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The North America fuel cell market size is forecast to increase by USD 5.08 billion, at a CAGR of 21.34% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand for the rising adoption of solid oxide electrolyzers, increasing adoption of fuel cells in transportation, and the emergence of self-healing membranes in fuel cells.
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Emergence of self-healing membranes is notably driving the market growth. Self-healing membranes can repair small damages and defects autonomously, thereby extending the durability and lifespan of systems. These membranes can mitigate degradation and performance losses caused by mechanical stress, chemical exposure, and other factors during operation. Enhanced durability reduces maintenance requirements and prolongs the service life of cell systems, making them more cost-effective and attractive for commercial deployment in North America.
Moreover, the use of self-healing membranes leads to cost reduction manufacturing and operation. By extending the lifespan of components and reducing the need for frequent maintenance and replacements, self-healing membranes lower the total cost of ownership of fuel cell systems over their operational lifetime. Thus, the emergence of self-healing membranes will strengthen the growth of the market during the forecast period.
The stationary segment is estimated to witness significant growth during the forecast period. The offer high energy conversion efficiency, typically higher than conventional combustion-based technologies. This efficiency can result in cost savings and reduced environmental impact, making cells attractive for stationary power generation applications where efficiency is crucial. The demand for energy-efficient solutions drives the adoption in North America, especially in industries and commercial buildings seeking to minimize energy costs and improve sustainability.
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Moreover, they are used for these applications are typically in the range of 0.5 to 2 MW. PEMFCs, MCFCs, and SOFCs are the commonly used fuel cell types for stationary applications. The reliability of fuel cells is a significant factor driving their demand, particularly in critical infrastructure, healthcare facilities, data centers, and industrial operations. Fuel cells produce electricity through electrochemical reactions, resulting in lower emissions of greenhouse gases and air pollutants compared to combustion-based technologies. This environmental advantage aligns with sustainability goals, emission reduction targets, and regulatory requirements in North America, driving the adoption of fuel cells in stationary applications seeking cleaner and more environmentally friendly energy solutions. The increasing demand for environmentally sustainable electrical power generation solutions will contribute to the growth of the stationary segment of the market during the forecast period.
The retail hydrogen stations, essential for fueling light-duty vehicles powered by fuel cell electric vehicles. The industry eyes scalability, with capacity measured in MW (megawatt), driven by advancements in PEM stack cell technology. These innovations herald a pivotal shift towards sustainable energy solutions, with retail hydrogen stations emerging as key infrastructure to support the growing adoption of fuel-cell electric vehicles, reshaping the landscape of transportation and energy consumption in North America.
Rising innovations supporting energy efficiency is notably driving market growth. Through innovations in materials, design, and manufacturing processes, cells can now convert a higher proportion of fuel into electricity. This increased efficiency reduces fuel consumption and operating costs, making cells more economically viable for applications such as transportation. Additionally, improved cell architectures enable higher power densities, allowing fuel cells to deliver more power from a smaller and lighter package. This increase in power density enhances the versatility and applicability of cells in various applications, including automotive, aerospace, and portable power.
Furthermore, advanced architectures offer modularity and scalability, allowing for the customization and optimization of fuel cell systems to meet specific power requirements. Modular designs enable the integration of multiple fuel cell modules to achieve higher power outputs or redundancy, while scalable architectures accommodate different power levels and configurations to suit diverse applications. Thus, rising innovations supporting energy efficiency will propel the growth of the market during the forecast period.
Fuel cell durability issues leading to high dependency on subsidies is a significant challenge hindering market growth. Fuel cell systems' durability is lower than internal combustion engines, especially in specific temperature and humidity ranges. Fuel cell stacks durability is half the rate required for commercialization. Though fuel cell adoption has increased gradually over the years due to high efficiency and environmental benefits, it still commands a relatively higher cost compared with other alternative technologies, such as batteries, which is one of the fastest-growing alternative vehicle motive technologies. Even though FCEVs provide faster refueling and higher range and energy density than batteries, they are relatively expensive.
For instance, the price of Toyota's FCEV Mirai starts from USD 57,000, whereas the price of Nissan's EV Leaf starts from USD 29,000 (prices vary from region to region). This huge price gap has made subsidies a necessity for fuel cells to stay competitive with other technologies. However, subsidies will gradually be reduced, which makes it imperative to increase investments in new technology to reduce the overall cost, which will hinder the growth of the market during the forecast period.
The market forecasting research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acumentrics Inc. - The company offers fuel cell products such as LFP EXT Battery Pack ANG1251XRBPLI C3, LFP Battery Pack ACG1252BPLI, LFP EXT Battery Pack ACG2500XRBPLi, LFP Internal Battery Pack ACB2503, and more.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Market Analyst Overview
The market presents a promising landscape for innovation and sustainability initiatives. With growing concerns over environmental impact, coupled with advancements in technology, the market witnesses significant traction. Government initiatives and private investment support drive the development of alternate energy storage systems, including lithium-ion batteries and hydrogen supply infrastructure for FCEVs (Fuel Cell Electric Vehicles). As the United States leads in commercial-scale deployment, initiatives like the Zero Emission Vehicle Program incentivize the adoption of fuel cell electric vehicle (FCEV)
Key players such as Hyundai and Hyundai Motor Company are at the forefront, showcasing advancements in Polymer Electrolyte Membrane Fuel Cell (PEM) technology and PEMFC (Proton Exchange Membrane Fuel Cell). The introduction of vehicles like the XCIENT Fuel Cell trucks at events like the Advanced Clean Transportation (ACT) Expo underscores industry commitment to sustainable transportation solutions.
Collaboration between government and industry players facilitates advancements in fuel cell stationary power and household heat and power applications, driving down production costs and enhancing the viability of FCEVs and related technologies like DMFC (Direct Methanol Fuel Cell and SOFC (Solid Oxide Fuel Cell).
The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.34% |
Market growth 2024-2028 |
USD 5.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.1 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acumentrics Inc., AVL List GmbH, Ballard Power Systems Inc., Bloom Energy Corp., BorgWarner Inc., Cummins Inc., Doosan Corp., ellcentric GmbH and Co. KG, FuelCell Energy Inc., General Motors Co., Hyster Yale Materials Handling Inc., Loop Energy Inc., Plug Power Inc., SFC Energy AG, The Symbio SAS, and Watt Fuel Cell Corp. |
Market dynamics |
Parent market growth 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 the 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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