North America Fuel Cell Market Size, Share & Industry Trends Analysis Report By Product Type, By Application (Stationary, Portable, and Transport), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Fuel Cell Market would witness market growth of 18.8% CAGR during the forecast period (2022-2028).
The federal governments of countries like the United States and Canada are assisting commercial fuel cell manufacturers. The players operating in the fuel cell market are keeping an eye on funding prospects from the US Department of Energy (DOE) and the Office of Energy Efficiency and Renewable Energy's Fuel Cell Technologies Office (FCTO). The Department of Energy announced $51.5 million in funding for research into technologies that power trucks and off-road vehicles on March 1, 2019.
Product rollout has been hampered by high fuel cell prices, insufficient infrastructure, and storage and hydration issues. The market landscape will be improved by favorable mandates and norms to hasten the deployment of clean energy, as well as increased support for the electrification of off-grid and isolated locations. Additionally, the industry's outlook will be bolstered by the implementation of numerous investment plans aimed at shifting the focus to distributed power generating techniques and the continued development of hydrogen infrastructure.
The United States is the world leader in fuel cell electric vehicle (FCEV) deployment, with more than 535.6 MW of fuel cell stationary power supplying more than 40 states in the US as of 2018. The Zero Emission Vehicle Program in California, which has considerably increased FCEV sales and is likely to continue in the next years.
The US Department of Energy (DOE) hopes to lower the cost of 80-kW fuel cell stack systems to around USD 40 – USD 30 per KW by 2020, assuming high-volume production of 50,000 systems per year. With the decreasing cost of fuel cell stacks, efforts are being made to lower the cost of hydrogen production as well. Though both DMFC and SOFC types of vehicle systems are being developed, PEM remains the country's dominating in the transportation sector. Toyota and Hyundai, for example, have invested in PEM stack cell technology in order to lower the overall production costs of FCEVs.
The US market dominated the North America Fuel Cell Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,583.3 Million by 2028. The Canada market is anticipated to grow at a CAGR of 21.5% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 20.4% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Fuel Cell Market is Estimated 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)
- Rest of North America
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
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