About Residential Fuel Cell
Residential fuel cell is a term that is used to generate electricity for homes through electrochemical means. The residential fuel cell is based on combined heat and power, or micro-combined heat and power technology, which reduces carbon emissions. It is used for primary or backup power generation. There are a wide range of advantages, including high reliability, fuel flexibility, low emissions, and many more. Continuous research and development efforts have led to technological advancements in fuel cell technology, making it more reliable, cost-effective, and commercially viable. Innovations in materials, manufacturing processes, and system integration have contributed to improving the performance and durability of residential fuel cells.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is highly competitive with the active presence of dominant players. The residential fuel cell market presents a significant opportunity for companies involved in developing, manufacturing, and installing these systems. The residential fuel cell market is witnessing a convergence of technological innovation, market dynamics, and policy support, driving increased interest and investment in this promising clean energy solution. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bloom Energy (United States), American Fuel Cell & Coated Fabrics Co. (Columbia), Ballard Power Systems. (Canada), Fuel Cell Technologies. Inc. (United States), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), FuelCell Energy, Inc. (United States), Fuji Electric Co., Ltd (Japan), IHI Corporation (Japan), NUVERA FUEL CELLS, LLC, (United States), Plug Power Inc. (United States), Siemens Energy (Germany), Toshiba Energy Systems & Solutions Corporation (Japan), Panasonic Industry Europe GmbH (Germany), Altergy (United States), Doosan Fuel Cell Co., Ltd (South Korea) and Advent Technologies (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Residential Fuel Cell market by , Application (Power Grid, Online Monitoring, Gas Supply, Electricity, Peak Load Boiler and Others) and Region.
On the basis of geography, the market of Residential Fuel Cell has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. Solid oxide fuel cell will boost the Residential Fuel Cell market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Capacity, the sub-segment i.e. Low power (less than 1 kW) will boost the Residential Fuel Cell market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Direct Sale will boost the Residential Fuel Cell market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased adoption of fuel cell in various application in energy generation
Market Growth Drivers:
Increasing demand for renewable source of energy and Global shifts towards reducing carbon footprints
Challenges:
Storage and transportation of hydrogen is more complex and Hydrogen is highly flammable fuel source which is brings safety concern
Restraints:
Lack of infrastructure to support the distribution of hydrogen
Opportunities:
Develop multiple fuel option in residential fuel cell and Advances in fuel cell technology, such as improvements in efficiency, durability
Market Leaders and their expansionary development strategies
In January 2023, Advent Technologies Holdings, Inc an innovation-driven leader in the fuel cell and hydrogen technology sectors, has collaborated with Alfa Laval, a global provider of heat transfer, separation, and fluid handling products. The acquisition will enable a faster transition to a clean energy shipping sector.
In October 2021, Panasonic corporation is a pure hydrogen fuel cell generators launched the pure hydrogen fuel cell generator, which generates power through chemical reaction with high purity hydrogen and oxygen in the air. The new generator boasts the industry's best electrical efficiency of 56%. and In February 2024, Bekaert and Toshiba energy system and solution corporation has announced the partnership which includes a strategic cooperation agreement, and a manufacturing technology license for Membrane Electrode Assemblies a key component for Proton Exchange Membrane electrolyzer, that will help to accelerate the advance towards green hydrogen production.
Key Target Audience
Supplier, Manufacturer, End users’ industry, Research Organization, Government Regulatory and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.