Fuel Cell Market by Product, Application, and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR43911

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The fuel cell market has the potential to grow by 1584.77 MW during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 23.44%.

This fuel cell market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (PEMFC, PAFC, SOFC, and others), application (transport, stationary, and portable), and geography (Americas, APAC, and EMEA). The fuel cell market report also offers information on several market vendors, including Aisin Corp, Ballard Power Systems Inc., Bloom Energy Corp., Doosan Corp., FuelCell Energy Inc., Fuji Electric Co. Ltd., Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, and SFC Energy AG among others.

What will the Fuel Cell Market Size be in 2021?


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Fuel Cell Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing demand for efficient and clean energy sources is notably driving the fuel cell market growth, although factors such as the high cost of fuel cell may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the fuel cell market industry get your FREE report sample now.

  • Growing demand for efficient and clean energy sources is a key driver augmenting the fuel cell market growth.
  • Other than electricity generation, coal is also predominantly used for heat generation. As a result, coal is one of the highest contributors to global CO2 emissions, which has a high negative impact on the environment. 
  • The adoption of cleaner and efficient power sources is increasing to mitigate climate changes amid the growing environmental concerns. 
  • Fuel cells have emerged as an efficient and reliable alternate technology for electricity generation, heating, and other prime power applications, as they can supply heat and power with high efficiency.
  • Growing government incentives to increase adoption of fuel cell vehicles is another key driver boosting the fuel cell market growth.
  • The use of alternative technologies such as fuel cells is critical to decarbonizing various sectors, such as transport and power, and reduce the overall GHG emissions. 
  • Fuel cells can produce electricity until hydrogen is available, thereby eliminating any related concerns such as range anxiety associated with electric vehicles (EVs). 
  • The use of FCEVs is directly associated with the availability and coverage of hydrogen infrastructure. Hence, to promote the use of FCEVs, governments across the world are offering several incentives.


This fuel cell market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Fuel Cell Market Vendors?

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


  • Aisin Corp
  • Ballard Power Systems Inc.
  • Bloom Energy Corp.
  • Doosan Corp.
  • FuelCell Energy Inc.
  • Fuji Electric Co. Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • Plug Power Inc.
  • PowerCell Sweden AB
  • SFC Energy AG


The fuel cell market is fragmented and the vendors are deploying growth strategies such as developing technologically advanced offerings to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

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.

Download a free sample of the fuel cell market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Fuel Cell Market?


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56% of the market’s growth will originate from Americas during the forecast period. The US is the key market for fuel cell market in Americas. Market growth in this region will be faster than the growth of the market in APAC.

High support from the federal government in the US for the development and installation of fuel cells will facilitate the fuel cell market growth in Americas over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

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


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The fuel cell market share growth by the PEMFC segment will be significant during the forecast period. 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. This is driving the installation of PEMFCs in the residential and commercial building sectors. 

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



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What are the Key Factors Covered in this Fuel Cell Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive fuel cell market growth during the next five years
  • Precise estimation of the fuel cell market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the fuel cell market industry across Americas, APAC, and EMEA
  • 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 vendors

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Fuel Cell Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Decelerate at a CAGR of 23%

Market growth 2021-2025

1584.77 MW

Market structure


YoY growth (%)


Regional analysis

Americas, APAC, and EMEA

Performing market contribution

Americas at 56%

Key consumer countries

US, Japan, South Korea (Republic of Korea), China, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Aisin Corp, Ballard Power Systems Inc., Bloom Energy Corp., Doosan Corp., FuelCell Energy Inc., Fuji Electric Co. Ltd., Mitsubishi Heavy Industries Ltd., Plug Power Inc., PowerCell Sweden AB, and SFC Energy AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for 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.

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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.


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


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



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


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The fuel cell market growth will increase by $2280.21 MW during 2019-2024.
The fuel cell market is expected to grow at a CAGR of 24.65% during 2019-2024.
Technavio has segmented the fuel cell market by product (PEMFC, PAFC, SOFC, and Others) ,application (Transport, Stationary, and Portable) , and geographic (APAC, Americas, and EMEA).
Aisin Seiki Co. Ltd., Ballard Power Systems Inc., Bloom Energy, FuelCell Energy Inc., Panasonic Corp., Proton Power Systems Plc, SFC Energy AG, Siemens AG, Toshiba Energy Systems & Solutions Corp., Watt Fuel Cell Corp. are a few of the key vendors in the fuel cell market.
APAC will register the highest growth rate of 57.73% among the other regions. Therefore, the fuel cell market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Japan
  • South Korea (Republic of Korea)
  • China
  • Germany
The key factors driving the fuel cell market growth are:
  • Growing demand for efficient and clean energy sources
  • Increasing R&D activities
The fuel cell 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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