About Fuel Cell Technology
Fuel cell refers to a device that produces electricity through a chemical reaction which is between source fuel and oxidant. The source fuel could be almost anything that can be oxidized, including hydrogen, methane, propane, methanol, diesel fuel or gasoline. The only byproducts are water and a small amount of nitrous oxide if the air is used as the oxidizer.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Fuel Cell Technology market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Fuel Cell Technology market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Fuel Cell Technology market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ballard (Canada), Ceramic Fuel Cell (Australia), Fuel Cell Energy (United States), Hydrogenics (Canada), Plug Power (United States), Toshiba Corp. (Japan), Plug Power Inc. (United States) and Horizon Fuel Cell Technologies Ltd. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Doosan Corp. (South Korea) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Fuel Cell Technology market by Type (Polymer Exchange MembraneFuel Cell, Direct Methanol Fuel Cell, Phosphoric Acid Fuel Cell, Molten Carbonate Fuel Cells, Solid Oxide Fuel Cell and Others), Application (Portable, Stationary and Transportation) and Region.
On the basis of geography, the market of Fuel Cell Technology 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, Sweden, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Emerging New Technology Market
Market Growth Drivers:
Higher Energy Density Compared to Battery, Requirement of More Resilient Energy Systems, Advantage Over the Backup Power Option and New Technologies in Hydrogen Storage
Challenges:
Low Penetration in Emerging Economics
Restraints:
High Cost of Catalyst and Durability of Fuel Cell
Opportunities:
High Demand in Fuel Cell Vehicles Market, Growing Awareness of Zero Emission Energy Sources and Shifting Focus Towards Renewable Energy with Growing Demand of Fuel Cell Vehicles
Market Leaders and their expansionary development strategies
In September 2022, Hydrasun, acquired Fuel Cell Systems (“FCS”), a leading provider of a range of hydrogen systems and applications including fuel cells, modular electrolyser systems, compression and storage, and mobile and static refuelling systems, along with a range of complimentary design consultancy services.
In January 2024, The Indian Space Research Organisation (Isro) has successfully launched a Fuel Cell Power System (FCPS) designed to test the power source for the upcoming Indian Space Station.
Key Target Audience
Fuel Cell Technology Provider, Fuel Cell Technology Supplier/Distributor, Potential Investors, Private research Organization, Government Research Organization 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.