Global Market for Fuel Cells, 2025

Table of Contents

1.0. Summary & Scope

• 1.1. Executive Summary
• 1.2. Scope of the Study
• 1.3. List of Acronyms

2.0. Fuel Cell Technology

• 2.1. Fuel Cell Basics
  • 2.1.1. Fuel Cell Definition & Background
  • 2.1.2. Parts of a Fuel Cell System
  • 2.1.3. Fuel Cell Components
  • 2.1.4. Fuel Cell Stacks, Fuels, & Feedstocks
  • 2.1.5. Significance of Fuel Cells
  • 2.1.6. Key Drivers
• 2.2. Fuel Cell Classification & Description
  • 2.2.1. Classification of Fuel Cells
  • 2.2.2. Technology Characteristics
  • 2.2.3. Fuel Cells & Microgrids
  • 2.2.4. Fuels Used in Fuel Cells
  • 2.2.5. Space Needed by Fuel Cell Installations
• 2.3. Technological Developments
  • 2.3.1. Versatility
  • 2.3.2. Robustness & Reliability
  • 2.3.3. High-Power-Density Fuel Cells
  • 2.3.4. Catalyst Improvements
  • 2.3.5. Integration with Renewable Energy
  • 2.3.6. Integration with Batteries
  • 2.3.7. Fuel Cell Durability & Lifespan
  • 2.3.8. Environmental Benefits
• 2.4. Fuel Cell Technology Challenges
  • 2.4.1. Fuel Cell Degradation
  • 2.4.2. Lack of Hydrogen Production & Infrastructure
  • 2.4.3. Competing Technologies
  • 2.4.4. Financial & Supply Chain Vulnerabilities
  • 2.4.5. Lack of Public Awareness
  • 2.4.6. Other Technology Challenges
• 2.5. Fuel Cells Power Capacity
  • 2.5.1. Fuel Cells vs. Batteries
  • 2.5.2. Energy & Power Density
  • 2.5.3. Power Output
  • 2.5.4. Peak Power

3.0. Trends Shaping the Market

• 3.1. Shift Toward Renewable Energy
• 3.2. Government Support & International Collaboration
• 3.3. Fuel Cell Costs
• 3.4. Advances in Hydrogen Production
• 3.5. Falling Price of Hydrogen

4.0. Fuel Cells by Application

• 4.1. Mobile & Portable Fuel Cell Types
  • 4.1.1. Mobile (Transportation) Fuel Cells
  • 4.1.2. Portable Fuel Cells
• 4.2. Stationary Fuel Cells
  • 4.2.1. Stationary Fuel Cell Types
  • 4.2.2. Stationary Fuel Cell Attributes
  • 4.2.3. Stationary Fuel Cell Applications

5.0. PEMFCs

• 5.1. LT-PEMFCs
  • 5.1.1. LT-PEMFCs Working Principle
  • 5.1.2. LT-PEMFC Characteristics
  • 5.1.3. LT-PEMFC Applications
  • 5.1.4. LT-PEMFC Mobile Applications
  • 5.1.5. LT-PEMFC Stationary Applications
  • 5.1.6. LT-PEMFC Strengths
  • 5.1.7. LT-PEMFC Limitations & Challenges
  • 5.1.8. LT-PEMFC Regional Deployments
  • 5.1.9. LT-PEMFC Cost
  • 5.1.10. LT-PEMFC Vendors
• 5.2. HT-PEMFCs
  • 5.2.1. HT-PEMFC Fundamentals
  • 5.2.2. HT-PEMFC Working Principle
  • 5.2.3. Applications of HT-PEMFCs
  • 5.2.4. HT-PEMFC & Aviation
  • 5.2.5. HT-PEMFC Strengths
  • 5.2.6. Limitations of HT-PEMFCs
  • 5.2.7. Regional Deployments
  • 5.2.8. HT-PEMFC Costs
  • 5.2.9. Manufacturers of HT-PEMFC Systems
• 5.3. PEMFC Assessment
  • 5.3.1. LT-PEMFC
  • 5.3.2. HT-PEMFC

6.0. DMFCs

• 6.1. Description
• 6.2. Working Principle
• 6.3. Characteristics
• 6.4. Applications
  • 6.4.1. Mobile/Portable Applications
  • 6.4.2. Stationary Applications
• 6.5. Strengths
• 6.6. Limitations & Challenges
• 6.7. Regional Deployments
• 6.8. Costs
• 6.9. LT-PEMFCs vs. DMFCs Costs
• 6.10. DMFC Manufacturers
• 6.11. DMFC Assessment

7.0. AFCs

• 7.1. Description
• 7.2. Characteristics
• 7.3. Working Principle
• 7.4. Applications
• 7.5. Advantages
• 7.6. Challenges & Limitations
• 7.7. Costs
• 7.8. Manufacturers of AFCs
• 7.9. AFC Assessment
• 7.10. AFCs & LT-PEMFCs

8.0. SOFCs

• 8.1. Description
• 8.2. Working Principle
• 8.3. SOFC's Characteristics
• 8.4. SOFC Applications
  • 8.4.1. Mobile/Portable
  • 8.4.2. Stationary
• 8.5. Strengths & Advantages
• 8.6. Challenges & Limitations
• 8.7. Costs
• 8.8. SOFC Vendors

9.0. MCFCs

• 9.1. Description
• 9.2. Working Principle
• 9.3. Characteristics
• 9.4. Applications of MCFCs
• 9.5. Advantages
• 9.6. Challenges & Limitations
• 9.7. Costs of MCFC
• 9.8. Manufacturers
• 9.9. MCFC Assessment
• 9.10. Comparing DMFCs & MCFCs
• 9.11. Comparing SOFCs & MCFCs

10.0. PAFCs

• 10.1. Description
• 10.2. Working Principle
• 10.3. Characteristics
• 10.4. Applications of PAFCs
• 10.5. Advantages
• 10.6. Challenges & Limitations
• 10.7. Costs
• 10.8. PAFC Vendors
• 10.9. PAFCs Assessment

11.0. Other Types of Fuel Cells

• 11.1. Direct Ethanol Fuel Cells (DEFCs)
• 11.2. Biogas Fuel Cells (BGFC)
• 11.3. Sulfuric Acid Fuel Cells (SAFCs)
• 11.4. Reversible Fuel Cells (RFC)
  • 11.4.1. Description of a Reversible Fuel Cell
  • 11.4.2. Types of Reversible Fuel Cells
  • 11.4.3. Characteristics of Reversible Fuel Cells

12.0. Fuel Cell Vendors

• 12.1. Mergers & Acquisitions
• 12.2. Vendor Profiles
  • 12.2.1. AFC Energy PLC
  • 12.2.2. Ballard Power Systems
  • 12.2.3. Bloom Energy Profile
  • 12.2.4. Ceres Power Profile
  • 12.2.5. Cummins Inc.
  • 12.2.6. Doosan Fuel Cell
  • 12.2.7. FuelCell Energy
  • 12.2.8. Hyundai Motor
  • 12.2.9. Intelligent Energy
  • 12.2.10. Nedstack
  • 12.2.11. Nissan Motors
  • 12.2.12. Panasonic Corporation
  • 12.2.13. Plug Power
  • 12.2.14. PowerCell Sweden AB
  • 12.2.15. Pragma Industries
  • 12.2.16. Toshiba Energy Systems
  • 12.2.17. Toyota
  • 12.2.18. Other Fuel Cell Vendors

13.0. Regional Analysis

• 13.1. Asia Pacific
  • 13.1.1. China
  • 13.1.2. Japan
  • 13.1.3. South Korea
  • 13.1.4. India
  • 13.1.5. Other APAC Countries
• 13.2. EMEA
  • 13.2.1. Germany
  • 13.2.2. France
  • 13.2.3. U.K.
  • 13.2.4. The Netherlands
  • 13.2.5. Africa & the Middle East
• 13.3. Americas
  • 13.3.1. U.S.
  • 13.3.2. Canada
  • 13.3.3. CALA

14.0. Fuel Cells Market & Forecasts

• 14.1. Unit Sales of Fuel Cells by Region
  • 14.1.1. Global Unit Sales
  • 14.1.2. APAC Unit Sales
  • 14.1.3. EMEA Unit Sales
  • 14.1.4. Americas Unit Sales
• 14.2. Unit Sales of Fuel Cells by Type
• 14.3. Fuel Cell Unit Sales by Temperature Group
• 14.4. Revenue Forecast
  • 14.4.1. Fuel Cells Revenue by Region
  • 14.4.2. Revenue Share by Region
  • 14.4.3. Revenue Share by Fuel Cell Type
  • 14.4.4. CAGR by Fuel Cell Types
  • 14.4.5. Revenue by Temperature Group

15.0. Conclusion

List of Figures

• Figure 1: Global Fuel Cells Annual Unit Sales, 2024-2039
• Figure 2: CAGR of Fuel Cells Unit Sales Globally, 2024-2039
• Figure 3: APAC Fuel Cells Unit Sales, 2024-2039
• Figure 4: EMEA Fuel Cells Unit Sales, 2024-2039
• Figure 5: Americas Fuel Cell Unit Sales, 2024-2039
• Figure 6: Percentage share of Fuel Cells Sales by Regions, 2024-2039
• Figure 7: Percentage share of Fuel Cells Unit Sales by Type, 2024-2039
• Figure 8: CAGR of Fuel Cells Unit Sales Globally by Type, 2024-2039
• Figure 9: CAGR of Low-to-Medium Temperature Fuel Cells, 2024-2039
• Figure 10: Sales of Low-to-Medium Temperature Fuel Cells, 2024-2039
• Figure 11: CAGR of Medium-to-High Temperature Fuel Cells, 2024-2039
• Figure 12: Sales of Medium-to-High Temperature Fuel Cells, 2024-2039
• Figure 13: Global Fuel Cells Annual Sales Revenue, 2024-2039
• Figure 14: Global Fuel Cells Sales Revenue by Regions, 2024-2039
• Figure 15: Global Fuel Cells Sales Revenue by Type, 2024-2039
• Figure 16: Global LT-PEMFC Fuel Cell Annual Sales Revenue, 2024-2039
• Figure 17: Global SOFC Fuel Cell Annual Sales Revenue, 2024-2039
• Figure 18: Global MCFC Fuel Cell Annual Sales Revenue, 2024-2039
• Figure 19: Global AFC Fuel Cell Annual Sales Revenue, 2024-2039
• Figure 20: Global PAFC Annual Sales Revenue, 2024-2039
• Figure 21: Global DMFC Annual Sales Revenue, 2024-2039
• Figure 22: Global HT-PEMFC Fuel Cell Annual Sales Revenue, 2024-2039
• Figure 23: CAGR of Fuel Cell Revenue Globally by Type, 2024-2039
• Figure 24: Revenue CAGR of Low-to-Medium Temperature Fuel Cells, 2024-2039
• Figure 25: Fuel Cells Global Revenue in Low-to-Medium Temperature Group, 2024-2039
• Figure 26: Revenue CAGR OF Medium-to-High Temperature Fuel Cells, 2024-2039
• Figure 27: Fuel Cells Global Revenue in Medium-to-High Temperature Group, 2024-2039

List of Tables

• Table 1: Global Fuel Cells Annual Unit Sales by Region, 2024-2031
• Table 2: Global Fuel Cells Annual Unit Sales by Region, 2032-2039
• Table 3: Global Fuel Cells Annual Unit Sales Revenue by Region, 2024-2031
• Table 4: Global Fuel Cells Annual Unit Sales Revenue by Region, 2032-2039