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The hydrogen fuel cell stacks market share is expected to increase by USD 713.36 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 22.30%.
This hydrogen fuel cell stacks market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hydrogen fuel cell stacks market segmentation by application (transport, stationary, and portable) and geography (Americas, APAC, and EMEA). The hydrogen fuel cell stacks market report also offers information on several market vendors, including Advent Technologies Holdings Inc., Ballard Power Systems Inc., Cummins Inc., Freudenberg FST GmbH, Horizon Fuel Cell Technologies Pte. Ltd., Nuvera Fuel Cells LLC, Plug Power Inc., PowerCell Sweden AB, Proton Power Systems plc, and Xinyuan Power Co. Ltd. among others.
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"The high support from the federal government for the development and installation of fuel cells will facilitate the fuel cell market growth in the Americas over the forecast period."
The growing incentives to increase adoption of FCVs is notably driving the hydrogen fuel cell stacks market growth, although factors such as high cost of fuel cell development and adoption may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hydrogen fuel cell stacks industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hydrogen Fuel Cell Stacks Market Driver
One of the key factors driving the global hydrogen fuel cell stacks market growth is the growing incentives to increase the adoption of FCVs. According to the IEA, the transport sector accounted for 26% of the direct CO2 emissions in 2020 due to the combustion of fossil fuels. Road vehicles such as buses, cars, trucks, and two-wheelers accounted for around three-quarters of global CO2 emissions that are attributable to the transport sector as a whole. Therefore, environmentally sustainable technologies such as fuel cells are finding high adoption in the transport sector. To promote the use of FCVs, governments across the world are offering several incentives. For instance, in Belgium, Financial incentives apply to the purchases of EVs (electric vehicles) or FCVs made by the companies located in the Brussels?Capital Region. In Denmark, FCVs are exempted from paying the registration tax until the end of 2022. Such factors will drive the market growth during the forecast period.
Key Hydrogen Fuel Cell Stacks Market Trend
Rising strategic partnerships and R&D activities is one of the key hydrogen fuel cell stacks market trends that is expected to impact the industry positively in the forecast period. The collaborations and partnerships are aimed at developing technology, improving efficiency, and reducing the cost to boost the widespread adoption of hydrogen fuel cell stacks. OEMs such as General Motors Co. and Honda Motor have been accelerating their transit toward alternative propulsion technologies. The two companies have made equal investments totaling USD 85 million in the joint venture and have planned to begin mass production of fuel cell systems by 2020. In addition, owing to the high contribution of catalyst costs in the overall cost structure of fuel cells, the stakeholders of the hydrogen infrastructure are focusing on finding an alternative to platinum. Such partnerships are expected to further support the market growth in the coming years.
Key Hydrogen Fuel Cell Stacks Market Challenge
One of the key challenges to the global hydrogen fuel cell stacks market growth is the high cost of fuel cell development and adoption. The price of fuel cells has been declining owing to factors such as rapid growth in natural gas production in countries such as the US. However, fuel cells are expensive when compared with alternative technologies. Thus, the use of fuel cells costs much higher than that of its substitutes. For instance, the use of hydrogen as a fuel in the transport sector costs more than 100% when compared with the use of alternative fuels such as gasoline. Although subsidies reduce the initial costs and improve the initial adoption of fuel cells, they phase out gradually over a period, thereby creating the need for significant investments for sustaining the overall cost and ensuring margins. Thus, the high cost of fuel cells hinders the growth of the global hydrogen fuel cell stacks market in the forecast period.
This hydrogen fuel cell stacks market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global hydrogen fuel cells stacks market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hydrogen fuel cell stacks market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hydrogen fuel cell stacks market encompasses successful business strategies deployed by the key vendors. The hydrogen fuel cell stacks market is fragmented and the vendors are deploying growth strategies such as innovation and M&A activity to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hydrogen fuel cell stacks market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hydrogen fuel cell stacks market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global renewable electricity market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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56% of the market's growth will originate from the Americas during the forecast period. The US is the key market for hydrogen fuel cell stacks in the Americas. Market growth in this region will be faster than the growth of the market in APAC.
The significant increase in the demand for hydrogen fuel cell stacks in countries such as the US owing to government initiatives and incentives will facilitate the hydrogen fuel cell stacks market growth in Americas over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic, which has had a high impact on the US and Brazil, has led to the shutdown of several industries across the country. This reduced the manufacturing and transportation of many industries, including heavy-duty FCVs and fuel cell-powered material handling equipment in this region in the first half of 2020, which negatively impacted the market in the region. However, in 2021, the number of new infections was reduced due to the increased vaccination rates 2021. This will help the regional hydrogen fuel cell stacks market to grow during the forecast period.
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The hydrogen fuel cell stacks market share growth by the transport segment will be significant during the forecast period. The growth is attributed to the significant rise in energy demand from the transport sector owing to economic growth. For instance, according to the US Energy Information Administration (EIA), in 2020, the transport sector accounted for 26% of the energy consumption in the US.
This report provides an accurate prediction of the contribution of all the segments to the growth of the hydrogen fuel cell stacks market size and actionable market insights on post COVID-19 impact on each segment.
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Hydrogen Fuel Cell Stacks Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.30% |
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Market growth 2022-2026 |
$ 713.36 million |
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Market structure |
Fragmented |
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YoY growth (%) |
21.35 |
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Regional analysis |
Americas, APAC, and EMEA |
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Performing market contribution |
Americas at 56% |
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Key consumer countries |
US, Japan, South Korea (Republic of Korea), China, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Advent Technologies Holdings Inc., Ballard Power Systems Inc., Cummins Inc., Freudenberg FST GmbH, Horizon Fuel Cell Technologies Pte. Ltd., Nuvera Fuel Cells LLC, Plug Power Inc., PowerCell Sweden AB, Proton Power Systems plc, and Xinyuan Power Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*2.1.1 Parent Market
*Exhibit 08 Parent market
*Exhibit 09: Market characteristics
**2.2 Value Chain Analysis
*Exhibit 10: Value Chain Analysis: Energy Storage
* Inputs
* Operations
* Distribution and logistics
* Marketing and sales
* Aftermarket and service
*Industry innovations:
***3. Market Sizing
**3.1 Market definition
*Exhibit 11: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 12: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 - 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of the buyer
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of the supplier
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Application
**5.1 Market segments
*Exhibit 22: Application Market share 2021 - 2026 (%)
**5.2 Comparison by Application
*Exhibit 23: Comparison by Application
**5.3 Transport - Market size and forecast 2021-2026
*Exhibit 24: Transport- Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Transport - Year-over-year growth 2021-2026 (%)
**5.4 Stationary - Market size and forecast 2021-2026
*Exhibit 26: Stationary - Market size and forecast 2021-2026 ($ million)
*Exhibit 27:Stationary- Year-over-year growth 2021-2026 (%)
**5.5 Portable - Market size and forecast 2021-2026
*Exhibit 28: Portable - Market size and forecast 2021-2026 ($ million)
*Exhibit 29: Portable - Year-over-year growth 2021-2026 (%)
**5.6 Market opportunity by Application
*Exhibit 30: Market opportunity by Application
***6. Customer landscape
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
**6.1 Overview
*Exhibit 31: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 32: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 33: Geographic comparison
**7.3 Americas - Market size and forecast 2021-2026
*Exhibit 34: Americas - Market size and forecast 2021-2026($ million)
*Exhibit 35: Americas - Year-over-year growth 2021-2026 (%)
**7.4 APAC - Market size and forecast 2021-2026
*Exhibit 36: APAC - Market size and forecast 2021-2026 ($ million)
*Exhibit 37: APAC - Year-over-year growth 2021-2026 (%)
**7.5 EMEA - Market size and forecast 2021-2026
*Exhibit 38: EMEA - Market size and forecast 2021-2026 ($ million)
*Exhibit 39: EMEA - Year-over-year growth 2021-2026(%)
**7.6 Key leading countries
*Exhibit 40: Key leading countries
**7.7 Market opportunity by geography
*Exhibit 41: Market opportunity by geography ($ million)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Growing incentives to increase adoption of FCVs
*8.1.2 Favorable government regulations and initiatives
*8.1.3 Rising demand for clean energy sources
**8.2 Market challenges
*8.2.1 High cost of fuel cell development and adoption
*8.2.2 Challenges associated with hydrogen refueling facilities
*8.2.3 Competition from alternative technologies
*Exhibit 42: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Rising strategic partnerships and R&D activities
*8.3.2 Growing adoption in material handling applications
*8.3.3 Increasing adoption of microgrids
***9. Vendor Landscape
**9.1 Overview
*Exhibit 43: Vendor landscape
**9.2 Landscape disruption
*Exhibit 44: Landscape disruption
*Exhibit 45: Industry Risk
**9.3 Competitive Scenario
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 46: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 47: ?Market positioning of vendors?
**10.3 Advent Technologies Holdings Inc.
*Exhibit 48: Advent Technologies Holdings Inc. - Overview
*Exhibit 49: Advent Technologies Holdings Inc. - Product and service
*Exhibit 50: Advent Technologies Holdings Inc. - Key offerings
**10.4 Ballard Power Systems Inc.
*Exhibit 51: Ballard Power Systems Inc. - Overview
*Exhibit 52: Ballard Power Systems Inc. - Business segments
*Exhibit 53: Ballard Power Systems Inc. - Key offerings
*Exhibit 54: Ballard Power Systems Inc. - Segment focus
**10.5 Cummins Inc.
*Exhibit 55: Cummins Inc. - Overview
*Exhibit 56: Cummins Inc. - Business segments
*Exhibit 57: Cummins Inc. - Key offerings
*Exhibit 58: Cummins Inc. - Segment focus
**10.6 Freudenberg FST GmbH
*Exhibit 59: Freudenberg FST GmbH - Overview
*Exhibit 60: Freudenberg FST GmbH - Product and service
*Exhibit 61: Freudenberg FST GmbH - Key offerings
**10.7 Horizon Fuel Cell Technologies Pte. Ltd.
*Exhibit 62: Horizon Fuel Cell Technologies Pte. Ltd. - Overview
*Exhibit 63: Horizon Fuel Cell Technologies Pte. Ltd. - Product and service
*Exhibit 64: Horizon Fuel Cell Technologies Pte. Ltd. - Key offerings
**10.8 Nuvera Fuel Cells LLC
*Exhibit 65: Nuvera Fuel Cells LLC - Overview
*Exhibit 66: Nuvera Fuel Cells LLC - Product and service
*Exhibit 67: Nuvera Fuel Cells LLC - Key offerings
**10.9 Plug Power Inc.
*Exhibit 68: Plug Power Inc. - Overview
*Exhibit 69: Plug Power Inc. - Product and service
*Exhibit 70: Plug Power Inc. - Key offerings
**10.10 PowerCell Sweden AB
*Exhibit 71: PowerCell Sweden AB - Overview
*Exhibit 72: PowerCell Sweden AB - Product and service
*Exhibit 73: PowerCell Sweden AB - Key offerings
**10.11 Proton Power Systems plc
*Exhibit 74: Proton Power Systems plc - Overview
*Exhibit 75: Proton Power Systems plc - Product and service
*Exhibit 76: Proton Power Systems plc - Key offerings
**10.12 Xinyuan Power Co. Ltd.
*Exhibit 77: Xinyuan Power Co. Ltd. - Overview
*Exhibit 78: Xinyuan Power Co. Ltd. - Product and service
*Exhibit 79: Xinyuan Power Co. Ltd. - Key offerings
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 80: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 81: ?Research Methodology
*Exhibit 82: ??Validation techniques employed for market sizing?
*Exhibit 83: ??Information sources
**11.4 List of abbreviations
*Exhibit 84: List of abbreviations
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