According to www.techsciresearch.com latest report- Fuel cell market stood at around $ 2 billion in 2017 and is forecast to grow at a CAGR of over 18% to surpass $ 5 billion by 2023.
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Fuel Cell Market Forecast & Opportunities, 2023 | TechSci Research
1. M A R K E T I N T E L L I G E N C E . C O N S U L T I N G
P U B L I S H E D : F e b r u a r y 2 0 1 9
GLOBALFUELCELLMARKET
BY APPLICATION, BY TYPE, BY REGION,
COMPETITION, FORECAST & OPPORTUNITIES
2013-2023
7. P r o d u c t O v e r v i e w
• Fuel Cell is a device that is capable of using
chemical reactions to generate electricity, it
converts chemical energy into electrical energy
by facilitating chemical reactions between a fuel
source, such as hydrogen, methanol, etc., and
an oxidant.
• As per Office of Energy Efficiency & Renewable
Energy of US Department of Energy “A fuel cell
uses the chemical energy of hydrogen or
another fuel to cleanly and efficiently produce
electricity.”
• According to Office of Energy Efficiency & Renewable Energy of US Department of Energy: A fuel cell
consists of two electrodes—a negative electrode (or anode) and a positive electrode (or cathode)—
sandwiched around an electrolyte. A fuel, such as hydrogen, is fed to the anode, and air is fed to the
cathode. In a hydrogen fuel cell, a catalyst at the anode separates hydrogen molecules into protons and
electrons, which take different paths to the cathode. The electrons go through an external circuit,
creating a flow of electricity. The protons migrate through the electrolyte to the cathode, where they
unite with oxygen and the electrons to produce water and heat.
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8. P r o d u c t O v e r v i e w
• Based on the type of electrolyte used in a fuel cell, the Office of Energy Efficiency & Renewable Energy of
US Department of Energy has classified fuel cells into:
• Polymer Electrolyte Membrane (PEM) Fuel Cells
• Solid Oxide Fuel Cells (SOFCs)
• Molten Carbonate Fuel Cells (MCFCs)
• Alkaline Fuel Cells (AFCs)
• Direct Methanol Fuel Cells (DMFCs)
• Phosphoric Acid Fuel Cells (PAFCs)
• Reversible fuel cells
• On the basis of Application, fuel cells are classified as:
Fuel Cells: On the Basis of Application
Application Typical Power Range Technology Examples
Portable 5 W to 20 W PEMFC, DMFC Electronics, Lighting
Transport 1 KW to 100 KW PEMFC, DMFC Fuel Cell Vehicles, Forklifts, Buses, Trucks
Stationary 0.5 KW to 400 KW
MCFC, PAFC,
SOFC, PEMFC
Large Stationary Combined Heat and
Power, Uninterruptible Power Supplies
• As per Office of Energy Efficiency & Renewable Energy of U.S. Department of Energy, Fuel cell
companies derive revenue from the sale of fuel cells and related equipment (such as hydrogen
generators), support and maintenance contracts, and contract research and development
(R&D). Therefore, in the study the market value is being calculated by considering the total
revenue earned by the company through above mentioned business activities.
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9. R e s e a r c h M e t h o d o l o g y
• Baseline Methodology
• Our dedicated team of industry experts has comprehensively monitored and analyzed various aspects of global
fuel cell market. The team has analyzed various industry segments and speculated a positive outlook for the
industry. Taking into consideration the strategic alliances, capital investments, etc., our team of analysts has
provided a prudent analysis of the industry’s performance in the future. This would enable our clients in
making investment decisions and exploring growth opportunities in fuel cell market, globally.
• For our study, we have gathered information through an exhaustive search of credible paid databases followed
by primary research surveys with mid to senior management personnel in leading companies offering fuel cell.
Our team of experts has then prudently evaluated all the collected information and organized it in a
chronological order to depict a meaningful and clear picture of the global fuel cell market.
• In addition, while compiling the data, we have validated all collected information from multiple sources and
data warehouses in order to present the most accurate and precise information of the concerned industry. We
have also identified and analyzed all emerging trends, including important drivers and challenges confronting
the global fuel cell market. We have also presented various forecasts for the industry based on our in-depth
analysis of market dynamics, prevalent trends, major developments and growth opportunities.
Secondary Sources: Company Website, News Articles, Press Releases, Company Annual Report, Factiva,
International Monetary Fund, World Bank, California Air Resources Board, Canadian Hydrogen and Fuel Cell
Association (CHFCA), U.S. Department of Energy, Fuel Cell & Hydrogen Energy Association, The International
Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), etc.
Companies Interviewed
Bloom Energy Corporation, Ballard Power Systems Inc., Plug Power Inc., FuelCell
Energy, Inc., SFC Energy AG, Hydrogenics Corporation, Doosan Fuel Cell America, Inc.,
Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, Nedstack
Fuel Cell Technology BV, etc.
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10. I n d u s t r y B r i e f
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According to TechSci Research report, “Global Fuel Cell Market By Application, By Type, By Region, Competition, Forecast & Opportunities, 2013-
2023”, the global fuel cell market is projected to grow at a CAGR of 18% during 2018 - 2023, on account of increasing collaboration between public
& private organizations to encourage deployment and adoption of fuel cells along with increasing deployment of fuel cell for power generation and
power back-up in data-center, retail, etc. On the basis of application, global fuel cell market is segmented into stationary, transport and portable.
Of all, transport fuel cell is projected to witness the fastest growth during forecast period owing to increasing investment in development of FCEV
(Fuel Cell Electric Vehicles) with companies, such as Toyota, Hyundai, Honda, etc., offering FCEVs and a growing number of fuel cell powered
buses, forklifts, etc. Moreover, fuel cell offerings for boats, unmanned vehicles, etc., is also rising, thereby further uplifting market potential of
transport fuel cells, globally. Among types, Proton Exchange Membrane (PEM) Fuel Cells are dominating the market on the back of rising demand
for stationary power generation and powering heavy duty vehicle.
Bloom Energy Corporation, Ballard Power Systems Inc., Plug Power Inc., FuelCell Energy, Inc., SFC Energy AG, Hydrogenics Corporation, Doosan
Fuel Cell America, Inc., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, Nedstack fuel cell technology BV, etc., are the
major companies operating in global fuel cell market. Asia-Pacific accounts for the largest share in the global fuel cell market due to rising
government initiatives to boost adoption of FCEVs in the region. Countries such as Japan, South Korea and China are actively encouraging adoption
of fuel cells, with Japan targeting over 40,000 FCEVs by 2020.
“Rising awareness towards reducing carbon emissions and increasing focus on deploying environment friendly source of power generation is
leading to growing adoption of fuel cells across the world. In addition, popularity of eco-friendly is rising at a significant pace globally, with
companies such as Riversimple, TATA Motors, Siemens Alstom, Daimler AG, etc., introducing fuel cell powered vehicles. Moreover, fuel cell
powered forklifts are rapidly gaining traction, with over 16,000 fuel cell powered forklift in the United States, over 400 in Canada and 77 in Japan.
Additionally, growing focus on establishing hydrogen infrastructure would further steer growth in the global fuel cell market during forecast period.”
said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
11. S a m p l e D a t a - S n a p s h o t s
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2013 2014 2015 2016 2017 2018E 2019F 2020F 2021F 2022F 2023F
CAGR 2013-2017
xx%
CAGR 2018E-2023F
xx%
Global Fuel Cell Market Size, By Value, 2013-2023F (USD Million)
2013 2014 2015 2016 2017 2018E 2019F 2020F 2021F 2022F 2023F
CAGR 2013-2017
XX%
CAGR 2018E-2023F
XX%
Asia-Pacific Fuel Cell Market Size, By Value, 2013-2023F (USD Million)
Global Fuel Cell Market Size, By Region, By Volume,
2018E–2023F (Thousand Units)
Japan’s Share in Asia-Pacific Fuel Cell Market, By
Value, 2017 & 2023F
12. R e p o r t O r d e r i n g
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Report Name: GLOBAL FUEL CELL MARKET BY APPLICATION, BY TYPE, BY REGION,
COMPETITION, FORECAST & OPPORTUNITIES,
2013 – 2023
13. A b o u t U s & D i s c l a i m e r
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