한글목차

세계의 연료전지 시장 규모는 2025년 56억 6,000만 달러에서 2030년에는 181억 6,000만 달러에 달하며, 26.3%의 CAGR로 확대할 것으로 예측됩니다.

세계 연료전지 시장은 운송, 발전 및 산업 분야에서 저배출, 지속가능한 에너지 솔루션으로 전환하는 추세에 힘입어 성장 궤도에 올라서고 있습니다. 현재 광범위한 지지적인 정치 환경, 탈탄소화 목표, 수소 인프라가 도입 수준을 확대할 수 있는 여건을 조성하고 있습니다. 연료전지 기술은 발전하고 있으며, 효율성 향상, 신소재 개발, 비용 절감으로 이어지고 있습니다. 이러한 발전으로 연료전지는 선진국뿐만 아니라 다른 지역으로 확대될 것으로 예측됩니다. 수요가 증가함에 따라 주요 기업은 제조, 파트너십, 보다 종합적인 서비스 옵션을 통해 세계 입지를 강화하고 있습니다.

고체 산화물 부문은 소비자들이 저배출, 고효율의 발전 대안과 장기적으로 사용할 수 있는 고정식 에너지 시스템을 요구함에 따라 성장하고 있습니다. 고체 산화물 연료전지는 높은 전기 효율과 유연한 연료 옵션으로 인해 상업용, 산업용, 대규모 유틸리티 용도에서 장시간 분산된 지속적인 전력 공급의 핵심이 될 수 있습니다. 이 성장 분야는 세라믹 소재, 열 관리 및 시스템 설계의 개발로 내구성과 운영 비용이 개선되어 혜택을 누리고 있습니다. 또한 탈탄소화를 향한 전 세계적인 움직임 속에서 재생한 수소 공급원을 이용할 수 있는 열병합발전(CHP) 시스템과 통합할 수 있게 됨에 따라 이러한 발전 시스템이 더욱 널리 채택되고 있습니다. 이러한 연료전지는 수소, 천연가스, 바이오가스 등 다양한 유형의 연료로 작동할 수 있습니다. 이러한 연료전지는 에너지 전환을 지원하는 효과적인 기술인 동시에 더 깨끗하고 강력한 전력 인프라를 제공합니다.

연료전지 시장의 스택 부문은 수소와 산소가 전기화학반응을 일으켜 전기, 물, 열을 생산하므로 매우 중요합니다. 스택 부문의 주요 구성 요소에는 막전극 어셈블리(MEA), 양극판, 가스 확산층, 실란트, 전도성, 내구성, 열 관리를 최적화하도록 설계된 실란트 등이 포함됩니다. 이 분야는 고정식, 이동식 및 휴대용 용도를 위한 통합적이고 효율적인 고성능 시스템에 대한 수요 증가로 인해 빠르게 성장하고 있습니다. 이러한 수요는 청정 에너지 기술의 개발, 상용화 및 스케일업과 관련이 있으며, 이는 세계 청정 에너지 전환에 있으며, 연료전지 시장 전반을 강화시키고 있습니다. 스택 부문은 높은 재료비와 가공 비용으로 인한 자본적 지출(CAPEX)과 수명주기 유지보수 및 스택 교체를 포함한 운영 비용의 대부분을 차지합니다. 또한 스택 제품의 성능은 연료전지 시스템의 효율, 수명 및 비용 경쟁력에 영향을 미치는 중요한 요소입니다.

아시아태평양은 세계 연료전지 시장의 주요 지역으로 부상하고 있습니다. 이 지역에서는 에너지 수요, 청정 에너지 기술에 대한 정부의 적극적인 지원, 수소 인프라에 대한 투자 등이 복합적으로 작용하고 있습니다. 운송, 공정, 분산형 전원 시스템의 탈탄소화에 대한 관심이 높아지면서 연료전지 시장이 빠르게 성장하고 있습니다. 일본, 한국, 중국 모두 국가 수소 전략을 수립하고, 주택 및 모빌리티 분야에서의 활동에서 상업 분야에서의 대규모 활용으로 이어지는 연료전지 로드맵을 실행에 옮기고 있습니다. 일본은 현재 이 분야를 선도하고 있으며, 주택에 연료전지 시스템을 배치하고 국가 차원의 에너팜 프로그램을 통해 최종사용자에 대한 성공적인 적용을 입증하고 있습니다. 한국은 공공시설 규모의 연료전지 발전소와 대중교통용 수소에너지에 많은 투자를 준비하고 있습니다. 한편, 중국은 다양한 보조금과 파일럿 프로그램을 통해 연료전지 자동차(FCV)의 대대적인 보급을 준비하고 있으며, 중국을 연료전지 산업의 주요 제조 거점으로 자리매김하고 있습니다. 인도는 '국가 그린 수소 미션'과 같은 구상을 통해 다양한 정책 및 연구개발 노력을 통해 정부의 자신감을 보여줌으로써 이 기회를 잡기 위해 노력하고 있습니다. 지역 협력, 새로운 정책 프레임워크, 민관 투자 증가로 인한 기회를 종합하면 아시아태평양은 연료전지 상용화 및 기술 혁신의 원동력이 될 것으로 기대됩니다.

Bloom Energy(미국), Plug Power Inc.(미국), AISIN CORPORATION(일본), Ballard Power Systems(캐나다), FuelCell Energy, Inc.(미국), KYOCERA Corporation(일본), Doosan Fuel Cell(한국), Cummins Inc.(일본), ElringKlinger AG(독일), TOSHIBA CORPORATION(일본), Nedstack Fuel Cell Technology BV(네덜란드), PowerCell Sweden AB(스웨덴), SFC Energy AG(독일), AFC Energy(영국), Fuji Electric(일본), Intelligent Energy Limited(영국), Horizon Fuel Cell Technologies(싱가포르), Hyster-Yale Materials Handling, Inc.(미국), AVL(오스트리아), ADELAN(영국), Ecospray Technologies S.r.l.(이탈리아), Special Power Sources(미국)가 연료전지 시장의 주요 참여 기업입니다. 이 조사에서는 연료전지 시장에서 이 주요 기업의 기업 개요, 최근 동향, 주요 시장 전략 등 상세한 경쟁 분석을 시행하고 있습니다.

연료전지 시장을 유형별(양성자교환막, 고체산화물, 인산, 알칼리, 미생물, 직접메탄올, 기타), 연료 유형별(수소, 암모니아, 메탄올, 메탄올, 에탄올, 기타), 컴포넌트별(스택, 밸런스 오브 플랜트), 용도별(휴대용, 고정식, 휴대용, 휴대용), 규모별(소형, 대형), 최종사용자별(주거용, 상업용, 운송용, 데이터센터용) 등으로 분류하여 조사 분석했으며, 향후 5년간 시장 전망을 정리하여 전해드립니다. 휴대용, 고정형, 연료전지차), 규모별(소형, 대형), 최종사용자별(주거, 상업/산업, 운송, 데이터센터, 군/방위, 유틸리티, 정부/지방자치단체), 지역별(북미, 유럽, 아시아태평양, 기타 지역)로 분석했습니다. 이 보고서의 조사 범위는 연료전지 시장의 성장에 영향을 미치는 촉진요인 및 과제, 시장 성장 촉진요인 및 과제 등 주요 요인에 대한 상세한 정보를 포함하고 있습니다. 주요 업계 참여업체에 대한 철저한 분석을 통해 사업 개요, 솔루션, 서비스, 계약, 파트너십, 합의, 확장, 제품 출시, 제휴, 인수 등 주요 전략과 연료전지 시장과 관련된 최근 동향에 대한 인사이트를 제공합니다. 이 보고서는 연료전지 시장 생태계에서 향후 신흥 기업의 경쟁 분석을 다루고 있습니다.

목차

제1장 서론

제2장 조사 방법

제3장 개요

제4장 주요 인사이트

제5장 시장 개요

• 서론
• 시장 역학
• 고객 비즈니스에 영향을 미치는 동향/혼란
• 가격 분석
• 공급망 분석
• 에코시스템 분석
• 기술 분석
• 사례 연구 분석
• 특허 분석
• 무역 분석
• 2025-2026년의 주요 컨퍼런스와 이벤트
• 규제 상황
• Porter's Five Forces 분석
• 주요 이해관계자와 구입 기준
• 투자와 자금조달 시나리오
• AI/생성형 AI가 연료전지 시장에 미치는 영향
• 세계 거시경제 전망
• 2025년 미국 관세가 연료전지 시장에 미치는 영향

제6장 연료전지 시장(유형별)

• 서론
• 양성자 교환막
• 고체 산화물
• 인산
• 알칼리
• 미생물
• 직접 메탄올
• 기타

제7장 연료전지 시장(컴포넌트별)

• 서론
• 스택
• 밸런스 오브 플랜트(BOS)

제8장 연료전지 시장(규모별)

• 서론
• 소규모(200kW 미만)
• 대규모(200kW 이상)

제9장 연료전지 시장(연료 유형별)

• 서론
• 수소
• 암모니아
• 메탄올
• 기타

제10장 연료전지 시장(용도별)

• 서론
• 가동형
• 고정형
• 연료전지차

제11장 연료전지 시장(최종사용자별)

• 서론
• 주택
• 상업 및 산업
• 운송
• 데이터센터
• 군·방위
• 유틸리티 및 정부/지방자치단체 기관

제12장 연료전지 시장(지역별)

• 서론
• 아시아태평양
  • 중국
  • 일본
  • 한국
  • 기타
• 북미
  • 미국
  • 캐나다
• 유럽
  • 영국
  • 독일
  • 이탈리아
  • 기타
• 기타 지역
  • 중동 및 아프리카
  • 라틴아메리카

제13장 경쟁 구도

• 개요
• 주요 참여 기업의 전략/강점, 2020-2025년
• 시장 점유율 분석, 2024년
• 매출 분석, 2020-2024년
• 기업 평가와 재무 지표
• 제품 비교
• 기업 평가 매트릭스 : 주요 참여 기업, 2024년
• 기업 평가 매트릭스 : 스타트업/중소기업, 2024년

제14장 기업 개요

• 주요 참여 기업
  • BLOOM ENERGY
  • PLUG POWER INC.
  • AISIN CORPORATION
  • DOOSAN FUEL CELL CO., LTD.
  • SFC ENERGY AG
  • BALLARD POWER SYSTEMS
  • FUELCELL ENERGY, INC.
  • KYOCERA CORPORATION
  • CUMMINS INC.
  • MITSUBISHI HEAVY INDUSTRIES, LTD.
  • TOSHIBA CORPORATION
  • NEDSTACK FUEL CELL TECHNOLOGY
  • ELRINGKLINGER AG
  • POWERCELL SWEDEN AB
  • AFC ENERGY
  • FUJI ELECTRIC CO., LTD.
• 기타 기업
  • INTELLIGENT ENERGY LIMITED
  • HORIZON FUEL CELL TECHNOLOGIES
  • HYSTER-YALE MATERIALS HANDLING, INC.
  • ADELAN
  • MICRORGANIC TECHNOLOGIES
  • AVL
  • WATT FUEL CELL
  • PROTON MOTOR FUEL CELL GMBH
  • ECOSPRAY TECHNOLOGIES S.R.L.
  • SPECIAL POWER SOURCES
  • GENCELL LTD.
  • VERSOGEN
  • AQUACYCL
  • SOLYDERA SPA

제15장 부록

영문목차

The global fuel cell market is projected to reach USD 18.16 billion by 2030 from USD 5.66 billion in 2025, registering a CAGR of 26.3%. The global fuel cell market is on a growth trajectory driven by the increasing trend of switching to low-emission and sustainable energy solutions for transportation, power generation, and industrial uses. The current supportive broader political environment, decarbonization targets, and hydrogen infrastructure are enabling expansion in the level of adoption. Fuel cell technology is advancing, leading to improved efficiencies, the development of new materials, and reduced costs. This progress will allow it to expand beyond industrialized nations into other regions. As demand rises, major organizations are increasing their global presence through manufacturing, partnerships, and more comprehensive service options.

"Solid oxide segment, by type, to be fastest-growing market from 2025 to 2030"

The solid oxide segment, by type, is expanding as consumers seek more low-emission, high-efficiency power generation alternatives and stationary energy systems that can last a prolonged duration. Solid oxide fuel cells are key to providing long-duration, distributed, and continual power in commercial, industrial, and large utility applications because of their high electrical efficiency and flexible fuel options. This growing vertical benefits from developments in ceramic materials, thermal management, and system design that have improved durability and operating costs. Furthermore, these power systems are being more widely adopted as they can now be integrated with combined heat and power (CHP) systems, which can use renewable sources of hydrogen, in the context of a global move to decarbonization. These fuel cells can operate on various fuel types, such as hydrogen, natural gas, and biogas. They are effective technologies to support the energy transition while providing cleaner and more resilient power infrastructure.

"Stack segment, by component, was second-largest market in 2024"

The stack segment of the fuel cell market is crucial because hydrogen and oxygen undergo an electrochemical reaction to produce electricity, water, and heat. Key components of the stack segment include the membrane electrode assembly (MEA), bipolar plates, gas diffusion layers, and sealants, all designed to optimize conductivity, durability, and heat management. This segment rapidly expands due to the growing demand for integrated, efficient, high-performance systems for stationary, mobile, and portable applications. This demand is linked to developing, commercializing, and scaling clean energy technologies, thereby enhancing the overall fuel cell market in the global clean energy transition. The stack segment represents a significant portion of capital expenditures (CAPEX), which arise from higher material and fabrication costs, and operational expenditures, including lifecycle maintenance and stack replacements. Additionally, the performance of stack products is a critical factor influencing the efficiency, lifetime, and cost competitiveness of fuel cell systems.

"Asia Pacific to account for largest share of fuel cell market throughout forecast period"

The Asia Pacific (APAC) region is developing into a major player in the global fuel cell market. It brings together energy demand, positive government support for clean energy technologies, and investment in hydrogen infrastructure in the region. Interest in the shift toward decarbonizing transportation, processes, and distributed power systems is increasing, and the fuel cell market is experiencing rapid growth. Japan, South Korea, and China have all begun to develop their national hydrogen strategies and implement fuel cell roadmaps that connect activities across residential and mobility sectors to large-scale utilization in the commercial sector. Japan is currently leading in this area, with the deployment of fuel cell systems in residences and the national ENE-FARM program demonstrating successful end-user applications. South Korea is preparing to invest heavily in utility-scale fuel cell power plants and hydrogen energy for public transportation. Meanwhile, China is gearing up for substantial rollouts of fuel cell vehicles (FCVs) through various subsidies and pilot programs, positioning the country as a major manufacturing hub in the industry. India aims to seize this opportunity with initiatives such as the National Green Hydrogen Mission, signaling governmental confidence through various policies and R&D efforts. Collectively, the opportunities presented by regional cooperation, emerging policy frameworks, and increasing public-private investment position the Asia Pacific region to become a driving force in the commercialization and innovation of fuel cells.

In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1 - 57%, Tier 2 - 29%, and Tier 3 - 14%

By Designation: C-level Executives - 35%, Directors - 20%, and Others - 45%

By Region: North America - 20%, Europe - 15%, Asia Pacific - 30%, Middle East & Africa - 25%, and South America - 10%

Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: <USD 500 million. Others include sales managers, engineers, and regional managers.

Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Ballard Power Systems (Canada), FuelCell Energy, Inc. (US), KYOCERA Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), Cummins Inc. (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), ElringKlinger AG (Germany), TOSHIBA CORPORATION (Japan), Nedstack Fuel Cell Technology BV (Netherlands), PowerCell Sweden AB (Sweden), SFC Energy AG (Germany), AFC Energy (UK), Fuji Electric Co., Ltd. (Japan), Intelligent Energy Limited (UK), Horizon Fuel Cell Technologies (Singapore), Hyster-Yale Materials Handling, Inc. (US), AVL (Austria), ADELAN (UK), Ecospray Technologies S.r.l. (Italy), and Special Power Sources (US) are key players in the fuel cell market. The study includes an in-depth competitive analysis of these key players in the fuel cell market, with their company profiles, recent developments, and key market strategies.

Study Coverage:

The report defines, describes, and forecasts the fuel cell market market, by type (proton exchange membrane, solid oxide, phosphoric acid, alkaline, microbial, direct methanol, other fuel cell types), fuel type (hydrogen, ammonia, methanol, ethanol, other fuel types), component (stack and balance of plant (bop), application (portable, stationary, and fuel cell vehciles), size (small-scale (up to 200 kw) and large-scale (above 200 kw)), end user (residential, commercial & industrial, transportation, data centers, military & defense, utilities & government/municipal institutes), and region (North America, Europe, Asia Pacific, and RoW). The report's scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing fuel cell market growth. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, expansions, product launches, collaborations, and acquisitions; and recent developments associated with the fuel cell market. This report covers the competitive analysis of upcoming startups in the fuel cell market ecosystem.

Key Benefits of Buying the Report:

• The report includes the analysis of key drivers (Burgeoning adoption of low-carbon vehicles to address climate change, rising implementation of strict carbon emission regulations, quicker refueling time and more extended range of FCEVs than BEVs, and growing emphasis on decarbonizing maritime industry), restraints (Requirement for expensive materials and complex manufacturing processes, high flammability of hydrogen), opportunities (Implementation of incentive programs to support distributed power generation, governments' focus on initiating hydrogen programs), and challenges (High adoption of BEVs with increasing investment in lithium-ion batteries, supply chain bottlenecks, and lack of infrastructure for hydrogen production and refueling.)
• Product Development/Innovation: Fuel cell manufacturers continually capitalize on new materials, automated production, and modular systems to optimize performance and cost. We see several new advancements in the fuel cell market, including AI-based performance monitoring, digital twin models to check stacks, and predictive maintenance to improve reliability and lifespan. The market is embracing emerging catalysts, low-platinum and non-platinum options, and advanced membranes to produce higher levels of efficiency and decreased environmental impact. These possibilities enable fuel cell companies to deliver high levels of performance, scalable and clean energy solutions in response to global decarbonization and distributed energy expectations.
• Market Development: In February 2025, Bloom Energy and Equinix signed a partnership deal for over 100 megawatts of fuel cell capacity across 19 Equinix data centers in six US states. Starting from a 1 MW pilot in 2015, the partnership now includes 75 MW operational and 30 MW under construction, providing cleaner, on-site power to meet the growing energy demands of AI-driven computing. Bloom's fuel cells offer reliable electricity with minimal environmental impact, enhancing Equinix's sustainability efforts and reducing reliance on traditional grid power. This report provides a detailed analysis of fuel cell manufacturers' strategies critical for project success, providing stakeholders with actionable insights into trends and opportunities for growth in the fuel cell market.
• Market Diversification: The report offers a comprehensive analysis of the strategies employed by manufacturers to facilitate market diversification. It outlines innovative products, operating models, and new partnership frameworks across various regions, which are underpinned by technology-driven business lines. The findings emphasize opportunities for expansion beyond traditional operations, identifying geographical areas and customer segments that are currently served but remain underserved and are suitable for strategic entry.
• Competitive Assessment: The report provides in-depth assessment of market shares, growth strategies, and service offerings of leading players, such as Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Ballard Power Systems (Canada), FuelCell Energy, Inc. (US), KYOCERA Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), Cummins Inc. (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), ElringKlinger AG (Germany), TOSHIBA CORPORATION (Japan), Nedstack Fuel Cell Technology BV (Netherlands), PowerCell Sweden AB (Sweden), among others, in the fuel cell market.

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 STUDY OBJECTIVES
• 1.2 MARKET DEFINITION
• 1.3 STUDY SCOPE
  • 1.3.1 MARKETS COVERED AND REGIONAL SCOPE
  • 1.3.2 INCLUSIONS AND EXCLUSIONS
  • 1.3.3 YEARS CONSIDERED
• 1.4 CURRENCY CONSIDERED
• 1.5 UNIT CONSIDERED
• 1.6 LIMITATIONS
• 1.7 STAKEHOLDERS
• 1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY

• 2.1 RESEARCH DATA
• 2.2 SECONDARY AND PRIMARY RESEARCH
  • 2.2.1 SECONDARY DATA
    • 2.2.1.1 List of key secondary sources
    • 2.2.1.2 Key data from secondary sources
  • 2.2.2 PRIMARY DATA
    • 2.2.2.1 List of primary interview participants
    • 2.2.2.2 Key industry insights
    • 2.2.2.3 Breakdown of primaries
    • 2.2.2.4 Key data from primary sources
• 2.3 MARKET SIZE ESTIMATION METHODOLOGY
  • 2.3.1 BOTTOM-UP APPROACH
  • 2.3.2 TOP-DOWN APPROACH
  • 2.3.3 DEMAND-SIDE ANALYSIS
    • 2.3.3.1 Demand-side assumptions
    • 2.3.3.2 Demand-side calculations
  • 2.3.4 SUPPLY-SIDE ANALYSIS
    • 2.3.4.1 Supply-side assumptions
    • 2.3.4.2 Supply-side calculations
• 2.4 FORECAST
• 2.5 MARKET BREAKDOWN AND DATA TRIANGULATION
• 2.6 RESEARCH LIMITATIONS
• 2.7 RISK ANALYSIS

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

• 4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUEL CELL MARKET
• 4.2 FUEL CELL MARKET, BY REGION
• 4.3 FUEL CELL MARKET, BY TYPE
• 4.4 FUEL CELL MARKET, BY APPLICATION
• 4.5 FUEL CELL MARKET, BY END USER
• 4.6 FUEL CELL MARKET, BY SIZE
• 4.7 FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION AND COUNTRY

5 MARKET OVERVIEW

• 5.1 INTRODUCTION
• 5.2 MARKET DYNAMICS
  • 5.2.1 DRIVERS
    • 5.2.1.1 Burgeoning adoption of low-carbon vehicles to address climate change
    • 5.2.1.2 Rising implementation of strict carbon emission regulations
    • 5.2.1.3 Quicker refueling time and longer range of FCEVs than BEVs
    • 5.2.1.4 Growing emphasis on decarbonizing maritime industry
  • 5.2.2 RESTRAINTS
    • 5.2.2.1 Requirement for expensive materials and complex manufacturing processes
    • 5.2.2.2 High flammability of hydrogen
  • 5.2.3 OPPORTUNITIES
    • 5.2.3.1 Implementation of incentive programs to support distributed power generation
    • 5.2.3.2 Governments' focus on initiating hydrogen programs
  • 5.2.4 CHALLENGES
    • 5.2.4.1 High adoption of BEVs with increasing investment in lithium-ion batteries
    • 5.2.4.2 Supply chain bottlenecks and lack of infrastructure for hydrogen production and refueling
• 5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
• 5.4 PRICING ANALYSIS
  • 5.4.1 AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE, 2020-2024
  • 5.4.2 PRICING RANGE OF FUEL CELLS OFFERED BY KEY PLAYERS, BY TYPE, 2024
  • 5.4.3 AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION, 2020-2024
  • 5.4.4 PRICING TREND OF FUEL CELLS, BY COMPONENT, 2018-2024
• 5.5 SUPPLY CHAIN ANALYSIS
• 5.6 ECOSYSTEM ANALYSIS
• 5.7 TECHNOLOGY ANALYSIS
  • 5.7.1 KEY TECHNOLOGIES
    • 5.7.1.1 Reversible fuel cells
    • 5.7.1.2 Anion-exchange membrane fuel cells
  • 5.7.2 COMPLEMENTARY TECHNOLOGIES
    • 5.7.2.1 Electrolyzers
    • 5.7.2.2 Hydrogen refueling stations
  • 5.7.3 ADJACENT TECHNOLOGIES
    • 5.7.3.1 Battery electric vehicles
    • 5.7.3.2 Hydrogen internal combustion engines (H2-ICE)
• 5.8 CASE STUDY ANALYSIS
  • 5.8.1 WALMART IMPLEMENTS BLOOM ENERGY SERVER FUEL CELLS TO ADVANCE RENEWABLE ENERGY TARGETS
  • 5.8.2 SOUTHERN LINC PARTNERS WITH PLUG POWER TO DEPLOY GENSURE HYDROGEN FUEL CELL BACKUP SYSTEMS TO PROVIDE CONTINUOUS SERVICES DURING OUTAGES
  • 5.8.3 ENVIRONMENT AGENCY ADOPTS EFOY PRO DIRECT METHANOL FUEL CELL TO ENSURE POWER RELIABILITY
• 5.9 PATENT ANALYSIS
• 5.10 TRADE ANALYSIS
  • 5.10.1 IMPORT SCENARIO (HS CODE 280410)
  • 5.10.2 EXPORT SCENARIO (HS CODE 280410)
• 5.11 KEY CONFERENCES AND EVENTS, 2025-2026
• 5.12 REGULATORY LANDSCAPE
  • 5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
  • 5.12.2 REGULATIONS
• 5.13 PORTER'S FIVE FORCES ANALYSIS
  • 5.13.1 THREAT OF SUBSTITUTES
  • 5.13.2 BARGAINING POWER OF SUPPLIERS
  • 5.13.3 BARGAINING POWER OF BUYERS
  • 5.13.4 THREAT OF NEW ENTRANTS
  • 5.13.5 INTENSITY OF COMPETITIVE RIVALRY
• 5.14 KEY STAKEHOLDERS AND BUYING CRITERIA
  • 5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
  • 5.14.2 BUYING CRITERIA
• 5.15 INVESTMENT AND FUNDING SCENARIO
• 5.16 IMPACT OF AI/GEN AI ON FUEL CELL MARKET
  • 5.16.1 IMPACT ON MANUFACTURING & PROCESS OPTIMIZATION
  • 5.16.2 IMPACT ON SYSTEM MONITORING & OPERATION
  • 5.16.3 IMPACT ON MAINTENANCE & LIFECYCLE MANAGEMENT
• 5.17 GLOBAL MACROECONOMIC OUTLOOK
  • 5.17.1 INTRODUCTION
  • 5.17.2 GOVERNMENT POLICIES AND SUBSIDIES
  • 5.17.3 ENERGY TRANSITION AND DECARBONIZATION GOALS
  • 5.17.4 INVESTMENT TRENDS AND PRIVATE SECTOR ACTIVITIES
  • 5.17.5 ECONOMIC CHALLENGES AND RISKS
• 5.18 IMPACT OF 2025 US TARIFF ON FUEL CELL MARKET
  • 5.18.1 INTRODUCTION
  • 5.18.2 KEY TARIFF RATES
  • 5.18.3 PRICE IMPACT ANALYSIS
  • 5.18.4 IMPACT ON COUNTRIES/REGIONS
    • 5.18.4.1 US
    • 5.18.4.2 Europe
    • 5.18.4.3 Asia Pacific
  • 5.18.5 IMPACT ON APPLICATIONS

6 FUEL CELL MARKET, BY TYPE

• 6.1 INTRODUCTION
• 6.2 PROTON-EXCHANGE MEMBRANE
  • 6.2.1 HIGH PREFERENCE IN TRANSPORTATION, PORTABLE POWER, AND SMALL-SCALE STATIONARY POWER APPLICATIONS TO DRIVE MARKET
• 6.3 SOLID OXIDE
  • 6.3.1 HIGH EFFICIENCY AND LOW EMISSIONS TO ACCELERATE SEGMENTAL GROWTH
• 6.4 PHOSPHORIC ACID
  • 6.4.1 DURABILITY AND HIGH EFFICIENCY IN COGENERATION TO CONTRIBUTE TO SEGMENTAL GROWTH
• 6.5 ALKALINE
  • 6.5.1 MINIMAL THERMAL DEGRADATION OF COMPONENTS AND HIGH ELECTRICAL EFFICIENCY TO FUEL SEGMENTAL GROWTH
• 6.6 MICROBIAL
  • 6.6.1 ABILITY TO TREAT WASTEWATER WHILE SIMULTANEOUSLY GENERATING POWER TO BOOST SEGMENTAL GROWTH
• 6.7 DIRECT METHANOL
  • 6.7.1 USE IN PORTABLE AND SMALL-SCALE POWER APPLICATIONS TO FOSTER SEGMENTAL GROWTH
• 6.8 OTHER FUEL CELL TYPES

7 FUEL CELL MARKET, BY COMPONENT

• 7.1 INTRODUCTION
• 7.2 STACK
  • 7.2.1 PRECISE DESIGN AND QUALITY TO CONTRIBUTE TO SEGMENTAL GROWTH
  • 7.2.2 INTERCONNECTS
  • 7.2.3 END PLATES
  • 7.2.4 SEALINGS
  • 7.2.5 OTHER STACK COMPONENTS
• 7.3 BALANCE OF PLANT (BOS)
  • 7.3.1 ABILITY TO OPTIMIZE PERFORMANCE, SAFETY, AND RELIABILITY OF FUEL CELLS TO FOSTER SEGMENTAL GROWTH
  • 7.3.2 HEAT TRANSFER COMPONENTS
  • 7.3.3 POWER ELECTRONICS & CONTROL SYSTEMS
  • 7.3.4 INSTRUMENTS & SENSORS
  • 7.3.5 FUEL REFORMERS & DESULFURIZERS
  • 7.3.6 OTHER BOP COMPONENTS

8 FUEL CELL MARKET, BY SIZE

• 8.1 INTRODUCTION
• 8.2 SMALL-SCALE (UP TO 200 KW)
  • 8.2.1 COMPACT FOOTPRINT, EFFICIENT OPERATION, AND ABILITY TO FUNCTION IN OFF-GRID OR BACKUP SCENARIOS TO DRIVE MARKET
• 8.3 LARGE-SCALE (ABOVE 200 KW)
  • 8.3.1 EMPHASIS ON ALIGNING WITH NATIONAL ENERGY STRATEGIES TO FOSTER SEGMENTAL GROWTH

9 FUEL CELL MARKET, BY FUEL TYPE

• 9.1 INTRODUCTION
• 9.2 HYDROGEN
  • 9.2.1 EMERGENCE AS ENVIRONMENT-FRIENDLY ALTERNATIVE TO COMBUSTION-BASED POWER SOURCE TO SPUR DEMAND
• 9.3 AMMONIA
  • 9.3.1 ZERO CARBON EMISSIONS AND COST-EFFICIENCY FEATURES TO AUGMENT SEGMENTAL GROWTH
• 9.4 METHANOL
  • 9.4.1 EASY STORAGE AND TRANSPORTATION DUE TO HIGH ENERGY DENSITY TO EXPEDITE SEGMENTAL GROWTH
• 9.5 OTHER FUEL TYPES

10 FUEL CELL MARKET, BY APPLICATION

• 10.1 INTRODUCTION
• 10.2 PORTABLE 136 10.2.1 HIGHER ENERGY DENSITY THAN CONVENTIONAL BATTERIES TO FUEL SEGMENTAL GROWTH
• 10.3 STATIONARY
  • 10.3.1 PRIMARY POWER GENERATION SYSTEMS
    • 10.3.1.1 Rising deployment to supply baseload electricity and CHP to contribute to segmental growth
  • 10.3.2 BACKUP POWER SYSTEMS
    • 10.3.2.1 Global push for low-emission technologies to accelerate segmental growth
  • 10.3.3 CHP SYSTEMS
    • 10.3.3.1 Strong focus on addressing global warming and conserving energy to augment segmental growth
• 10.4 FUEL CELL VEHICLES
  • 10.4.1 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES
    • 10.4.1.1 Increasing sales of passenger light-duty vehicles to fuel segmental growth
  • 10.4.2 FUEL CELL BUSES
    • 10.4.2.1 Rising emphasis on decarbonizing public transport networks to boost segmental growth
  • 10.4.3 FUEL CELL TRUCKS
    • 10.4.3.1 Increasing availability of zero-emission vehicles for heavy-duty transport to drive market
  • 10.4.4 OTHER FUEL CELL VEHICLES

11 FUEL CELL MARKET, BY END USER

• 11.1 INTRODUCTION
• 11.2 RESIDENTIAL
  • 11.2.1 SURGING CLEAN ENERGY DEMAND FOR SPACE HEATING AND COOLING TO FUEL SEGMENTAL GROWTH
• 11.3 COMMERCIAL & INDUSTRIAL
  • 11.3.1 HIGH EFFICIENCY AND SUITABILITY OF FUEL CELLS FOR BASE-LOAD POWER TO CONTRIBUTE TO SEGMENTAL GROWTH
• 11.4 TRANSPORTATION
  • 11.4.1 GOVERNMENTAL SUPPORT FOR ZERO-EMISSION VEHICLES TO BOOST SEGMENTAL GROWTH
• 11.5 DATA CENTERS
  • 11.5.1 MOUNTING ADOPTION OF FUEL CELLS AS CLEAN AND RELIABLE POWER SOURCE TO AUGMENT SEGMENTAL GROWTH
• 11.6 MILITARY & DEFENSE
  • 11.6.1 RISING NEED FOR RELIABLE POWER SOURCES FOR COMMUNICATION SYSTEMS AND SURVEILLANCE SENSORS TO DRIVE MARKET
• 11.7 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES
  • 11.7.1 GROWING FOCUS ON MEETING LOCAL OR STATE-MANDATED EMISSION TARGETS TO BOLSTER SEGMENTAL GROWTH

12 FUEL CELL MARKET, BY REGION

• 12.1 INTRODUCTION
• 12.2 ASIA PACIFIC
  • 12.2.1 CHINA
    • 12.2.1.1 Rising implementation of policies to reach carbon neutrality to boost market growth
  • 12.2.2 JAPAN
    • 12.2.2.1 Growing focus on climate change mitigation to augment market growth
  • 12.2.3 SOUTH KOREA
    • 12.2.3.1 Increasing use of green hydrogen to curb carbon emissions to accelerate market growth
  • 12.2.4 REST OF ASIA PACIFIC
• 12.3 NORTH AMERICA
  • 12.3.1 US
    • 12.3.1.1 Growing network of hydrogen refueling stations to contribute to market growth
  • 12.3.2 CANADA
    • 12.3.2.1 Strategic commitment to expand hydrogen and fuel cell usage as part of climate targets to drive market
• 12.4 EUROPE
  • 12.4.1 UK
    • 12.4.1.1 Increasing financial aid for clean technology deployment to boost market growth
  • 12.4.2 GERMANY
    • 12.4.2.1 Escalating hydrogen energy production to accelerate market growth
  • 12.4.3 ITALY
    • 12.4.3.1 Rising implementation of subsidies for hydrogen initiatives to fuel market growth
  • 12.4.4 REST OF EUROPE
• 12.5 ROW
  • 12.5.1 MIDDLE EAST & AFRICA
    • 12.5.1.1 Rising exploration of hydrogen to diversify energy portfolio to accelerate market growth
  • 12.5.2 LATIN AMERICA
    • 12.5.2.1 Increasing investment to build green hydrogen economy to boost market growth

13 COMPETITIVE LANDSCAPE

• 13.1 OVERVIEW
• 13.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020-2025
• 13.3 MARKET SHARE ANALYSIS, 2024
• 13.4 REVENUE ANALYSIS, 2020-2024
• 13.5 COMPANY VALUATION AND FINANCIAL METRICS
• 13.6 PRODUCT COMPARISON
• 13.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024
  • 13.7.1 STARS
  • 13.7.2 EMERGING LEADERS
  • 13.7.3 PERVASIVE PLAYERS
  • 13.7.4 PARTICIPANTS
  • 13.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024
    • 13.7.5.1 Company footprint
    • 13.7.5.2 Region footprint
    • 13.7.5.3 Type footprint
    • 13.7.5.4 Application footprint
    • 13.7.5.5 End user footprint
• 13.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024
  • 13.8.1 PROGRESSIVE COMPANIES
  • 13.8.2 RESPONSIVE COMPANIES
  • 13.8.3 DYNAMIC COMPANIES
  • 13.8.4 STARTING BLOCKS
  • 13.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024
    • 13.8.5.1 Detailed list of key startups/SMEs
    • 13.8.5.2 Competitive benchmarking of key startups/SMEs
  • 13.8.6 COMPETITIVE SCENARIO
    • 13.8.6.1 Product launches
    • 13.8.6.2 Deals
    • 13.8.6.3 Expansions
    • 13.8.6.4 Others developments

14 COMPANY PROFILES

• 14.1 KEY PLAYERS
  • 14.1.1 BLOOM ENERGY
    • 14.1.1.1 Business overview
    • 14.1.1.2 Products/Solutions/Services offered
    • 14.1.1.3 Recent developments
      • 14.1.1.3.1 Product launches
      • 14.1.1.3.2 Deals
      • 14.1.1.3.3 Other developments
    • 14.1.1.4 MnM view
      • 14.1.1.4.1 Key strengths/Right to win
      • 14.1.1.4.2 Strategic choices
      • 14.1.1.4.3 Weaknesses/Competitive threats
  • 14.1.2 PLUG POWER INC.
    • 14.1.2.1 Business overview
    • 14.1.2.2 Products/Solutions/Services offered
    • 14.1.2.3 Recent developments
      • 14.1.2.3.1 Product launches
      • 14.1.2.3.2 Deals
      • 14.1.2.3.3 Expansions
      • 14.1.2.3.4 Other developments
    • 14.1.2.4 MnM view
      • 14.1.2.4.1 Key strengths/Right to win
      • 14.1.2.4.2 Strategic choices
      • 14.1.2.4.3 Weaknesses/Competitive threats
  • 14.1.3 AISIN CORPORATION
    • 14.1.3.1 Business overview
    • 14.1.3.2 Products/Solutions/Services offered
    • 14.1.3.3 Recent developments
      • 14.1.3.3.1 Deals
    • 14.1.3.4 MnM view
      • 14.1.3.4.1 Key strengths/Right to win
      • 14.1.3.4.2 Strategic choices
      • 14.1.3.4.3 Weaknesses/Competitive threats
  • 14.1.4 DOOSAN FUEL CELL CO., LTD.
    • 14.1.4.1 Business overview
    • 14.1.4.2 Products/Solutions/Services offered
    • 14.1.4.3 Recent developments
      • 14.1.4.3.1 Deals
      • 14.1.4.3.2 Expansions
      • 14.1.4.3.3 Other developments
    • 14.1.4.4 MnM view
      • 14.1.4.4.1 Key strengths/Right to win
      • 14.1.4.4.2 Strategic choices
      • 14.1.4.4.3 Weaknesses/Competitive threats
  • 14.1.5 SFC ENERGY AG
    • 14.1.5.1 Business overview
    • 14.1.5.2 Products/Solutions/Services offered
    • 14.1.5.3 Recent developments
      • 14.1.5.3.1 Deals
      • 14.1.5.3.2 Other developments
    • 14.1.5.4 MnM view
      • 14.1.5.4.1 Key strengths/Right to win
      • 14.1.5.4.2 Strategic choices
      • 14.1.5.4.3 Weaknesses/Competitive threats
  • 14.1.6 BALLARD POWER SYSTEMS
    • 14.1.6.1 Business overview
    • 14.1.6.2 Products/Solutions/Services offered
    • 14.1.6.3 Recent developments
      • 14.1.6.3.1 Product launches
      • 14.1.6.3.2 Deals
      • 14.1.6.3.3 Other developments
  • 14.1.7 FUELCELL ENERGY, INC.
    • 14.1.7.1 Business overview
    • 14.1.7.2 Products/Solutions/Services offered
    • 14.1.7.3 Recent developments
      • 14.1.7.3.1 Deals
      • 14.1.7.3.2 Other developments
  • 14.1.8 KYOCERA CORPORATION
    • 14.1.8.1 Business overview
    • 14.1.8.2 Products/Solutions/Services offered
  • 14.1.9 CUMMINS INC.
    • 14.1.9.1 Business overview
    • 14.1.9.2 Products/Solutions/Services offered
    • 14.1.9.3 Recent developments
      • 14.1.9.3.1 Deals
      • 14.1.9.3.2 Expansions
  • 14.1.10 MITSUBISHI HEAVY INDUSTRIES, LTD.
    • 14.1.10.1 Business overview
    • 14.1.10.2 Products/Solutions/Services offered
    • 14.1.10.3 Recent developments
      • 14.1.10.3.1 Developments
  • 14.1.11 TOSHIBA CORPORATION
    • 14.1.11.1 Business overview
    • 14.1.11.2 Products/Solutions/Services offered
    • 14.1.11.3 Recent developments
      • 14.1.11.3.1 Deals
      • 14.1.11.3.2 Other developments
  • 14.1.12 NEDSTACK FUEL CELL TECHNOLOGY
    • 14.1.12.1 Business overview
    • 14.1.12.2 Products/Solutions/Services offered
    • 14.1.12.3 Recent developments
      • 14.1.12.3.1 Deals
  • 14.1.13 ELRINGKLINGER AG
    • 14.1.13.1 Business overview
    • 14.1.13.2 Products/Solutions/Services offered
    • 14.1.13.3 Recent developments
      • 14.1.13.3.1 Deals
      • 14.1.13.3.2 Other developments
  • 14.1.14 POWERCELL SWEDEN AB
    • 14.1.14.1 Business overview
    • 14.1.14.2 Products/Solutions/Services offered
    • 14.1.14.3 Recent developments
      • 14.1.14.3.1 Product launches
      • 14.1.14.3.2 Deals
      • 14.1.14.3.3 Other developments
  • 14.1.15 AFC ENERGY
    • 14.1.15.1 Business overview
    • 14.1.15.2 Products/Solutions/Services offered
    • 14.1.15.3 Recent developments
      • 14.1.15.3.1 Deals
      • 14.1.15.3.2 Expansions
  • 14.1.16 FUJI ELECTRIC CO., LTD.
    • 14.1.16.1 Business overview
    • 14.1.16.2 Products/Solutions/Services offered
• 14.2 OTHER PLAYERS
  • 14.2.1 INTELLIGENT ENERGY LIMITED
  • 14.2.2 HORIZON FUEL CELL TECHNOLOGIES
  • 14.2.3 HYSTER-YALE MATERIALS HANDLING, INC.
  • 14.2.4 ADELAN
  • 14.2.5 MICRORGANIC TECHNOLOGIES
  • 14.2.6 AVL
  • 14.2.7 WATT FUEL CELL
  • 14.2.8 PROTON MOTOR FUEL CELL GMBH
  • 14.2.9 ECOSPRAY TECHNOLOGIES S.R.L.
  • 14.2.10 SPECIAL POWER SOURCES
  • 14.2.11 GENCELL LTD.
  • 14.2.12 VERSOGEN
  • 14.2.13 AQUACYCL
  • 14.2.14 SOLYDERA SPA

15 APPENDIX

• 15.1 INSIGHTS FROM INDUSTRY EXPERTS
• 15.2 DISCUSSION GUIDE
• 15.3 KNOWLEDGESTORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
• 15.4 CUSTOMIZATION OPTIONS
• 15.5 RELATED REPORTS
• 15.6 AUTHOR DETAILS