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Stationary Fuel Cell Systems Market

Stationary Fuel Cell Systems Market

Stationary Fuel Cell Systems Market Analysis by Technology (MCFC, PAFC, PEMFC, SOFC), by Application (Prime Power, Uninterrupted Power Supply (UPS), Combined Heat and Power (CHP)), by Power Range (Less than 1Kw, More than 1mW), by Region - Global Forecast 2022-2032

Stationary Fuel Cell Systems Market
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Global Stationary Fuel Cell System Market Outlook

The global stationary fuel cell system market is estimated at USD 3.2 Billion in 2022 and is forecast to surpass USD 20.7 Million by 2032, growing at a CAGR of 20.3% from 2022 to 2032.

Report Attributes

Details

Base Year Value (2021A)

USD 2.7 Billion

Estimated Year Value (2022E)

USD 3.2 Billion

Projected Year Value (2032F)

USD 20.2 Billion

Global Growth Rate (2022-2032)

 CAGR 20.3%

East Asia Market Share in 2021

~43.6%

East Asia Growth Rate (2022-2032)

CAGR 22.4%

Collective Value Share (South Korea, USA, Germany) 2022: Top 3 Countries

~55%

Top 5 Companies Market Share in 2021

~29%

Key Companies Profiled

  • Plug Power Inc.
  • Fuelcell Energy Inc.
  • Doosan Fuel Cell America
  • Ballard Power Systems
  • POSCO ENERGY
  • SOLIDpower Group
  • Bloom Energy Corporation
  • PowerCell
  • AFC Energy Plc.
  • Fuji Electric Co. Ltd
  • Other Key Players

The global stationary fuel cell system market stood around 65% of the global hybrid power solutions system market in 2021.

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2017-2021 Global Stationary Fuel Cell System Market Outlook in Comparison to 2022-2032 Growth Forecast

Historically, the market value of the stationary fuel cell system industry showed a growth of 12.2% CAGR from 2017 to 2021. The global stationary fuel cell system market has created an absolute dollar opportunity of nearly USD 1.2 Billion in the last five years. It is estimated to create opportunities of about USD 5.2 Billion and 14.1 billion by the mid (2022-27) and long-term (2022-2032) respectively.

Also, the South Asia & Oceania fuel cell system market holds the 2nd largest market share in the global stationary fuel cell system market which is assessed to gain 50 BPS with the CAGR of 22.4%. Furthermore, the India stationary fuel cell system market is the leading consumer as well as a manufacturer of stationary fuel cell systems in the region market growth with more than 2/5th market share.

Further, South Asia & Oceania stationary fuel cell system market has shown significant growth in the last half-decade. It has gained significant grow which is likely to continue in forecast period.

In addition, the rising investment in the industry is likely to increase the demand for stationary fuel cell systems in the region. South Asia & Oceania is projected to capture around 180 BPS and create absolute dollar opportunities of more than USD 976 million amid 2022 & 2032.

From the segmental analysis, based on technology, the PEMFC is the largest market shareholder. It has held more than 1/3rd market shares and is projected to grow at the CAGR of 15.7% by the end of 2032.

Fact.MR projects the stationary fuel cell system market is expected to witness exhibiting growth at 20.3% CAGR amid 2022 and 2032 in contrast to a CAGR of 12.2% with which it grew from 2017 and 2021.

Stationary Fuel Cell Systems Market -Low Cost of Over the Counter Medicines Is Key Driving Factors for Revenue Growth

Earlier, the power generation was done through renewable resources and the combustion engine. But these technologies were unreliable since they were dependent over various natural and other factors.

Further, in order to eliminate the vulnerability of grid dependency and increase the availability of power, stationary fuel cell systems were developed. These systems provide strong power backup and require very low space while proving maximum efficiency.

Moreover, today, the adoption of stationary fuel cell systems have increased significantly for backup power, distributed power generation, and cogeneration and also for supplying power at remote locations.

However, a large number of industrial and commercial sectors are deploying these power systems to have full-time availability of power for systems that cannot run without energy. Today, the stationary fuel cell systems have emerged as an efficient and reliable alternative to combustion heat engines in order to produce electrical power.

In the coming decades, the demand for Stationary Fuel Cell Systems is expected to grow steadily. The Increasing adoption of high-temperature fuel cells and Increasing adoption of combustion engine alternatives will increase the adoption of Stationary Fuel Cell Systems globally.  

An Adaptive Approach to Modern-day Research Needs

Rapid Adoption is Likely to Transform the Overall Industry

The stationary fuel cells are now being adopted widely as an alternative to combustion heat engines in order to produce electrical power. The stationary fuel cell systems are highly reliable systems that provide a high quality of power and high system efficiency as compared to the combustion engine.

Further, The stationary fuel cell systems when compared to the combustion engine, does not waste any heat by utilizing it to its advantages. Such factors are significantly driving the adoption of stationary fuel cell systems.

Moreover, the stationary fuel cells systems are highly adaptable since they produce low noise. These systems can be installed anywhere since they are very quiet and have very low emissions.

Also, they require very small space when compared to any other energy generating technology. The stationary fuel cells systems have a capability to be connected directly to a natural gas infrastructure through which these systems can provide power even in the absence of grid power.

These fuels cells offer very high efficacy by generating almost emission-free power when compared to traditional power generation methods. Thus, high adaptability, efficiency and other environmental benefits provided by stationary fuel cells systems are driving their adoption in the market.

Covid-19 Pandemic Slowed the Growth of the Market

The new coronavirus has rapidly spread throughout numerous countries and areas, having a massive influence on people's lives and the general community. It began as a human health crisis and has since become a major threat to global trade, economics, and finance.

Further, the COVID-19 pandemic has halted the manufacturing of several items in the tool making industry, owing to continual lockdown in key countries. Market leaders can only pay for complete lockdown for a part-time before having to alter their investing strategies. Furthermore, the number of COVID-19 cases is projected to fall in the near future when COVID-19 vaccinations hit the market.

However, this is also predicted to result in the re-starting of tooling companies at full capacity, assisting the market to recover by the beginning of 2022. After COVID-19 positive cases begin to drop, standard parts for toll making manufacturers must focus on protecting their employees, supply networks and operations, in order to respond to urgent emergencies and build new working practices.

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Country-wise Insights

What is the European Stationary Fuel Cell System Market Scenario?

The European stationary fuel cell system market consists of numerous regional markets such as Italy, Spain Germany, France, etc. European markets account for around 16.2 of the overall market share. It is projected to increase at a CAGR of 21.2% in the forecast years. This is escalating demand for different types of technology based stationary fuel cell systems such in countries like France and the Germany.

Which Region holds for More Higher Demand for Stationary Fuel Cell System Market?

The Asia Pacific region has been segregated into two parts including East Asia and South Asia & Oceania. East Asia stationary fuel cell system market is the one furthermost profitable market. It has acquired more than 29.2% market share of the global stationary fuel cell system market in the last few years.

The East Asian stationary fuel cell system market accounts for ~43.6% of the global stationary fuel cell system market in 2022. It is considered to create an absolute $ opportunity of USD 7.6 Billion amid 2022 & 2032.

In terms of value, the South Korean stationary fuel cell system market is the largest market in the East Asian market. It is estimated to rise at 21.7% CAGR and provide remarkable absolute dollar opportunities during 2022 - 2032.

Further, as large number of stationary fuel cell system companies are based in the East Asian Region, the demand for standard parts in Japan and South Korea is estimated to increase at a CAGR of 20.2% over the forecast period of 10 years collectively. Also, investments in the stationary fuel cell system market it is expected to drive the market growth in 2022-2032.

Stationary Fuel Cell System Market forecast analysis by Fact.MR

Category-wise Insights

Which Technology Based on Stationary Fuel Cell System is Poised to Provide Maximum Revenue-Generating Opportunities in Upcoming Half-Decade?

Stationary Fuel Cell Systems market is segmented on the basis of technology. It includes PAFC (Phosphoric acid fuel cell), PEMFC (Proton-exchange membrane fuel cell), SOFC (Solid oxide fuel cell) and MCFC (Molten carbonate fuel cell).

Further, PEMFC is expected to dominate the Stationary Fuel Cell Systems market over the forecast period, in terms of value, which accounted for 1/3rd value share in 2022. Furthermore, the segment is predicted to increase at a significant CAGR than other segments and lose nearly 576 BPS by the end of 2032.

Which Application is poised to Show lucrative Growth in Stationary Fuel Cell System Market?

The stationary fuel cell systems are emerging class of technologies that have entered the commercialization phase. These systems are cleanest and the most efficient technology that can generate electricity and heat.

Further, the stationary fuel cell systems are used for wide range of applications such as large scale power generation, combined heat and power (CHP), backup power services and off-grid energy.  The stationary fuel cell systems demand have increased significantly in recent year due to high reliability and efficiency provided by the system.

In addition, the application in combined heat and power (CHP) is projected to grow at a CAGR of 17.2% during the assessment period. This is likely to lose 662 BPS to the stationary fuel cell system market over the forecast period of 2022-2032. 

Competitive Landscape: Top Companies in Standard Part for Tool Making Market

The global stationary fuel cell system market is highly fragmented, with a significant number of local and regional companies. As a crucial strategy to strengthen their market footprint and better fulfil the needs of customers, industry players are focusing on developing new goods in response to the dynamic industry needs.

Also, the key companies have adopted numerous strategies including partnership, merger & acquisition etc. New product development is the key strategy to upscale their market presence among consumers.

Fact.MR has provided detailed information about price points of top manufacturers of stationary fuel cell system market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  • On 4th May 2021, Fuelcell Energy Inc. has received funding from U.S. Department of Energy (DOE) of $8 million for the previously announced ARPA-E project for development of ultra-high efficiency SOFC systems for power generation.
  • On 16th July 2020, Plug Power Inc. have launched “GENSURE HP FUEL CELL PLATFORM”, a line of zero-emission stationary fuel cell systems designed for large-scale, high power backup power applications.

Global Stationary Fuel Cell System Market Segments

  • By Technology :

    • MCFC
    • PAFC
    • PEMFC
    • SOFC
  • By Application :

    • Prime Power
    • Uninterrupted Power Supply (UPS)
    • Combined Heat and Power (CHP)
  • By Power Range :

    • Less than 1Kw
    • 5kW-250kW
    • 250kW-1mW
    • More than 1mW
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global value of stationary fuel cell system market is estimated to be worth over USD 3.2 Billion in 2022.
The demand is anticipated to surpass USD 20.7 Billion by 2032 end.
During 2017-2021, global stationary fuel cell system market grew at 12.2% CAGR.
Some of the prominent players in stationary fuel cell system market are Plug Power Inc., Fuelcell Energy Inc., Doosan Fuel Cell America, Ballard Power Systems, POSCO ENERGY etc.
East Asia tops the global stationary fuel cell system market accounting for 43.6% of global market share in 2022.
Less than 1Kw under the power range segment contributes 38% of market share in global sales of stationary fuel cell system.

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