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The North America fuel cell market is forecast to increase by USD 5.08 billion at a CAGR of 21.34% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing focus on the adoption of hydrogen economy as a clean and sustainable energy source. This trend is further boosted by the rising adoption of solid oxide electrolyzers, which enable the efficient production of hydrogen fuel. However, challenges persist in durability, leading to high dependency on subsidies to offset the high initial investment costs. Despite these challenges, the market is expected to witness steady growth, fueled by advancements in technology and increasing government support for the hydrogen economy.
The market is experiencing significant growth due to an increasing focus on reducing carbon emissions and the adoption of clean technologies. Governments and private organizations are providing financing programs to support the development and implementation technology in various sectors. This technology is gaining popularity in the transportation sector, particularly in electric vehicles, as an alternative to battery-electric vehicles. Hydrocarbon fuels, including hydrogen, are used in both small-scale for residential and commercial applications, such as small households and commercial spaces like hotels, and large-scale for industrial applications.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The stationary segment is estimated to witness significant growth during the forecast period. This technology in North America is gaining traction due to its ability to provide high conversion efficiency, surpassing that of conventional combustion-based technologies. This efficiency translates to cost savings and reduced carbon emissions, making it an attractive option for stationary power generation applications, particularly in industries and commercial buildings aiming to minimize costs and enhance sustainability.
Innovative newcomers are introducing small-scale for commercial, small households, and commercial spaces, including hotels, hospitals, educational centers, and public buildings. Legislative frameworks and subsidy schemes, such as those in New Jersey, provide financial benefits for adopting clean sources. The advantages extend beyond cost-efficiency and security; they also contribute to climate change mitigation efforts by producing zero-emission equipment. It can be utilized in both mobile applications and stationary applications, making them a versatile solution for various infrastructure needs. Its durability and reliability, especially in stationary applications, ensure stable and dependable power generation.
Their long operational lifetimes reduce downtime and maintenance costs for end-users. It can operate on hydrocarbons and hydrogen, making them a flexible solution for various applications. SOFC (Solid Oxide type) and other types offer different advantages, such as high thermal efficiency and the ability to operate on various items, further expanding their potential applications.
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The stationary segment accounted for USD 1.18 billion in 2018 and showed a gradual increase during the forecast period.
Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing focus on adoption of hydrogen economy is the key driver of the market. The hydrogen economy is gaining traction in North America as a sustainable and low-carbon solution, with them serving as a key technology for converting hydrogen into electricity. They are increasingly being adopted in various sectors, including transportation, stationary power generation, and industrial applications, due to their clean production and efficiency. The expansion of hydrogen infrastructure, which includes production, storage, distribution, and refueling stations, presents significant opportunities for cell manufacturers and suppliers in North America. Financing programs and legislative frameworks, such as subsidy schemes in New Jersey, offer financial benefits for the adoption of clean sources.
This technology, including both small-scale and large-scale applications, is being used in commercial, small households, commercial spaces, hotels, hospitals, educational centers, and public buildings to reduce carbon emissions and improve security. The advantages including cost-efficiency, security, and zero-emission equipment, make it an attractive alternative to battery-electric and hydrocarbon-based sources.
Rising adoption of solid oxide electrolyzers is the upcoming trend in the market. Fuel cell technology, a key component of clean solutions, is gaining traction in North America due to financing programs that incentivize the adoption of zero-emission equipment. The transportation sector is witnessing a shift towards electric vehicles and hydrogen type, providing security and reducing carbon emissions. Small-scale devices are ideal for commercial, small households, and commercial spaces such as hotels, hospitals, educational centers, and public buildings. Large-scale fuel cells, on the other hand, are suitable for infrastructure applications like data centers and industrial processes.
The legislative frameworks and subsidy schemes in New Jersey and other regions offer financial benefits for the implementation of fuel cell technology. The advantages of fuel cells include efficiency, cost-efficiency, and the ability to operate on hydrocarbons and hydrogen. Solid Oxide Fuel Cells (SOFC) and other types of fuel cells offer mobile applications and stationary applications, expanding the scope of their use. The integration of fuel cells with renewable energy sources like solar and wind power further enhances their appeal, as it supports the production of green hydrogen and reduces dependence on traditional energy sources. This clean energy infrastructure addresses climate change concerns and offers a sustainable solution for the future.
Fuel cell durability issues leading to high dependency on subsidies is a key challenge affecting the market growth. Fuel cell technology in North America has gained traction due to financing programs aimed at reducing carbon emissions and promoting clean energy sources. This technology, which converts hydrocarbons into hydrogen and electricity through a stack, is a promising alternative for both transportation and stationary applications. In the transportation sector, fuel cell electric vehicles (FCEVs) offer advantages such as faster refueling, higher range, and density. However, the durability of fuel cell systems, particularly the stacks, is a challenge.
A lifespan of 150,000 miles is necessary for FCEVs to compete with gasoline vehicles. Despite the high efficiency and environmental benefits, fuel cell technology remains relatively expensive compared to battery-electric vehicles. Legislation and subsidy schemes, such as those in New Jersey, provide financial benefits for adopting zero-emission equipment. As the infrastructure shifts towards cleaner sources and security becomes a priority, the advantages of fuel cell technology, including cost-efficiency and security, make it an attractive option for commercial, small households, commercial spaces, hotels, hospitals, educational centers, public buildings, and data centers. SOFC and mobile applications are also gaining popularity in stationary applications.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acumentrics Inc. - The company cater to diverse fuel cell applications and storage requirements. The use of Lithium Iron Phosphate (LFP) batteries in these products ensures high energy density, long cycle life, and enhanced safety features.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to increasing focus on reducing carbon emissions and the adoption of clean energy technologies. Fuel cell technology, including both small-scale and large-scale applications, is gaining popularity in various sectors such as transportation, commercial, and residential. Bloom Energy and FuelCell Energy are leading innovators in this space, offering tri-gen systems that generate power through a combination of hydrocarbon fuel, hydrogen, and waste heat. The transportation sector is witnessing a shift towards fuel cell electric vehicles and battery-electric vehicles, offering advantages such as fuel efficiency and zero-emission equipment. The advantages of fuel cell technology extend to stationary applications, including commercial spaces, hotels, hospitals, educational centers, and public buildings.
Financing programs, legislative frameworks, and subsidy schemes are playing a crucial role in driving the adoption of fuel cell technology. For instance, New Jersey's financial benefits for clean energy sources are encouraging the deployment of fuel cells in small households and commercial spaces. The cost-efficiency and energy security offered by fuel cells make them an attractive alternative to traditional energy infrastructure. Innovative newcomers are also entering the market with SOFC (Solid Oxide Fuel Cell) technology, offering mobile applications and expanding the market's potential use cases. The advantages of fuel cell technology, including its ability to provide clean energy sources and contribute to climate change mitigation, are driving its growth in North America.
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Market Scope |
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Report Coverage |
Details |
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Page number |
155 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.34% |
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Market growth 2024-2028 |
USD 5.08 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
20.1 |
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Key companies profiled |
Acumentrics Inc., AVL List GmbH, Ballard Power Systems Inc., Bloom Energy Corp., BorgWarner Inc., Cummins Inc., Doosan Corp., ellcentric GmbH and Co. KG, FuelCell Energy Inc., General Motors Co., Hyster Yale Materials Handling Inc., Loop Energy Inc., Plug Power Inc., SFC Energy AG, The Symbio SAS, and Watt Fuel Cell Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles,market forecast , fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this market research report to meet your requirements Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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