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UNITED STATES FUEL CELL MARKET FORECAST 2023-2028

SCOPE OF THE REPORT

United States 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 United States fuel cell market was valued at $1088.98 million in 2022 and is expected to reach $3707.96 million by 2028, growing at a CAGR of 19.62% 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.

United States Fuel Cell Market

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Fuel cells that utilize pure hydrogen fuel are carbon-free, with only electricity, heat, and water as their byproducts. Conversely, hydrocarbon fuels, including natural gas, biogas, and methanol, can be used in certain fuel cell systems. 

Fuel cells can be scaled up, as well. This indicates that separate fuel cells can be attached to one another to create stacks. These stacks can then be connected to create bigger systems. From large-scale, multi-megawatt installations supplying energy straight to the utility grid to combustion engine replacements for electric vehicles, fuel cell systems range widely in size and output.

One of the key factors promoting the United States fuel cell market expansion is the rising awareness of alternative energy sources. Government authorities are encouraging technological improvements to address the issue of rising carbon emissions by granting research funds and developing supportive policies and strategies. 

Further, due to their capacity to produce energy using a variety of fuels, fuel cells are among the alternative power storage and backup technologies with the fastest-growing market share. They are also environmentally beneficial because, unlike conventional sources, their byproducts do not harm the environment.

However, the presence of non-conventional/renewable energy resources is anticipated to hinder the United States fuel cell market growth. Solar and wind energy are among the most preferred, researched, and deployed renewable energy resources. Accordingly, the growing emphasis on these alternate sources to curb climate issues can affect the use of fuel cell technology. 

Inkwood Research’s report on the United States 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 United States fuel cell market are Ballard Power Systems Inc, Bloom Energy 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 AnalyzedUnited States
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: UNITED STATES – COUNTRY SNAPSHOT

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

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

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

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

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

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

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

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

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

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

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

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

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

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