Stationary Fuel Cell Market Size to Grow by 442.51 MW | Rising Energy Consumption to Drive Growth | Technavio
NEW YORK, April 18, 2022 /PRNewswire/ -- The stationary fuel cell market share is expected to increase by 442.51 megawatts from 2021 to 2026. Moreover, the growth momentum of the market will accelerate at a CAGR of 20.22% during the forecast period.
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Driver and Challenge
The rising energy consumption due to the rapid growth in urbanization is driving the global stationary fuel cell industry growth. Currently, fossil fuel meets most of the power demands. However, it is harmful to the atmosphere. Thus, various countries across the world are making efforts in decarbonizing the power system, which has increased the demand for a clean and efficient power source. Fuel cells are highly efficient. Power is generated through an electrochemical reaction in fuel cells, which does not involve any combustion. The by-products from the process are water and heat, thus making fuel cells one of the cleanest power sources. Therefore, the growing adoption of stationary fuel cells will drive the market during the forecast period.
The high cost of fuel cells is challenging the global stationary fuel cell market growth. The adoption of fuel cells has increased gradually over the years owing to their higher efficiency and environmental benefits. However, their cost is relatively higher than alternative technologies such as gas engines or micro-turbine. Thus, manufacturers need subsidies to stay competitive in the market to reduce initial costs and increase adoption. However, subsidies would gradually reduce, which would make it necessary to increase investments in technology developed to reduce the overall cost. Such factors may limit the market growth during the forecast period.
Major Stationary Fuel Cell Companies:
- AFC Energy PLC
- Aisin Corp.
- Altergy Systems
- AVL List GmbH
- Ballard Power Systems Inc.
- Bloom Energy Corp.
- Cellkraft AB
- Ceres Power Holdings plc
- Convion Ltd.
- Doosan Corp.
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Stationary Fuel Cell Market Application Outlook (Revenue, USD MW, 2021-2026)
- Prime power - size and forecast 2021-2026
- Combined heat and power - size and forecast 2021-2026
- Others - size and forecast 2021-2026
Stationary Fuel Cell Market Geography Outlook (Revenue, USD MW, 2021-2026)
- North America - size and forecast 2021-2026
- APAC - size and forecast 2021-2026
- Europe - size and forecast 2021-2026
- South America - size and forecast 2021-2026
- MEA - size and forecast 2021-2026
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Regional Analysis
APAC will account for 42% of the market's growth during the forecast period. The increase in investment in fuel cells and advances in technology will drive the stationary fuel cell market growth in APAC during the forecast period. Market growth in this region will be faster than the growth of the market in other regions. Japan, South Korea (Republic of Korea), and China are the key countries for the stationary fuel cells market in APAC.
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Stationary Fuel Cell Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2021 |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 20.22% |
Market growth 2022-2026 | 442.51 MW |
Market structure | Fragmented |
YoY growth (%) | 19.47 |
Regional analysis | North America, APAC, Europe, South America, and MEA |
Performing market contribution | APAC at 42% |
Key consumer countries | US, Japan, South Korea (Republic of Korea), Germany, and China |
Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled | AFC Energy PLC, Aisin Corp., Altergy Systems, AVL List GmbH, Ballard Power Systems Inc., Bloom Energy Corp., Cellkraft AB, Ceres Power Holdings plc, Convion Ltd., and Doosan Corp. |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1. Executive Summary
1.1 Market Overview
Exhibit 01: Key Finding 1
Exhibit 02: Key Finding 1
Exhibit 03: Key Finding 2
Exhibit 04: Key Finding 3
Exhibit 05: Key Finding 4
Exhibit 06: Key Finding 5
Exhibit 07: Key Finding 5
2. Market Landscape
2.1 Market ecosystem
Exhibit 08: Parent market
Exhibit 09: Market characteristics
2.2 Value chain analysis
Exhibit 10: Value chain analysis: Renewable electricity
2.2.1 Inputs
2.2.2 Electricity generation
2.2.3 Electricity transmission
2.2.4 Electricity distribution
2.2.5 End-users
3. Market Sizing
3.1 Market segment analysis
Exhibit 11: Market segments
3.2 Market size 2021
3.3 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.4 Market outlook: Forecast for 2021 - 2026
Exhibit 13: Global - Market size and forecast 2021 - 2026 (MW)
Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
4. Five Forces Analysis
4.1 Five Forces Summary
Exhibit 15: Five forces analysis 2021 & 2026
4.2 Bargaining power of buyers
Exhibit 16: Bargaining power of buyers
4.3 Bargaining power of suppliers
Exhibit 17: Bargaining power of suppliers
4.4 Threat of new entrants
Exhibit 18: Threat of new entrants
4.5 Threat of substitutes
Exhibit 19: Threat of substitutes
4.6 Threat of rivalry
Exhibit 20: Threat of rivalry
4.7 Market condition
Exhibit 21: Market condition - Five forces 2021
5 Market Segmentation by Application
5.1 Market segments
Exhibit 22: Application - Market share 2021-2026 (%)
5.2 Comparison by Application
Exhibit 23: Comparison by Application
5.3 Prime power - Market size and forecast 2021-2026
Exhibit 24: Prime power - Market size and forecast 2021-2026 (MW)
Exhibit 25: Prime power - Year-over-year growth 2021-2026 (%)
5.4 Combined heat and power - Market size and forecast 2021-2026
Exhibit 26: Combined heat and power - Market size and forecast 2021-2026 (MW)
Exhibit 27: Combined heat and power - Year-over-year growth 2021-2026 (%)
5.5 Others - Market size and forecast 2021-2026
Exhibit 28: Others - Market size and forecast 2021-2026 (MW)
Exhibit 29: Others - Year-over-year growth 2021-2026 (%)
5.6 Market opportunity by Application
Exhibit 30: Market opportunity by Application
6. Customer landscape
6.1 Overview
Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
Exhibit 31: Customer landscape
7. Geographic Landscape
7.1 Geographic segmentation
Exhibit 32: Market share by geography 2021-2026 (%)
7.2 Geographic comparison
Exhibit 33: Geographic comparison
7.3 North America - Market size and forecast 2021-2026
Exhibit 34: North America - Market size and forecast 2021-2026 (MW)
Exhibit 35: North America - Year-over-year growth 2021-2026 (%)
7.4 APAC - Market size and forecast 2021-2026
Exhibit 36: APAC - Market size and forecast 2021-2026 (MW)
Exhibit 37: APAC - Year-over-year growth 2021-2026 (%)
7.5 Europe - Market size and forecast 2021-2026
Exhibit 38: Europe - Market size and forecast 2021-2026 (MW)
Exhibit 39: Europe - Year-over-year growth 2021-2026 (%)
7.6 South America - Market size and forecast 2021-2026
Exhibit 40: South America - Market size and forecast 2021-2026 (MW)
Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
7.7 MEA - Market size and forecast 2021-2026
Exhibit 42: MEA - Market size and forecast 2021-2026 (MW)
Exhibit 43: MEA - Year-over-year growth 2021-2026 (%)
7.8 Key leading countries
Exhibit 44: Key leading countries
7.9 Market opportunity by geography
Exhibit 45: Market opportunity by geography ($ billion)
8. Drivers, Challenges, and Trends
8.1 Market drivers
8.1.1 Rising energy consumption
8.1.2 Growing adoption of fuel cells for combined heat and power
8.1.3 Favorable government policies
8.2 Market challenges
8.2.1 High fuel cell cost
8.2.2 Competition from alternative technologies
8.2.3 Declining lithium-ion battery price
Exhibit 46: Impact of drivers and challenges
8.3 Market trends
8.3.1 Growing preference for self-generation
8.3.2 Increasing R&D funding for fuel cell development
8.3.3 Development of zero energy homes
9. Vendor Landscape
9.1 Overview
Exhibit 47: Vendor landscape
The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
9.2 Landscape disruption
Exhibit 48: Landscape disruption
Exhibit 49: Industry risks
10. Vendor Analysis
10.1 Vendors covered
Exhibit 50: Vendors covered
10.2 Market positioning of vendors
Exhibit 51: Market positioning of vendors
10.3 AFC Energy PLC
Exhibit 52: AFC Energy PLC - Overview
Exhibit 53: AFC Energy PLC - Business segments
Exhibit 54: AFC Energy PLC- Key news
Exhibit 55: AFC Energy PLC - Key offerings
Exhibit 56: AFC Energy PLC - Segment focus
10.4 Aisin Corp.
Exhibit 57: Aisin Corp. - Overview
Exhibit 58: Aisin Corp. - Business segments
Exhibit 59: Aisin Corp. - Key offerings
Exhibit 60: Aisin Corp. - Segment focus
10.5 Altergy Systems
Exhibit 61: Altergy Systems - Overview
Exhibit 62: Altergy Systems - Product and service
Exhibit 63: Altergy Systems - Key offerings
10.6 AVL List GmbH
Exhibit 64: AVL List GmbH - Overview
Exhibit 65: AVL List GmbH - Product and service
Exhibit 66: AVL List GmbH - Key offerings
10.7 Ballard Power Systems Inc.
Exhibit 67: Ballard Power Systems Inc. - Overview
Exhibit 68: Ballard Power Systems Inc. - Business segments
Exhibit 69: Ballard Power Systems Inc.-Key news
Exhibit 70: Ballard Power Systems Inc. - Key offerings
Exhibit 71: Ballard Power Systems Inc. - Segment focus
10.8 Bloom Energy Corp.
Exhibit 72: Bloom Energy Corp. - Overview
Exhibit 73: Bloom Energy Corp. - Product and service
Exhibit 74: Bloom Energy Corp.- Key news
Exhibit 75: Bloom Energy Corp. - Key offerings
10.9 Cellkraft AB
Exhibit 76: Cellkraft AB - Overview
Exhibit 77: Cellkraft AB - Business segments
Exhibit 78: Cellkraft AB - Key offerings
Exhibit 79: Cellkraft AB - Segment focus
10.10 Ceres Power Holdings plc
Exhibit 80: Ceres Power Holdings plc - Overview
Exhibit 81: Ceres Power Holdings plc - Business segments
Exhibit 82: Ceres Power Holdings Plc.- Key news
Exhibit 83: Ceres Power Holdings plc - Key offerings
Exhibit 84: Ceres Power Holdings plc - Segment focus
10.11 Convion Ltd.
Exhibit 85: Convion Ltd. - Overview
Exhibit 86: Convion Ltd. - Business segments
Exhibit 87: Convion Ltd.- Key news
Exhibit 88: Convion Ltd. - Key offerings
Exhibit 89: Convion Ltd. - Segment focus
10.12 Doosan Corp.
Exhibit 90: Doosan Corp. - Overview
Exhibit 91: Doosan Corp. - Business segments
Exhibit 92: Doosan Corp.- Key news
Exhibit 93: Doosan Corp. - Key offerings
Exhibit 94: Doosan Corp. - Segment focus
11. Appendix
11.1 Scope of the report
11.1.1 Market definition
11.1.2 Objectives
11.1.3 Notes and Caveats
11.2 Currency conversion rates for US$
Exhibit 95: Currency conversion rates for US$
11.3 Research Methodology
Exhibit 96: Research Methodology
Exhibit 97: Validation techniques employed for market sizing
Exhibit 98: Information sources
11.4 List of abbreviations
Exhibit 99: List of abbreviations
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