NEWARK, DE / ACCESSWIRE / June 1, 2023 / The global fuel cell for stationary power market is predicted to expand at 11.1% CAGR over the estimated period, as per FMI's analysis. The industry's size is predicted to reach a market value of US$ 1,981.4 million in 2023.
Surging demand for small and large-capacity fuel cell systems is expected to fuel market development. In addition, escalating investments from the public and private sectors concentrated on constructing hydrogen infrastructure are expected to create significant growth opportunities in the future.
Supportive norms and regulations, plus the soaring investments to electrify remote areas are expected to bolster product deployment. Heightened consumer awareness regarding clean energy solutions and technologies is anticipated to augment market growth. Additionally, the market statistics are expected to be influenced by the heightened demand for large multi-megawatt units that offer electricity in off-grid areas.
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The market size is projected to be accelerated by improved product proliferation for short-time supply across tetra networks, telecommunication base stations, and data centers. Many industry players are intent on creating new innovative products.
In South Korea and Japan, research and development activities for transmission solutions and efficient power generation is expected to decarbonize the energy sector. Several government funding programs with surging deployment for large- and small-scale stationary fuel cells are expected to bolster regional growth. For example, the government of South Korea intends to employ about 15 GW of volume for utility-scale fuel cells by the year 2040.
The growth of China's fuel cell for the stationary power industry is expected to be driven by shifting government emphasis on technological advances for hydrogen FC applications. In 2021, MOST offered FC cogeneration as a significant hydrogen-energy technology. In addition to this, the deployment of state and national-level policies throughout China is expected to foster the growth of cogeneration technology.
Top Highlights from the FMI's Analysis of Fuel Cells for the Stationary Power Industry:
- The United States market for fuel cells for stationary power is projected to gain a 21.7% market share in 2023.
- Germany's fuel cell for stationary power is anticipated to acquire a 5.8% market share in 2023.
- Japan's market is expected to gain hold of 4.2% market share.
- Australia's fuel cell for stationary power is anticipated to obtain 0.7% in 2023.
- Countries in Asia such as China and India are expected to register CAGR of 13.2% and 12.6% in the upcoming years.
- The United Kingdom is projected to expand at a CAGR of 8% from 2023 to 2033.
- As per FMI's research, 3 kW to 10 KW, the top device segment, is projected to gain a value share of 42.2% in 2023.
- The commercial end-use segment is expected to procure a value share of 40.6% in 2023.
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Industry Update: Market Scenario on the Competitive Front
On the competitive front, key players are investing in technological advancements. These are being supported by the surging research and development activities for the development of new products. Product deployment is expected to boom owing to inorganic strategic measures like mergers and acquisitions, joint ventures, etc. For instance,
- In 2022, Ballard Power Systems came into a strategic alliance with the road equipment vendor for 31 fuel cell modules. These can offer 3 MW hydrogen fuel cell power.
Key Players Operating in the Fuel Cell for Stationary Power Market
- Cummins Inc.
- Ballard Power Systems
- Plug Power Inc.
- Nuvera Fuel Cells, LLC.
- Bloom Energy
- Doosan Fuel Cell Co., Ltd.
- Siemens Energy
- Fuji Electric Co., Ltd.
- Fuel Cell Energy, Inc.
- Toshiba Corporation
- SFC Energy AG
- Aris Renewable Energy LLC.
- Altergy
- AFC Energy PLC
- General Ltd.
Key Segments
By Device:
- < 3 kW
- 3 kW to 10 kW
- 10 kW to 50 kW
- > 50 kW
By Application:
- Prime power
- CHP
- Others
By End Use:
- Residential
- Commercial
- Industrial or Utility
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Device
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Device, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Device, 2023 to 2033
5.3.1. < 3 kW
5.3.2. 3 kW to 10 kW
5.3.3. 10 kW to 50 kW
5.3.4. > 50 kW
5.4. Y-o-Y Growth Trend Analysis By Device, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Device, 2023 to 2033
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About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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