The global fuel cell for stationary power market size is estimated to register a notable CAGR of 11.1% during the forecast period. The market is projected to reach USD 5,676.8 million by 2033 from USD 1,981.4 million in 2023.
In search of sustainable energy sources, mankind has explored the technology of hydrogen-powered fuel cells that can replace conventional fuel requirements with efficiency and few pollution levels. With the rapid expansion of stationary hydrogen fuel cells, the cost of technology is declining quickly, further boosting the fuel cell for the stationary power market in recent years.
The combustion-less generation of power by the chemical combination of hydrogen gas makes a system release a negligible amount of pollutants and high efficiency than the traditional power generation methods.
The advantages obtained from fuel cell stationary power generation make it a suitable alternative for the future world. This is further supported by the increasing global population, becoming increasingly concerned about environmental degradation and depleting fossil fuel resources. The market players dealing with any service or product concerning hydrogen fuel cells are predicted to experience significant growth in the coming years.
| Attributes | Details |
|---|---|
| Fuel Cell for Stationary Power Market (2022) | USD 1,831.2 million |
| Fuel Cell for Stationary Power Market (2023) | USD 1,981.4 million |
| Fuel Cell for Stationary Power Market CAGR (2023 to 2033) | 11.1% |
| Fuel Cell for Stationary Power Market (2033) | USD 5,676.8 million |
| Fuel Cell for Stationary Power Market Attraction | The requirement for less polluting energy sources with high capacity is projected to create a huge demand for hydrogen fuel cells for stationary power generation. |
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Increased government spending for providing suitable infrastructure for the establishment of clean and green energy sources is the main factor for such remarkable growth in stationary fuel cell power plants in different countries. To make it popular for use in daily life, the market players are optimizing technologies used in the making of fuel cells according to specific purposes.
Unreliability on the electricity supply grid is another main reason for the increased number of installation hydrogen electricity generators by many industrial and commercial units. Also, in the case of other unconventional energy sources,lithium-ion batteries are the quintessential material, which is a non-renewable resource. With the increasing demand for clean energy sources and dismissing stock of lithium elements, the hydrogen fuel cell is predicted to overtake the green energy market.
The oil boom in Northern America and the deregulation of fossil fuels resulting in decreased prices of petroleum and diesel can delay the adoption of hydrogen fuel cells and hamper its development to make it a worldwide market.
The high cost of raw materials and the manpower required to operate is still at a developing stage in many regions. This may pose a key limitation for the market players in the fuel cell for the stationary power market. Providing sufficient service for installation and maintenance with an affordable stationary fuel cell cost is the main challenge that the market players need to overcome to make a successful business.
In the historical period, the market gained a value of USD 1,831.2 million in 2022. The market throughout the historical period captured a CAGR of 7.9%.
Over the years of research and design of fuel cells for stationary power generation, it has been developed with specific capacities to operate in different scenarios. Stationary hydrogen fuel cell with more than 50 kiloWatt (kW) is the popular category to be installed in industrial sites in the United States and South Korea. This segment is forecasted to generate the maximum revenue during the forecast years by recording a CAGR of 13% and above.
The small units of hydrogen electricity generators are expected to get sufficient demand from commercial and residential units to grow moderately over the forecast years. Compact design and high resilience are expected to be the essential qualities for the popularity of fuel cells with a capacity of less than 3 kilowatts (kW).
Over the forecast period, the fuel cell for the stationary power industry is pegged to achieve USD 5,676.8 million by 2033. At present, the market is estimated to stand at USD 1,981.4 million in 2023. From 2023 to 2033, the market is expected to register a CAGR of 11.1%.
Significant traction in a global fuel cell for stationary power market has been achieved by establishing stationary fuel cell power plants in industries. Industrial units require both heat and electricity for various manufacturing processes. Hence, combined heat and power (CPH) systems are the dominating products in the market.
With the expansion of industrial units, this application segment is expected to grow at a high rate than the prime power application segment, at least until the end of this forecast period.
As hydrogen fuel cell power generation units are expensive to install and operate, the significant demand for such stationary units is considerably created by industrial or utility businesses operated by the government or big industrial establishments.
During the forecast period also, the industrial or utility segment of the global fuel cell for stationary power market is expected to witness growth of more than the average rate at a CAGR of 12.5% until 2033.
The demand for fuel cells for stationary power from the residential segment is limited only to a few units, mostly in developed economies. High stationary fuel cell costsand the unavailability of skilled manpower are vital concerns to make it popular in this segment.
With the ever-increasing investment in the development of fuel cells that are suitable for individual use, the residential segment gives hope for some positive growth in the future days.
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| Country | CAGR % (2023 to 2033) |
|---|---|
| India | 12.6% |
| China | 13.2% |
Asia Pacific is a prominent region in the global fuel cell for the stationary power market in terms of the development and sale of home fuel cells and automotive fuel cells.
According to the market analysis report, China is the leading region in the production and marketing of fuel cell technology in Asia Pacific and across the world.
Japan and South Korea contribute a significant share of Asia Pacific market. The increasing effort by the government to decarbonize the economy has provided the necessary impetus for the research and commercialization of fuel cell stationary power generation.
| Region | The United States |
|---|---|
| Market Share % 2023 | 21.7% |
The United States is a significant market in terms of revenue generated by the fuel cell for the stationary power market. This can be attributed to the huge demand for such technology by the citizens of the country for various stationary fuel cell applications. The country has gained a market share of 21.7% in 2023.
With the availability of sufficient product distribution centers and manufacturing and fabrication, this region is poised to experience notable growth over the forecast years.
| Country | The United Kingdom |
|---|---|
| CAGR % (2023 to 2033) | 8% |
Europe as a market for stationary fuel cell demand constitutes around 18% of the global share with very strong growth potential in the upcoming days. As many countries in Europe have leveled up their bars in reducing carbon emissions, it is anticipated to become a significant region for the hydrogen fuel cell for sale in the market.
All the leading market players are continuously investing in research and development activities and developing new products for making their brands popular among consumers.
The growing demand for hydrogen fuel cell generators for homes is the main attraction for new business ventures entering the market and competing with established companies.
The establishment of local players in different geographical regions is a prominent driving factor for the increased amount of mergers and acquisitions undertaken by key players to remain competitive in the stationary fuel cell power plants market.
Recent Developments in the Market
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; the Asia Pacific; and the Middle East and Africa (MEA) |
| Key Countries Covered | The United States, Canada, Mexico, Germany, the United Kingdom, France, Italy, China, Japan, South Korea, Australia, Brazil, the Middle East, and Africa |
| Key Segments Covered | Device, Application, End Use, and Region |
| Key Companies Profiled | Cummins Inc.; Ballard Power Systems; Plug Power Inc.; Nuvera Fuel Cells, LLC.; Bloom Energy; Doosan Fuel Cell Co., Ltd.; Siemens Energy; Fuji Electric Co., Ltd.; Fuel Cell Energy, Inc.; Toshiba Corporation; SFC Energy AG; Aris Renewable Energy LLC.; Altergy; AFC Energy PLC; General Ltd.; Poscoenergy |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global demand for fuel cell for stationary power is forecasted to grow at 11.1% through 2033.
The net worth of the global market might reach about USD 5,676.8 million by 2033.
The United States dominates the overall market and acquired around 21.7% share in 2023.
The overall market in China could experience a y-o-y growth rate of 13.2% through 2033.
The demand for fuel cell for stationary power in the United Kingdom could surge at 8% CAGR until 2033.
| Market Share (2023) | USD 111,077.4 million |
|---|---|
| Market Share (2033) | USD 206,557.9 million |
| Market Share (2023 to 2033) | 6.4% |
| Market Value (2022) | USD 135.67 Million |
|---|---|
| Market Value (2032) | USD 573.20 Million |
| Market CAGR (2022 to 2032) | 15.5% |
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Fuel Cell for Stationary Power Market
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