Hydrogen Fuel Stacks Market Scope and Size by 2031
MARKET OVERVIEW
The growing incentives to increase adoption of FCVs is notably driving the hydrogen fuel cell stacks market growth, although factors such as high cost of fuel cell development and adoption may impede market growth. The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services.
MARKET SCOPE
The "Global Hydrogen Fuel Cell Stack Market Analysis to 2031" is a specialized and in-depth study of the fuel cell with a special focus on the global market trend analysis. The report aims to provide an overview of the hydrogen fuel cell stack market with detailed market segmentation by type, application and geography. The report provides key statistics on the market status of the leading hydrogen fuel cell stack market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of type the market is segmented into air-cooled type and water-cooled type
- On the basis application, the market is segmented as Fuel Cell Electric Vehicles (FCEVs), cogeneration, and portable power systems
MARKET DYNAMICS
Drivers
- The growing incentives to increase the adoption of FCVs
- Increasing investment from key players drives the market growth
Restraints
- Higher Initial Investment Restraints the Market Growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The hydrogen fuel cell stack market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the hydrogen fuel cell stack market in these regions.
IMPACT OF COVID-19 ON HYDROGEN FUEL CELL STACK MARKET
The outbreak of the COVID-19 has severely impacted the energy and power industries, which resulted a decline in market growth in the year 2021. The outbreak of the pandemic led to demand-supply gap, shutdown of several manufacturing industries across the globe, which in turn, caused disruptions in raw material procurement and further led to price volatility. The withdrawal of upcoming investments and hold on for ongoing projects in deploying hydrogen fuel cell stack has directly influenced the market growth. However, the global situation is getting recoverd at a slow & steady pace which is anticipated to increase in coming years. Furthermore, the key players engaged in the market are also focusing on investment in hydrogen fuel cell stack which is further strengthening the market growth in pandemic recovery period. The increase in energy demand owing to rise in population and government initiatives encourages increased deployment of fuel cell vehicles across the globe are some of the key factors anticipated to boost the demand for the hydrogen fuel cell stack market over the projected period.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The hydrogen fuel cell stack market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the hydrogen fuel cell stack market in these regions.
IMPACT OF COVID-19 ON HYDROGEN FUEL CELL STACK MARKET
The outbreak of the COVID-19 has severely impacted the energy and power industries, which resulted a decline in market growth in the year 2021. The outbreak of the pandemic led to demand-supply gap, shutdown of several manufacturing industries across the globe, which in turn, caused disruptions in raw material procurement and further led to price volatility. The withdrawal of upcoming investments and hold on for ongoing projects in deploying hydrogen fuel cell stack has directly influenced the market growth. However, the global situation is getting recoverd at a slow & steady pace which is anticipated to increase in coming years. Furthermore, the key players engaged in the market are also focusing on investment in hydrogen fuel cell stack which is further strengthening the market growth in pandemic recovery period. The increase in energy demand owing to rise in population and government initiatives encourages increased deployment of fuel cell vehicles across the globe are some of the key factors anticipated to boost the demand for the hydrogen fuel cell stack market over the projected period.
MARKET PLAYERS
The report covers key developments in the hydrogen fuel cell stack market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the hydrogen fuel cell stack market are anticipated to provide lucrative growth opportunities in the future with the rising demand for hydrogen fuel cell stack in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the hydrogen fuel cell stack market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Advent Technologies Holdings Inc.
- Ballard Power Systems Inc.
- Cummins Inc.
- Freudenberg FST GmbH
- Horizon Fuel Cell Technologies Pte. Ltd.
- Nuvera Fuel Cells LLC
- Plug Power Inc.
- PowerCell Sweden AB
- Proton Power Systems plc
- Xinyuan Power Co. Ltd.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Hydrogen Fuel Stacks Market - By Type
1.3.2 Hydrogen Fuel Stacks Market - By Application
1.3.3 Hydrogen Fuel Stacks Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HYDROGEN FUEL STACKS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. HYDROGEN FUEL STACKS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. HYDROGEN FUEL STACKS MARKET - GLOBAL MARKET ANALYSIS
6.1. HYDROGEN FUEL STACKS - GLOBAL MARKET OVERVIEW
6.2. HYDROGEN FUEL STACKS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING
7. HYDROGEN FUEL STACKS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. AIR-COOLED TYPE
7.3.1. Overview
7.3.2. Air-cooled Type Market Forecast and Analysis
7.4. WATER-COOLED TYPE
7.4.1. Overview
7.4.2. Water-cooled Type Market Forecast and Analysis
8. HYDROGEN FUEL STACKS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. FUEL CELL ELECTRIC VEHICLES (FCEVS)
8.3.1. Overview
8.3.2. Fuel Cell Electric Vehicles (FCEVs) Market Forecast and Analysis
8.4. COGENERATION
8.4.1. Overview
8.4.2. Cogeneration Market Forecast and Analysis
8.5. PORTABLE POWER SYSTEMS
8.5.1. Overview
8.5.2. Portable Power Systems Market Forecast and Analysis
9. HYDROGEN FUEL STACKS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Hydrogen Fuel Stacks Market Overview
9.1.2 North America Hydrogen Fuel Stacks Market Forecasts and Analysis
9.1.3 North America Hydrogen Fuel Stacks Market Forecasts and Analysis - By Type
9.1.4 North America Hydrogen Fuel Stacks Market Forecasts and Analysis - By Application
9.1.5 North America Hydrogen Fuel Stacks Market Forecasts and Analysis - By Countries
9.1.5.1 United States Hydrogen Fuel Stacks Market
9.1.5.1.1 United States Hydrogen Fuel Stacks Market by Type
9.1.5.1.2 United States Hydrogen Fuel Stacks Market by Application
9.1.5.2 Canada Hydrogen Fuel Stacks Market
9.1.5.2.1 Canada Hydrogen Fuel Stacks Market by Type
9.1.5.2.2 Canada Hydrogen Fuel Stacks Market by Application
9.1.5.3 Mexico Hydrogen Fuel Stacks Market
9.1.5.3.1 Mexico Hydrogen Fuel Stacks Market by Type
9.1.5.3.2 Mexico Hydrogen Fuel Stacks Market by Application
9.2. EUROPE
9.2.1 Europe Hydrogen Fuel Stacks Market Overview
9.2.2 Europe Hydrogen Fuel Stacks Market Forecasts and Analysis
9.2.3 Europe Hydrogen Fuel Stacks Market Forecasts and Analysis - By Type
9.2.4 Europe Hydrogen Fuel Stacks Market Forecasts and Analysis - By Application
9.2.5 Europe Hydrogen Fuel Stacks Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Hydrogen Fuel Stacks Market
9.2.5.1.1 Germany Hydrogen Fuel Stacks Market by Type
9.2.5.1.2 Germany Hydrogen Fuel Stacks Market by Application
9.2.5.2 France Hydrogen Fuel Stacks Market
9.2.5.2.1 France Hydrogen Fuel Stacks Market by Type
9.2.5.2.2 France Hydrogen Fuel Stacks Market by Application
9.2.5.3 Italy Hydrogen Fuel Stacks Market
9.2.5.3.1 Italy Hydrogen Fuel Stacks Market by Type
9.2.5.3.2 Italy Hydrogen Fuel Stacks Market by Application
9.2.5.4 United Kingdom Hydrogen Fuel Stacks Market
9.2.5.4.1 United Kingdom Hydrogen Fuel Stacks Market by Type
9.2.5.4.2 United Kingdom Hydrogen Fuel Stacks Market by Application
9.2.5.5 Russia Hydrogen Fuel Stacks Market
9.2.5.5.1 Russia Hydrogen Fuel Stacks Market by Type
9.2.5.5.2 Russia Hydrogen Fuel Stacks Market by Application
9.2.5.6 Rest of Europe Hydrogen Fuel Stacks Market
9.2.5.6.1 Rest of Europe Hydrogen Fuel Stacks Market by Type
9.2.5.6.2 Rest of Europe Hydrogen Fuel Stacks Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Hydrogen Fuel Stacks Market Overview
9.3.2 Asia-Pacific Hydrogen Fuel Stacks Market Forecasts and Analysis
9.3.3 Asia-Pacific Hydrogen Fuel Stacks Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Hydrogen Fuel Stacks Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Hydrogen Fuel Stacks Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Hydrogen Fuel Stacks Market
9.3.5.1.1 Australia Hydrogen Fuel Stacks Market by Type
9.3.5.1.2 Australia Hydrogen Fuel Stacks Market by Application
9.3.5.2 China Hydrogen Fuel Stacks Market
9.3.5.2.1 China Hydrogen Fuel Stacks Market by Type
9.3.5.2.2 China Hydrogen Fuel Stacks Market by Application
9.3.5.3 India Hydrogen Fuel Stacks Market
9.3.5.3.1 India Hydrogen Fuel Stacks Market by Type
9.3.5.3.2 India Hydrogen Fuel Stacks Market by Application
9.3.5.4 Japan Hydrogen Fuel Stacks Market
9.3.5.4.1 Japan Hydrogen Fuel Stacks Market by Type
9.3.5.4.2 Japan Hydrogen Fuel Stacks Market by Application
9.3.5.5 South Korea Hydrogen Fuel Stacks Market
9.3.5.5.1 South Korea Hydrogen Fuel Stacks Market by Type
9.3.5.5.2 South Korea Hydrogen Fuel Stacks Market by Application
9.3.5.6 Rest of Asia-Pacific Hydrogen Fuel Stacks Market
9.3.5.6.1 Rest of Asia-Pacific Hydrogen Fuel Stacks Market by Type
9.3.5.6.2 Rest of Asia-Pacific Hydrogen Fuel Stacks Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Hydrogen Fuel Stacks Market Overview
9.4.2 Middle East and Africa Hydrogen Fuel Stacks Market Forecasts and Analysis
9.4.3 Middle East and Africa Hydrogen Fuel Stacks Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Hydrogen Fuel Stacks Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Hydrogen Fuel Stacks Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Hydrogen Fuel Stacks Market
9.4.5.1.1 South Africa Hydrogen Fuel Stacks Market by Type
9.4.5.1.2 South Africa Hydrogen Fuel Stacks Market by Application
9.4.5.2 Saudi Arabia Hydrogen Fuel Stacks Market
9.4.5.2.1 Saudi Arabia Hydrogen Fuel Stacks Market by Type
9.4.5.2.2 Saudi Arabia Hydrogen Fuel Stacks Market by Application
9.4.5.3 U.A.E Hydrogen Fuel Stacks Market
9.4.5.3.1 U.A.E Hydrogen Fuel Stacks Market by Type
9.4.5.3.2 U.A.E Hydrogen Fuel Stacks Market by Application
9.4.5.4 Rest of Middle East and Africa Hydrogen Fuel Stacks Market
9.4.5.4.1 Rest of Middle East and Africa Hydrogen Fuel Stacks Market by Type
9.4.5.4.2 Rest of Middle East and Africa Hydrogen Fuel Stacks Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Hydrogen Fuel Stacks Market Overview
9.5.2 South and Central America Hydrogen Fuel Stacks Market Forecasts and Analysis
9.5.3 South and Central America Hydrogen Fuel Stacks Market Forecasts and Analysis - By Type
9.5.4 South and Central America Hydrogen Fuel Stacks Market Forecasts and Analysis - By Application
9.5.5 South and Central America Hydrogen Fuel Stacks Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Hydrogen Fuel Stacks Market
9.5.5.1.1 Brazil Hydrogen Fuel Stacks Market by Type
9.5.5.1.2 Brazil Hydrogen Fuel Stacks Market by Application
9.5.5.2 Argentina Hydrogen Fuel Stacks Market
9.5.5.2.1 Argentina Hydrogen Fuel Stacks Market by Type
9.5.5.2.2 Argentina Hydrogen Fuel Stacks Market by Application
9.5.5.3 Rest of South and Central America Hydrogen Fuel Stacks Market
9.5.5.3.1 Rest of South and Central America Hydrogen Fuel Stacks Market by Type
9.5.5.3.2 Rest of South and Central America Hydrogen Fuel Stacks Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. HYDROGEN FUEL STACKS MARKET, KEY COMPANY PROFILES
11.1. ADVENT TECHNOLOGIES HOLDINGS INC.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BALLARD POWER SYSTEMS INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CUMMINS INC.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. FREUDENBERG FST GMBH
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. HORIZON FUEL CELL TECHNOLOGIES PTE. LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NUVERA FUEL CELLS LLC
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PLUG POWER INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. POWERCELL SWEDEN AB
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. PROTON POWER SYSTEMS PLC
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. XINYUAN POWER CO. LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List Of Companies
- Advent Technologies Holdings Inc.
- Ballard Power Systems Inc.
- Cummins Inc.
- Freudenberg FST GmbH
- Horizon Fuel Cell Technologies Pte. Ltd.
- Nuvera Fuel Cells LLC
- Plug Power Inc.
- PowerCell Sweden AB
- Proton Power Systems plc
- Xinyuan Power Co. Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
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The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
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