Stationary Fuel Cells Market By Application Segment (Primary Power, Back-up Power, Combined Heat & Power), By Technology (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Molten Carbonate Fuel Cell, Solid Oxide Fuel Cell, Alkaline Fuel Cell), By End-use (Commercial, Industrial, Residential): Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Rising inclination of industries towards self-generating power sources to reduce the risk of power disruption is driving the market of stationary fuel cells, worldwide. Also, the declining cost of fuel cell technology along with growing awareness among consumers for the use of clean energy is also increasing market growth. Low emission and fewer efficiency losses during transportation are popularizing the use of stationary fuel cells in the number of applications.

On the other hand, conventional fuels such as oil and gas along with oil bloom in the North American region particularly in the U.S. is going to hamper the growth of the market. In spite of all these hindrances, the market is poised to grow beyond US$ 8.58 Bn by 2027 with a CAGR of 11.1% from 2019 to 2027. 

PEMFC Technology is Dominant in 2018 owing to its wider applications

Proton Exchange membrane Fuel Cells (PEMFC) are widely used in material handling, & forklift in warehouses. PEMFC has the advantage of a quick start and good durability since it operates at low temperatures. As tailpipe emission is absent in PEMFC, it is most suitable for residential use without the risk of any harm. Further, quick fueling and longer run time made it advantageous to use for heavy-duty cycles. This, in turn, has a high demand for PEMFC in the market. In 2018, PEMFC has captured over 45% of market share by revenue.

On the other hand, Solid Oxide Fuel Cell (SOFC) is the fastest growing technology owing to its high operating temperature and fuel flexibility it offers. Unlike MCFC, SOFCs are not vulnerable to carbon monoxide and carbon dioxide and can tolerate a high concentration of sulphur.

Regional Analysis

Favourable government policies made Asia Pacific the largest market in 2018

Major countries contributing to the market share of the region are Japan, South Korea and China. The mix of developing and developed countries present in the region has benefitted the market. In 2018, Asia Pacific accounted for over 35% market share owing to strong demand from these three countries. Further, regional governments are focusing on diversifying their current energy base and to add non-conventional sources like fuel cells. Governments’ push has triggered the investment from private industry players to invest in fuel cell technology. This has inclined the industrial and commercial players to add fuel cells in its power supply systems to reduce the risk of the power block.

However, the U.S. is the 2nd largest region in terms of market size owing to its high demand for electricity from large number of data centers, warehouses, product distribution centers, manufacturing & fabrication sites, hospital and naval bases and presence of major market players.

Emerging Partnership Trend is keeping the Market Competitive

The overall stationary fuel cells market is fragmented and market players are focusing on partnership and improving its capital investment to bolster their market position. For instance, in December 2019, Rolls Royce, in partnership with Lab1886 of Mercedes-Benz group launched a pilot project to use vehicle fuel cell for stationary power generation. This will be used in safety-critical applications such as data centers. Along with this, Rolls Royce is researching the manufacturing of hydrogen and other synthetic fuels using renewable energy sources for use in fuel cell.

List of Companies Covered:

• Altergy
• Bloom Energy
• Doosan Fuel Cell America, Inc.
• FuelCell Energy, Inc.
• Ballard Power Systems.
• POSCO Energy
• Plug Power, Inc.
• SOLIDpower
• SFC Energy AG
• Hydrogenics
• Others

Key Industry Development:

• In September 2019, Bloom Energy and Samsung Heavy Industries teamed up for designing and developing cargo ships that can be powered with Bloom Energy’s Solid Oxide Fuel Cell (SOFC) technology. By replacing conventional power generation from the heavy oil and bunker fuel to SOFC, will help to reduce greenhouse gas emission from shipping.
• In July 2019, Ceres Power Holdings plc signed a collaboration and licensing agreement with Doosan Fuel Cell America, Inc. to develop Solid Oxide Fuel Cell (SOFC) power system for Korean commercial building market. Agreement of worth £ 8 Mn to Ceres Power upto 2 years that includes licensing, tech-transfer and service. With this partnership, both the companies are expected to gain competitive advantage in the South Korean fuel cells market. 
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Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.

Market Segmentation

The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the global stationary fuel cells market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths. 

Key questions answered in this report

• What was the market size of stationary fuel cells market in 2018 and forecast up to 2027?
• What are the key factors driving the global stationary fuel cells market?
• What are the key market trends and high-growth opportunities observed in the stationary fuel cells market?
• Which is the largest regional market for stationary fuel cells market?
• Which segment will grow at a faster pace? Why?
• Which region will drive the market growth? Why?
• Which players are leading the stationary fuel cells market?
• What are the key strategies adopted by the leading players operating in the market?