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JAPAN FUEL CELL MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

Japan 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 Japan fuel cell market was valued at $730.84 million in 2022 and is expected to reach $2396.99 million by 2028, growing at a CAGR of 18.88% 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.

Japan Fuel Cell Market

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Japan, a highly industrialized nation with an acute shortage of hydrocarbon resources, increased energy security, growing industrial competitiveness, and reduced carbon emissions, significantly benefits from hydrogen. Also, Japan was the first country to develop a national framework for hydrogen in 2017 through its Basic Hydrogen Strategy. In addition, the country also implements a comprehensive end-use approach reflected in its heavy industries and power, transportation, and residential sectors.

Further, Japan has been investing heavily in fuel cell technology since the 1970s through extensive R&D initiatives like the Millennium, Moonlight, and Sunshine projects. For instance, the government invested $3.3 billion in fuel cell research & development between 2005 and 2015. This was the world’s highest level of popular support for fuel cells. Besides, investments in fuel cell technology were also due to the dearth of domestic energy resources and a steadfast commitment to lowering GHG emissions.

Japan’s hydrogen and fuel cell technology strategy states that the industry is currently concentrating on commercial application sectors. This is projected to raise the demand for fuel cells, supplemented by strategic developments from domestic fuel cell enterprises.

However, competition from other technologies is a major challenge to Japan’s fuel cell market growth. Fuel cell technologies are up against several current and emerging alternatives as the energy landscape changes and alternative clean energy sources gain popularity. Hence, the market share, investment, and acceptance of fuel cell systems are all impacted by this competition.

Inkwood Research’s report on the Japan 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 Japan fuel cell market are Aisin Corporation, 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 AnalyzedJapan
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: JAPAN – COUNTRY SNAPSHOT

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

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

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

TABLE 6: JAPAN 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: JAPAN FUEL CELL MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2022

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

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

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

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

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

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

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

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

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

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