According to FMI’s analysis, the fuel cells for stationary power market is expected to grow at a CAGR of 11.1% over the envisioned time frame. In 2023, it is anticipated that the industry will grow to a market size of US$ 1,981.4 million.
Growing market demand for both small and large-capacity fuel cell systems is anticipated. Furthermore, it is anticipated that rising public and private sector investments in infrastructure for hydrogen will lead to significant future growth opportunities.
Product deployment is anticipated to be aided by supportive norms and regulations, as well as the massive investments being made to electrify remote areas. It is anticipated that increased consumer awareness of clean energy technologies and solutions will accelerate market growth. Additionally, it is anticipated that the increased demand will have an impact on the market statistics.
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The market size is projected to be accelerated by improved product proliferation for short-time supply across tetra networks, telecommunication base stations, and data centers. Many industry players are intent on creating new innovative products.
In South Korea and Japan, research and development activities for transmission solutions and efficient power generation is expected to decarbonize the energy sector. Several government funding programs with surging deployment for large- and small-scale stationary fuel cells are expected to bolster regional growth. For example, the government of South Korea intends to employ about 15 GW of volume for utility-scale fuel cells by the year 2040.
The growth of China’s fuel cell for the stationary power industry is expected to be driven by shifting government emphasis on technological advances for hydrogen FC applications. In 2021, MOST offered FC cogeneration as a significant hydrogen-energy technology. In addition to this, the deployment of state and national-level policies throughout China is expected to foster the growth of cogeneration technology.
Top Highlights from the FMI’s Analysis of Fuel Cells for the Stationary Power Industry:
- The United States market for fuel cells for stationary power is projected to gain a 21.7% market share in 2023.
- Germany’s fuel cell for stationary power is anticipated to acquire a 5.8% market share in 2023.
- Japan’s market is expected to gain hold of 4.2% market share.
- Australia’s fuel cell for stationary power is anticipated to obtain 0.7% in 2023.
- Countries in Asia such as China and India are expected to register CAGR of 13.2% and 12.6% in the upcoming years.
- The United Kingdom is projected to expand at a CAGR of 8% from 2023 to 2033.
- As per FMI’s research, 3 kW to 10 KW, the top device segment, is projected to gain a value share of 42.2% in 2023.
- The commercial end-use segment is expected to procure a value share of 40.6% in 2023.
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Industry Update: Market Scenario on the Competitive Front
On the competitive front, key players are investing in technological advancements. These are being supported by the surging research and development activities for the development of new products. Product deployment is expected to boom owing to inorganic strategic measures like mergers and acquisitions, joint ventures, etc. For instance,
- In 2022, Ballard Power Systems came into a strategic alliance with the road equipment vendor for 31 fuel cell modules. These can offer 3 MW hydrogen fuel cell power.
Key Players Operating in the Fuel Cell for Stationary Power Market
- Cummins Inc.
- Ballard Power Systems
- Plug Power Inc.
- Nuvera Fuel Cells, LLC.
- Bloom Energy
- Doosan Fuel Cell Co., Ltd.
- Siemens Energy
- Fuji Electric Co., Ltd.
- Fuel Cell Energy, Inc.
- Toshiba Corporation
- SFC Energy AG
- Aris Renewable Energy LLC.
- Altergy
- AFC Energy PLC
- General Ltd.
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Key Segments
By Device:
- < 3 kW
- 3 kW to 10 kW
- 10 kW to 50 kW
- > 50 kW
By Application:
- Prime power
- CHP
- Others
By End Use:
- Residential
- Commercial
- Industrial or Utility
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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