Fuel Cell Market Size, Share & Trends Report

Fuel Cell Market Size, Share & Trends Analysis Report By Product (PEMFC, MCFC, PAFC, SOFC, AFC, MFC), By Components, By Fuel, By Size, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-087-3
  • Number of Pages: 95
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the fuel cell market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for fuel cell market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of fuel cell market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Fuel Cell Market Categorization:

The fuel cell market was categorized into seven segments, namely product (PEMFC, PAFC, SOFC, MCFC, AFC), components (Stack, Balance of Plant), fuel (Hydrogen, Ammonia, Methanol, Ethanol, Hydrocarbon), size (Small-scale, Large-scale), application (Stationary, Transportation, Portable), end-use (Residential, Commercial & Industrial, Transportation, Data Centers, Military & Defense, Utilities & Government), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The fuel cell market was segmented into product, components, fuel, size, application, end-use and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The fuel cell market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy; Spain; China; India; Japan; South Korea; Taiwan; Australia; Brazil; Argentina; Saudi Arabia ; UAE ; and South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Fuel cell market companies & financials:

The fuel cell market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • FuelCell Energy, Inc. - FuelCell Energy Inc. was established in 1969 and is headquartered in Connecticut, U.S. The company is involved in the manufacturing, design, installation, and servicing of fuel cell power plants. The company is working in a direction to commercialize its solid oxide fuel cell technology for application in long-duration power storage by use of hydrogen as a storage medium and an energy carrier.

  • Ballard Power Systems - The company is involved in designing, developing, manufacturing, and providing hydrogen-based fuel cells to the end users. Fuel cells manufactured by the company are used by various industries in applications such as material handling, backup power, transportation, and residential cogeneration.

  • Cummins Inc. - The company operates through five complementary operating segments, namely engine, power systems, distribution, components, and new power. It offers fuel cells through its new power operating segment. In September 2019, the company closed its acquisition of Hydrogenics Corporation. It serves clients in over 190 countries.

  • SFC Energy AG - SFC Energy AG was established in 2000 and is headquartered in Brunnthal, Germany. The company provides stationary and mobile energy solutions based on direct methanol-based fuel cells and hydrogenbased fuel cells. It has its manufacturing facilities located in multiple countries such as Canada, the Netherlands, and Romania.

  • Nedstack Fuel Cell Technology BV - Nedstack Fuel Cell Technology BV was established in 1999 after a spin-out from Akzo-Nobel Group, which had started NedStack as a separate business unit in 1997. It is a fuel cell manufacturer, which sells Proton Exchange Membrane (PEM) fuel cell stacks for stationary and motive applications.

  • Bloom Energy - Bloom Energy is primarily engaged in the design, manufacturing, and marketing of solid oxide-based fuel cell systems that are utilized for generating power on-site. . It has developed a solid oxide-based fuel cell technology, which converts biogas or natural gas into electrical energy by use of an electrochemical process without combustion.

  • Doosan Fuel Cell America, Inc. - Doosan Fuel Cell America, Inc. was founded in 2014 after the acquisition of UTC Power, a business division of United Technologies. The company manufactures PureCell systems at its facility located in Connecticut, U.S. It is a subsidiary of Doosan Corporation, which is headquartered in South Korea.

  • Ceres Power Holdings PLC - Ceres Power Holdings plc was established in 2001 and is headquartered in Horsham, UK. The company is primarily involved in fuel cell technology and engineering services. It has developed low-cost SteelCell technology to manufacture fuel cells, which can operate on natural gas, biogas, hydrogen, and ethanol.

  • Plug Power, Inc. - Plug Power, Inc. was established in 1997 and is headquartered in the New York, U.S. The company designs, manufactures, and commercializes its fuel cell systems for motive applications in electric lift trucks and materials handling equipment.

  • Nuvera Fuel Cells, LLC  - Nuvera Fuel Cells, LLC was established in 2000 and is headquartered in Massachusetts, U.S. It manufactures fuel cell power and hydrogen generation products for commercial end users as well as for original equipment manufacturers. The company is a subsidiary of Hyster-Yale Group, Inc., which designs, manufactures, and sells lift trucks and other material handling equipment. Hyster-Yale acquired Nuvera Fuel Cells, LLC in 2014.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Fuel Cell Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Fuel Cell Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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