North America Fuel Cell Technology Market Introduction and Overview
According to SPER Market Research, the North America Fuel Cell Technology Market is estimated to reach USD XX billion by 2033 with a CAGR of 15.18%.
The report includes an in-depth analysis of the North America Fuel Cell Technology Market, including market size and trends, product mix, applications, and supplier analysis. The electromechanical reaction that transforms chemical energy into electrical energy is the technology behind fuel cells. A battery and a fuel cell are different in that a battery's fuel comes from within the container, but a fuel cell gets its fuel from the outside. An alternative to internal combustion, a mechanical process that takes place in engines, are fuel cells. Depending on the electrolyte employed in the cell's reaction, several types of fuel cells can be created. Fuel cells can run on fuels including hydrogen, methanol, biogas, natural gas, and hydrocarbons; however, the electrolyte also affects the primary fuel's choice.
- September 2022: A 120 kW fuel cell system by Loop Energy was introduced in September 2022. It is claimed to offer an additional 20% efficiency boost when producing energy.
- August 2022: Bosch made an announcement in August 2022 about its intention to start producing fuel cell technology in the US. As part of a larger commitment to invest over $1 billion worldwide in fuel cell technology development by 2024, the corporation will invest USD 200 million in its South Carolina manufacturing.
Market Opportunities and Challenges
Opportunities: The world is waiting for fuel cell electricity, a renewable energy source. With the escalating environmental issue, there is a global search for clean and efficient energy technology. This coordinated approach to the transition is driving the fuel cell market's sales numbers up. Spacecraft, satellites, and probes have all utilized fuel cells. Generally speaking, fuel cells produce heat, water, and electricity through the electrochemical reaction process of using oxygen and hydrogen. These cells are also utilized in situations where a constant supply of electricity is needed. Additionally, they transform the energy from fuel cells into electrical energy. As long as source fuel is available, the cells generate a constant flow of electricity that is enhanced by clean energy technology.
Challenges: High starting prices fuel cell technology, in particular proton exchange membrane fuel cells (PEMFCs), has rather high initial capital expenditures. This covers the price of raw materials, production, and system setup. The market is hampered by this high cost, especially when compared to more established technology. Additionally, there is a deficiency in the extensive and sophisticated hydrogen infrastructure. It is necessary to establish a large network of hydrogen distribution and refueling stations, but doing so is a difficult and expensive task.
Market Competitive Landscape
The leading companies in the industry are heavily funding R&D to enhance the technical characteristics of fuel cells and modules, which provide lower battery costs, longer lifespans, and higher performance. Industry participants have tried a number of strategic efforts, such as offering a variety of product lines, joint ventures, mergers, acquisitions, and collaborations. Key players are Ballard Power Systems Inc, Bloom Energy Corp, Clearedge Power, Fuelcell Energy, Hydrogenics Corporation, Nuvera Fuel Cells, Oorja Protonics, Plug Power Inc, Protonex Technology Corporation.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Technology, By Types, By Fuel
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| Regions covered | United States, Canada, Rest of North America
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| Companies Covered | Ballard Power Systems Inc, Bloom Energy Corp, Clearedge Power, Fuelcell Energy, Hydrogenics Corporation, Nuvera Fuel Cells, Oorja Protonics, Plug Power Inc, Protonex Technology Corporation.
|
COVID-19 Impact on North America Fuel Cell Technology Market
Due to project delays and insufficient funding from both public and private entities, the pandemic epidemic has had an overall negative effect on the market, resulting in lower sales. Due to regulatory limitations and a shortage of workers during the outbreak, the industry's operations were shut down. Nonetheless, a significant slowdown in COVID-19 instances combined with a continued immunization campaign would help to accelerate the industry's growth. Governments and companies have a chance to boost economic growth and lessen environmental damage by prioritizing investments in clean energy technology, such as fuel cells, during the recovery phase.
Key Target Audience:
- Investors and Financial Institutions
- Government Agencies and Policy Makers
- Energy Industry Stakeholders
- Automotive Manufacturing and Suppliers
- Technology Developers and Suppliers
- End Users and Customers
- Environmental Organizations and Advocates
- Academic and Research Institutions
- Consulting Firms and Markey Analysis
- International Partners and Collaborators
Our in-depth analysis of the North America Fuel Cell Technology Market includes the following segments:
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By Application: |
Portable
Stationary
Transport
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|
By Types: |
Polymer/Proton Exchange Membrane Fuel Cells (PEMFC)
Direct Methanol Fuel Cells (DMFC)
Phosphoric Acid Fuel Cell(PAFC)
Solid Oxide Fuel Cell(SOFC)
Molten Carbonate Fuel Cell(MCFC)
|
|
By Fuel: |
Hydrogen
Natural Gas
Methanol
Anaerobic Digester Gas
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Key Topics Covered in the Report:
- North America Fuel Cell Technology Market Size (FY’2024-FY’2033)
- Overview of North America Fuel Cell Technology Market
- Segmentation of North America Fuel Cell Technology Market By Application (Portable, Stationary, Transport)
- Segmentation of North America Fuel Cell Technology Market By Product (Polymer/Proton Exchange Membrane Fuel Cells, Direct Methanol Fuel Cells, Phosphoric Acid Fuel Cell, Solid Oxide Fuel Cell, Molten Carbonate Fuel Cell)
- Segmentation of North America Fuel Cell Technology Market By Fuel (Hydrogen, Natural Gas, Methanol, Anaerobic Digester Gas)
- Statistical Snap of North America Fuel Cell Technology Market
- Expansion Analysis of North America Fuel Cell Technology Market
- Problems and Obstacles in North America Fuel Cell Technology Market
- Competitive Landscape in the North America Fuel Cell Technology Market
- Impact of COVID-19 and Demonetization on North America Fuel Cell Technology Market
- Details on Current Investment in North America Fuel Cell Technology Market
- Competitive Analysis of North America Fuel Cell Technology Market
- Prominent Players in the North America Fuel Cell Technology Market
- SWOT Analysis of North America Fuel Cell Technology Market
- North America Fuel Cell Technology Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the North America Fuel Cell Technology Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Fuel Cell Technology Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Fuel Cell Technology Market
7. North America Fuel Cell Technology Market, By Application (USD Million) 2020-2033
7.1. North America Fuel Cell Technology Market Size, Share and Forecast, By Application, 2020-2026
7.2. North America Fuel Cell Technology Market Size, Share and Forecast, By Application, 2027-2033
7.3. Portable
7.4. Stationary
7.5. Transport
8. North America Fuel Cell Technology Market, By Types (USD Million) 2020-2033
8.1. North America Fuel Cell Technology Market Size, Share and Forecast, By Types, 2020-2026
8.2. North America Fuel Cell Technology Market Size, Share and Forecast, By Types, 2027-2033
8.3. Polymer/Proton Exchange Membrane Fuel Cells (PEMFC)
8.4. Direct Methanol Fuel Cells (DMFC)
8.5. Phosphoric Acid Fuel Cell(PAFC)
8.6. Solid Oxide Fuel Cell(SOFC)
8.7. Molten Carbonate Fuel Cell(MCFC)
9. North America Fuel Cell Technology Market, By Fuel (USD Million)2 020-2033
9.1. North America Fuel Cell Technology Market Size, Share and Forecast, By Fuel, 2020-2026
9.2. North America Fuel Cell Technology Market Size, Share and Forecast, By Fuel, 2027-2033
9.3. Hydrogen
9.4. Natural Gas
9.5. Methanol
9.6. Anaerobic Digester Gas
10. North America Fuel Cell Technology Market Forecast, 2020-2033 (USD Million)
10.1. North America Fuel Cell Technology Market Size and Market Share
11. North America Fuel Cell Technology Market, By Region, 2020-2033 (USD Million)
11.1. North America Fuel Cell Technology Market Size and Market Share By Region (2020-2026)
11.2. North America Fuel Cell Technology Market Size and Market Share By Region (2027-2033)
11.3. United States
11.4. Canada
11.5. Rest of North America
12. Company Profile
12.1. Ballard Power System Inc
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Bloom Energy Corp
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Clearedge Power
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Fuelcell Energy
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. Hydrogenics Corporation
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Nuvera Fuel Cells
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Oorja Protonics
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Plug Power Inc
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Protonex Technology Corporation
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links