The Asia Pacific Fuel Cell Market would witness market growth of 19.3% CAGR during the forecast period (2022-2028).
A fuel cell is a device that generates and conducts electricity by combining a cathode and an anode submerged in an electrolyte liquid. These units work like a battery, giving the necessary power to the system, but instead of charging at regular intervals, they use hydrogen-based fuel. The technology converts chemical energy into electrical energy using a basic electromechanical mechanism. The hydrogen is produced when the fuel is divided into protons and electrons on the anode, while oxygen is produced at the cathode. The protons pass through the electrolyte liquid, while the electrons complete a circuit between the electrodes. After this chemical reaction is complete, all of the negative and positive ions, as well as oxygen, combine at the cathode to produce electricity as a final product, along with water and heat as by-products.
Fuel cells create electricity directly from hydrogen and oxygen, resulting in no emissions of carbon dioxide or other pollutants. When hydrogen is produced in this way, a small amount of dangerous compounds are released. However, the high cost of fuel cell systems, which results in a high cost of FCEV, may limit market expansion. In addition, one of the major obstacles to the market is investment risks such as capital and operational expenditures, as well as underutilization of various FCEV facilities.
The regional market is characterized by a high need for developments in fuel cell technology due to the region's expanding utilization of fuel cell-powered automobiles. Because of favorable government regulations in nations like China, Japan, and South Korea, the Asia-Pacific area is one of the most potential regional markets for fuel cells in the next years. The PEMFC is the most widely used fuel cell technology in the region among the existing fuel cell technologies. China's fuel cell business has a lot of promise, as the government is increasingly focusing on methods to use sustainable energy technologies to transition to a low-carbon economy. Furthermore, the hydrogen fuel cell industry in the country has been gaining steam as a result of favorable national and provincial government subsidies as well as local government incentive programs to encourage the use of hydrogen vehicles to reduce pollution. The government of Zhangjiakou City in China has placed an order for 74 fuel cell electric buses (FCEBs) in preparation for the 2022 Winter Olympics. FCEB implementation is expected to increase in more Chinese cities in the near future.
The China market dominated the Asia Pacific Fuel Cell Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,178 Million by 2028. The Japan market is experiencing a CAGR of 18.6% during (2022 - 2028). Additionally, The India market would exhibit a CAGR of 20.2% during (2022 - 2028).
Based on Product Type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), and Others. Based on Application, the market is segmented into Stationary, Portable, and Transport. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Fuel Cell Market is Projected to reach USD 11.9 Billion by 2028, at a CAGR of 19.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ballard Power Systems, Inc., Plug Power, Inc., SFC Energy AG, Bloom Energy Corporation, Cummins, Inc., Hyster-Yale Materials Handling, Inc., Doosan Fuel Cell Co., Ltd., Intelligent Energy Limited (Meditor Group), FuelCell Energy, Inc., and Nedstack Fuel Cell Technology BV.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Proton Exchange Membrane Fuel Cell (PEMFC)
- Solid Oxide Fuel Cell (SOFC)
- Molten Carbonate Fuel Cell (MCFC)
- Phosphoric Acid Fuel Cell (PAFC)
- Others
By Application
- Stationary
- Portable
- Transport
By Country
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Ballard Power Systems, Inc.
- Plug Power, Inc.
- SFC Energy AG
- Bloom Energy Corporation
- Cummins, Inc.
- Hyster-Yale Materials Handling, Inc.
- Doosan Fuel Cell Co., Ltd.
- Intelligent Energy Limited (Meditor Group)
- FuelCell Energy, Inc.
- Nedstack Fuel Cell Technology BV
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Asia Pacific Fuel Cell Market, by Product Type
1.4.2 Asia Pacific Fuel Cell Market, by Application
1.4.3 Asia Pacific Fuel Cell Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2019, Dec – 2022, Feb) Leading Players
Chapter 4. Asia Pacific Fuel Cell Market by Product Type
4.1 Asia Pacific Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country
4.2 Asia Pacific Solid Oxide Fuel Cell (SOFC) Market by Country
4.3 Asia Pacific Molten Carbonate Fuel Cell (MCFC) Market by Country
4.4 Asia Pacific Phosphoric Acid Fuel Cell (PAFC) Market by Country
4.5 Asia Pacific Others Market by Country
Chapter 5. Asia Pacific Fuel Cell Market by Application
5.1 Asia Pacific Stationary Market by Country
5.2 Asia Pacific Portable Market by Country
5.3 Asia Pacific Transport Market by Country
Chapter 6. Asia Pacific Fuel Cell Market by Country
6.1 China Fuel Cell Market
6.1.1 China Fuel Cell Market by Product Type
6.1.2 China Fuel Cell Market by Application
6.2 Japan Fuel Cell Market
6.2.1 Japan Fuel Cell Market by Product Type
6.2.2 Japan Fuel Cell Market by Application
6.3 India Fuel Cell Market
6.3.1 India Fuel Cell Market by Product Type
6.3.2 India Fuel Cell Market by Application
6.4 South Korea Fuel Cell Market
6.4.1 South Korea Fuel Cell Market by Product Type
6.4.2 South Korea Fuel Cell Market by Application
6.5 Singapore Fuel Cell Market
6.5.1 Singapore Fuel Cell Market by Product Type
6.5.2 Singapore Fuel Cell Market by Application
6.6 Malaysia Fuel Cell Market
6.6.1 Malaysia Fuel Cell Market by Product Type
6.6.2 Malaysia Fuel Cell Market by Application
6.7 Rest of Asia Pacific Fuel Cell Market
6.7.1 Rest of Asia Pacific Fuel Cell Market by Product Type
6.7.2 Rest of Asia Pacific Fuel Cell Market by Application
Chapter 7. Company Profiles
7.1 Ballard Power Systems, Inc.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expenses
7.1.5 Recent strategies and developments:
7.1.5.1 Partnerships, Collaborations, and Agreements:
7.1.5.2 Product Launches and Product Expansions:
7.1.5.3 Acquisition and Mergers:
7.2 Plug Power, Inc.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.2.5 Recent strategies and developments:
7.2.5.1 Partnerships, Collaborations, and Agreements:
7.2.5.2 Acquisition and Mergers:
7.3 SFC Energy AG
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expenses
7.3.5 Recent strategies and developments:
7.3.5.1 Partnerships, Collaborations, and Agreements:
7.4 Bloom Energy Corporation
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Research & Development Expenses
7.4.4 Recent strategies and developments:
7.4.4.1 Partnerships, Collaborations, and Agreements:
7.4.4.2 Product Launches and Product Expansions:
7.5 Cummins, Inc.
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Regional & Segmental Analysis
7.5.4 Research & Development Expenses
7.6 Hyster-Yale Materials Handling, Inc. (Nuvera Fuel Cells, LLC.)
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.6.4 Research & Development Expenses
7.7 Doosan Fuel Cell America, Inc. (Doosan Corporation)
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Recent strategies and developments:
7.7.3.1 Partnerships, Collaborations, and Agreements:
7.8 Intelligent Energy Limited (Meditor Group)
7.8.1 Company Overview
7.9 FuelCell Energy, Inc.
7.9.1 Company Overview
7.9.2 Recent strategies and developments:
7.9.2.1 Partnerships, Collaborations, and Agreements:
7.10. Nedstack Fuel Cell Technology B.V.
7.10.1 Company Overview
7.10.2 Recent strategies and developments:
7.10.2.1 Partnerships, Collaborations, and Agreements:
TABLE 1 Asia Pacific Fuel Cell Market, 2018 - 2021, USD Million
TABLE 2 Asia Pacific Fuel Cell Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Fuel Cell Market
TABLE 4 Product Launches And Product Expansions– Fuel Cell Market
TABLE 5 Acquisition and Mergers– Fuel Cell Market
TABLE 6 Asia Pacific Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 7 Asia Pacific Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 8 Asia Pacific Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country, 2018 - 2021, USD Million
TABLE 9 Asia Pacific Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country, 2022 - 2028, USD Million
TABLE 10 Asia Pacific Solid Oxide Fuel Cell (SOFC) Market by Country, 2018 - 2021, USD Million
TABLE 11 Asia Pacific Solid Oxide Fuel Cell (SOFC) Market by Country, 2022 - 2028, USD Million
TABLE 12 Asia Pacific Molten Carbonate Fuel Cell (MCFC) Market by Country, 2018 - 2021, USD Million
TABLE 13 Asia Pacific Molten Carbonate Fuel Cell (MCFC) Market by Country, 2022 - 2028, USD Million
TABLE 14 Asia Pacific Phosphoric Acid Fuel Cell (PAFC) Market by Country, 2018 - 2021, USD Million
TABLE 15 Asia Pacific Phosphoric Acid Fuel Cell (PAFC) Market by Country, 2022 - 2028, USD Million
TABLE 16 Asia Pacific Others Market by Country, 2018 - 2021, USD Million
TABLE 17 Asia Pacific Others Market by Country, 2022 - 2028, USD Million
TABLE 18 Asia Pacific Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 19 Asia Pacific Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 20 Asia Pacific Stationary Market by Country, 2018 - 2021, USD Million
TABLE 21 Asia Pacific Stationary Market by Country, 2022 - 2028, USD Million
TABLE 22 Asia Pacific Portable Market by Country, 2018 - 2021, USD Million
TABLE 23 Asia Pacific Portable Market by Country, 2022 - 2028, USD Million
TABLE 24 Asia Pacific Transport Market by Country, 2018 - 2021, USD Million
TABLE 25 Asia Pacific Transport Market by Country, 2022 - 2028, USD Million
TABLE 26 Asia Pacific Fuel Cell Market by Country, 2018 - 2021, USD Million
TABLE 27 Asia Pacific Fuel Cell Market by Country, 2022 - 2028, USD Million
TABLE 28 China Fuel Cell Market, 2018 - 2021, USD Million
TABLE 29 China Fuel Cell Market, 2022 - 2028, USD Million
TABLE 30 China Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 31 China Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 32 China Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 33 China Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 34 Japan Fuel Cell Market, 2018 - 2021, USD Million
TABLE 35 Japan Fuel Cell Market, 2022 - 2028, USD Million
TABLE 36 Japan Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 37 Japan Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 38 Japan Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 39 Japan Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 40 India Fuel Cell Market, 2018 - 2021, USD Million
TABLE 41 India Fuel Cell Market, 2022 - 2028, USD Million
TABLE 42 India Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 43 India Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 44 India Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 45 India Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 46 South Korea Fuel Cell Market, 2018 - 2021, USD Million
TABLE 47 South Korea Fuel Cell Market, 2022 - 2028, USD Million
TABLE 48 South Korea Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 49 South Korea Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 50 South Korea Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 51 South Korea Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 52 Singapore Fuel Cell Market, 2018 - 2021, USD Million
TABLE 53 Singapore Fuel Cell Market, 2022 - 2028, USD Million
TABLE 54 Singapore Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 55 Singapore Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 56 Singapore Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 57 Singapore Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 58 Malaysia Fuel Cell Market, 2018 - 2021, USD Million
TABLE 59 Malaysia Fuel Cell Market, 2022 - 2028, USD Million
TABLE 60 Malaysia Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 61 Malaysia Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 62 Malaysia Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 63 Malaysia Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 64 Rest of Asia Pacific Fuel Cell Market, 2018 - 2021, USD Million
TABLE 65 Rest of Asia Pacific Fuel Cell Market, 2022 - 2028, USD Million
TABLE 66 Rest of Asia Pacific Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 67 Rest of Asia Pacific Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 68 Rest of Asia Pacific Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 69 Rest of Asia Pacific Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 70 Key Information – BALLARD POWER SYSTEMS INC.
TABLE 71 Key Information – PLUG POWER INC.
TABLE 72 Key Information – SFC Energy AG
TABLE 73 Key Information - Bloom Energy Corporation
TABLE 74 Key information – Cummins, Inc.
TABLE 75 Key Information – Hyster-Yale Materials Handling, Inc.
TABLE 76 Key Information – Doosan Fuel Cell America, Inc.
TABLE 77 Key Information – Intelligent Energy Limited
TABLE 78 Key Information – FuelCell Energy, Inc.
TABLE 79 Key Information – Nedstack Fuel Cell Technology B.V.
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018 -2022)
FIG 4 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2019, Dec – 2022, Feb) Leading Players
FIG 5 Recent strategies and developments: Ballard Power Systems, Inc.
FIG 6 Recent strategies and developments: Plug Power, Inc.
FIG 7 Recent strategies and developments: Bloom Energy Corporation