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)
- Others
By Application
- Stationary
- Portable
- Transport
By Country
- US
- Canada
- Mexico
- 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
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Fuel Cell Market, by Product Type
1.4.2 North America Fuel Cell Market, by Application
1.4.3 North America 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. North America Fuel Cell Market by Product Type
4.1 North America Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country
4.2 North America Solid Oxide Fuel Cell (SOFC) Market by Country
4.3 North America Molten Carbonate Fuel Cell (MCFC) Market by Country
4.4 North America Phosphoric Acid Fuel Cell (PAFC) Market by Country
4.5 North America Others Market by Country
Chapter 5. North America Fuel Cell Market by Application
5.1 North America Stationary Market by Country
5.2 North America Portable Market by Country
5.3 North America Transport Market by Country
Chapter 6. North America Fuel Cell Market by Country
6.1 US Fuel Cell Market
6.1.1 US Fuel Cell Market by Product Type
6.1.2 US Fuel Cell Market by Application
6.2 Canada Fuel Cell Market
6.2.1 Canada Fuel Cell Market by Product Type
6.2.2 Canada Fuel Cell Market by Application
6.3 Mexico Fuel Cell Market
6.3.1 Mexico Fuel Cell Market by Product Type
6.3.2 Mexico Fuel Cell Market by Application
6.4 Rest of North America Fuel Cell Market
6.4.1 Rest of North America Fuel Cell Market by Product Type
6.4.2 Rest of North America 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 North America Fuel Cell Market, 2018 - 2021, USD Million
TABLE 2 North America 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 North America Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 7 North America Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 8 North America Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country, 2018 - 2021, USD Million
TABLE 9 North America Proton Exchange Membrane Fuel Cell (PEMFC) Market by Country, 2022 - 2028, USD Million
TABLE 10 North America Solid Oxide Fuel Cell (SOFC) Market by Country, 2018 - 2021, USD Million
TABLE 11 North America Solid Oxide Fuel Cell (SOFC) Market by Country, 2022 - 2028, USD Million
TABLE 12 North America Molten Carbonate Fuel Cell (MCFC) Market by Country, 2018 - 2021, USD Million
TABLE 13 North America Molten Carbonate Fuel Cell (MCFC) Market by Country, 2022 - 2028, USD Million
TABLE 14 North America Phosphoric Acid Fuel Cell (PAFC) Market by Country, 2018 - 2021, USD Million
TABLE 15 North America Phosphoric Acid Fuel Cell (PAFC) Market by Country, 2022 - 2028, USD Million
TABLE 16 North America Others Market by Country, 2018 - 2021, USD Million
TABLE 17 North America Others Market by Country, 2022 - 2028, USD Million
TABLE 18 North America Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 19 North America Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 20 North America Stationary Market by Country, 2018 - 2021, USD Million
TABLE 21 North America Stationary Market by Country, 2022 - 2028, USD Million
TABLE 22 North America Portable Market by Country, 2018 - 2021, USD Million
TABLE 23 North America Portable Market by Country, 2022 - 2028, USD Million
TABLE 24 North America Transport Market by Country, 2018 - 2021, USD Million
TABLE 25 North America Transport Market by Country, 2022 - 2028, USD Million
TABLE 26 North America Fuel Cell Market by Country, 2018 - 2021, USD Million
TABLE 27 North America Fuel Cell Market by Country, 2022 - 2028, USD Million
TABLE 28 US Fuel Cell Market, 2018 - 2021, USD Million
TABLE 29 US Fuel Cell Market, 2022 - 2028, USD Million
TABLE 30 US Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 31 US Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 32 US Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 33 US Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 34 Canada Fuel Cell Market, 2018 - 2021, USD Million
TABLE 35 Canada Fuel Cell Market, 2022 - 2028, USD Million
TABLE 36 Canada Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 37 Canada Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 38 Canada Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 39 Canada Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 40 Mexico Fuel Cell Market, 2018 - 2021, USD Million
TABLE 41 Mexico Fuel Cell Market, 2022 - 2028, USD Million
TABLE 42 Mexico Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 43 Mexico Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 44 Mexico Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 45 Mexico Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 46 Rest of North America Fuel Cell Market, 2018 - 2021, USD Million
TABLE 47 Rest of North America Fuel Cell Market, 2022 - 2028, USD Million
TABLE 48 Rest of North America Fuel Cell Market by Product Type, 2018 - 2021, USD Million
TABLE 49 Rest of North America Fuel Cell Market by Product Type, 2022 - 2028, USD Million
TABLE 50 Rest of North America Fuel Cell Market by Application, 2018 - 2021, USD Million
TABLE 51 Rest of North America Fuel Cell Market by Application, 2022 - 2028, USD Million
TABLE 52 Key Information – BALLARD POWER SYSTEMS INC.
TABLE 53 Key Information – PLUG POWER INC.
TABLE 54 Key Information – SFC Energy AG
TABLE 55 Key Information - Bloom Energy Corporation
TABLE 56 Key information – Cummins, Inc.
TABLE 57 Key Information – Hyster-Yale Materials Handling, Inc.
TABLE 58 Key Information – Doosan Fuel Cell America, Inc.
TABLE 59 Key Information – Intelligent Energy Limited
TABLE 60 Key Information – FuelCell Energy, Inc.
TABLE 61 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