Stationary Fuel Cell Market by Application and Geography - Forecast and Analysis 2022-2026

Published: Apr 2022 Pages: 120 SKU: IRTNTR73155

The stationary fuel cell market share is expected to increase to 442.51 megawatts from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 20.22%. This stationary 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 stationary fuel cell market segmentation by application (prime power, combined heat and power, and others) and geography (North America, APAC, Europe, South America, and MEA).

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

Download the Free Report Sample to Unlock the Stationary Fuel Cell Market Size for the Forecast Period and Other Important Statistics

 

The stationary fuel cell market report also offers information on several market vendors, including AFC Energy PLC, Aisin Corp., Altergy Systems, AVL List GmbH, Ballard Power Systems Inc., Bloom Energy Corp., Cellkraft AB, Ceres Power Holdings plc, Convion Ltd., and Doosan Corp. among others. 

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

The rising energy consumption is notably driving the stationary fuel cell market growth, although factors such as high fuel cell cost 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 stationary 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 Stationary Fuel Cell Market Driver

  • One of the key factors driving the global stationary fuel cell industry growth is the rising energy consumption due to the rapid growth in urbanization.
  • Fuel cells are highly efficient as power is generated through electrochemical reaction in fuel cells, which does not involve any combustion to convert fuel into electricity.
  • Currently, most of the power demands are met using fossil fuel, which is harmful to the atmosphere. Thus, efforts by various countries across the world to decarbonize the power system have increased the demand for a clean and efficient power source.
  • Depending on the source of the fuel, the emission from the conversion process is usually zero or nearly zero, and the by-products from the process are water and heat, thus making it one of the cleanest power sources.
  • The growing adoption of the stationary fuel cell will be driving the market in the forecast period.

Key Stationary Fuel Cell Market Trend

  • Growing preference for self-generation is one of the key stationary fuel cell market trends that is expected to impact the industry positively in the forecast period.
  • Instances of natural calamities disrupting the continuous flow of power have led customers to seek increased reliability and resiliency. Because these are less affected when the grid power fails, save energy costs with improved efficiency, and allow greater control of the power generation resources.
  • The advantages of fuel cells over popular distributed generation sources are expected to have a positive impact on their adoption. In addition to the system benefits, fuel cell systems also receive subsidies for installation and receive feed-in tariffs.
  • The transition to decentralized power is expected to have a positive impact on the global stationary fuel cell market.

Key Stationary Fuel Cell Market Challenge

  • One of the key challenges to the global stationary fuel cell industry growth is the high fuel cell cost.
  • The adoption of the fuel cell has increased gradually over the years owing to its higher efficiency and environmental benefits. However, its cost is relatively higher than alternative technologies such as gas engines or micro-turbine.
  • The high price of the fuel cell has made subsidies a necessity for manufacturers to stay competitive in the market.
  • Fuel cells are currently being offered worldwide at subsidized rates, which reduces their initial cost as well as increases adoption. However, subsidies would gradually reduce, which makes it a necessity to increase investments in technology developed to reduce the overall cost. Such factors may limit the market growth in the forecast years.

This stationary 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.

Parent Market Analysis

Technavio categorizes the stationary fuel cell market as a part of the global 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 stationary fuel cell market during the forecast period.

Who are the Major Stationary Fuel Cell Market Vendors?

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

 

  • AFC Energy PLC
  • Aisin Corp.
  • Altergy Systems
  • AVL List GmbH
  • Ballard Power Systems Inc.
  • Bloom Energy Corp.
  • Cellkraft AB
  • Ceres Power Holdings plc
  • Convion Ltd.
  • Doosan Corp.

 

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

Product Insights and News

  • AFC Energy PLC - The company offers stationary fuel cells with lower-cost membrane technology and the ability to accept lower-grade hydrogen, under the brand name HydroX Cell.
  • AFC Energy PLC - Under the unified segment, the company operates in the development of fuel cells.

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 stationary 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.

Stationary Fuel Cell Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the stationary fuel cell market, 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.

The value chain of the global renewable electricity market includes the following core components:

  • Inputs
  • Electricity generation
  • Electricity transmission
  • Electricity distribution
  • End-users
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Stationary 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 stationary 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 cells and advances in technology will facilitate the stationary fuel cell market growth 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 in APAC slowed down the growth rate of the transport industry, which negatively impacted the regional stationary fuel cell market in 2020. However, the reduction in the number of new COVID-19 infections due to the increased COVID-19 vaccination rates in 2021 resulted in the lifting of the lockdowns and travel restrictions. Thus, China, Japan, and South Korea resumed their production of fuel cells and planned projects. This will, in turn, increase the demand for stationary fuels cells and lead the regional market to grow during the forecast period.

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

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The stationary fuel cell market share growth by the prime power segment will be significant during the forecast period.  A decentralized combined heat and power system (CHP) provides the benefit of avoiding T&D losses and allows for the usage of superior technologies such as fuel cells. As businesses, utilities, and homes shift to clean energy sources for meeting their power needs, the support policies and incentives given by the government to encourage the adoption of stationary fuel cells are expected to drive the market growth through this segment in the forecast years.

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

 

Stationary 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

442.51 MW

Market structure

Fragmented

YoY growth (%)

19.47

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

AFC Energy PLC, Aisin Corp., Altergy Systems, AVL List GmbH, Ballard Power Systems Inc., Bloom Energy Corp., Cellkraft AB, Ceres Power Holdings plc, Convion Ltd., and Doosan Corp.

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

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 Stationary Fuel Cell Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive stationary fuel cell market growth during the next five years
  • Precise estimation of the stationary 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 stationary 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 stationary 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: Renewable electricity

                              *2.2.1 Inputs

                              *2.2.2 Electricity generation

                              *2.2.3 Electricity transmission

                              *2.2.4 Electricity distribution

                              *2.2.5 End-users

***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 15:  Five forces analysis 2021 & 2026

               **4.2 Bargaining power of buyers            

                              *Exhibit 16: Bargaining power of buyers

               **4.3 Bargaining power of suppliers        

                              *Exhibit 17: Bargaining power of suppliers

               **4.4 Threat of new entrants     

                              *Exhibit 18: Threat of new entrants

               **4.5 Threat of substitutes          

                              *Exhibit 19: Threat of substitutes

               **4.6 Threat of rivalry   

                              *Exhibit 20: Threat of rivalry

               **4.7 Market condition 

                              *Exhibit 21:  Market condition - Five forces 2021

***5 Market Segmentation by Application                        

               **5.1 Market segments

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

               **5.2 Comparison by Application             

                              *Exhibit 23:  Comparison by Application

               **5.3 Prime power - Market size and forecast 2021-2026              

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

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

               **5.4 Combined heat and power - Market size and forecast 2021-2026   

                              *Exhibit 26:  Combined heat and power - Market size and forecast 2021-2026 (MW)

                              *Exhibit 27:  Combined heat and power - Year-over-year growth 2021-2026 (%)

               **5.5 Others - Market size and forecast 2021-2026          

                              *Exhibit 28:  Others - Market size and forecast 2021-2026 (MW)

                              *Exhibit 29:  Others - Year-over-year growth 2021-2026 (%)

               **5.6 Market opportunity by Application              

                              *Exhibit 30:  Market opportunity by Application

***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 31: ?Customer landscape?

***7. Geographic Landscape                    

               **7.1 Geographic segmentation

                              *Exhibit 32:  Market share by geography 2021-2026 (%)

               **7.2 Geographic comparison    

                              *Exhibit 33: Geographic comparison

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

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

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

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

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

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

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

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

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

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

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

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

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

                              *Exhibit 42:  MEA - Market size and forecast 2021-2026 (MW)

                              *Exhibit 43:  MEA - Year-over-year growth 2021-2026 (%)

               **7.8 Key leading countries        

                              *Exhibit 44:  Key leading countries

               **7.9 Market opportunity by geography

                              *Exhibit 45:  Market opportunity by geography ($ billion)

***8. Drivers, Challenges, and Trends                  

               **8.1 Market drivers      

                              *8.1.1 Rising energy consumption

                              *8.1.2 Growing adoption of fuel cells for combined heat and power

                              *8.1.3 Favorable government policies

               **8.2 Market challenges              

                              *8.2.1 High fuel cell cost

                              *8.2.2 Competition from alternative technologies

                              *8.2.3 Declining lithium-ion battery price

                              *Exhibit 46:  Impact of drivers and challenges

               **8.3 Market trends      

                              *8.3.1 Growing preference for self-generation

                              *8.3.2 Increasing R&D funding for fuel cell development

                              *8.3.3 Development of zero energy homes

***9. Vendor Landscape                            

               **9.1 Overview

                              *Exhibit 47: 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 48: ?Landscape disruption?

                              *Exhibit 49: Industry risks

***10. Vendor Analysis               

               **10.1 Vendors covered              

                              *Exhibit 50: Vendors covered

               **10.2 Market positioning of vendors    

                              *Exhibit 51: ?Market positioning of vendors?

               **10.3 AFC Energy PLC  

                              *Exhibit 52:  AFC Energy PLC - Overview

                              *Exhibit 53:  AFC Energy PLC - Business segments

                              *Exhibit 54:  AFC Energy PLC- Key news

                              *Exhibit 55:  AFC Energy PLC - Key offerings

                              *Exhibit 56:  AFC Energy PLC - Segment focus

               **10.4 Aisin Corp.          

                              *Exhibit 57:  Aisin Corp. - Overview

                              *Exhibit 58:  Aisin Corp. - Business segments

                              *Exhibit 59:  Aisin Corp. - Key offerings

                              *Exhibit 60:  Aisin Corp. - Segment focus

               **10.5 Altergy Systems 

                              *Exhibit 61:  Altergy Systems - Overview

                              *Exhibit 62:  Altergy Systems - Product and service

                              *Exhibit 63:  Altergy Systems - Key offerings

               **10.6 AVL List GmbH   

                              *Exhibit 64:  AVL List GmbH - Overview

                              *Exhibit 65:  AVL List GmbH - Product and service

                              *Exhibit 66:  AVL List GmbH - Key offerings

               **10.7 Ballard Power Systems Inc.          

                              *Exhibit 67:  Ballard Power Systems Inc. - Overview

                              *Exhibit 68:  Ballard Power Systems Inc. - Business segments

                              *Exhibit 69:  Ballard Power Systems Inc.-Key news

                              *Exhibit 70:  Ballard Power Systems Inc. - Key offerings

                              *Exhibit 71:  Ballard Power Systems Inc. - Segment focus

               **10.8 Bloom Energy Corp.        

                              *Exhibit 72:  Bloom Energy Corp. - Overview

                              *Exhibit 73:  Bloom Energy Corp. - Product and service

                              *Exhibit 74:  Bloom Energy Corp.- Key news

                              *Exhibit 75:  Bloom Energy Corp. - Key offerings

               **10.9 Cellkraft AB         

                              *Exhibit 76:  Cellkraft AB - Overview

                              *Exhibit 77:  Cellkraft AB - Business segments

                              *Exhibit 78:  Cellkraft AB - Key offerings

                              *Exhibit 79:  Cellkraft AB - Segment focus

               **10.10 Ceres Power Holdings plc           

                              *Exhibit 80:  Ceres Power Holdings plc - Overview

                              *Exhibit 81:  Ceres Power Holdings plc - Business segments

                              *Exhibit 82:  Ceres Power Holdings Plc.- Key news

                              *Exhibit 83:  Ceres Power Holdings plc - Key offerings

                              *Exhibit 84:  Ceres Power Holdings plc - Segment focus

               **10.11 Convion Ltd.     

                              *Exhibit 85:  Convion Ltd. - Overview

                              *Exhibit 86:  Convion Ltd. - Business segments

                              *Exhibit 87:  Convion Ltd.- Key news

                              *Exhibit 88:  Convion Ltd. - Key offerings

                              *Exhibit 89:  Convion Ltd. - Segment focus

               **10.12 Doosan Corp.   

                              *Exhibit 90:  Doosan Corp. - Overview

                              *Exhibit 91:  Doosan Corp. - Business segments

                              *Exhibit 92:  Doosan Corp.- Key news

                              *Exhibit 93:  Doosan Corp. - Key offerings

                              *Exhibit 94:  Doosan Corp. - Segment focus

***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 95: ?Currency conversion rates for US$?

               **11.3 Research Methodology   

                              *Exhibit 96: ?Research Methodology

                              *Exhibit 97: ??Validation techniques employed for market sizing?

                              *Exhibit 98: ??Information sources

               **11.4 List of abbreviations        

                              *Exhibit 99: 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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