Residential Fuel Cell Market by Product and Geography - Forecast and Analysis 2022-2026

Published: Apr 2022 Pages: 120 SKU: IRTNTR73156

The residential fuel cell market share is expected to increase to 620.35 megawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 20.22%.

This residential fuel cell market research report extensively covers residential fuel cell market segmentation by product (PEMFC and SOFC) and geography (North America, APAC, Europe, South America, and MEA). The residential fuel cell market report also offers information on several market vendors, including Adaptive Energy LLC, Aisin Corp., Bloom Energy Corp., Freudenberg SE, HORIBA Ltd., Loop Energy Inc., Nedstack Fuel Cell Technology BV, Panasonic Corp., SolidPower Spa, and Viessmann Family Holding among others Download for Full Vendor List 

What will the Residential Fuel Cell Market Size be During the Forecast Period?

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Parent Market Analysis

Technavio categorizes the global residential fuel cells market as a part of the global renewable electricity market. Our Technavio Research categorizes the Global Residential Fuel Cell Market as belonging to the Utilities Industry 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 forecast year. 

Residential Fuel Cell Market: Key Drivers, Trends, and Challenges

The growing demand for efficient and cleaner technologies is notably driving the residential fuel cell market growth, although factors such as competition from alternative technologies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the residential fuel cell industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Residential Fuel Cell Market Driver

One of the key factors driving the global residential fuel cell market growth is the growing demand for efficient and cleaner technologies. Most power needs are met by fossil fuels, a major contributor to harmful emissions into the atmosphere. Thus, to mitigate climate change, cleaner and more efficient power sources are being adopted. Fuel cells are considered an extremely reliable and efficient technology as they are capable of supplying heat and power at high efficiency. In fuel cells, power is produced through an electrochemical reaction and does not involve any combustion for the conversion of fuel to electricity. The benefits have resulted in the high adoption of fuel cell technologies in small devices as well as by large intermediaries, which will drive market growth in the forecast period.

Key Residential Fuel Cell Market Challenge

One of the key challenges to the global residential fuel cell market growth is the competition from alternative technologies such as microturbines, backup generators, energy storage systems providers, and renewable energy system providers. Energy storage systems are simple to operate and can be used in any type of residential dwelling. Fuel cell applications in the residential sector are relatively new, and the technology still lags behind other renewable technologies. Conventional technologies such as diesel generators for backup power or rooftop solar PV systems for generating power have gained prominence in the market owing to their easy availability at various power ranges and scalability factors. Developing fuel cells for the residential sector is still expensive, and their acceptance is limited. This may limit the market growth in the forecast period.

Key Residential Fuel Cell Market Trend

Growing affinity for self-generation is one of the key residential fuel cell market trends that is expected to impact the industry positively in the forecast period. The adoption of distributed energy generation is primarily driven by the growing need for uninterrupted and reliable power supplies in developed countries, while it is used in developing countries to increase the electrification rate. Of the various renewable-based hybrid systems technologies available, energy storage and diesel generators have been the most commonly-used distributed energy sources. However, fuel cells offer greater advantages when compared with both these technologies as it has silent operation over diesel generators, making them ideal for residential use and it is not affected by weather conditions as well. Thus, such factors will further support the market growth in the coming years.

This residential 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. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Residential Fuel Cell Market Vendors?

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

  • Adaptive Energy LLC
  • Aisin Corp.
  • Bloom Energy Corp.
  • Freudenberg SE
  • HORIBA Ltd.
  • Loop Energy Inc.
  • Nedstack Fuel Cell Technology BV
  • Panasonic Corp.
  • SolidPower Spa
  • Viessmann Family Holding

This statistical study of the residential fuel cell market encompasses successful business strategies deployed by the key vendors. The residential fuel cell market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Adaptive Energy LLC - Through the unified segment, the company designs and manufactures solid oxide fuel cells for backup and portable power applications.
  • Adaptive Energy LLC - The company offers fuel cell technologies such as SOFC, fuel handling systems, and mounting assemblies.

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

Residential Fuel Cell Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the residential fuel cell market and power supply 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 the Residential Fuel Cell Market?

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42% of the market's growth will originate from APAC during the forecast period. Japan, South Korea (Republic of Korea), and China are the key markets for residential fuel cells in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increase in investment in fuel cell devices and the promotion of ENE-FARM installation in countries such as Japan will facilitate the residential fuel cell market growth in APAC over the forecast period.  Apart from Japan, fuel cell installation are also promoted in South Korea, wherein the government has set renewable energy mandates for the transition from nuclear and fossil fuel power generation to clean energy generation. The government is investing in renewable energy technologies as well as in the R&D of technologies such as fuel cells installation and hydrogen to expand clean energy options. 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. China is another potential country for the adoption of fuel cells, where the government has set targets for the construction of zero-energy buildings that are expected to boost residential fuel cell installation  adoption as fuel cells check carbon emissions. 

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in the region slowed down the growth rate of the regional residential fuel cell market in APAC in 2020. However, in 2021, owing to the reduction in the number of new infections due to the increased vaccination rates, the governments of China, Japan, and South Korea resumed the production of fuel cells for residential purposes. This will help the regional residential fuel cell market grow during the forecast period.In 2021, the large-scale COVID-19 vaccination drives in the region led to the removal of COVID-19-related restrictions and increased the number of transportation and construction activities in MEA, and this trend will continue to drive the growth of the regional residential fuel cell market during the forecast period.

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

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The residential fuel cell market share growth by the PEMFC segment will be significant during the forecast period. It offers a fast start-up time, low operating temperature, compactness, sustainable operations in high energy density, and low emissions. The benefits of PEMFC have led the segment to be the prominent fuel cell type in one of the largest commercial fuel cell programs, the ENE-FARM scheme in Japan. Such factors will drive segment growth in the coming years.The success of the ENE-FARM program in Japan has also encouraged the development of a similar system in Germany called the ENE.field scheme, which aims at installing micro-CHP systems in Germany.

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

 

Residential Fuel Cell Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 20.22%

Market growth 2022-2026

620.35 MW

Market structure

Concentrated

YoY growth (%)

19.46

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 42%

Key consumer countries

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

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Adaptive Energy LLC, Aisin Corp., Bloom Energy Corp., Freudenberg SE, HORIBA Ltd., Loop Energy Inc., Nedstack Fuel Cell Technology BV, Panasonic Corp., SolidPower Spa, and Viessmann Family Holding

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, and 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.

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

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive residential fuel cell market growth during the next five years
  • Precise estimation of the residential 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 residential fuel cell industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of residential fuel cell market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

***1. Executive Summary                         

               **1.1 Market Overview 

                              *Exhibit 01:  Key Finding 1

                              *Exhibit 02:  Key Finding 1

                              *Exhibit 03:  Key Finding 2

                              *Exhibit 04:  Key Finding 3

                              *Exhibit 05:  Key Finding 4

                              *Exhibit 06:  Key Finding 5

                              *Exhibit 07:  Key Finding 5

***2. Market Landscape                            

               **2.1 Market ecosystem             

                              *Exhibit 08:  Parent market

                              *Exhibit 09:  Market characteristics

               **2.2 Value chain analysis           

                              *Exhibit 10:  Value chain analysis

                              *2.2.1 Inputs

                              *2.2.2 Operations

                              *2.2.3 Distribution and logistics

                              *2.2.4 Marketing and sales

                              *2.2.5 Aftermarket and service

                              *2.2.6 Industry innovations

***3. Market Sizing                      

               **3.1 Market segment analysis  

                              *Exhibit 11:  Market segments

               **3.2 Market size 2021 

               **3.3 Market definition

                              *Exhibit 12:  Offerings of vendors included in the market definition

               **3.4 Market outlook: Forecast for 2021 - 2026 

                              *Exhibit 13:  Global - Market size and forecast 2021 - 2026 (MW)

                              *Exhibit 14:  Global market: Year-over-year growth 2021 - 2026 (%)

***4. Five Forces Analysis                         

               **4.1 Five Forces Summary         

                              *Exhibit 16:  Five forces analysis 2021 & 2026

               **4.2 Bargaining power of buyers            

                              *Exhibit 17: Bargaining power of buyers

               **4.3 Bargaining power of suppliers        

                              *Exhibit 18: Bargaining power of suppliers

               **4.4 Threat of new entrants     

                              *Exhibit 19: Threat of new entrants

               **4.5 Threat of substitutes          

                              *Exhibit 20: Threat of substitutes

               **4.6 Threat of rivalry   

                              *Exhibit 21: Threat of rivalry

               **4.7 Market condition 

                              *Exhibit 22:  Market condition - Five forces 2021

***5 Market Segmentation by Product               

               **5.1 Market segments

                              *Exhibit 22:  Product - Market share 2021-2026 (%)

               **5.2 Comparison by Product    

                              *Exhibit 23:  Comparison by Product

               **5.3 PEMFC - Market size and forecast 2021-2026          

                              *Exhibit 24:  PEMFC - Market size and forecast 2021-2026 (MW)

                              *Exhibit 25:  PEMFC - Year-over-year growth 2021-2026 (%)

               **5.4 SOFC - Market size and forecast 2021-2026             

                              *Exhibit 26:  SOFC - Market size and forecast 2021-2026 (MW)

                              *Exhibit 27:  SOFC - Year-over-year growth 2021-2026 (%)

               **5.5 Market opportunity by Product     

                              *Exhibit 28:  Market opportunity by Product

***6. Customer landscape                        

               **6.1 Overview

                              *Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                              *Exhibit 29: ?Customer landscape?

***7. Geographic Landscape                    

               **7.1 Geographic segmentation

                              *Exhibit 30:  Market share by geography 2021-2026 (%)

               **7.2 Geographic comparison    

                              *Exhibit 31: Geographic comparison

               **7.3 North America - Market size and forecast 2021-2026          

                              *Exhibit 32:  North America - Market size and forecast 2021-2026 (MW)

                              *Exhibit 33:  North America - Year-over-year growth 2021-2026 (%)

               **7.4 APAC - Market size and forecast 2021-2026             

                              *Exhibit 34:  APAC - Market size and forecast 2021-2026 (MW)

                              *Exhibit 35:  APAC - Year-over-year growth 2021-2026 (%)

               **7.5 Europe - Market size and forecast 2021-2026         

                              *Exhibit 36:  Europe - Market size and forecast 2021-2026 (MW)

                              *Exhibit 37:  Europe - Year-over-year growth 2021-2026 (%)

               **7.6 South America - Market size and forecast 2021-2026          

                              *Exhibit 38:  South America - Market size and forecast 2021-2026 (MW)

                              *Exhibit 39:  South America - Year-over-year growth 2021-2026 (%)

               **7.7 MEA - Market size and forecast 2021-2026              

                              *Exhibit 40:  MEA - Market size and forecast 2021-2026 (MW)

                              *Exhibit 41:  MEA - Year-over-year growth 2021-2026 (%)

               **7.8 Key leading countries        

                              *Exhibit 42:  Key leading countries

               **7.9 Market opportunity by geography

                              *Exhibit 43:  Market opportunity by geography ($ billion)

***8. Drivers, Challenges, and Trends                  

               **8.1 Market drivers      

                              *8.1.1 Growing demand for efficient and cleaner technologies

                              *8.1.2 Adoption of fuel cells for CHP

                              *8.1.3 Favorable government policies

               **8.2 Market challenges              

                              *8.2.1 Competition from alternative technologies

                              *8.2.2 Functional issues associated with SOFC

                              *8.2.3 High cost of fuel cells

                              *Exhibit 44:  Impact of drivers and challenges

               **8.3 Market trends      

                              *8.3.1 Growing affinity for self-generation

                              *8.3.2 Development of zero-energy buildings

                              *8.3.3 Increase in R&D activities

***9. Vendor Landscape                            

               **9.1 Overview

                              *Exhibit 45: Vendor landscape

                              *The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025. 

               **9.2 Landscape disruption         

                              *Exhibit 46: ?Landscape disruption?

                              *Exhibit 47: Industry risks

               **9.3 Competitive scenario        

***10. Vendor Analysis               

               **10.1 Vendors covered              

                              *Exhibit 48: Vendors covered

               **10.2 Market positioning of vendors    

                              *Exhibit 49: ?Market positioning of vendors?

               **10.3 Adaptive Energy LLC       

                              *Exhibit 50:  Adaptive Energy LLC - Overview

                              *Exhibit 51:  Adaptive Energy LLC - Product and service

                              *Exhibit 52:  Adaptive Energy LLC - Key offerings

               **10.4 Aisin Corp.          

                              *Exhibit 53:  Aisin Corp. - Overview

                              *Exhibit 54:  Aisin Corp. - Business segments

                              *Exhibit 55:  Aisin Corp.- Key news

                              *Exhibit 56:  Aisin Corp. - Key offerings

                              *Exhibit 57:  Aisin Corp. - Segment focus

               **10.5 Bloom Energy Corp.        

                              *Exhibit 58:  Bloom Energy Corp. - Overview

                              *Exhibit 59:  Bloom Energy Corp. - Product and service

                              *Exhibit 60:  Bloom Energy Corp. - Key offerings

               **10.6 Freudenberg SE 

                              *Exhibit 61:  Freudenberg SE - Overview

                              *Exhibit 62:  Freudenberg SE - Business segments

                              *Exhibit 63:  Freudenberg SE - Key offerings

                              *Exhibit 64:  Freudenberg SE - Segment focus

               **10.7 HORIBA Ltd.        

                              *Exhibit 65:  HORIBA Ltd. - Overview

                              *Exhibit 66:  HORIBA Ltd. - Business segments

                              *Exhibit 67:  HORIBA Ltd. - Key offerings

                              *Exhibit 68:  HORIBA Ltd. - Segment focus

               **10.8 Loop Energy Inc.

                              *Exhibit 69:  Loop Energy Inc. - Overview

                              *Exhibit 70:  Loop Energy Inc. - Product and service

                              *Exhibit 71:  Loop Energy Inc. - Key offerings

               **10.9 Nedstack Fuel Cell Technology BV             

                              *Exhibit 72:  Nedstack Fuel Cell Technology BV - Overview

                              *Exhibit 73:  Nedstack Fuel Cell Technology BV - Product and service

                              *Exhibit 74:  Nedstack Fuel Cell Technology BV - Key offerings

               **10.10 Panasonic Corp.             

                              *Exhibit 75:  Panasonic Corp. - Overview

                              *Exhibit 76:  Panasonic Corp. - Business segments

                              *Exhibit 77:  Panasonic Corp. - Key news

                              *Exhibit 78:  Panasonic Corp. - Key offerings

                              *Exhibit 79:  Panasonic Corp. - Segment focus

               **10.11 SolidPower Spa

                              *Exhibit 80:  SolidPower Spa - Overview

                              *Exhibit 81:  SolidPower Spa - Product and service

                              *Exhibit 82:  SolidPower Spa - Key offerings

               **10.12 Viessmann Family Holding          

                              *Exhibit 83:  Viessmann Family Holding - Overview

                              *Exhibit 84:  Viessmann Family Holding - Product and service

                              *Exhibit 85:  Viessmann Family Holding - Key offerings

***11. Appendix                           

               **11.1 Scope of the report         

                              *11.1.1 ????Market definition

                              *11.1.2 ????Objectives

                              *11.1.3 Notes and Caveats

               **11.2 Currency conversion rates for US$            

                              *Exhibit 86: ?Currency conversion rates for US$?

               **11.3 Research Methodology   

                              *Exhibit 87: ?Research Methodology

                              *Exhibit 88: ??Validation techniques employed for market sizing?

                              *Exhibit 89: ??Information sources

               **11.4 List of abbreviations        

                              *Exhibit 90: 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.

INFORMATION 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

DATA 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

REPORT 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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Key Questions Answered

  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?

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