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Fuel Cell Market for Prime Power by Product and Geography - Forecast and Analysis 2022-2026

  • Published: May 2022
  • Pages: 146
  • SKU: IRTNTR70255
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The fuel cell market share for prime power is expected to increase to USD 177.71 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 16.6%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

This fuel cell market for prime power research report extensively covers market segmentation by product (PEMFC, PAFC, SOFC, and others) and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The fuel cell market vendors for prime power studied and compiled in this report include AFC Energy PLC, Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Cummins Inc., Doosan Corp., EBZ SE, EnergyOr Technologies Inc., FuelCell Energy Inc., Fuji Electric Co. Ltd., GenCell Ltd., Kyocera Corp., Linde Plc, Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, SFC Energy AG, SolidPower Spa, and TW Horizon Fuel Cell Technologies among others.

What will the Fuel Cell Market Size for Prime Power be During the Forecast Period?

Download the Free Report Sample to Unlock the Fuel Cell Market Size for Prime Power for the forecast Period and Other Important Statistics

 

Fuel Cell Market for Prime Power: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The supportive government policies for the adoption of fuel cells is notably driving the fuel cell market growth for prime power, although factors such as high cost of fuel cell may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fuel cell industry for prime power. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Fuel Cell Market Driver for Prime Power

  • One of the key factors driving growth in the fuel cell market for prime power is the supportive government policies for the adoption of fuel cells. As countries are adopting new technologies to reduce the share of fossil fuel in the energy mix and reduce GHG emission, the demand for clean technologies such as fuel cells is increasing.
  • Fuel cells can efficiently generate electricity and thermal heat. As distributed generation systems, they can partially supplement the grid needs and reduce the load on the grid. Therefore, owing to these benefits of fuel cells, governments are providing funding and incentives to increase their adoption.
  • Governments of several countries are providing funding and incentives to promote the R&D and adoption of fuel cells.
  • The US DOE FE selected two projects in March 2018, which will receive approximately $2.8 million in federal funding for cost-shared R&D projects. The projects are aimed at advancing SOFC technology and enabling near-zero-emission and cost-competitive fossil-based power generation.

Key Fuel Cell Market Trend for Prime Power

  • The growing preference for self-generation of electricity is a fuel cell market trend for prime power that is expected to have a positive impact in the coming years.
  • The adoption of distributed energy generation is mainly driven by the growing need for reliable power supplies in developed countries.
  • Customers are seeking increased reliability and resiliency due to instances of natural calamities disrupting the continuous flow of power.
  • The advantages of self-generation of prime power include elimination of grid dependency, energy cost savings due to improved efficiency, and greater control over the power generation resources. Thus, the advantages of fuel cells over popular distributed generation sources are expected to have a positive impact on their adoption.
  • Fuel cell systems receive subsidies and feed-in tariffs for installation, which, in turn, reduces the capital and operation costs. Several corporations are also installing fuel cells to self-generate their power requirements, owing to their numerous benefits.
  • The transitioning to decentralized power is expected to have a positive impact on the global fuel cell market for prime power during the forecast period.

Key Fuel Cell Market Challenge for Prime Power

  • The high cost of fuel cell will be a major challenge for the fuel cell market for prime power during the forecast period.
  • Fuel cells have been in use for decades and were initially used to power space missions during the 1960s.
  • Fuel cells for commercial and industrial locations were developed during the 1990s. However, they have not been able to penetrate the market due to low end-user acceptance compared with other technologies like batteries. 
  • The price of fuel cells dropped significantly over the recent years due to factors such as high natural gas production in the US (natural gas is a source of hydrogen used as fuel in a fuel cell) and ongoing R&D activities on fuel cell technology.
  • The cost is still a primary factor affecting the acceptance of the technology, as both fuel cell systems and its fuel are expensive when compared with alternative technologies such as gas generators and lithium-ion batteries.

This fuel cell market for prime power analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global fuel cell for prime power market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the fuel cell market for prime power during the forecast period.

Who are the Major Fuel Cell Market Vendors for Prime Power?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AFC Energy PLC
  • Ballard Power Systems Inc.
  • Bloom Energy Corp.
  • Ceres Power Holdings plc
  • Convion Ltd.
  • Cummins Inc.
  • Doosan Corp.
  • EBZ SE
  • EnergyOr Technologies Inc.
  • FuelCell Energy Inc.
  • Fuji Electric Co. Ltd.
  • GenCell Ltd.
  • Kyocera Corp.
  • Linde Plc
  • Mitsubishi Heavy Industries Ltd.
  • Plug Power Inc.
  • PowerCell Sweden AB
  • SFC Energy AG
  • SolidPower Spa
  • TW Horizon Fuel Cell Technologies

 

This statistical study of the fuel cell market for prime power encompasses successful business strategies deployed by the key vendors. The fuel cell market for prime power is fragmented and the vendors are deploying growth strategies such as developing technologically advanced offerings to compete in the market.

Product Insights and News

  • Ballard Power Systems Inc. - The company offers fuel cells for prime power that designs, develops, manufactures, sells and services hydrogen fuel cells which are used in industries such as materials handling, residential cogeneration, backup power, and transportation.

  • AFC Energy PLC - The company offers coal handling equipment in the mining industry such as coal transport which is built for rough terrain to carry higher volume of coal.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The fuel cell market for prime power forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Fuel Cell Market for Prime Power Value Chain Analysis

Our report provides extensive information on the value chain analysis for the fuel cell market for prime power, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Fuel Cell Market for Prime Power?

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39% of the market’s growth will originate from APAC during the forecast period. South Korea, Japan, and China are the key markets for fuel cells for prime power in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The advances in technology and increasing investment in fuel cell technology will facilitate the fuel cell market growth for prime power in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 and the measures implemented in China led to widespread economic disruptions in 2020, which delivered a hard blow to the economy of APAC. Therefore, most governments of affected countries, such as India and China, resorted to infrastructure rehabilitation as an economic stimulus method. The COVID-19 outbreak in APAC has hit various verticals of industries, including the renewable energy sector. Up to 150 gigawatts (GW) of wind and solar and fuel cell power projects across APAC may be postponed or canceled over the next five years due to lockdowns in various countries, such as India, China, South Korea, and Japan.

What are the Revenue-generating Product Segments in the Fuel Cell Market for Prime Power?

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The fuel cell market share growth for prime power by the PEMFC segment will be significant during the forecast period. The PEMFC segment dominated the market due to the various advantages of these fuel cells, which include fast start-up time, low operating temperature, compactness, sustainable operations in high energy density, and low emissions. The benefits of PEMFC have led several dominant vendors, such as Ballard Power Systems and PLUG POWER, to focus on this product type. PEMFCs are preferred, owing to their higher efficiency and reliability. As a result, governments are subsidizing fuel cell systems and making them eligible for feed-in tariffs, such as India adopting renewable energy subsidies for emerging technologies and grid balancing. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the fuel cell market size for prime power and actionable market insights on post COVID-19 impact on each segment.

 

Fuel Cell Market Scope for Prime Power

Report Coverage

Details

Page number

120

Base year

2021

forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 16.6%

Market growth 2022-2026

$ 177.71 million

Market structure

Fragmented

YoY growth (%)

12.01

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 39%

Key consumer countries

US, South Korea, Japan, China, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AFC Energy PLC, Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Cummins Inc., Doosan Corp., EBZ SE, EnergyOr Technologies Inc., FuelCell Energy Inc., Fuji Electric Co. Ltd., GenCell Ltd., Kyocera Corp., Linde Plc, Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, SFC Energy AG, SolidPower Spa, and TW Horizon Fuel Cell Technologies

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

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What are the Key Data Covered in this Fuel Cell Market for Prime Power Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive fuel cell market for prime power growth during the next five years
  • Precise estimation of the fuel cell market for prime power size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the fuel cell industry for prime power across APAC, North America, Europe, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of fuel cell market for prime power vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 24: Chart on Product - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Product - Market share 2021-2026 (%)
    • 5.2 Comparison by Product
      • Exhibit 26: Chart on Comparison by Product
      • Exhibit 27: Data Table on Comparison by Product
    • 5.3 PEMFC - Market size and forecast 2021-2026
      • Exhibit 28: Chart on PEMFC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on PEMFC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on PEMFC - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on PEMFC - Year-over-year growth 2021-2026 (%)
    • 5.4 PAFC - Market size and forecast 2021-2026
      • Exhibit 32: Chart on PAFC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on PAFC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on PAFC - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on PAFC - Year-over-year growth 2021-2026 (%)
    • 5.5 SOFC - Market size and forecast 2021-2026
      • Exhibit 36: Chart on SOFC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on SOFC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on SOFC - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on SOFC - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by Product
      • Exhibit 44: Market opportunity by Product ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.7 South America - Market size and forecast 2021-2026
      • Exhibit 66: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 South Korea - Market size and forecast 2021-2026
      • Exhibit 74: Chart on South Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on South Korea - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on South Korea - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on South Korea - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 Germany - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.12 China - Market size and forecast 2021-2026
      • Exhibit 86: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 90: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 91: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 93: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 94: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 95: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 96: Matrix on vendor position and classification
            • 10.3 Ballard Power Systems Inc.
              • Exhibit 97: Ballard Power Systems Inc. - Overview
              • Exhibit 98: Ballard Power Systems Inc. - Business segments
              • Exhibit 99: Ballard Power Systems Inc. - Key news
              • Exhibit 100: Ballard Power Systems Inc. - Key offerings
              • Exhibit 101: Ballard Power Systems Inc. - Segment focus
            • 10.4 Bloom Energy Corp.
              • Exhibit 102: Bloom Energy Corp. - Overview
              • Exhibit 103: Bloom Energy Corp. - Product / Service
              • Exhibit 104: Bloom Energy Corp. - Key news
              • Exhibit 105: Bloom Energy Corp. - Key offerings
            • 10.5 Ceres Power Holdings plc
              • Exhibit 106: Ceres Power Holdings plc - Overview
              • Exhibit 107: Ceres Power Holdings plc - Business segments
              • Exhibit 108: Ceres Power Holdings plc - Key news
              • Exhibit 109: Ceres Power Holdings plc - Key offerings
              • Exhibit 110: Ceres Power Holdings plc - Segment focus
            • 10.6 Doosan Corp.
              • Exhibit 111: Doosan Corp. - Overview
              • Exhibit 112: Doosan Corp. - Business segments
              • Exhibit 113: Doosan Corp. - Key news
              • Exhibit 114: Doosan Corp. - Key offerings
              • Exhibit 115: Doosan Corp. - Segment focus
            • 10.7 FuelCell Energy Inc.
              • Exhibit 116: FuelCell Energy Inc. - Overview
              • Exhibit 117: FuelCell Energy Inc. - Business segments
              • Exhibit 118: FuelCell Energy Inc. - Key offerings
              • Exhibit 119: FuelCell Energy Inc. - Segment focus
            • 10.8 Fuji Electric Co. Ltd.
              • Exhibit 120: Fuji Electric Co. Ltd. - Overview
              • Exhibit 121: Fuji Electric Co. Ltd. - Business segments
              • Exhibit 122: Fuji Electric Co. Ltd. - Key offerings
              • Exhibit 123: Fuji Electric Co. Ltd. - Segment focus
            • 10.9 Linde Plc
              • Exhibit 124: Linde Plc - Overview
              • Exhibit 125: Linde Plc - Business segments
              • Exhibit 126: Linde Plc - Key news
              • Exhibit 127: Linde Plc - Key offerings
              • Exhibit 128: Linde Plc - Segment focus
            • 10.10 Mitsubishi Heavy Industries Ltd.
              • Exhibit 129: Mitsubishi Heavy Industries Ltd. - Overview
              • Exhibit 130: Mitsubishi Heavy Industries Ltd. - Business segments
              • Exhibit 131: Mitsubishi Heavy Industries Ltd. - Key news
              • Exhibit 132: Mitsubishi Heavy Industries Ltd. - Key offerings
              • Exhibit 133: Mitsubishi Heavy Industries Ltd. - Segment focus
            • 10.11 Plug Power Inc.
              • Exhibit 134: Plug Power Inc. - Overview
              • Exhibit 135: Plug Power Inc. - Product / Service
              • Exhibit 136: Plug Power Inc. - Key offerings
            • 10.12 SolidPower Spa
              • Exhibit 137: SolidPower Spa - Overview
              • Exhibit 138: SolidPower Spa - Product / Service
              • Exhibit 139: SolidPower Spa - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 140: Inclusions checklist
                • Exhibit 141: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 142: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 143: Research methodology
                • Exhibit 144: Validation techniques employed for market sizing
                • Exhibit 145: Information sources
              • 11.5 List of abbreviations
                • Exhibit 146: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The fuel cell market for prime power market growth will increase by $$ 177.71 mn during 2023-2026.
              The fuel cell market for prime power market is expected to grow at a CAGR of 16.6% during 2023-2026.
              Technavio has segmented the fuel cell market for prime power market by product (PEMFC, PAFC, SOFC, and Others) ,geography (APAC, North America, Europe, Middle East and Africa, and South America) , and geographic (APAC, North America, Europe, South America, and MEA).
              AFC Energy PLC, Ballard Power Systems Inc., Bloom Energy Corp., Ceres Power Holdings plc, Convion Ltd., Cummins Inc., Doosan Corp., EBZ SE, EnergyOr Technologies Inc., FuelCell Energy Inc., Fuji Electric Co. Ltd., GenCell Ltd., Kyocera Corp., Linde Plc, Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, SFC Energy AG, SolidPower Spa, TW Horizon Fuel Cell Technologies are a few of the key vendors in the fuel cell market for prime power market.
              APAC will register the highest growth rate of 39% among the other regions. Therefore, the fuel cell market for prime power market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the fuel cell market for prime power market growth are:
              • Supportive government policies for adoption of fuel cells
              • Growing preference for self-generation of electricity
              The fuel cell market for prime power market vendors should focus on grabbing business opportunities from the pemfc segment as it accounted for the largest market share in the base year.
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