Market size and forecast, by End-Use Industry
- 8.3.6.3. UK
- 8.3.6.3.1. Key market trends, growth factors and opportunities
- 8.3.6.3.2. Market size and forecast, by Capacity
- 8.3.6.3.3. Market size and forecast, by Type
- 8.3.6.3.4. Market size and forecast, by Application
- 8.3.6.3.5. Market size and forecast, by End-Use Industry
- 8.3.6.4. Italy
- 8.3.6.4.1. Key market trends, growth factors and opportunities
- 8.3.6.4.2. Market size and forecast, by Capacity
- 8.3.6.4.3. Market size and forecast, by Type
- 8.3.6.4.4. Market size and forecast, by Application
- 8.3.6.4.5. Market size and forecast, by End-Use Industry
- 8.3.6.5. Spain
- 8.3.6.5.1. Key market trends, growth factors and opportunities
- 8.3.6.5.2. Market size and forecast, by Capacity
- 8.3.6.5.3. Market size and forecast, by Type
- 8.3.6.5.4. Market size and forecast, by Application
- 8.3.6.5.5. Market size and forecast, by End-Use Industry
- 8.3.6.6. Rest of Europe
- 8.3.6.6.1. Key market trends, growth factors and opportunities
- 8.3.6.6.2. Market size and forecast, by Capacity
- 8.3.6.6.3. Market size and forecast, by Type
- 8.3.6.6.4. Market size and forecast, by Application
- 8.3.6.6.5. Market size and forecast, by End-Use Industry
- 8.4. Asia-Pacific
- 8.4.1. Key trends and opportunities
- 8.4.2. Market size and forecast, by Capacity
- 8.4.3. Market size and forecast, by Type
- 8.4.4. Market size and forecast, by Application
- 8.4.5. Market size and forecast, by End-Use Industry
- 8.4.6. Market size and forecast, by country
- 8.4.6.1. China
- 8.4.6.1.1. Key market trends, growth factors and opportunities
- 8.4.6.1.2. Market size and forecast, by Capacity
- 8.4.6.1.3. Market size and forecast, by Type
- 8.4.6.1.4. Market size and forecast, by Application
- 8.4.6.1.5. Market size and forecast, by End-Use Industry
- 8.4.6.2. Japan
- 8.4.6.2.1. Key market trends, growth factors and opportunities
- 8.4.6.2.2. Market size and forecast, by Capacity
- 8.4.6.2.3. Market size and forecast, by Type
- 8.4.6.2.4. Market size and forecast, by Application
- 8.4.6.2.5. Market size and forecast, by End-Use Industry
- 8.4.6.3. India
- 8.4.6.3.1. Key market trends, growth factors and opportunities
- 8.4.6.3.2. Market size and forecast, by Capacity
- 8.4.6.3.3. Market size and forecast, by Type
- 8.4.6.3.4. Market size and forecast, by Application
- 8.4.6.3.5. Market size and forecast, by End-Use Industry
- 8.4.6.4. South Korea
- 8.4.6.4.1. Key market trends, growth factors and opportunities
- 8.4.6.4.2. Market size and forecast, by Capacity
- 8.4.6.4.3. Market size and forecast, by Type
- 8.4.6.4.4. Market size and forecast, by Application
- 8.4.6.4.5. Market size and forecast, by End-Use Industry
- 8.4.6.5. Rest of Asia-Pacific
- 8.4.6.5.1. Key market trends, growth factors and opportunities
- 8.4.6.5.2. Market size and forecast, by Capacity
- 8.4.6.5.3. Market size and forecast, by Type
- 8.4.6.5.4. Market size and forecast, by Application
- 8.4.6.5.5. Market size and forecast, by End-Use Industry
- 8.5. LAMEA
- 8.5.1. Key trends and opportunities
- 8.5.2. Market size and forecast, by Capacity
- 8.5.3. Market size and forecast, by Type
- 8.5.4. Market size and forecast, by Application
- 8.5.5. Market size and forecast, by End-Use Industry
- 8.5.6. Market size and forecast, by country
- 8.5.6.1. Latin America
- 8.5.6.1.1. Key market trends, growth factors and opportunities
- 8.5.6.1.2. Market size and forecast, by Capacity
- 8.5.6.1.3. Market size and forecast, by Type
- 8.5.6.1.4. Market size and forecast, by Application
- 8.5.6.1.5. Market size and forecast, by End-Use Industry
- 8.5.6.2. Middle East
- 8.5.6.2.1. Key market trends, growth factors and opportunities
- 8.5.6.2.2. Market size and forecast, by Capacity
- 8.5.6.2.3. Market size and forecast, by Type
- 8.5.6.2.4. Market size and forecast, by Application
- 8.5.6.2.5. Market size and forecast, by End-Use Industry
- 8.5.6.3. Africa
- 8.5.6.3.1. Key market trends, growth factors and opportunities
- 8.5.6.3.2. Market size and forecast, by Capacity
- 8.5.6.3.3. Market size and forecast, by Type
- 8.5.6.3.4. Market size and forecast, by Application
- 8.5.6.3.5. Market size and forecast, by End-Use Industry
CHAPTER 9: COMPETITIVE LANDSCAPE
- 9.1. Introduction
- 9.2. Top winning strategies
- 9.3. Product Mapping of Top 10 Player
- 9.4. Competitive Dashboard
- 9.5. Competitive Heatmap
- 9.6. Top player positioning, 2021
CHAPTER 10: COMPANY PROFILES
- 10.1. Ballard Power Systems
- 10.1.1. Company overview
- 10.1.2. Key Executives
- 10.1.3. Company snapshot
- 10.1.4. Operating business segments
- 10.1.5. Product portfolio
- 10.1.6. Business performance
- 10.1.7. Key strategic moves and developments
- 10.2. Posco Energy
- 10.2.1. Company overview
- 10.2.2. Key Executives
- 10.2.3. Company snapshot
- 10.2.4. Operating business segments
- 10.2.5. Product portfolio
- 10.3. Toshiba Fuel Cell Power Systems Corporation
- 10.3.1. Company overview
- 10.3.2. Key Executives
- 10.3.3. Company snapshot
- 10.3.4. Operating business segments
- 10.3.5. Product portfolio
- 10.3.6. Business performance
- 10.4. Denso Corporation
- 10.4.1. Company overview
- 10.4.2. Key Executives
- 10.4.3. Company snapshot
- 10.4.4. Operating business segments
- 10.4.5. Product portfolio
- 10.4.6. Business performance
- 10.5. Mitsubishi Hitachi Power Systems Ltd
- 10.5.1. Company overview
- 10.5.2. Key Executives
- 10.5.3. Company snapshot
- 10.5.4. Operating business segments
- 10.5.5. Product portfolio
- 10.5.6. Key strategic moves and developments
- 10.6. Fuji Electric Co Ltd.
- 10.6.1. Company overview
- 10.6.2. Key Executives
- 10.6.3. Company snapshot
- 10.6.4. Operating business segments
- 10.6.5. Product portfolio
- 10.6.6. Business performance
- 10.7. Fuelcell Energy Inc.
- 10.7.1. Company overview
- 10.7.2. Key Executives
- 10.7.3. Company snapshot
- 10.7.4. Operating business segments
- 10.7.5. Product portfolio
- 10.7.6. Business performance
- 10.7.7. Key strategic moves and developments
- 10.8. Plug Power Inc.
- 10.8.1. Company overview
- 10.8.2. Key Executives
- 10.8.3. Company snapshot
- 10.8.4. Operating business segments
- 10.8.5. Product portfolio
- 10.8.6. Business performance
- 10.9. Horizon Fuel Cell Technologies Pte Ltd.
- 10.9.1. Company overview
- 10.9.2. Key Executives
- 10.9.3. Company snapshot
- 10.9.4. Operating business segments
- 10.9.5. Product portfolio
- 10.10. Aisin Seiki Co., Ltd.
- 10.10.1. Company overview
- 10.10.2. Key Executives
- 10.10.3. Company snapshot
- 10.10.4. Operating business segments
- 10.10.5. Product portfolio
- 10.10.6. Business performance