The Latin America, Middle East and Africa Fuel Cell Market would witness market growth of 21.4% CAGR during the forecast period (2022-2028).
The expanding market is expected to be fuelled by the rising need for sustainable energy in developing nations, a shift in focus toward FCEVs, and thriving power industry. Around the world, the use of DMFCs to replace batteries is becoming more common, particularly in material handling applications such as forklift trucks. The fuel cell deployment will be bolstered by a shift in customer focus toward sustainable energy and growing demand for zero-emission fuel sources.
The industry environment is likely to be complemented by increasing demand for backup energy sources to deliver electricity at off-grid sites, as well as a growing reliance on FCEVs and portable gadgets. In addition, enhanced electrical efficiency across a wide variety of power levels, a large power-to-area ratio, a low operating temperature, and ease of access are some of the factors boosting the market growth.
Various countries have announced plans to use H2 gas to improve renewable energy fuels. Governments and business stakeholders have also announced intentions to expand hydrogen infrastructure to help with the transition. In June 2019, Saudi Arabia opened its first hydrogen filling station, which was built by Air Products and Saudi Aramco.
Africa and the Middle East In comparison to other parts of the world, the fuel cell market is slow. However, there is a sizable market for fuel cell manufacturers and raw material suppliers, particularly in nations like the United Arab Emirates and South Africa. Fuel cells are a key enabling technology for the world's energy portfolio, with the potential to revolutionize how countries power their country by providing cleaner, more efficient alternatives to gasoline and other fossil fuel burning. Because fuel cells are energy-efficient, clean, and fuel-flexible, they have the potential to replace internal-combustion engines in automobiles and provide power in fixed and portable power applications.
The Brazil market dominated the LAMEA Fuel Cell Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $130.1 Million by 2028. The Argentina market is poised to grow at a CAGR of 22% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 21.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Fuel Cell Market is Predict to reach $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
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
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 LAMEA Fuel Cell Market, by Product Type
1.4.2 LAMEA Fuel Cell Market, by Application
1.4.3 LAMEA 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. LAMEA Fuel Cell Market by Product Type
4.1 LAMEA Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country
4.2 LAMEA Solid Oxide Fuel Cell (SOFC) Market by Country
4.3 LAMEA Molten Carbonate Fuel Cell (MCFC) Market by Country
4.4 LAMEA Phosphoric Acid Fuel Cell (PAFC) Market by Country
4.5 LAMEA Others Market by Country
Chapter 5. LAMEA Fuel Cell Market by Application
5.1 LAMEA Stationary Market by Country
5.2 LAMEA Portable Market by Country
5.3 LAMEA Transport Market by Country
Chapter 6. LAMEA Fuel Cell Market by Country
6.1 Brazil Fuel Cell Market
6.1.1 Brazil Fuel Cell Market by Product Type
6.1.2 Brazil Fuel Cell Market by Application
6.2 Argentina Fuel Cell Market
6.2.1 Argentina Fuel Cell Market by Product Type
6.2.2 Argentina Fuel Cell Market by Application
6.3 UAE Fuel Cell Market
6.3.1 UAE Fuel Cell Market by Product Type
6.3.2 UAE Fuel Cell Market by Application
6.4 Saudi Arabia Fuel Cell Market
6.4.1 Saudi Arabia Fuel Cell Market by Product Type
6.4.2 Saudi Arabia Fuel Cell Market by Application
6.5 South Africa Fuel Cell Market
6.5.1 South Africa Fuel Cell Market by Product Type
6.5.2 South Africa Fuel Cell Market by Application
6.6 Nigeria Fuel Cell Market
6.6.1 Nigeria Fuel Cell Market by Product Type
6.6.2 Nigeria Fuel Cell Market by Application
6.7 Rest of LAMEA Fuel Cell Market
6.7.1 Rest of LAMEA Fuel Cell Market by Product Type
6.7.2 Rest of LAMEA 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 LAMEA Fuel Cell Market, 2018 - 2021, USD Million
TABLE 2 LAMEA 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 LAMEA Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 7 LAMEA Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 8 LAMEA Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country, 2018 - 2021, USD Million
TABLE 9 LAMEA Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country, 2022 - 2028, USD Million
TABLE 10 LAMEA Solid Oxide Fuel Cell (SOFC) Market by Country, 2018 - 2021, USD Million
TABLE 11 LAMEA Solid Oxide Fuel Cell (SOFC) Market by Country, 2022 - 2028, USD Million
TABLE 12 LAMEA Molten Carbonate Fuel Cell (MCFC) Market by Country, 2018 - 2021, USD Million
TABLE 13 LAMEA Molten Carbonate Fuel Cell (MCFC) Market by Country, 2022 - 2028, USD Million
TABLE 14 LAMEA Phosphoric Acid Fuel Cell (PAFC) Market by Country, 2018 - 2021, USD Million
TABLE 15 LAMEA Phosphoric Acid Fuel Cell (PAFC) Market by Country, 2022 - 2028, USD Million
TABLE 16 LAMEA Others Market by Country, 2018 - 2021, USD Million
TABLE 17 LAMEA Others Market by Country, 2022 - 2028, USD Million
TABLE 18 LAMEA Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 19 LAMEA Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 20 LAMEA Stationary Market by Country, 2018 - 2021, USD Million
TABLE 21 LAMEA Stationary Market by Country, 2022 - 2028, USD Million
TABLE 22 LAMEA Portable Market by Country, 2018 - 2021, USD Million
TABLE 23 LAMEA Portable Market by Country, 2022 - 2028, USD Million
TABLE 24 LAMEA Transport Market by Country, 2018 - 2021, USD Million
TABLE 25 LAMEA Transport Market by Country, 2022 - 2028, USD Million
TABLE 26 LAMEA Fuel Cell Market by Country, 2018 - 2021, USD Million
TABLE 27 LAMEA Fuel Cell Market by Country, 2022 - 2028, USD Million
TABLE 28 Brazil Fuel Cell Market, 2018 - 2021, USD Million
TABLE 29 Brazil Fuel Cell Market, 2022 - 2028, USD Million
TABLE 30 Brazil Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 31 Brazil Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 32 Brazil Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 33 Brazil Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 34 Argentina Fuel Cell Market, 2018 - 2021, USD Million
TABLE 35 Argentina Fuel Cell Market, 2022 - 2028, USD Million
TABLE 36 Argentina Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 37 Argentina Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 38 Argentina Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 39 Argentina Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 40 UAE Fuel Cell Market, 2018 - 2021, USD Million
TABLE 41 UAE Fuel Cell Market, 2022 - 2028, USD Million
TABLE 42 UAE Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 43 UAE Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 44 UAE Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 45 UAE Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 46 Saudi Arabia Fuel Cell Market, 2018 - 2021, USD Million
TABLE 47 Saudi Arabia Fuel Cell Market, 2022 - 2028, USD Million
TABLE 48 Saudi Arabia Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 49 Saudi Arabia Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 50 Saudi Arabia Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 51 Saudi Arabia Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 52 South Africa Fuel Cell Market, 2018 - 2021, USD Million
TABLE 53 South Africa Fuel Cell Market, 2022 - 2028, USD Million
TABLE 54 South Africa Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 55 South Africa Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 56 South Africa Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 57 South Africa Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 58 Nigeria Fuel Cell Market, 2018 - 2021, USD Million
TABLE 59 Nigeria Fuel Cell Market, 2022 - 2028, USD Million
TABLE 60 Nigeria Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 61 Nigeria Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 62 Nigeria Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 63 Nigeria Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 64 Rest of LAMEA Fuel Cell Market, 2018 - 2021, USD Million
TABLE 65 Rest of LAMEA Fuel Cell Market, 2022 - 2028, USD Million
TABLE 66 Rest of LAMEA Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 67 Rest of LAMEA Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 68 Rest of LAMEA Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 69 Rest of LAMEA 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