Product Code: 12506
In 2022, the fuel cell generator market was worth around USD 330 million, and it is projected to advance at a 17.50% CAGR from 2022 to 2030, hitting USD 1,199 million in 2030, as per P&S Intelligence.
This development can be ascribed to several reasons, including the burgeoning need for the minimalization of CO2 emissions, easy availability of fuel cell generators, and demand for the renewable generation of energy.
Variants that Use Hydrogen Are Highest Revenue Contributors
Hydrogen fuel cell generators have the largest market share, of approximately 55%, mainly because they do not release any damaging gases. This, in turn, removes the prices associated with deploying a dedicated CCUS system. Moreover, these generators are dependable and offer 40-60% output efficiency and scalability.
Numerous nations are targeting to decrease their overall releases of CO2 to zero by 2050. This is because governments' focus has amplified on making a decarbonized future over the past few years. To accomplish this aim, the introduction of renewable sources, including solar, biomass, hydro, wind, and geothermal, is vital.
However, the production of electricity from the sun and wind has a few drawbacks, the biggest of which is the output disparities, as these technologies are reliant on weather conditions.
Fuel Cell Generator Usage in Aquaculture To Grow at Highest Rate
Aquaculture will be the fastest-growing end user, witnessing a CAGR of approximately 19.2%, credited to the increasing aquaculture activities and strong ecological impact ascribed to it due to the high-volume consumption of electricity and water.
Thus, to lessen the environmental effects, governments have taken numerous steps for utilizing fuel-cell-based generators as an alternative to diesel generators.
As per the estimates of the NOAA, the aquaculture sector in the U.S. generates USD 1.5 billion every year and supports 1.7 million people engaged in fisheries.
North America Is Leading the Way in Fuel Cell Generator Usage
North America is dominating the industry, and it is projected to continue with the dominance throughout the decade. This can be ascribed to the acceptance of clean sources for generating heat and electricity.
In North America, the U.S. is leading the market, and it will develop with a CAGR of 18.1%, credited to the solid economic support of the government and the private sector.
The growth in the usage of renewable sources and snowballing electricity needs from the aquaculture and data centers industries are the major factors that will boost the industry in the future.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segment
- 1.4.1. Market size breakdown, by type
- 1.4.2. Market size breakdown, by end user
- 1.4.3. Market size breakdown, by region
- 1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Voice of Industry Experts/KOLs
Chapter 5. Market Indicators
Chapter 6. Industry Outlook
- 6.1. Market Dynamics
- 6.1.1. Trends
- 6.1.2. Drivers
- 6.1.3. Restraints/challenges
- 6.1.4. Impact analysis of drivers/restraints
- 6.2. Impact of COVID-19
- 6.3. Porter's Five Forces Analysis
- 6.3.1. Bargaining power of buyers
- 6.3.2. Bargaining power of suppliers
- 6.3.3. Threat of new entrants
- 6.3.4. Intensity of rivalry
- 6.3.5. Threat of substitutes
Chapter 7. Global Market
- 7.1. Overview
- 7.2. Market Volume, by Type (2017-2030)
- 7.3. Market Revenue, by Type (2017-2030)
- 7.4. Market Revenue, by End User (2017-2030)
- 7.5. Market Volume, by Region (2017-2030)
- 7.6. Market Revenue, by Region (2017-2030)
Chapter 8. North America Market
- 8.1. Overview
- 8.2. Market Volume, by Type (2017-2030)
- 8.3. Market Revenue, by Type (2017-2030)
- 8.4. Market Revenue, by End User (2017-2030)
- 8.5. Market Volume, by Country (2017-2030)
- 8.6. Market Revenue, by Country (2017-2030)
Chapter 9. Europe Market
- 9.1. Overview
- 9.2. Market Volume, by Type (2017-2030)
- 9.3. Market Revenue, by Type (2017-2030)
- 9.4. Market Revenue, by End User (2017-2030)
- 9.5. Market Volume, by Country (2017-2030)
- 9.6. Market Revenue, by Country (2017-2030)
Chapter 10. APAC Market
- 10.1. Overview
- 10.2. Market Volume, by Type (2017-2030)
- 10.3. Market Revenue, by Type (2017-2030)
- 10.4. Market Revenue, by End User (2017-2030)
- 10.5. Market Volume, by Country (2017-2030)
- 10.6. Market Revenue, by Country (2017-2030)
Chapter 11. LATAM Market
- 11.1. Overview
- 11.2. Market Volume, by Type (2017-2030)
- 11.3. Market Revenue, by Type (2017-2030)
- 11.4. Market Revenue, by End User (2017-2030)
- 11.5. Market Volume, by Country (2017-2030)
- 11.6. Market Revenue, by Country (2017-2030)
Chapter 12. MEA Market
- 12.1. Overview
- 12.2. Market Volume, by Type (2017-2030)
- 12.3. Market Revenue, by Type (2017-2030)
- 12.4. Market Revenue, by End User (2017-2030)
- 12.5. Market Volume, by Country (2017-2030)
- 12.6. Market Revenue, by Country (2017-2030)
Chapter 13. Competitive Landscape
- 13.1. List of Market Players and Their Offerings
- 13.2. Competitive Benchmarking of Key Players
- 13.3. Product Benchmarking of Key Players
- 13.4. Recent Strategic Developments
Chapter 14. Company Profiles
- 14.1. Bloom Energy Corporation
- 14.1.1. Business overview
- 14.1.2. Product and service offerings
- 14.1.3. Key financial summary
- 14.2. Doosan Fuel Cell Co. Ltd.
- 14.2.1. Business overview
- 14.2.2. Product and service offerings
- 14.2.3. Key financial summary
- 14.3. PowerCell Sweden AB
- 14.3.1. Business overview
- 14.3.2. Product and service offerings
- 14.3.3. Key financial summary
- 14.4. Proton Motor Power Systems PLC
- 14.4.1. Business overview
- 14.4.2. Product and service offerings
- 14.4.3. Key financial summary
- 14.5. Nedstack Fuel Cell Technology BV
- 14.5.1. Business overview
- 14.5.2. Product and service offerings
- 14.6. Panasonic Holdings Corporation
- 14.6.1. Business overview
- 14.6.2. Product and service offerings
- 14.6.3. Key financial summary
- 14.7. Siemens Energy
- 14.7.1. Business overview
- 14.7.2. Product and service offerings
- 14.7.3. Key financial summary
- 14.8. Toyota Motor Corporation
- 14.8.1. Business overview
- 14.8.2. Product and service offerings
- 14.8.3. Key financial summary
- 14.9. Ballard Power Systems Inc.
- 14.9.1. Business overview
- 14.9.2. Product and service offerings
- 14.9.3. Key financial summary
- 14.10. Teco 2030 ASA
- 14.10.1. Business overview
- 14.10.2. Product and service offerings
- 14.10.3. Key financial summary
- 14.11. Cummins Inc.
- 14.11.1. Business overview
- 14.11.2. Product and service offerings
- 14.11.3. Key financial summary
- 14.12. ABB Ltd.
- 14.12.1. Business overview
- 14.12.2. Product and service offerings
- 14.12.3. Key financial summary
- 14.13. Powerup Energy Technologies
- 14.13.1. Business overview
- 14.13.2. Product and service offerings
- 14.14. Plug Power Inc.
- 14.14.1. Business overview
- 14.14.2. Product and service offerings
- 14.14.3. Key financial summary
- 14.15. SFC Energy AG
- 14.15.1. Business overview
- 14.15.2. Product and service offerings
- 14.15.3. Key financial summary
Chapter 15. Appendix
- 15.1. Abbreviations
- 15.2. Sources and References
- 15.3. Related Reports