Stationary Fuel Cell Market to Reach $9.0 Billion, Globally, by 2031 at 13.1% CAGR: Allied Market Research

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Feb 27, 2023, 10:40 ET

PORTLAND, Ore., Feb. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Stationary Fuel Cell Market by Capacity (Less than 1kW, 1 KW to 5kW, 5kW to 250kW, 250kW to 1MW, More than 1MW), by Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), Others), by Application (Combined Heat and Power (CHP), Prime Power, Uninterrupted Power Supply (UPS), Others), by End-Use Industry (Transportation, Defense, Oil and Gas, Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global stationary fuel cell industry was valued at $2.6 billion in 2021 and is estimated to generate $9.0 billion by 2031, witnessing a CAGR of 13.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

The rise in demand for clean power generation for the transport and power sectors, an increase in distributed power systems, and high efficiency of fuel cells than other power generating systems drive cell market. However, the high cost of fuel cell systems and lack of hydrogen infrastructure hinder the global market growth. On the other hand, technological advancements in fuel cells, such as flexibility & improving operational efficiency, and rapid investment toward R&D of fuel cell systems will present new growth opportunities for the global stationary fuel cell market in the coming years.

Covid-19 Scenario

During the COVID-19 pandemic, lockdowns and curfews caused various manufacturing processes to be halted, forcing fuel prices to skyrocket.
Moreover, rise in customer knowledge about the need to cut GHG emissions and improve air quality is expected to boost the market demand.

The 5kW to 250kW segment to grab the largest revenue during the forecast period

Based on capacity, the 5kW to 250kW segment contributed to the largest share of more than two-fifths of the global stationary fuel cell market in 2021 and is expected to rule the roost during the forecast period. The government programs and incentives, particularly in organizations for economic co-operation and development (OCED) in countries such as the U.S., the UK, Germany, Japan, and others are expected to drive the growth of combined heat and power, which has a significant impact on the development of the 5kW to 250kW fuel cells. However, the more than 1MW segment is projected to witness the fastest CAGR of 14.0% from 2022 to 2031. Stationary fuel cells in the 1MW category have a wide range of applications in the power generation industry.

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The proton exchange membrane fuel cell (PEMFC) segment to dominate the market during the forecast period

Based on type, the proton exchange membrane fuel cell (PEMFC) segment contributed to the largest share of nearly three-fifths of the global stationary fuel cell market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. Increased investment in R&D and high adoption of zero-emission vehicles drive the growth of the segment. However, the molten carbonate fuel cell (MCFC) segment is projected to witness the fastest CAGR of 14.6% from 2022 to 2031. This is due to the development of molten carbonate fuel cells that use CO2 as a reactant. The increase in global warming due to greenhouse gases, especially CO2, plays a major role in environmental changes. Hence, molten carbonates are being used as a raw material to produce MCFCs.

Asia-Pacific to achieve the largest revenue and fastest growth by 2031

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly three-fifths of the global stationary fuel cell market and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 13.5% during the forecast period. Asia-Pacific has amazing potential for the stationary fuel cell market due to the rising concerns from governments across emerging nations, such as China, India, and South Korea, towards zero carbon emission norms. The rise in automotive businesses and growth in the power & electronics sector in China and India are gaining traction for fuel cells from these sectors, which is projected to drive the growth of the market during the forecast period.

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Leading Market Players

Ballard Power Systems
Fuji Electric Co Ltd.
Horizon Fuel Cell Technologies Pte Ltd.
Plug Power Inc.
Mitsubishi Hitachi Power Systems Ltd.
Toshiba Fuel Cell Power Systems Corporation
Posco Energy
Denso Corporation
Fuelcell Energy Inc.
Aisin Seiki Co., Ltd.

The report analyzes these key players of the global stationary fuel cell market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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