Key Market Insights

"Growing inclination towards self-generating power source is driving the stationary fuel cells market, worldwide"

Rising inclination of industries towards self-generating power sources to reduce the risk of power disruption is driving the market of stationary fuel cells, worldwide. Also, the declining cost of fuel cell technology along with growing awareness among consumers for the use of clean energy is also increasing market growth. Low emission and fewer efficiency losses during transportation are popularizing the use of stationary fuel cells in the number of applications.

On the other hand, conventional fuels such as oil and gas along with oil bloom in the North American region particularly in the U.S. is going to hamper the growth of the market. In spite of all these hindrances, the market is poised to grow beyond US$ 11.43 Bn by 2030 with a CAGR of 11.1% from 2023 to 2030.

PEMFC Technology is Dominant in 2021 owing to its wider applications

Proton Exchange membrane Fuel Cells (PEMFC) are widely used in material handling, & forklift in warehouses. PEMFC has the advantage of a quick start and good durability since it operates at low temperatures. As tailpipe emission is absent in PEMFC, it is most suitable for residential use without the risk of any harm. Further, quick fueling and longer run time made it advantageous to use for heavy-duty cycles. This, in turn, has a high demand for PEMFC in the market. In 2021, PEMFC has captured over 45% of market share by revenue.

On the other hand, Solid Oxide Fuel Cell (SOFC) is the fastest growing technology owing to its high operating temperature and fuel flexibility it offers. Unlike MCFC, SOFCs are not vulnerable to carbon monoxide and carbon dioxide and can tolerate a high concentration of sulfur.

Regional Analysis

Favourable government policies made Asia Pacific the largest market in 2021

Major countries contributing to the market share of the region are Japan, South Korea and China. The mix of developing and developed countries present in the region has benefitted the market. In 2021, Asia Pacific accounted for over 35% market share owing to strong demand from these three countries. Further, regional governments are focusing on diversifying their current energy base and to add non-conventional sources like fuel cells. Governments’ push has triggered the investment from private industry players to invest in fuel cell technology. This has inclined the industrial and commercial players to add fuel cells in its power supply systems to reduce the risk of the power block.

However, the U.S. is the 2nd largest region in terms of market size owing to its high demand for electricity from large number of data centers, warehouses, product distribution centers, manufacturing & fabrication sites, hospital and naval bases and presence of major market players.

Emerging Partnership Trend is keeping the Market Competitive

The overall stationary fuel cells market is fragmented and market players are focusing on partnership and improving its capital investment to bolster their market position. For instance, in December 2021, Rolls Royce, in partnership with Lab1886 of Mercedes-Benz group launched a pilot project to use vehicle fuel cell for stationary power generation. This will be used in safety-critical applications such as data centers. Along with this, Rolls Royce is researching the manufacturing of hydrogen and other synthetic fuels using renewable energy sources for use in fuel cell.

List of Companies Covered:

Altergy
Bloom Energy
Doosan Fuel Cell America, Inc.
FuelCell Energy, Inc.
Ballard Power Systems.
POSCO Energy
Plug Power, Inc.
SOLIDpower
SFC Energy AG
Hydrogenics
Others

Key Industry Development:

In September 2021, Bloom Energy and Samsung Heavy Industries teamed up for designing and developing cargo ships that can be powered with Bloom Energy’s Solid Oxide Fuel Cell (SOFC) technology. By replacing conventional power generation from the heavy oil and bunker fuel to SOFC, will help to reduce greenhouse gas emission from shipping.
In July 2021, Ceres Power Holdings plc signed a collaboration and licensing agreement with Doosan Fuel Cell America, Inc. to develop Solid Oxide Fuel Cell (SOFC) power system for Korean commercial building market. Agreement of worth £ 8 Mn to Ceres Power upto 2 years that includes licensing, tech-transfer and service. With this partnership, both the companies are expected to gain competitive advantage in the South Korean fuel cells market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Stationary Fuel Cells market are as follows:

Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Stationary Fuel Cells market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE	DETAILS
Research Period	2022-2032
Base Year	2023
Forecast Period	2024-2032
Historical Year	2022
Unit	USD Million
Segmentation
	Application Primary Power Back-up Power Combined Heat & Power (CHP)
	Technology PEMFC PAFC MCFC SOFC
	End-use Commercial Industrial Residential
	Region Segment (2022-2032; US$ Million) North America U.S. Canada Rest of North America UK and European Union UK Germany Spain Italy France Rest of Europe Asia Pacific China Japan India Australia South Korea Rest of Asia Pacific Latin America Brazil Mexico Rest of Latin America Middle East and Africa GCC Africa Rest of Middle East and Africa

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Stationary Fuel Cells market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Stationary Fuel Cells market?
Which is the largest regional market for Stationary Fuel Cells market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Stationary Fuel Cells market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Stationary Fuel Cells market worldwide?