Stationary Fuel Cell Global Market Report 2024

Stationary fuel cells are advanced devices that generate electricity through an electrochemical process, offering efficient, reliable, and eco-friendly off-grid solutions. These solutions encompass primary and backup power, combined heat and power (CHP), and distributed generation, making them valuable for providing clean and dependable energy to residential areas.

Within the category of stationary fuel cells, there are several types, including proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells (PAFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and others. For instance, proton exchange membrane fuel cells (PEMFC) operate by electrochemically combining hydrogen and oxygen to produce energy. These fuel cells come in various capacities, such as 1 kW to 5 kW, 5 kW to 250 kW, 250 kW to 1 MW, more than 1 MW, and less than 1 kW, serving applications such as combined heat and power (CHP), prime power, uninterrupted power supply (UPS), among others. Stationary fuel cells find applications in diverse industries, including transportation, defense, oil and gas, utilities, and more.

The stationary fuel cell market research report is one of a series of new reports from The Business Research Company that provides stationary fuel cell market statistics, including stationary fuel cell industry global market size, regional shares, competitors with a stationary fuel cell market share, detailed stationary fuel cell market segments, market trends and opportunities, and any further data you may need to thrive in the stationary fuel cell industry. This stationary fuel cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The stationary fuel cell market size has grown exponentially in recent years. It will grow from $4.12 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The historical growth of stationary fuel cells can be attributed to the pursuit of energy independence, supported by government incentives and policies. There has been an increasing demand for sustainable power generation solutions, driven by the global focus on achieving grid resilience and reliability. The integration of stationary fuel cells with renewable energy sources has played a significant role in shaping the industry landscape during this period.

The stationary fuel cell market size is expected to see rapid growth in the next few years. It will grow to $10.21 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The forecasted growth of stationary fuel cells is anticipated to be driven by the adoption of decentralized energy systems and the pursuit of emission reduction targets. The development of the hydrogen economy, seen as a key driver, aligns with the global focus on resilience against climate change. Government support and incentive programs are expected to play a crucial role in fostering the growth of the stationary fuel cell market in the forecast period. Additionally, major trends include the utilization of fuel cells in material handling equipment, advancements in high-temperature fuel cell technology, increased adoption in data centers, and the expansion of fuel cell installations in remote areas.

The growth trajectory of the stationary fuel cell market is expected to be fueled by the escalating need for sustainable energy generation. Sustainable energy is derived from sources that support current needs without jeopardizing the environment or future energy demands. Stationary fuel cells serve as a sustainable and clean alternative to traditional power generation methods by producing electricity through an electrochemical reaction rather than combustion. For instance, data from the International Renewable Energy Agency (IRENA) in April 2021 indicated that the global capacity of renewable energy sources for electricity generation reached 3,064 gigawatts (GW) by the end of 2021, contributing a 9.1% increase to the renewable energy share. Furthermore, projections from the International Energy Agency in June 2023 suggest an expected expansion of global renewable capacity by 107 gigawatts (GW) by 2023, marking the most substantial absolute increase in history to surpass 440 GW. Consequently, the growing necessity for sustainable energy generation underpins the advancement of the stationary fuel cell market.

The proliferation of data centers is anticipated to be a driving force behind the growth of the stationary fuel cell market. Data centers, designed to house computer systems and related infrastructure, necessitate a continuous and reliable power supply to prevent data loss and operational interruptions. Stationary fuel cells serve as dependable backup power sources, ensuring uninterrupted operations during grid outages or fluctuations. For instance, data from the United States International Trade Commission in January 2021 highlighted the presence of 2,600 data centers in the U.S., with nearly 8,000 new data centers globally added in 2021. Consequently, the increasing number of data centers serves as a catalyst propelling the expansion of the stationary fuel cell market.

The market for stationary fuel cells faces a challenge due to high investment costs, potentially restraining its growth during the forecast period. However, as the technology matures and economies of scale come into play, a decline in the cost of stationary fuel cell systems is anticipated. For instance, data from the International Energy Agency in 2021 projects a specific investment range for stationary fuel cell costs to be between $1,612 and $4,348 per kilowatt (kW) by 2030. These decreasing investment costs are expected to alleviate the hurdle posed by high initial expenses and consequently hinder the growth of the stationary fuel cell market.

Major companies operating in the stationary fuel cell market are focusing on innovating solutions, such as methanol fuel cell technology, to deliver reliable services to their customer base. Methanol fuel cell technology represents an electrochemical energy conversion process that directly converts the chemical energy of liquid methanol into electrical energy. For instance, in February 2023, Blue World Technologies ApS, a Denmark-based manufacturer specializing in high-temperature proton exchange membrane fuel cells, introduced the CellPack Stationary. This groundbreaking methanol fuel cell technology is engineered for stationary power production, available in 5-, 10-, or 15-kilowatt (kW) systems adaptable for emergency, supplementary, or primary electrical supply based on client needs. The CellPack Stationary serves as an advanced alternative to conventional fossil-based generators, boasting superior efficiency, continuous electricity generation, reliance on pure methanol fuel, and remote surveillance via IoT-based monitoring. Specifically designed for the telecommunications sector, this system is tailored to replace traditional generators with enhanced efficiency and functionality.

In February 2021, Advent Technologies Holdings Inc., a US-based company specializing in the development and manufacturing of complete fuel cell systems, successfully acquired UltraCell LLC for an undisclosed sum. This strategic acquisition is anticipated to enhance Advent's portfolio with UltraCell's innovative fuel cell technologies, particularly in the realm of lightweight mobility solutions. The focus areas include commercial drones, aerospace applications, and heavy-duty vehicles. Advent has expressed its commitment to preserving and advancing UltraCell's existing operations and capabilities as part of its broader growth strategy. UltraCell LLC is recognized as a prominent US-based manufacturer specializing in stationary fuel cells designed for mobile power applications.

Major companies operating in the stationary fuel cell market report are Posco Energy Co.Ltd., Panasonic Holdings Corporation, Denso Corporation, Aisin Seiki Co. Ltd., Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Cummins Inc., Bloom Energy Corporation, Plug Power Inc., Fuji Electric Co Ltd., Fuelcell Energy Inc, SFC Energy AG, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, Hydrogenics Corporation, Altergy Systems, Ceres Power Holdings plc, Elcore GmbH, Horizon Fuel Cell Technologies Pte Ltd., Intelligent Energy Limited, Advent Technologies Holdings Inc., ITM Power plc, FC TecNrgy Pvt Ltd, Aris Renewable Energy LLC, Nedstack Fuel Cell Technology B.V., Sainergy Tech Inc, AFC Energy PLC, Amogy Inc., GenCell Ltd., Convion Ltd.

Asia-Pacific was the largest region in the stationary fuel cell market in 2023. The regions covered in the stationary fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the stationary fuel cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The stationary fuel cell market consists of sales of combined cathodes, anodes, and electrolytes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Stationary Fuel Cell Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on stationary fuel cell market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for stationary fuel cell? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The stationary fuel cell market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Proton Exchange Membrane Fuel Cell (PEMFC); Phosphoric Acid Fuel Cell (PAFC); Molten Carbonate Fuel Cell (MCFC); Solid Oxide Fuel Cell (SOFC); Direct Methanol Fuel Cell (DMFC); Other Types
• 2) By Capacity: 1kW To 5kW; 5kW To 250kW; 250kW To 1MW; More Than 1MW; Less Than 1kW
• 3) By Application: Combined Heat And Power (CHP); Prime Power; Uninterrupted Power Supply (UPS); Other Applications
• 4) By End-Use Industry: Transportation; Defense; Oil And Gas; Utilities; Other End-use Industries
• Companies Mentioned: Posco Energy Co.Ltd.; Panasonic Holdings Corporation; Denso Corporation; Aisin Seiki Co. Ltd.; Mitsubishi Heavy Industries Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.