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CHINA FUEL CELL MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

China Fuel Cell Market by Application (Stationary, Transportation, Portable) Market by Type (Polymer Electrolyte Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, Molten Carbonate Fuel Cells, Other Types)

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MARKET OVERVIEW

The China fuel cell market was valued at $1461.68 million in 2022 and is expected to reach $4898.70 million by 2028, growing at a CAGR of 19.31% during the forecast period, 2023-2028.

Instead of burning fuel, a fuel cell generates energy through an electrochemical reaction. Fuel cells are used in various applications; these include powering homes and businesses, driving a wide range of vehicles, like cars, buses, trucks, forklifts, trains, etc., and maintaining operations in critical infrastructure like hospitals, supermarkets, and data centers. 

Fuel cell technology offers reliable, efficient, and safe power generation. Unlike batteries that require periodic recharging, fuel cells can consistently produce energy as long as a fuel supply is available.

China Fuel Cell Market

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China announced its first set of national-level rules for creating standards for the hydrogen energy sector, as clean fuel plays an increasingly significant role in the nation’s plans to become carbon-neutral. According to guidelines jointly released by the Standardization Administration of China (SAC), the National Development and Reform Commission (NDRC), and four other important government agencies, China is looking to implement a system that includes more than 30 national and industry-level standards covering the production, storage, transport, and usage of hydrogen energy by 2025.

Further, several cities in China face severe air pollution and smog. Adopting fuel cells can help reduce emissions of harmful pollutants, including sulfur dioxide (SO2) and nitrogen oxides (NOx), which contribute to air quality problems. In addition, China’s commitment to fuel cell technology aligns with its broader goals of achieving sustainable development, reducing greenhouse gas emissions, and enhancing energy security. Such factors are expected to drive the China fuel cell market growth over the projection period.

However, China’s fuel cell market is comparatively smaller than established technologies like internal combustion engines or traditional power generation. Due to lower production numbers, it is difficult to achieve economies of scale. Additionally, building and maintaining the infrastructure needed for fuel cell systems, such as hydrogen refueling stations or distribution networks, can add to the overall cost. Such aspects may impact the growth of the China fuel cell market.

Inkwood Research’s report on the China fuel cell market provides in-depth insights and segmentation analysis. The detailed market assessment includes PESTLE analysis, competitive landscape, key market trends, and market concentration analysis. Furthermore, the segmentation analysis includes application and type. 

Some of the key players in the China fuel cell market are Nuvera Fuel Cells LLC, Plug Power Inc, Cummins Inc, etc.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2028
Base Year2022
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Application and Type
Countries AnalyzedChina
Companies AnalyzedAisin Corporation, Ballard Power Systems Inc, Bloom Energy Corporation, Cummins Inc, Doosan Fuel Cell Co Ltd, FuelCell Energy Inc, Nedstack Fuel Cell Technology BV, Nuvera Fuel Cells LLC, Plug Power Inc, SFC Energy AG

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. SCOPE OF STUDY
    3. METHODOLOGY
    4. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. KEY GROWTH ENABLERS
    5. KEY CHALLENGES
  3. KEY ANALYTICS
    1. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON FUEL CELL MARKET
    2. PESTLE ANALYSIS
      1. POLITICAL
      2. ECONOMICAL
      3. SOCIAL
      4. TECHNOLOGICAL
      5. LEGAL
      6. ENVIRONMENT
    3. KEY MARKET TRENDS
    4. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    5. MARKET CONCENTRATION ANALYSIS
  4. MARKET BY APPLICATION
    1. STATIONARY
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. TRANSPORTATION
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. PORTABLE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  5. MARKET BY TYPE
    1. POLYMER ELECTROLYTE MEMBRANE FUEL CELLS (PEMFC)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. PHOSPHORIC ACID FUEL CELLS (PAFCS)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. SOLID OXIDE FUEL CELLS (SOFCS)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. MOLTEN CARBONATE FUEL CELLS (MCFCS)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. OTHER TYPES
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
    2. COMPANY PROFILES
      1. AISIN CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      2. BALLARD POWER SYSTEMS INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      3. BLOOM ENERGY CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      4. CUMMINS INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      5. DOOSAN FUEL CELL CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      6. FUELCELL ENERGY INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      7. NEDSTACK FUEL CELL TECHNOLOGY BV
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      8. NUVERA FUEL CELLS LLC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      9. PLUG POWER INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES
      10. SFC ENERGY AG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – FUEL CELL

TABLE 2: CHINA – COUNTRY SNAPSHOT

TABLE 3: CHINA FUEL CELL MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 4: CHINA FUEL CELL MARKET, BY APPLICATION, FORECAST YEARS, 2023-2028 (IN $ MILLION)

TABLE 5: CHINA FUEL CELL MARKET, BY TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 6: CHINA FUEL CELL MARKET, BY TYPE, FORECAST YEARS, 2023-2028 (IN $ MILLION)

TABLE 7: LIST OF MERGERS & ACQUISITIONS

TABLE 8: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 9: LIST OF PARTNERSHIPS & AGREEMENTS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: MARKET CONCENTRATION ANALYSIS

FIGURE 4: CHINA FUEL CELL MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2022

FIGURE 5: CHINA FUEL CELL MARKET, BY STATIONARY, 2023-2028 (IN $ MILLION)

FIGURE 6: CHINA FUEL CELL MARKET, BY TRANSPORTATION, 2023-2028 (IN $ MILLION)

FIGURE 7: CHINA FUEL CELL MARKET, BY PORTABLE, 2023-2028 (IN $ MILLION)

FIGURE 8: CHINA FUEL CELL MARKET, GROWTH POTENTIAL, BY TYPE, IN 2022

FIGURE 9: CHINA FUEL CELL MARKET, BY POLYMER ELECTROLYTE MEMBRANE FUEL CELLS (PEMFC), 2023-2028 (IN $ MILLION)

FIGURE 10: CHINA FUEL CELL MARKET, BY PHOSPHORIC ACID FUEL CELLS (PAFCS), 2023-2028 (IN $ MILLION)

FIGURE 11: CHINA FUEL CELL MARKET, BY SOLID OXIDE FUEL CELLS (SOFCS), 2023-2028 (IN $ MILLION)

FIGURE 12: CHINA FUEL CELL MARKET, BY MOLTEN CARBONATE FUEL CELLS (MCFCS), 2023-2028 (IN $ MILLION)

FIGURE 13: CHINA FUEL CELL MARKET, BY OTHER TYPES, 2023-2028 (IN $ MILLION)

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