燃料電池市場 – 2030年までの世界予測

本レポートでは、燃料電池市場を、タイプ（プロトン交換膜、固体酸化物、リン酸、アルカリ、微生物、直接メタノール、その他の燃料電池）、燃料タイプ（水素、アンモニア、メタノール、エタノール、その他の燃料タイプ）、コンポーネント（スタックおよびバランスオブプラント（BOP）、用途（ポータブル、定置型、燃料電池車両）、規模（小規模（200kWまで）および大規模（200kW以上））、エンドユーザー（住宅、商業および工業、輸送、データセンター、軍事および防衛、公益事業および政府/地方自治体機関）、および地域（北米、ヨーロッパ、アジア太平洋、その他の地域）別に定義、説明、および予測しています。本レポートの対象範囲は、燃料電池市場の成長に影響を与える推進要因、制約、課題、機会などの主要な要因に関する詳細な情報を網羅しています。主要な業界プレーヤーの徹底的な分析により、事業概要、ソリューション、サービス、契約、パートナーシップ、合意、拡張、製品などの主要戦略に関する洞察が得られています。燃料電池市場における新興企業の立ち上げ、提携、買収、そして最近の動向について分析します。本レポートでは、燃料電池市場エコシステムにおける新興企業の競争力分析を網羅しています。

The global fuel cell market is projected to reach USD 18.16 billion by 2030 from USD 5.66 billion in 2025, registering a CAGR of 26.3%. The global fuel cell market is on a growth trajectory driven by the increasing trend of switching to low-emission and sustainable energy solutions for transportation, power generation, and industrial uses. The current supportive broader political environment, decarbonization targets, and hydrogen infrastructure are enabling expansion in the level of adoption. Fuel cell technology is advancing, leading to improved efficiencies, the development of new materials, and reduced costs. This progress will allow it to expand beyond industrialized nations into other regions. As demand rises, major organizations are increasing their global presence through manufacturing, partnerships, and more comprehensive service options.

世界の燃料電池市場は、2025年の56億6,000万米ドルから2030年には181億6,000万米ドルに達し、年平均成長率（CAGR）26.3%で成長すると予測されています。世界の燃料電池市場は、輸送、発電、産業用途における低排出で持続可能なエネルギーソリューションへの移行の高まりを背景に、成長軌道に乗っています。現在の広範な政治的支援環境、脱炭素化目標、そして水素インフラの整備は、燃料電池の普及拡大を後押ししています。燃料電池技術は進歩しており、効率性の向上、新素材の開発、コスト削減につながっています。この進歩により、燃料電池は先進国だけでなく他の地域にも拡大していくでしょう。需要の増加に伴い、大手企業は製造、パートナーシップ、そしてより包括的なサービスオプションを通じて、世界的なプレゼンスを高めています。

“Solid oxide segment, by type, to be fastest-growing market from 2025 to 2030”

The solid oxide segment, by type, is expanding as consumers seek more low-emission, high-efficiency power generation alternatives and stationary energy systems that can last a prolonged duration. Solid oxide fuel cells are key to providing long-duration, distributed, and continual power in commercial, industrial, and large utility applications because of their high electrical efficiency and flexible fuel options. This growing vertical benefits from developments in ceramic materials, thermal management, and system design that have improved durability and operating costs. Furthermore, these power systems are being more widely adopted as they can now be integrated with combined heat and power (CHP) systems, which can use renewable sources of hydrogen, in the context of a global move to decarbonization. These fuel cells can operate on various fuel types, such as hydrogen, natural gas, and biogas. They are effective technologies to support the energy transition while providing cleaner and more resilient power infrastructure.

“Stack segment, by component, was second-largest market in 2024”

The stack segment of the fuel cell market is crucial because hydrogen and oxygen undergo an electrochemical reaction to produce electricity, water, and heat. Key components of the stack segment include the membrane electrode assembly (MEA), bipolar plates, gas diffusion layers, and sealants, all designed to optimize conductivity, durability, and heat management. This segment rapidly expands due to the growing demand for integrated, efficient, high-performance systems for stationary, mobile, and portable applications. This demand is linked to developing, commercializing, and scaling clean energy technologies, thereby enhancing the overall fuel cell market in the global clean energy transition. The stack segment represents a significant portion of capital expenditures (CAPEX), which arise from higher material and fabrication costs, and operational expenditures, including lifecycle maintenance and stack replacements. Additionally, the performance of stack products is a critical factor influencing the efficiency, lifetime, and cost competitiveness of fuel cell systems.

“Asia Pacific to account for largest share of fuel cell market throughout forecast period”

The Asia Pacific (APAC) region is developing into a major player in the global fuel cell market. It brings together energy demand, positive government support for clean energy technologies, and investment in hydrogen infrastructure in the region. Interest in the shift toward decarbonizing transportation, processes, and distributed power systems is increasing, and the fuel cell market is experiencing rapid growth. Japan, South Korea, and China have all begun to develop their national hydrogen strategies and implement fuel cell roadmaps that connect activities across residential and mobility sectors to large-scale utilization in the commercial sector. Japan is currently leading in this area, with the deployment of fuel cell systems in residences and the national ENE-FARM program demonstrating successful end-user applications. South Korea is preparing to invest heavily in utility-scale fuel cell power plants and hydrogen energy for public transportation. Meanwhile, China is gearing up for substantial rollouts of fuel cell vehicles (FCVs) through various subsidies and pilot programs, positioning the country as a major manufacturing hub in the industry. India aims to seize this opportunity with initiatives such as the National Green Hydrogen Mission, signaling governmental confidence through various policies and R&D efforts. Collectively, the opportunities presented by regional cooperation, emerging policy frameworks, and increasing public-private investment position the Asia Pacific region to become a driving force in the commercialization and innovation of fuel cells.

In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among others, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1 – 57%, Tier 2 – 29%, and Tier 3 – 14%

By Designation: C-level Executives – 35%, Directors – 20%, and Others – 45%

By Region: North America – 20%, Europe – 15%, Asia Pacific – 30%, Middle East & Africa – 25%, and South America – 10%

Note: The tiers of the companies are defined based on their total revenues as of 2024. Tier 1: >USD 1 billion, Tier 2: USD 500 million to USD 1 billion, and Tier 3: <USD 500 million. Others include sales managers, engineers, and regional managers.

Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Ballard Power Systems (Canada), FuelCell Energy, Inc. (US), KYOCERA Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), Cummins Inc. (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), ElringKlinger AG (Germany), TOSHIBA CORPORATION (Japan), Nedstack Fuel Cell Technology BV (Netherlands), PowerCell Sweden AB (Sweden), SFC Energy AG (Germany), AFC Energy (UK), Fuji Electric Co., Ltd. (Japan), Intelligent Energy Limited (UK), Horizon Fuel Cell Technologies (Singapore), Hyster-Yale Materials Handling, Inc. (US), AVL (Austria), ADELAN (UK), Ecospray Technologies S.r.l. (Italy), and Special Power Sources (US) are key players in the fuel cell market. The study includes an in-depth competitive analysis of these key players in the fuel cell market, with their company profiles, recent developments, and key market strategies.

Study Coverage:

The report defines, describes, and forecasts the fuel cell market market, by type (proton exchange membrane, solid oxide, phosphoric acid, alkaline, microbial, direct methanol, other fuel cell types), fuel type (hydrogen, ammonia, methanol, ethanol, other fuel types), component (stack and balance of plant (bop), application (portable, stationary, and fuel cell vehciles), size (small-scale (up to 200 kw) and large-scale (above 200 kw)), end user (residential, commercial & industrial, transportation, data centers, military & defense, utilities & government/municipal institutes), and region (North America, Europe, Asia Pacific, and RoW). The report’s scope covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing fuel cell market growth. A thorough analysis of the key industry players has provided insights into their business overview, solutions, and services; key strategies such as contracts, partnerships, agreements, expansions, product launches, collaborations, and acquisitions; and recent developments associated with the fuel cell market. This report covers the competitive analysis of upcoming startups in the fuel cell market ecosystem.

Key Benefits of Buying the Report:

• The report includes the analysis of key drivers (Burgeoning adoption of low-carbon vehicles to address climate change, rising implementation of strict carbon emission regulations, quicker refueling time and more extended range of FCEVs than BEVs, and growing emphasis on decarbonizing maritime industry), restraints (Requirement for expensive materials and complex manufacturing processes, high flammability of hydrogen), opportunities (Implementation of incentive programs to support distributed power generation, governments’ focus on initiating hydrogen programs), and challenges (High adoption of BEVs with increasing investment in lithium-ion batteries, supply chain bottlenecks, and lack of infrastructure for hydrogen production and refueling.)
• Product Development/Innovation: Fuel cell manufacturers continually capitalize on new materials, automated production, and modular systems to optimize performance and cost. We see several new advancements in the fuel cell market, including AI-based performance monitoring, digital twin models to check stacks, and predictive maintenance to improve reliability and lifespan. The market is embracing emerging catalysts, low-platinum and non-platinum options, and advanced membranes to produce higher levels of efficiency and decreased environmental impact. These possibilities enable fuel cell companies to deliver high levels of performance, scalable and clean energy solutions in response to global decarbonization and distributed energy expectations.

• Market Development: In February 2025, Bloom Energy and Equinix signed a partnership deal for over 100 megawatts of fuel cell capacity across 19 Equinix data centers in six US states. Starting from a 1 MW pilot in 2015, the partnership now includes 75 MW operational and 30 MW under construction, providing cleaner, on-site power to meet the growing energy demands of AI-driven computing. Bloom’s fuel cells offer reliable electricity with minimal environmental impact, enhancing Equinix’s sustainability efforts and reducing reliance on traditional grid power. This report provides a detailed analysis of fuel cell manufacturers’ strategies critical for project success, providing stakeholders with actionable insights into trends and opportunities for growth in the fuel cell market.

• Market Diversification: The report offers a comprehensive analysis of the strategies employed by manufacturers to facilitate market diversification. It outlines innovative products, operating models, and new partnership frameworks across various regions, which are underpinned by technology-driven business lines. The findings emphasize opportunities for expansion beyond traditional operations, identifying geographical areas and customer segments that are currently served but remain underserved and are suitable for strategic entry.

• Competitive Assessment: The report provides in-depth assessment of market shares, growth strategies, and service offerings of leading players, such as Bloom Energy (US), Plug Power Inc. (US), AISIN CORPORATION (Japan), Ballard Power Systems (Canada), FuelCell Energy, Inc. (US), KYOCERA Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), Cummins Inc. (US), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), ElringKlinger AG (Germany), TOSHIBA CORPORATION (Japan), Nedstack Fuel Cell Technology BV (Netherlands), PowerCell Sweden AB (Sweden), among others, in the fuel cell market.

Table of Contents

1               INTRODUCTION              29

1.1           STUDY OBJECTIVES       29

1.2           MARKET DEFINITION   29

1.3           STUDY SCOPE   30

1.3.1        MARKETS COVERED AND REGIONAL SCOPE      30

1.3.2        INCLUSIONS AND EXCLUSIONS 31

1.3.3        YEARS CONSIDERED      32

1.4           CURRENCY CONSIDERED            32

1.5           UNIT CONSIDERED        33

1.6           LIMITATIONS    33

1.7           STAKEHOLDERS               33

1.8           SUMMARY OF CHANGES               34

2               RESEARCH METHODOLOGY       35

2.1           RESEARCH DATA              35

2.2           SECONDARY AND PRIMARY RESEARCH 36

2.2.1        SECONDARY DATA          36

2.2.1.1    List of key secondary sources              36

2.2.1.2    Key data from secondary sources       36

2.2.2        PRIMARY DATA 37

2.2.2.1    List of primary interview participants               37

2.2.2.2    Key industry insights           37

2.2.2.3    Breakdown of primaries      38

2.2.2.4    Key data from primary sources           39

2.3           MARKET SIZE ESTIMATION METHODOLOGY     40

2.3.1        BOTTOM-UP APPROACH              40

2.3.2        TOP-DOWN APPROACH                41

2.3.3        DEMAND-SIDE ANALYSIS             42

2.3.3.1    Demand-side assumptions 43

2.3.3.2    Demand-side calculations   43

2.3.4        SUPPLY-SIDE ANALYSIS                 44

2.3.4.1    Supply-side assumptions     45

2.3.4.2    Supply-side calculations      45

2.4           FORECAST          45

2.5           MARKET BREAKDOWN AND DATA TRIANGULATION                 46

2.6           RESEARCH LIMITATIONS             47

2.7           RISK ANALYSIS  47

3               EXECUTIVE SUMMARY  48

4               PREMIUM INSIGHTS       53

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUEL CELL MARKET   53

4.2           FUEL CELL MARKET, BY REGION              53

4.3           FUEL CELL MARKET, BY TYPE    54

4.4           FUEL CELL MARKET, BY APPLICATION 54

4.5           FUEL CELL MARKET, BY END USER          55

4.6           FUEL CELL MARKET, BY SIZE     55

4.7           FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION  AND COUNTRY 56

5               MARKET OVERVIEW       57

5.1           INTRODUCTION              57

5.2           MARKET DYNAMICS       57

5.2.1        DRIVERS               58

5.2.1.1    Burgeoning adoption of low-carbon vehicles to address climate change    58

5.2.1.2    Rising implementation of strict carbon emission regulations                 59

5.2.1.3    Quicker refueling time and longer range of FCEVs than BEVs                 60

5.2.1.4    Growing emphasis on decarbonizing maritime industry                 60

5.2.2        RESTRAINTS      60

5.2.2.1    Requirement for expensive materials and complex manufacturing processes                60

5.2.2.2    High flammability of hydrogen           61

5.2.3        OPPORTUNITIES              62

5.2.3.1    Implementation of incentive programs to support distributed power generation  62

5.2.3.2    Governments’ focus on initiating hydrogen programs   62

5.2.4        CHALLENGES    63

5.2.4.1    High adoption of BEVs with increasing investment in lithium-ion batteries 63

5.2.4.2    Supply chain bottlenecks and lack of infrastructure for hydrogen production and refueling     64

5.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            64

5.4           PRICING ANALYSIS          65

5.4.1        AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE,  2020–2024              65

5.4.2        PRICING RANGE OF FUEL CELLS OFFERED BY KEY PLAYERS,  BY TYPE, 2024              66

5.4.3        AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION,  2020–2024        67

5.4.4        PRICING TREND OF FUEL CELLS, BY COMPONENT, 2018–2024              67

5.5           SUPPLY CHAIN ANALYSIS             70

5.6           ECOSYSTEM ANALYSIS  71

5.7           TECHNOLOGY ANALYSIS             73

5.7.1        KEY TECHNOLOGIES     73

5.7.1.1    Reversible fuel cells              73

5.7.1.2    Anion-exchange membrane fuel cells                73

5.7.2        COMPLEMENTARY TECHNOLOGIES       73

5.7.2.1    Electrolyzers          73

5.7.2.2    Hydrogen refueling stations                74

5.7.3        ADJACENT TECHNOLOGIES       74

5.7.3.1    Battery electric vehicles       74

5.7.3.2    Hydrogen internal combustion engines (H2-ICE)          74

5.8           CASE STUDY ANALYSIS 75

5.8.1        WALMART IMPLEMENTS BLOOM ENERGY SERVER FUEL CELLS TO ADVANCE RENEWABLE ENERGY TARGETS     75

5.8.2        SOUTHERN LINC PARTNERS WITH PLUG POWER TO DEPLOY GENSURE HYDROGEN FUEL CELL BACKUP SYSTEMS TO PROVIDE CONTINUOUS SERVICES DURING OUTAGES                 75

5.8.3        ENVIRONMENT AGENCY ADOPTS EFOY PRO DIRECT METHANOL FUEL CELL TO ENSURE POWER RELIABILITY                 76

5.9           PATENT ANALYSIS          77

5.10         TRADE ANALYSIS             78

5.10.1      IMPORT SCENARIO (HS CODE 280410)    78

5.10.2      EXPORT SCENARIO (HS CODE 280410)    80

5.11         KEY CONFERENCES AND EVENTS, 2025–2026        81

5.12         REGULATORY LANDSCAPE         82

5.12.1      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             82

5.12.2      REGULATIONS  84

5.13         PORTER’S FIVE FORCES ANALYSIS           85

5.13.1      THREAT OF SUBSTITUTES          86

5.13.2      BARGAINING POWER OF SUPPLIERS       86

5.13.3      BARGAINING POWER OF BUYERS             86

5.13.4      THREAT OF NEW ENTRANTS      86

5.13.5      INTENSITY OF COMPETITIVE RIVALRY 86

5.14         KEY STAKEHOLDERS AND BUYING CRITERIA     87

5.14.1      KEY STAKEHOLDERS IN BUYING PROCESS           87

5.14.2      BUYING CRITERIA           87

5.15         INVESTMENT AND FUNDING SCENARIO               88

5.16         IMPACT OF AI/GEN AI ON FUEL CELL MARKET 89

5.16.1      IMPACT ON MANUFACTURING & PROCESS OPTIMIZATION                89

5.16.2      IMPACT ON SYSTEM MONITORING & OPERATION                 89

5.16.3      IMPACT ON MAINTENANCE & LIFECYCLE MANAGEMENT 89

5.17         GLOBAL MACROECONOMIC OUTLOOK                90

5.17.1      INTRODUCTION              90

5.17.2      GOVERNMENT POLICIES AND SUBSIDIES            90

5.17.3      ENERGY TRANSITION AND DECARBONIZATION GOALS                 90

5.17.4      INVESTMENT TRENDS AND PRIVATE SECTOR ACTIVITIES         91

5.17.5      ECONOMIC CHALLENGES AND RISKS    91

5.18         IMPACT OF 2025 US TARIFF ON FUEL CELL MARKET                 91

5.18.1      INTRODUCTION              91

5.18.2      KEY TARIFF RATES          92

5.18.3      PRICE IMPACT ANALYSIS             92

5.18.4      IMPACT ON COUNTRIES/REGIONS         93

5.18.4.1  US           93

5.18.4.2  Europe   94

5.18.4.3  Asia Pacific            95

5.18.5      IMPACT ON APPLICATIONS        96

6               FUEL CELL MARKET, BY TYPE    97

6.1           INTRODUCTION              98

6.2           PROTON-EXCHANGE MEMBRANE            100

6.2.1        HIGH PREFERENCE IN TRANSPORTATION, PORTABLE POWER, AND SMALL-SCALE STATIONARY POWER APPLICATIONS TO DRIVE MARKET         100

6.3           SOLID OXIDE     102

6.3.1        HIGH EFFICIENCY AND LOW EMISSIONS TO ACCELERATE SEGMENTAL GROWTH     102

6.4           PHOSPHORIC ACID         105

6.4.1        DURABILITY AND HIGH EFFICIENCY IN COGENERATION TO CONTRIBUTE TO SEGMENTAL GROWTH                 105

6.5           ALKALINE            107

6.5.1        MINIMAL THERMAL DEGRADATION OF COMPONENTS AND HIGH ELECTRICAL EFFICIENCY TO FUEL SEGMENTAL GROWTH             107

6.6           MICROBIAL        110

6.6.1        ABILITY TO TREAT WASTEWATER WHILE SIMULTANEOUSLY GENERATING POWER TO BOOST SEGMENTAL GROWTH  110

6.7           DIRECT METHANOL       112

6.7.1        USE IN PORTABLE AND SMALL-SCALE POWER APPLICATIONS TO FOSTER SEGMENTAL GROWTH         112

6.8           OTHER FUEL CELL TYPES            115

7               FUEL CELL MARKET, BY COMPONENT  117

7.1           INTRODUCTION              118

7.2           STACK  119

7.2.1        PRECISE DESIGN AND QUALITY TO CONTRIBUTE TO SEGMENTAL GROWTH  119

7.2.2        INTERCONNECTS            120

7.2.3        END PLATES      120

7.2.4        SEALINGS            120

7.2.5        OTHER STACK COMPONENTS   121

7.3           BALANCE OF PLANT (BOS)          121

7.3.1        ABILITY TO OPTIMIZE PERFORMANCE, SAFETY, AND RELIABILITY  OF FUEL CELLS TO FOSTER SEGMENTAL GROWTH             121

7.3.2        HEAT TRANSFER COMPONENTS               122

7.3.3        POWER ELECTRONICS & CONTROL SYSTEMS    123

7.3.4        INSTRUMENTS & SENSORS          123

7.3.5        FUEL REFORMERS & DESULFURIZERS    123

7.3.6        OTHER BOP COMPONENTS        123

8               FUEL CELL MARKET, BY SIZE     124

8.1           INTRODUCTION              125

8.2           SMALL-SCALE (UP TO 200 KW)  126

8.2.1        COMPACT FOOTPRINT, EFFICIENT OPERATION, AND ABILITY TO FUNCTION IN OFF-GRID OR BACKUP SCENARIOS TO DRIVE MARKET         126

8.3           LARGE-SCALE (ABOVE 200 KW) 127

8.3.1        EMPHASIS ON ALIGNING WITH NATIONAL ENERGY STRATEGIES TO FOSTER SEGMENTAL GROWTH               127

9               FUEL CELL MARKET, BY FUEL TYPE        129

9.1           INTRODUCTION              130

9.2           HYDROGEN        131

9.2.1        EMERGENCE AS ENVIRONMENT-FRIENDLY ALTERNATIVE TO COMBUSTION-BASED POWER SOURCE TO SPUR DEMAND 131

9.3           AMMONIA           132

9.3.1        ZERO CARBON EMISSIONS AND COST-EFFICIENCY FEATURES TO AUGMENT SEGMENTAL GROWTH             132

9.4           METHANOL        132

9.4.1        EASY STORAGE AND TRANSPORTATION DUE TO HIGH ENERGY DENSITY TO EXPEDITE SEGMENTAL GROWTH                 132

9.5           OTHER FUEL TYPES       133

10            FUEL CELL MARKET, BY APPLICATION 134

10.1         INTRODUCTION              135

10.2         PORTABLE          136

10.2.1      HIGHER ENERGY DENSITY THAN CONVENTIONAL BATTERIES TO FUEL SEGMENTAL GROWTH       136

10.3         STATIONARY     138

10.3.1      PRIMARY POWER GENERATION SYSTEMS            140

10.3.1.1  Rising deployment to supply baseload electricity and CHP to contribute to segmental growth          140

10.3.2      BACKUP POWER SYSTEMS           141

10.3.2.1  Global push for low-emission technologies to accelerate

segmental growth 141

10.3.3      CHP SYSTEMS   142

10.3.3.1  Strong focus on addressing global warming and conserving energy to augment segmental growth                142

10.4         FUEL CELL VEHICLES    143

10.4.1      PASSENGER LIGHT-DUTY FUEL CELL VEHICLES                 145

10.4.1.1  Increasing sales of passenger light-duty vehicles to fuel segmental growth    145

10.4.2      FUEL CELL BUSES            146

10.4.2.1  Rising emphasis on decarbonizing public transport networks to boost segmental growth       146

10.4.3      FUEL CELL TRUCKS        147

10.4.3.1  Increasing availability of zero-emission vehicles for heavy-duty transport to drive market    147

10.4.4      OTHER FUEL CELL VEHICLES    148

11            FUEL CELL MARKET, BY END USER          151

11.1         INTRODUCTION              152

11.2         RESIDENTIAL    153

11.2.1      SURGING CLEAN ENERGY DEMAND FOR SPACE HEATING AND COOLING TO FUEL SEGMENTAL GROWTH                 153

11.3         COMMERCIAL & INDUSTRIAL    154

11.3.1      HIGH EFFICIENCY AND SUITABILITY OF FUEL CELLS FOR BASE-LOAD POWER TO CONTRIBUTE TO SEGMENTAL GROWTH             154

11.4         TRANSPORTATION         156

11.4.1      GOVERNMENTAL SUPPORT FOR ZERO-EMISSION VEHICLES TO BOOST SEGMENTAL GROWTH     156

11.5         DATA CENTERS                 158

11.5.1      MOUNTING ADOPTION OF FUEL CELLS AS CLEAN AND RELIABLE POWER SOURCE TO AUGMENT SEGMENTAL GROWTH             158

11.6         MILITARY & DEFENSE   159

11.6.1      RISING NEED FOR RELIABLE POWER SOURCES FOR COMMUNICATION SYSTEMS AND SURVEILLANCE SENSORS TO DRIVE MARKET 159

11.7         UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES                 161

11.7.1      GROWING FOCUS ON MEETING LOCAL OR STATE-MANDATED EMISSION TARGETS TO BOLSTER SEGMENTAL GROWTH             161

12            FUEL CELL MARKET, BY REGION              163

12.1         INTRODUCTION              164

12.2         ASIA PACIFIC     166

12.2.1      CHINA  174

12.2.1.1  Rising implementation of policies to reach carbon neutrality to boost market growth             174

12.2.2      JAPAN   178

12.2.2.1  Growing focus on climate change mitigation to augment market growth    178

12.2.3      SOUTH KOREA  182

12.2.3.1  Increasing use of green hydrogen to curb carbon emissions to accelerate market growth    182

12.2.4      REST OF ASIA PACIFIC   186

12.3         NORTH AMERICA             190

12.3.1      US           197

12.3.1.1  Growing network of hydrogen refueling stations to contribute to market growth       197

12.3.2      CANADA               201

12.3.2.1  Strategic commitment to expand hydrogen and fuel cell usage as part of climate targets to drive market               201

12.4         EUROPE               205

12.4.1      UK          213

12.4.1.1  Increasing financial aid for clean technology deployment to boost market growth       213

12.4.2      GERMANY           217

12.4.2.1  Escalating hydrogen energy production to accelerate market growth    217

12.4.3      ITALY    221

12.4.3.1  Rising implementation of subsidies for hydrogen initiatives to fuel market growth                221

12.4.4      REST OF EUROPE             225

12.5         ROW      230

12.5.1      MIDDLE EAST & AFRICA                236

12.5.1.1  Rising exploration of hydrogen to diversify energy portfolio to accelerate market growth    236

12.5.2      LATIN AMERICA                236

12.5.2.1  Increasing investment to build green hydrogen economy to boost market growth       236

13            COMPETITIVE LANDSCAPE         237

13.1         OVERVIEW          237

13.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025                 237

13.3         MARKET SHARE ANALYSIS, 2024                 239

13.4         REVENUE ANALYSIS, 2020–2024  242

13.5         COMPANY VALUATION AND FINANCIAL METRICS                 243

13.6         PRODUCT COMPARISON              244

13.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 245

13.7.1      STARS   245

13.7.2      EMERGING LEADERS     245

13.7.3      PERVASIVE PLAYERS      245

13.7.4      PARTICIPANTS 245

13.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         247

13.7.5.1  Company footprint               247

13.7.5.2  Region footprint   249

13.7.5.3  Type footprint       250

13.7.5.4  Application footprint            251

13.7.5.5  End user footprint                 252

13.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        253

13.8.1      PROGRESSIVE COMPANIES         253

13.8.2      RESPONSIVE COMPANIES            253

13.8.3      DYNAMIC COMPANIES  253

13.8.4      STARTING BLOCKS         253

13.8.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024                 255

13.8.5.1  Detailed list of key startups/SMEs    255

13.8.5.2  Competitive benchmarking of key startups/SMEs          256

13.8.6      COMPETITIVE SCENARIO             256

13.8.6.1  Product launches  256

13.8.6.2  Deals      257

13.8.6.3  Expansions             259

13.8.6.4  Others developments           260

14            COMPANY PROFILES      262

14.1         KEY PLAYERS     262

14.1.1      BLOOM ENERGY               262

14.1.1.1  Business overview 262

14.1.1.2  Products/Solutions/Services offered 263

14.1.1.3  Recent developments           264

14.1.1.3.1                Product launches  264

14.1.1.3.2                Deals      264

14.1.1.3.3                Other developments             267

14.1.1.4  MnM view              268

14.1.1.4.1                Key strengths/Right to win 268

14.1.1.4.2                Strategic choices   268

14.1.1.4.3                Weaknesses/Competitive threats       269

14.1.2      PLUG POWER INC.           270

14.1.2.1  Business overview 270

14.1.2.2  Products/Solutions/Services offered 271

14.1.2.3  Recent developments           272

14.1.2.3.1                Product launches  272

14.1.2.3.2                Deals      273

14.1.2.3.3                Expansions             274

14.1.2.3.4                Other developments             274

14.1.2.4  MnM view              275

14.1.2.4.1                Key strengths/Right to win 275

14.1.2.4.2                Strategic choices   275

14.1.2.4.3                Weaknesses/Competitive threats       275

14.1.3      AISIN CORPORATION    276

14.1.3.1  Business overview 276

14.1.3.2  Products/Solutions/Services offered 277

14.1.3.3  Recent developments           278

14.1.3.3.1                Deals      278

14.1.3.4  MnM view              278

14.1.3.4.1                Key strengths/Right to win 278

14.1.3.4.2                Strategic choices   278

14.1.3.4.3                Weaknesses/Competitive threats       279

14.1.4      DOOSAN FUEL CELL CO., LTD.  280

14.1.4.1  Business overview 280

14.1.4.2  Products/Solutions/Services offered 281

14.1.4.3  Recent developments           282

14.1.4.3.1                Deals      282

14.1.4.3.2                Expansions             284

14.1.4.3.3                Other developments             284

14.1.4.4  MnM view              284

14.1.4.4.1                Key strengths/Right to win 284

14.1.4.4.2                Strategic choices   284

14.1.4.4.3                Weaknesses/Competitive threats       285

14.1.5      SFC ENERGY AG                286

14.1.5.1  Business overview 286

14.1.5.2  Products/Solutions/Services offered 287

14.1.5.3  Recent developments           289

14.1.5.3.1                Deals      289

14.1.5.3.2                Other developments             290

14.1.5.4  MnM view              291

14.1.5.4.1                Key strengths/Right to win 291

14.1.5.4.2                Strategic choices   291

14.1.5.4.3                Weaknesses/Competitive threats       291

14.1.6      BALLARD POWER SYSTEMS         292

14.1.6.1  Business overview 292

14.1.6.2  Products/Solutions/Services offered 293

14.1.6.3  Recent developments           293

14.1.6.3.1                Product launches  293

14.1.6.3.2                Deals      294

14.1.6.3.3                Other developments             295

14.1.7      FUELCELL ENERGY, INC.              297

14.1.7.1  Business overview 297

14.1.7.2  Products/Solutions/Services offered 298

14.1.7.3  Recent developments           298

14.1.7.3.1                Deals      298

14.1.7.3.2                Other developments             299

14.1.8      KYOCERA CORPORATION            300

14.1.8.1  Business overview 300

14.1.8.2  Products/Solutions/Services offered 302

14.1.9      CUMMINS INC.  303

14.1.9.1  Business overview 303

14.1.9.2  Products/Solutions/Services offered 304

14.1.9.3  Recent developments           305

14.1.9.3.1                Deals      305

14.1.9.3.2                Expansions             306

14.1.10   MITSUBISHI HEAVY INDUSTRIES, LTD.  307

14.1.10.1                 Business overview 307

14.1.10.2                 Products/Solutions/Services offered 308

14.1.10.3                 Recent developments           309

14.1.10.3.1             Developments       309

14.1.11   TOSHIBA CORPORATION             310

14.1.11.1                 Business overview 310

14.1.11.2                 Products/Solutions/Services offered 311

14.1.11.3                 Recent developments           312

14.1.11.3.1             Deals      312

14.1.11.3.2             Other developments             313

14.1.12   NEDSTACK FUEL CELL TECHNOLOGY   314

14.1.12.1                 Business overview 314

14.1.12.2                 Products/Solutions/Services offered 314

14.1.12.3                 Recent developments           315

14.1.12.3.1             Deals      315

14.1.13   ELRINGKLINGER AG       317

14.1.13.1                 Business overview 317

14.1.13.2                 Products/Solutions/Services offered 318

14.1.13.3                 Recent developments           319

14.1.13.3.1             Deals      319

14.1.13.3.2             Other developments             319

14.1.14   POWERCELL SWEDEN AB             321

14.1.14.1                 Business overview 321

14.1.14.2                 Products/Solutions/Services offered 322

14.1.14.3                 Recent developments           322

14.1.14.3.1             Product launches  322

14.1.14.3.2             Deals      322

14.1.14.3.3             Other developments             323

14.1.15   AFC ENERGY      325

14.1.15.1                 Business overview 325

14.1.15.2                 Products/Solutions/Services offered 326

14.1.15.3                 Recent developments           327

14.1.15.3.1             Deals      327

14.1.15.3.2             Expansions             327

14.1.16   FUJI ELECTRIC CO., LTD.              328

14.1.16.1                 Business overview 328

14.1.16.2                 Products/Solutions/Services offered 329

14.2         OTHER PLAYERS              330

14.2.1      INTELLIGENT ENERGY LIMITED               330

14.2.2      HORIZON FUEL CELL TECHNOLOGIES  331

14.2.3      HYSTER-YALE MATERIALS HANDLING, INC.        331

14.2.4      ADELAN               332

14.2.5      MICRORGANIC TECHNOLOGIES               333

14.2.6      AVL        334

14.2.7      WATT FUEL CELL             335

14.2.8      PROTON MOTOR FUEL CELL GMBH       336

14.2.9      ECOSPRAY TECHNOLOGIES S.R.L.            337

14.2.10   SPECIAL POWER SOURCES           337

14.2.11   GENCELL LTD.  338

14.2.12   VERSOGEN         339

14.2.13   AQUACYCL         340

14.2.14   SOLYDERA SPA 340

15            APPENDIX           341

15.1         INSIGHTS FROM INDUSTRY EXPERTS     341

15.2         DISCUSSION GUIDE        341

15.3         KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL                345

15.4         CUSTOMIZATION OPTIONS        347

15.5         RELATED REPORTS         347

15.6         AUTHOR DETAILS           348

LIST OF TABLES

TABLE 1                LIST OF PRIMARY INTERVIEW PARTICIPANTS                 37

TABLE 2                KEY DATA FROM PRIMARY SOURCES     39

TABLE 3                FUEL CELL MARKET SNAPSHOT                48

TABLE 4                POLICIES TO STIMULATE HYDROGEN USE IN MAJOR ECONOMIES       63

TABLE 5                AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE, 2020–2024 (USD/KW)    65

TABLE 6                PRICING RANGE OF FUEL CELLS OFFERED BY KEY PLAYERS,

BY TYPE, 2024 (USD/KW)              66

TABLE 7                AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION,

2020–2024 (USD/KW)       67

TABLE 8                COST SUMMARY FOR PROTON-EXCHANGE MEMBRANE (PEM) STACK COMPONENTS, 2018–2022 (USD)                 68

TABLE 9                COST SUMMARY FOR PEM BALANCE OF PLANT (BOP) COMPONENTS,

2018–2022 (USD)                68

TABLE 10              COST SUMMARY FOR 80-KW FUEL CELL VEHICLES, 2018–2024 (USD)         69

TABLE 11              COST SUMMARY FOR 160-KW MEDIUM-DUTY FUEL CELL VEHICLES,

2018–2024 (USD)                69

TABLE 12              ROLE OF COMPANIES IN FUEL CELL MARKET ECOSYSTEM       72

TABLE 13              LIST OF KEY PATENTS, 2024–2025              77

TABLE 14              IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY,  2022–2024 (USD THOUSAND)      79

TABLE 15              EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY,  2022–2024 (USD THOUSAND)      80

TABLE 16              LIST OF KEY CONFERENCES AND EVENTS, 2025–2026        81

TABLE 17              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND

OTHER ORGANIZATIONS             82

TABLE 18              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,  AND

OTHER ORGANIZATIONS             83

TABLE 19              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND

OTHER ORGANIZATIONS             83

TABLE 20              ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND

OTHER ORGANIZATIONS             84

TABLE 21              REGULATIONS  84

TABLE 22              PORTER’S FIVE FORCES ANALYSIS           85

TABLE 23              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)                 87

TABLE 24              KEY BUYING CRITERIA, BY APPLICATION                 88

TABLE 25              US-ADJUSTED RECIPROCAL TARIFF RATES                 92

TABLE 26              EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON END-USE MARKETS

DUE TO TARIFF IMPACT               93

TABLE 27              FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)            98

TABLE 28              FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)            99

TABLE 29              FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)                 99

TABLE 30              FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)                 99

TABLE 31              PROTON-EXCHANGE MEMBRANE: FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            100

TABLE 32              PROTON-EXCHANGE MEMBRANE: FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            101

TABLE 33              PROTON-EXCHANGE MEMBRANE: FUEL CELL MARKET, BY REGION,

2020–2024 (MW) 101

TABLE 34              PROTON-EXCHANGE MEMBRANE: FUEL CELL MARKET, BY REGION,

2025–2030 (MW) 101

TABLE 35              PROTON-EXCHANGE MEMBRANE: FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            102

TABLE 36              PROTON-EXCHANGE MEMBRANE: FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            102

TABLE 37              SOLID OXIDE: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            103

TABLE 38              SOLID OXIDE: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            103

TABLE 39              SOLID OXIDE: FUEL CELL MARKET, BY REGION, 2020–2024 (MW) 104

TABLE 40              SOLID OXIDE: FUEL CELL MARKET, BY REGION, 2025–2030 (MW) 104

TABLE 41              SOLID OXIDE: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              104

TABLE 42              SOLID OXIDE: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              104

TABLE 43              PHOSPHORIC ACID: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)          105

TABLE 44              PHOSPHORIC ACID: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)          106

TABLE 45              PHOSPHORIC ACID: FUEL CELL MARKET, BY REGION, 2020–2024 (MW)              106

TABLE 46              PHOSPHORIC ACID: FUEL CELL MARKET, BY REGION, 2025–2030 (MW)              106

TABLE 47              PHOSPHORIC ACID: FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            107

TABLE 48              PHOSPHORIC ACID: FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            107

TABLE 49              ALKALINE: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            108

TABLE 50              ALKALINE: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            108

TABLE 51              ALKALINE: FUEL CELL MARKET, BY REGION, 2020–2024 (MW) 109

TABLE 52              ALKALINE: FUEL CELL MARKET, BY REGION, 2025–2030 (MW) 109

TABLE 53              ALKALINE: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              109

TABLE 54              ALKALINE: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              110

TABLE 55              MICROBIAL: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            111

TABLE 56              MICROBIAL: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            111

TABLE 57              MICROBIAL: FUEL CELL MARKET, BY REGION, 2020–2024 (MW) 111

TABLE 58              MICROBIAL: FUEL CELL MARKET, BY REGION, 2025–2030 (MW) 112

TABLE 59              MICROBIAL: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              112

TABLE 60              MICROBIAL: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              112

TABLE 61              DIRECT METHANOL: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)          113

TABLE 62              DIRECT METHANOL: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)          113

TABLE 63              DIRECT METHANOL: FUEL CELL MARKET, BY REGION, 2020–2024 (MW)              114

TABLE 64              DIRECT METHANOL: FUEL CELL MARKET, BY REGION, 2025–2030 (MW)              114

TABLE 65              DIRECT METHANOL: FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            114

TABLE 66              DIRECT METHANOL: FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            115

TABLE 67              FUEL CELL MARKET, BY COMPONENT, 2020–2024 (USD MILLION)       118

TABLE 68              FUEL CELL MARKET, BY COMPONENT, 2025–2030 (USD MILLION)       119

TABLE 69              STACK: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)       119

TABLE 70              STACK: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)       120

TABLE 71             BALANCE OF PLANT (BOS): FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            122

TABLE 72             BALANCE OF PLANT (BOS): FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            122

TABLE 73              FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)            125

TABLE 74              FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)            126

TABLE 75              SMALL-SCALE (UP TO 200 KW): FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            126

TABLE 76              SMALL-SCALE (UP TO 200 KW): FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            127

TABLE 77              LARGE-SCALE (ABOVE 200 KW): FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            128

TABLE 78              LARGE-SCALE (ABOVE 200 KW): FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            128

TABLE 79              FUEL CELL MARKET, BY FUEL TYPE, 2020–2024 (USD MILLION) 130

TABLE 80              FUEL CELL MARKET, BY FUEL TYPE, 2025–2030 (USD MILLION) 131

TABLE 81              FUEL CELL MARKET: BY APPLICATION, 2020–2024 (USD MILLION)       135

TABLE 82              FUEL CELL MARKET: BY APPLICATION, 2025–2030 (USD MILLION)       136

TABLE 83              PORTABLE: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            137

TABLE 84              PORTABLE: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            137

TABLE 85              STATIONARY: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            138

TABLE 86              STATIONARY: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            139

TABLE 87              STATIONARY: FUEL CELL MARKET, BY APPLICATION TYPE,

2020–2024 (USD MILLION)            139

TABLE 88              STATIONARY: FUEL CELL MARKET, BY APPLICATION TYPE,

2025–2030 (USD MILLION)            139

TABLE 89              STATIONARY: FUEL CELL MARKET FOR PRIMARY POWER GENERATION SYSTEMS,  BY REGION, 2020–2024 (USD MILLION)       140

TABLE 90              STATIONARY: FUEL CELL MARKET FOR PRIMARY POWER GENERATION SYSTEMS,  BY REGION, 2025–2030 (USD MILLION)       140

TABLE 91              STATIONARY: FUEL CELL MARKET FOR BACKUP POWER SYSTEMS, BY REGION,  2020–2024 (USD MILLION)                 141

TABLE 92              STATIONARY: FUEL CELL MARKET FOR BACKUP POWER SYSTEMS, BY REGION,  2025–2030 (USD MILLION)                 142

TABLE 93              STATIONARY: FUEL CELL MARKET FOR CHP SYSTEMS, BY REGION,

2020–2024 (USD MILLION)            142

TABLE 94              STATIONARY: FUEL CELL MARKET FOR CHP SYSTEMS, BY REGION,

2025–2030 (USD MILLION)            143

TABLE 95              FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            144

TABLE 96              FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            144

TABLE 97              FUEL CELL VEHICLES: FUEL CELL MARKET, BY APPLICATION TYPE,

2020–2024 (USD MILLION)            144

TABLE 98              FUEL CELL VEHICLES: FUEL CELL MARKET, BY APPLICATION TYPE,

2025–2030 (USD MILLION)            145

TABLE 99              PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: FUEL CELL MARKET,

BY REGION,  2020–2024 (USD MILLION)                 146

TABLE 100            PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: FUEL CELL MARKET,

BY REGION,  2025–2030 (USD MILLION)                 146

TABLE 101            FUEL CELL BUSES: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)          147

TABLE 102            FUEL CELL BUSES: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)          147

TABLE 103            FUEL CELL TRUCKS: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)          148

TABLE 104            FUEL CELL TRUCKS: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)          148

TABLE 105            OTHER FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            149

TABLE 106            OTHER FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            150

TABLE 107            FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION) 152

TABLE 108            FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION) 153

TABLE 109            RESIDENTIAL: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)            154

TABLE 110            RESIDENTIAL: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)            154

TABLE 111            COMMERCIAL & INDUSTRIAL: FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            155

TABLE 112            COMMERCIAL & INDUSTRIAL: FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            156

TABLE 113            TRANSPORTATION: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)          157

TABLE 114            TRANSPORTATION: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)          157

TABLE 115            DATA CENTERS: FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION)          159

TABLE 116            DATA CENTERS: FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION)          159

TABLE 117            MILITARY & DEFENSE: FUEL CELL MARKET, BY REGION,

2020–2024 (USD MILLION)            160

TABLE 118            MILITARY & DEFENSE: FUEL CELL MARKET, BY REGION,

2025–2030 (USD MILLION)            161

TABLE 119            UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: FUEL CELL MARKET,

BY REGION, 2020–2024 (USD MILLION)   162

TABLE 120            UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: FUEL CELL MARKET,

BY REGION, 2025–2030 (USD MILLION)   162

TABLE 121            FUEL CELL MARKET, BY REGION, 2020–2024 (MW)     165

TABLE 122            FUEL CELL MARKET, BY REGION, 2025–2030 (MW)     165

TABLE 123            FUEL CELL MARKET, BY REGION, 2020–2024 (USD MILLION) 165

TABLE 124            FUEL CELL MARKET, BY REGION, 2025–2030 (USD MILLION) 166

TABLE 125            ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW) 168

TABLE 126            ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW) 168

TABLE 127            ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)            168

TABLE 128            ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)            169

TABLE 129            ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              169

TABLE 130            ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              169

TABLE 131            ASIA PACIFIC: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,  2020–2024 (USD MILLION)            170

TABLE 132            ASIA PACIFIC: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,  2025–2030 (USD MILLION)            170

TABLE 133            ASIA PACIFIC: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE,  2020–2024 (USD MILLION)            170

TABLE 134            ASIA PACIFIC: FUEL CELL MARKET FOR FUEL CELL VEHICLES,

BY APPLICATION TYPE,  2025–2030 (USD MILLION)        171

TABLE 135            ASIA PACIFIC: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)                171

TABLE 136            ASIA PACIFIC: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)                171

TABLE 137            ASIA PACIFIC: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)            172

TABLE 138            ASIA PACIFIC: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)            172

TABLE 139            ASIA PACIFIC: FUEL CELL MARKET, BY COUNTRY, 2020–2024 (MW)          172

TABLE 140            ASIA PACIFIC: FUEL CELL MARKET, BY COUNTRY, 2025–2030 (MW)          173

TABLE 141            ASIA PACIFIC: FUEL CELL MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     173

TABLE 142            ASIA PACIFIC: FUEL CELL MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     173

TABLE 143            CHINA: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)     174

TABLE 144            CHINA: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)     175

TABLE 145            CHINA: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION) 175

TABLE 146            CHINA: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION) 175

TABLE 147            CHINA: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 176

TABLE 148            CHINA: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 176

TABLE 149            CHINA: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)            176

TABLE 150            CHINA: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)            177

TABLE 151            CHINA: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            177

TABLE 152            CHINA: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            177

TABLE 153            JAPAN: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)     178

TABLE 154            JAPAN: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)     179

TABLE 155            JAPAN: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION) 179

TABLE 156            JAPAN: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION) 180

TABLE 157            JAPAN: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 180

TABLE 158            JAPAN: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 180

TABLE 159            JAPAN: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)       181

TABLE 160            JAPAN: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)       181

TABLE 161            JAPAN: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            181

TABLE 162            JAPAN: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            182

TABLE 163            SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW) 183

TABLE 164            SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW) 183

TABLE 165            SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)            184

TABLE 166            SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)            184

TABLE 167            SOUTH KOREA: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)            184

TABLE 168            SOUTH KOREA: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)            185

TABLE 169            SOUTH KOREA: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)                185

TABLE 170            SOUTH KOREA: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)                185

TABLE 171            SOUTH KOREA: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              186

TABLE 172            SOUTH KOREA: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              186

TABLE 173            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)    187

TABLE 174            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)    187

TABLE 175            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)                188

TABLE 176            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)                188

TABLE 177            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 188

TABLE 178            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 189

TABLE 179            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY END USER,

2020–2024 (USD MILLION)            189

TABLE 180            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY END USER,

2025–2030 (USD MILLION)            189

TABLE 181            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            190

TABLE 182            REST OF ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            190

TABLE 183          NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW) 191

TABLE 184          NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW) 191

TABLE 185          NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)            191

TABLE 186          NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)            192

TABLE 187            NORTH AMERICA: FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            192

TABLE 188            NORTH AMERICA: FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            192

TABLE 189            NORTH AMERICA: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,  2020–2024 (USD MILLION)            193

TABLE 190            NORTH AMERICA: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,  2025–2030 (USD MILLION)            193

TABLE 191            NORTH AMERICA: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE,  2020–2024 (USD MILLION)            193

TABLE 192            NORTH AMERICA: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE, 2025–2030 (USD MILLION)            194

TABLE 193            NORTH AMERICA: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)                194

TABLE 194            NORTH AMERICA: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)                194

TABLE 195            NORTH AMERICA: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)            195

TABLE 196            NORTH AMERICA: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)            195

TABLE 197            NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2020–2024 (MW)          195

TABLE 198            NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2025–2030 (MW)          196

TABLE 199            NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2020–2024 (USD MILLION)     196

TABLE 200            NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     196

TABLE 201            US: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)     198

TABLE 202            US: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)     198

TABLE 203            US: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION) 198

TABLE 204            US: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION) 199

TABLE 205            US: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 199

TABLE 206            US: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 199

TABLE 207            US: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)       200

TABLE 208            US: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)       200

TABLE 209            US: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            200

TABLE 210            US: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            201

TABLE 211            CANADA: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)            202

TABLE 212            CANADA: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)            202

TABLE 213            CANADA: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)       203

TABLE 214            CANADA: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)       203

TABLE 215            CANADA: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)       203

TABLE 216            CANADA: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)       204

TABLE 217            CANADA: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)            204

TABLE 218            CANADA: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)            204

TABLE 219            CANADA: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              205

TABLE 220            CANADA: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              205

TABLE 221            EUROPE: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)            207

TABLE 222            EUROPE: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)            207

TABLE 223            EUROPE: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)       207

TABLE 224            EUROPE: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)       208

TABLE 225          EUROPE: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            208

TABLE 226          EUROPE: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            208

TABLE 227          EUROPE: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,

2020–2024 (USD MILLION)            209

TABLE 228          EUROPE: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,

2025–2030 (USD MILLION)            209

TABLE 229            EUROPE: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE,  2020–2024 (USD MILLION)                 209

TABLE 230            EUROPE: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE,  2025–2030 (USD MILLION)                 210

TABLE 231            EUROPE: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)            210

TABLE 232            EUROPE: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)            210

TABLE 233            EUROPE: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)       211

TABLE 234            EUROPE: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)       211

TABLE 235            EUROPE: FUEL CELL MARKET, BY COUNTRY, 2020–2024 (MW) 211

TABLE 236            EUROPE: FUEL CELL MARKET, BY COUNTRY, 2025–2030 (MW) 212

TABLE 237            EUROPE: FUEL CELL MARKET, BY COUNTRY, 2020–2024 (USD MILLION)            212

TABLE 238            EUROPE: FUEL CELL MARKET, BY COUNTRY, 2025–2030 (USD MILLION)            212

TABLE 239            UK: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)     214

TABLE 240            UK: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)     214

TABLE 241            UK: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION) 215

TABLE 242            UK: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION) 215

TABLE 243            UK: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 215

TABLE 244            UK: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 216

TABLE 245            UK: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)       216

TABLE 246            UK: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)       216

TABLE 247            UK: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            217

TABLE 248            UK: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            217

TABLE 249            GERMANY: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)            218

TABLE 250            GERMANY: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)            218

TABLE 251            GERMANY: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)       219

TABLE 252            GERMANY: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)       219

TABLE 253            GERMANY: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)       219

TABLE 254            GERMANY: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)       220

TABLE 255            GERMANY: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)            220

TABLE 256            GERMANY: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)            220

TABLE 257            GERMANY: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              221

TABLE 258            GERMANY: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              221

TABLE 259            ITALY: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)     222

TABLE 260            ITALY: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)     222

TABLE 261            ITALY: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION) 223

TABLE 262            ITALY: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION) 223

TABLE 263            ITALY: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 223

TABLE 264            ITALY: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 224

TABLE 265            ITALY: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)       224

TABLE 266            ITALY: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)       224

TABLE 267            ITALY: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            225

TABLE 268            ITALY: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            225

TABLE 269          REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW) 226

TABLE 270          REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW) 227

TABLE 271          REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION)            227

TABLE 272          REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION)            228

TABLE 273            REST OF EUROPE: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION)            228

TABLE 274            REST OF EUROPE: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION)            228

TABLE 275            REST OF EUROPE: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)                229

TABLE 276            REST OF EUROPE: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)                229

TABLE 277            REST OF EUROPE: FUEL CELL MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            229

TABLE 278            REST OF EUROPE: FUEL CELL MARKET, BY APPLICATION,

2025–2030 (USD MILLION)            230

TABLE 279            ROW: FUEL CELL MARKET, BY TYPE, 2020–2024 (MW)     231

TABLE 280            ROW: FUEL CELL MARKET, BY TYPE, 2025–2030 (MW)     231

TABLE 281            ROW: FUEL CELL MARKET, BY TYPE, 2020–2024 (USD MILLION) 232

TABLE 282            ROW: FUEL CELL MARKET, BY TYPE, 2025–2030 (USD MILLION) 232

TABLE 283            ROW: FUEL CELL MARKET, BY APPLICATION, 2020–2024 (USD MILLION)            232

TABLE 284            ROW: FUEL CELL MARKET, BY APPLICATION, 2025–2030 (USD MILLION)            233

TABLE 285            ROW: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,

2020–2024 (USD MILLION)            233

TABLE 286            ROW: FUEL CELL MARKET FOR STATIONARY, BY APPLICATION TYPE,

2025–2030 (USD MILLION)            233

TABLE 287            ROW: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE,  2020–2024 (USD MILLION)                 234

TABLE 288            ROW: FUEL CELL MARKET FOR FUEL CELL VEHICLES, BY APPLICATION TYPE,  2025–2030 (USD MILLION)                 234

TABLE 289            ROW: FUEL CELL MARKET, BY END USER, 2020–2024 (USD MILLION)       234

TABLE 290            ROW: FUEL CELL MARKET, BY END USER, 2025–2030 (USD MILLION)       235

TABLE 291            ROW: FUEL CELL MARKET, BY SIZE, 2020–2024 (USD MILLION) 235

TABLE 292            ROW: FUEL CELL MARKET, BY SIZE, 2025–2030 (USD MILLION) 235

TABLE 293            FUEL CELL MARKET: OVERVIEW OF STRATEGIES ADOPTED

BY KEY PLAYERS,  APRIL 2020–MAY 2025               237

TABLE 294            FUEL CELL MARKET: DEGREE OF COMPETITION, 2024       240

TABLE 295            FUEL CELL MARKET: REGION FOOTPRINT                 249

TABLE 296            FUEL CELL MARKET: TYPE FOOTPRINT                 250

TABLE 297            FUEL CELL MARKET: APPLICATION FOOTPRINT       251

TABLE 298            FUEL CELL MARKET: END USER FOOTPRINT                 252

TABLE 299            FUEL CELL MARKET: DETAILED LIST OF KEY STARTUPS/SMES              255

TABLE 300            FUEL CELL MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES          256

TABLE 301            FUEL CELL MARKET: PRODUCT LAUNCHES, APRIL 2020–MAY 2025      256

TABLE 302            FUEL CELL MARKET: DEALS, APRIL 2020–MAY 2025        257

TABLE 303            FUEL CELL MARKET: EXPANSIONS, APRIL 2020–MAY 2025              259

TABLE 304            FUEL CELL MARKET: OTHER DEVELOPMENTS, APRIL 2020–MAY 2025      260

TABLE 305            BLOOM ENERGY: COMPANY OVERVIEW                 262

TABLE 306            BLOOM ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    263

TABLE 307            BLOOM ENERGY: PRODUCT LAUNCHES                 264

TABLE 308            BLOOM ENERGY: DEALS               264

TABLE 309            BLOOM ENERGY: OTHER DEVELOPMENTS                 267

TABLE 310            PLUG POWER INC.: COMPANY OVERVIEW                 270

TABLE 311            PLUG POWER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    271

TABLE 312            PLUG POWER INC.: PRODUCT LAUNCHES                 272

TABLE 313            PLUG POWER INC.: DEALS           273

TABLE 314            PLUG POWER INC.: EXPANSIONS              274

TABLE 315            PLUG POWER INC.: OTHER DEVELOPMENTS                 274

TABLE 316            AISIN CORPORATION: COMPANY OVERVIEW                 276

TABLE 317            AISIN CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    277

TABLE 318            AISIN CORPORATION: DEALS    278

TABLE 319            DOOSAN FUEL CELL CO., LTD.: COMPANY OVERVIEW          280

TABLE 320            DOOSAN FUEL CELL CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    281

TABLE 321            DOOSAN FUEL CELL CO., LTD.: DEALS  282

TABLE 322            DOOSAN FUEL CELL CO., LTD.: EXPANSIONS                 284

TABLE 323            DOOSAN FUEL CELL CO., LTD.: OTHER DEVELOPMENTS              284

TABLE 324            SFC ENERGY AG: COMPANY OVERVIEW 286

TABLE 325            SFC ENERGY AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED    287

TABLE 326            SFC ENERGY AG: DEALS                289

TABLE 327            SFC ENERGY AG: OTHER DEVELOPMENTS                 290

TABLE 328            BALLARD POWER SYSTEMS: COMPANY OVERVIEW          292

TABLE 329            BALLARD POWER SYSTEMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    293

TABLE 330            BALLARD POWER SYSTEMS: PRODUCT LAUNCHES          293

TABLE 331            BALLARD POWER SYSTEMS: DEALS         294

TABLE 332            BALLARD POWER SYSTEMS: OTHER DEVELOPMENTS              295

TABLE 333            FUELCELL ENERGY, INC.: COMPANY OVERVIEW                 297

TABLE 334            FUELCELL ENERGY, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    298

TABLE 335            FUELCELL ENERGY, INC.: DEALS               298

TABLE 336            FUELCELL ENERGY, INC.: OTHER DEVELOPMENTS              299

TABLE 337            KYOCERA CORPORATION: COMPANY OVERVIEW          300

TABLE 338            KYOCERA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    302

TABLE 339            CUMMINS INC.: COMPANY OVERVIEW  303

TABLE 340            CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    304

TABLE 341            CUMMINS INC.: DEALS  305

TABLE 342            CUMMINS INC.: EXPANSIONS     306

TABLE 343            MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW   307

TABLE 344            MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS/SOLUTIONS/

SERVICES OFFERED        308

TABLE 345            MITSUBISHI HEAVY INDUSTRIES, LTD.: DEVELOPMENTS              309

TABLE 346            TOSHIBA CORPORATION: COMPANY OVERVIEW          310

TABLE 347            TOSHIBA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    311

TABLE 348            TOSHIBA CORPORATION: DEALS             312

TABLE 349            TOSHIBA CORPORATION: OTHER DEVELOPMENTS              313

TABLE 350            NEDSTACK FUEL CELL TECHNOLOGY: COMPANY OVERVIEW   314

TABLE 351            NEDSTACK FUEL CELL TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    314

TABLE 352            NEDSTACK FUEL CELL TECHNOLOGY: DEALS                 315

TABLE 353            ELRINGKLINGER AG: COMPANY OVERVIEW                 317

TABLE 354            ELRINGKLINGER AG: PRODUCTS/SOLUTIONS/SERVICES OFFERED    318

TABLE 355            ELRINGKLINGER AG: DEALS       319

TABLE 356            ELRINGKLINGER AG: OTHER DEVELOPMENTS                 319

TABLE 357            POWERCELL SWEDEN AB: COMPANY OVERVIEW          321

TABLE 358            POWERCELL SWEDEN AB: PRODUCTS/SOLUTIONS/SERVICES OFFERED    322

TABLE 359            POWERCELL SWEDEN AB: PRODUCT LAUNCHES          322

TABLE 360            POWERCELL SWEDEN AB: DEALS             322

TABLE 361            POWERCELL SWEDEN AB: OTHER DEVELOPMENTS              323

TABLE 362            AFC ENERGY: COMPANY OVERVIEW       325

TABLE 363            AFC ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    326

TABLE 364            AFC ENERGY: DEALS      327

TABLE 365            AFC ENERGY: EXPANSIONS         327

TABLE 366            FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW                 328

TABLE 367            FUJI ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    329

TABLE 368            INTELLIGENT ENERGY LIMITED: COMPANY OVERVIEW          330

TABLE 369            HORIZON FUEL CELL TECHNOLOGIES: COMPANY OVERVIEW   331

TABLE 370            HYSTER-YALE MATERIALS HANDLING, INC.: COMPANY OVERVIEW   331

TABLE 371            ADELAN: COMPANY OVERVIEW                332

TABLE 372            MICRORGANIC TECHNOLOGIES: COMPANY OVERVIEW          333

TABLE 373            AVL: COMPANY OVERVIEW         334

TABLE 374            WATT FUEL CELL: COMPANY OVERVIEW                 335

TABLE 375            PROTON MOTOR FUEL CELL GMBH: COMPANY OVERVIEW          336

TABLE 376            ECOSPRAY TECHNOLOGIES S.R.L.: COMPANY OVERVIEW          337

TABLE 377            SPECIAL POWER SOURCES: COMPANY OVERVIEW          337

TABLE 378            GENCELL LTD.: COMPANY OVERVIEW  338

TABLE 379            VERSOGEN: COMPANY OVERVIEW          339

TABLE 380            AQUACYCL: COMPANY OVERVIEW          340

TABLE 381            SOLYDERA SPA: COMPANY OVERVIEW  340

LIST OF FIGURES

FIGURE 1              FUEL CELL MARKET SEGMENTATION AND REGIONAL SCOPE            30

FIGURE 2              FUEL CELL MARKET: RESEARCH DESIGN                 35

FIGURE 3              KEY DATA FROM SECONDARY SOURCES                 36

FIGURE 4              KEY INDUSTRY INSIGHTS             37

FIGURE 5              BREAKDOWN OF PRIMARIES      38

FIGURE 6              FUEL CELL MARKET: BOTTOM-UP APPROACH                 40

FIGURE 7              FUEL CELL MARKET: TOP-DOWN APPROACH                 41

FIGURE 8              KEY METRICS CONSIDERED TO ANALYZE DEMAND FOR FUEL CELLS          42

FIGURE 9              REGIONAL ANALYSIS     42

FIGURE 10            COUNTRY ANALYSIS      42

FIGURE 11            KEY METRICS CONSIDERED TO ASSESS SUPPLY OF FUEL CELLS 44

FIGURE 12            FUEL CELL MARKET: SUPPLY-SIDE ANALYSIS                 44

FIGURE 13            INDUSTRY CONCENTRATION, 2024          45

FIGURE 14            FUEL CELL MARKET: DATA TRIANGULATION                 46

FIGURE 15            FUEL CELL MARKET: RESEARCH LIMITATIONS                 47

FIGURE 16            ASIA PACIFIC HELD LARGEST SHARE OF FUEL CELL MARKET IN 2024    49

FIGURE 17            SOLID OXIDE SEGMENT TO DOMINATE FUEL CELL MARKET DURING

FORECAST PERIOD         50

FIGURE 18            STATIONARY APPLICATION TO HOLD LARGEST SHARE OF FUEL CELL

MARKET  IN 2030             50

FIGURE 19            TRANSPORTATION SEGMENT TO DOMINATE FUEL CELL MARKET FROM

2025 TO 2030       51

FIGURE 20            SMALL-SCALE (UP TO 200 KW) SEGMENT TO EXHIBIT HIGHER CAGR BETWEEN  2025 AND 2030           52

FIGURE 21            GOVERNMENT SUBSIDIES TO IMPROVE CLEAN ENERGY INFRASTRUCTURE

TO BOOST FUEL CELL MARKET GROWTH BETWEEN 2025 AND 2030        53

FIGURE 22            ASIA PACIFIC TO RECORD HIGHEST CAGR IN FUEL CELL MARKET DURING FORECAST PERIOD             53

FIGURE 23            SOLID OXIDE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030             54

FIGURE 24            STATIONARY SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 54

FIGURE 25            TRANSPORTATION SEGMENT TO ACCOUNT FOR LARGEST MARKET

SHARE  IN 2030                 55

FIGURE 26            SMALL-SCALE (UP TO 200 KW) SEGMENT TO HOLD LARGEST MARKET

SHARE IN 2030   55

FIGURE 27            STATIONARY SEGMENT AND CHINA HOLD LARGEST SHARES OF

ASIA PACIFIC FUEL CELL MARKET IN 2025            56

FIGURE 28            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES    57

FIGURE 29            TOTAL FCEV FLEET IN EUROPEAN COUNTRIES, BY CATEGORY

AND  COUNTRY, 2023   59

FIGURE 30            PLATINUM PRICES IN US, 2024   61

FIGURE 31            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   65

FIGURE 32            AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY TYPE, 2020–2024           66

FIGURE 33            AVERAGE SELLING PRICE TREND OF FUEL CELLS, BY REGION, 2020–2024     67

FIGURE 34            SUPPLY CHAIN ANALYSIS             70

FIGURE 35            FUEL CELL ECOSYSTEM                72

FIGURE 36            PATENT APPLIED AND GRANTED, 2015–2024                 77

FIGURE 37            IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024                 79

FIGURE 38            EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024                 80

FIGURE 39            PORTER’S FIVE FORCES ANALYSIS           85

FIGURE 40            INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION       87

FIGURE 41            KEY BUYING CRITERIA, BY APPLICATION                 87

FIGURE 42            INVESTMENT AND FUNDING SCENARIO, 2020–2024        88

FIGURE 43            IMPACT OF AI/GEN AI ON FUEL CELL SUPPLY CHAIN, BY REGION         90

FIGURE 44            SOLID OXIDE SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2024             98

FIGURE 45            BALANCE OF PLANT (BOP) SEGMENT CAPTURED LARGEST SHARE OF

FUEL CELL MARKET IN 2024        118

FIGURE 46            SMALL-SCALE (UP TO 200 KW) SEGMENT ACCOUNTED FOR LARGER MARKET SHARE IN 2024         125

FIGURE 47            HYDROGEN SEGMENT HELD LARGEST MARKET SHARE IN 2024   130

FIGURE 48            STATIONARY SEGMENT HELD LARGEST SHARE OF FUEL CELL MARKET IN 2024 135

FIGURE 49            TRANSPORTATION SEGMENT HELD LARGEST SHARE OF FUEL

CELL  MARKET IN 2024 152

FIGURE 50            ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN FUEL CELL MARKET

FROM 2025 TO 2030          164

FIGURE 51            FUEL CELL MARKET SHARE, BY REGION, 2024                 164

FIGURE 52            ASIA PACIFIC: FUEL CELL MARKET SNAPSHOT                 167

FIGURE 53            EUROPE: FUEL CELL MARKET SNAPSHOT                 206

FIGURE 54            MARKET SHARE ANALYSIS OF COMPANIES OFFERING FUEL CELL

TECHNOLOGIES, 2024    240

FIGURE 55            FUEL CELL MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS,

2020–2024              242

FIGURE 56            COMPANY VALUATION 243

FIGURE 57            FINANCIAL METRICS (EV/EBITDA)          243

FIGURE 58            PRODUCT COMPARISON              244

FIGURE 59            FUEL CELL MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024     246

FIGURE 60            FUEL CELL MARKET: MARKET FOOTPRINT                 247

FIGURE 61            FUEL CELL MARKET: COMPANY FOOTPRINT                 248

FIGURE 62            FUEL CELL MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024               254

FIGURE 63            BLOOM ENERGY: COMPANY SNAPSHOT                 263

FIGURE 64            PLUG POWER INC.: COMPANY SNAPSHOT                 271

FIGURE 65            AISIN CORPORATION: COMPANY SNAPSHOT                 277

FIGURE 66            DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT          281

FIGURE 67            SFC ENERGY AG: COMPANY SNAPSHOT                 287

FIGURE 68            BALLARD POWER SYSTEMS: COMPANY SNAPSHOT          292

FIGURE 69            FUELCELL ENERGY, INC.: COMPANY SNAPSHOT                 297

FIGURE 70            KYOCERA CORPORATION: COMPANY SNAPSHOT          301

FIGURE 71            CUMMINS INC.: COMPANY SNAPSHOT  304

FIGURE 72            MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT   308

FIGURE 73            TOSHIBA CORPORATION: COMPANY SNAPSHOT          311

FIGURE 74            ELRINGKLINGER AG: COMPANY SNAPSHOT                 318

FIGURE 75            POWERCELL SWEDEN AB: COMPANY SNAPSHOT          321

FIGURE 76            AFC ENERGY: COMPANY SNAPSHOT       326

FIGURE 77            FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT                 329

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