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SOUTH KOREA FUEL CELL MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

South Korea 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 South Korea fuel cell market was valued at $2169.22 million in 2022 and is expected to reach $7156.06 million by 2028, growing at a CAGR of 18.99% 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.

South Korea Fuel Cell Market

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In January 2019, Korea announced its Hydrogen Economy Roadmap. The development of fuel cell vehicles, both locally and internationally, is a major priority of the nation’s hydrogen strategy. Also, South Korea aspires to be a technology innovator and exporter of fuel cells for transportation and stationary applications. 

Further, the country’s goals for 2040 include producing 6.2 million fuel cell vehicles (and exporting 3.3 million of them), supplying 5.26 million tonnes of hydrogen per year, 15 gigawatts of fuel cell power generation (and exporting 7 gigawatts), and producing 2.1 gigawatts of fuel cell energy for buildings and houses. Such emphasis on fuel cell development is expected to drive the South Korea fuel cell market growth during the forecast period.

However, the presence of various non-traditional/renewable energy sources is predicted to impede the South Korea fuel cell market expansion. Solar and wind are among the most popular, investigated, and used renewable energy sources. The use of fuel cell technology may be impacted due to the government focusing more on these alternative energy sources to address climate change. Moreover, other technologies like battery electric vehicles and plug-in hybrid vehicles further obstruct the market growth, where fuel cells are deployed significantly.  

Inkwood Research’s report on the South Korea 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 South Korea fuel cell market are Doosan Fuel Cell Co Ltd, Aisin Corporation, FuelCell Energy 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 AnalyzedSouth Korea
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: SOUTH KOREA – COUNTRY SNAPSHOT

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

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

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

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

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

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

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

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

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

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

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

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

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

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