Stationary Fuel Cells Market By Application Segment (Primary Power, Back-up Power, Combined Heat & Power), By Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Molten Carbonate Fuel Cell, Solid Oxide Fuel Cell, Alkaline Fuel Cell), By End-use (Commercial, Industrial, Residential): Growth, Future Prospects, and Competitive Analysis, 2019 - 2027
Key Market Insights
"Growing inclination towards self-generating power source is driving the stationary fuel cells market, worldwide"
Rising inclination of industries towards self-generating power sources to reduce the risk of power disruption is driving the market of stationary fuel cells, worldwide. Also, the declining cost of fuel cell technology along with growing awareness among consumers for the use of clean energy is also increasing market growth. Low emission and fewer efficiency losses during transportation are popularizing the use of stationary fuel cells in the number of applications.
On the other hand, conventional fuels such as oil and gas along with oil bloom in the North American region particularly in the U.S. is going to hamper the growth of the market. In spite of all these hindrances, the market is poised to grow beyond US$ 8.58 Bn by 2027 with a CAGR of 11.1% from 2019 to 2027.
PEMFC Technology is Dominant in 2018 owing to its wider applications
Proton Exchange membrane Fuel Cells (PEMFC) are widely used in material handling, & forklift in warehouses. PEMFC has the advantage of a quick start and good durability since it operates at low temperatures. As tailpipe emission is absent in PEMFC, it is most suitable for residential use without the risk of any harm. Further, quick fueling and longer run time made it advantageous to use for heavy-duty cycles. This, in turn, has a high demand for PEMFC in the market. In 2018, PEMFC has captured over 45% of market share by revenue.
On the other hand, Solid Oxide Fuel Cell (SOFC) is the fastest growing technology owing to its high operating temperature and fuel flexibility it offers. Unlike MCFC, SOFCs are not vulnerable to carbon monoxide and carbon dioxide and can tolerate a high concentration of sulphur.
Regional Analysis
Favourable government policies made Asia Pacific the largest market in 2018
Major countries contributing to the market share of the region are Japan, South Korea and China. The mix of developing and developed countries present in the region has benefitted the market. In 2018, Asia Pacific accounted for over 35% market share owing to strong demand from these three countries. Further, regional governments are focusing on diversifying their current energy base and to add non-conventional sources like fuel cells. Governments’ push has triggered the investment from private industry players to invest in fuel cell technology. This has inclined the industrial and commercial players to add fuel cells in its power supply systems to reduce the risk of the power block.
However, the U.S. is the 2nd largest region in terms of market size owing to its high demand for electricity from large number of data centers, warehouses, product distribution centers, manufacturing & fabrication sites, hospital and naval bases and presence of major market players.
Emerging Partnership Trend is keeping the Market Competitive
The overall stationary fuel cells market is fragmented and market players are focusing on partnership and improving its capital investment to bolster their market position. For instance, in December 2019, Rolls Royce, in partnership with Lab1886 of Mercedes-Benz group launched a pilot project to use vehicle fuel cell for stationary power generation. This will be used in safety-critical applications such as data centers. Along with this, Rolls Royce is researching the manufacturing of hydrogen and other synthetic fuels using renewable energy sources for use in fuel cell.
List of Companies Covered:
- Altergy
- Bloom Energy
- Doosan Fuel Cell America, Inc.
- FuelCell Energy, Inc.
- Ballard Power Systems.
- POSCO Energy
- Plug Power, Inc.
- SOLIDpower
- SFC Energy AG
- Hydrogenics
- Others
Key Industry Development:
- In September 2019, Bloom Energy and Samsung Heavy Industries teamed up for designing and developing cargo ships that can be powered with Bloom Energy’s Solid Oxide Fuel Cell (SOFC) technology. By replacing conventional power generation from the heavy oil and bunker fuel to SOFC, will help to reduce greenhouse gas emission from shipping.
- In July 2019, Ceres Power Holdings plc signed a collaboration and licensing agreement with Doosan Fuel Cell America, Inc. to develop Solid Oxide Fuel Cell (SOFC) power system for Korean commercial building market. Agreement of worth £ 8 Mn to Ceres Power upto 2 years that includes licensing, tech-transfer and service. With this partnership, both the companies are expected to gain competitive advantage in the South Korean fuel cells market.
Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2017-2027 |
| Base Year | 2018 |
| Forecast Period | 2019-2027 |
| Historical Year | 2017 |
| Unit | USD Billion |
| Segmentation |
Application Segment (2017-2027; US$ Bn) |
|
Technology Segment (2017-2027; US$ Bn) |
|
|
End Use Segment (2017–2027; US$ Bn) |
|
|
Geography Segment (2017–2027; US$ Mn) |
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the global stationary fuel cells market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What was the market size of stationary fuel cells market in 2018 and forecast up to 2027?
- What are the key factors driving the global stationary fuel cells market?
- What are the key market trends and high-growth opportunities observed in the stationary fuel cells market?
- Which is the largest regional market for stationary fuel cells market?
- Which segment will grow at a faster pace? Why?
- Which region will drive the market growth? Why?
- Which players are leading the stationary fuel cells market?
- What are the key strategies adopted by the leading players operating in the market?
Unique data points of this report
- Recent trends across different regions in terms of development of stationary fuel cells
- Attractive investment proposition for application segment as well as geography
1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
1.3.4.1. Top-Down Approach
1.3.4.2. Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Stationary Fuel Cells (SFC) Market
2.2. Global SFC Market, by Application, 2018 (US$ Bn)
2.3. Global SFC Market, by Technology, 2018 (US$ Bn)
2.4. Global SFC Market, by End-use, 2018 (US$ Bn)
2.5. Global SFC Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1. Introduction
3.1.1. Global Stationary Fuel Cells (SFC) Market Value, 2017 – 2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Stationary Fuel Cells (SFC) Market, by Application , 2017 – 2027 (US$ Bn)
4.1. Overview
4.2. Primary Power
4.3. Back-up Power
4.4. Combined Heat & Power (CHP)
5. Global Stationary Fuel Cells (SFC) Market, by Technology, 2017 – 2027 (US$ Bn)
5.1. Overview
5.2. PEMFC
5.3. PAFC
5.4. MCFC
5.5. SOFC
6. AFC Global Stationary Fuel Cells (SFC) Market, by End-use, 2017 – 2027 (US$ Bn)
6.1. Overview
6.2. Commercial
6.3. Industrial
6.4. Residential
7. North America Stationary Fuel Cells (SFC) Market Analysis, 2017 – 2027 (US$ Bn)
7.1. Overview
7.1.1. North America SFC Market Value and Growth, 2017 – 2027, (US$ Bn)
7.2. North America SFC Market Value, By Application, 2017 – 2027 (US$ Bn)
7.2.1. Market Analysis
7.3. North America SFC Market Value, By Technology, 2017 – 2027 (US$ Bn)
7.3.1. Market Analysis
7.4. North America SFC Market Value, By End-use, 2017 – 2027 (US$ Bn)
7.4.1. Market Analysis
7.5. North America SFC Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
7.5.1. Market Analysis
7.5.2. U.S.
7.5.3. Rest of North America
8. Europe Stationary Fuel Cells (SFC) Market Analysis, 2017 – 2027 (US$ Bn)
8.1. Overview
8.1.1. Europe SFC Market Value and Growth, 2017 – 2027, (US$ Bn)
8.2. Europe SFC Market Value, By Application, 2017 – 2027 (US$ Bn)
8.2.1. Market Analysis
8.3. Europe SFC Market Value, By Technology, 2017 – 2027 (US$ Bn)
8.3.1. Market Analysis
8.4. Europe SFC Market Value, By End-use, 2017 – 2027 (US$ Bn)
8.4.1. Market Analysis
8.5. Europe SFC Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
8.5.1. Market Analysis
8.5.2. U.K.
8.5.3. Germany
8.5.4. France
8.5.5. Rest of Europe
9. Asia Pacific Stationary Fuel Cells (SFC) Market Analysis, 2017 – 2027 (US$ Bn)
9.1. Overview
9.1.1. Asia Pacific SFC Market Value and Growth, 2017 – 2027, (US$ Bn)
9.2. Asia Pacific SFC Market Value, By Application, 2017 – 2027 (US$ Bn)
9.2.1. Market Analysis
9.3. Asia Pacific SFC Market Value, By Technology, 2017 – 2027 (US$ Bn)
9.3.1. Market Analysis
9.4. Asia Pacific SFC Market Value, By End-use, 2017 – 2027 (US$ Bn)
9.4.1. Market Analysis
9.5. Asia Pacific SFC Market Value, By Region/Country, 2017 – 2027 (US$ Bn)
9.5.1. Market Analysis
9.5.2. Japan
9.5.3. South Korea
9.5.4. China
9.5.5. India
9.5.6. Rest of Asia Pacific
10. Rest of the World Stationary Fuel Cells (SFC) Market Analysis, 2017 – 2027 (US$ Bn)
10.1. Overview
10.1.1. Rest of the World SFC Market Value and Growth, 2017 – 2027, (US$ Bn)
10.2. Rest of the World SFC Market Value, By Application, 2017 – 2027 (US$ Bn)
10.2.1. Market Analysis
10.3. Rest of the World SFC Market Value, By Technology, 2017 – 2027 (US$ Bn)
10.3.1. Market Analysis
10.4. Rest of the World SFC Market Value, By End-use, 2017 – 2027 (US$ Bn)
10.4.1. Market Analysis
10.5. Rest of the World SFC Market Value, By Region, 2017 – 2027 (US$ Bn)
10.5.1. Market Analysis
10.5.2. Middle East & Africa
10.5.3. Latin America
11. Company Profiles
11.1. Altergy
11.2. Bloom Energy
11.3. Doosan Fuel Cell America, Inc.
11.4. FuelCell Energy, Inc.
11.5. Ballard Power Systems.
11.6. POSCO Energy
11.7. Plug Power, Inc.
11.8. SOLIDpower
11.9. SFC Energy AG
11.10. Hydrogenics
* Here we are using SFC as a short form of Stationary Fuel Cells
TABLE 1 Market Snapshot: Global Stationary Fuel Cells (SFC) Market Value
TABLE 2 Impact Indicators
TABLE 3 Impact Analysis of Drivers and Restraints
TABLE 4 Global SFC Market, by Application, 2017-2027, (US$ Bn)
TABLE 5 Global SFC Market, by Technology, 2017 – 2027, (US$ Bn)
TABLE 6 Global SFC Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 7 Global SFC Market Value, by Region/Country, 2017 - 2027, (US$ Bn)
TABLE 8 North America SFC Market, by Application, 2017-2027, (US$ Bn)
TABLE 9 North America SFC Market, by Technology, 2017 – 2027, (US$ Bn)
TABLE 10 North America SFC Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 11 North America SFC Market Value, by Region/Country, 2017 - 2027, (US$ Bn)
TABLE 12 Europe SFC Market, by Application, 2017-2027, (US$ Bn)
TABLE 13 Europe SFC Market, by Technology, 2017 – 2027, (US$ Bn)
TABLE 14 Europe SFC Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 15 Europe SFC Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 16 Asia Pacific SFC Market, by Application, 2017-2027 (US$ Bn)
TABLE 17 Asia Pacific SFC Market, by Technology, 2017 – 2027 (US$ Bn)
TABLE 18 Asia Pacific SFC Market, by End-use, 2017 – 2027 (US$ Bn)
TABLE 19 Asia Pacific SFC Market Value, by Region/Country, 2017 – 2027, (US$ Bn)
TABLE 20 Rest of the World SFC Market, by Application, 2017 - 2027, (US$ Bn)
TABLE 21 Rest of the World SFC Market, by Technology, 2017 – 2027, (US$ Bn)
TABLE 22 Rest of the World SFC Market, by End-use, 2017 – 2027, (US$ Bn)
TABLE 23 Rest of the World SFC Market Value, by Region, 2017 - 2027, (US$ Bn)
TABLE 24 Altergy: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 25 Bloom Energy: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 26 Doosan Fuel Cell America, Inc.: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 27 FuelCell Energy, Inc.: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 28 Ballard Power Systems.: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 29 POSCO Energy: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 30 Plug Power, Inc.: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 31 SOLIDpower: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 32 SFC Energy AG: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
TABLE 33 Hydrogenics: Company Snapshot (Business Description; Technology Portfolio; Financial Information; Business Overview and Recent Development)
FIG. 1 Global Stationary Fuel Cells (SFC) Market: Research Methodology
FIG. 2 Market Size Estimation – Top Down & Bottom up Approach
FIG. 3 Global SFC Market Segmentation
FIG. 4 Global SFC Market, by Application, 2018, (US$ Bn)
FIG. 5 Global SFC Market, by Technology, 2018, (US$ Bn)
FIG. 6 Global SFC Market, by End-use, 2018, (US$ Bn)
FIG. 7 Global SFC Market, by Geography, 2018 (US$ Bn)
FIG. 8 Global SFC Market Value, 2017 - 2027, (US$ Bn)
FIG. 9 Attractive Investment Proposition, by Geography, 2018
FIG. 10 Global Market Positioning of Key SFC Manufacturers, 2018
FIG. 11 Global SFC Market Value Share, by Application, 2018 & 2027 (Value %)
FIG. 12 Global SFC Market Value for Primary Power, 2017 – 2027, (US$ Bn)
FIG. 13 Global SFC Market Value for Back-up Power, 2017 – 2027, (US$ Bn)
FIG. 14 Global SFC Market Value for CHP, 2017 – 2027, (US$ Bn)
FIG. 15 Global SFC Market Value Share by Technology, 2018 & 2027 (Value %)
FIG. 16 Global SFC Market Value for PEMFC, 2017 – 2027, (US$ Bn)
FIG. 17 Global SFC Market Value for PAFC, 2017 – 2027, (US$ Bn)
FIG. 18 Global SFC Market Value for MCFC, 2017 – 2027, (US$ Bn)
FIG. 19 Global SFC Market Value for SOFC, 2017 – 2027, (US$ Bn)
FIG. 19 Global SFC Market Value for AFC, 2017 – 2027, (US$ Bn)
FIG. 20 Global SFC Market Value Share, by End-use, 2018 & 2027 (Value %)
FIG. 21 Global SFC Market Value for Commercial, 2017 – 2027, (US$ Bn)
FIG. 22 Global SFC Market Value for Industrial, 2017 – 2027, (US$ Bn)
FIG. 23 Global SFC Market Value for Residential, 2017 – 2027, (US$ Bn)
FIG. 24 North America SFC Market Value, 2017 – 2027, (US$ Bn)
FIG. 25 Europe SFC Market Value, 2017 – 2027, (US$ Bn)
FIG. 26 Asia Pacific SFC Market Value, 2017 – 2027, (US$ Bn)
FIG. 27 Rest of the World SFC Market Value, 2017 – 2027, (US$ Bn)
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