Fuel Cell Generator Market - Global Forecast To 2030
商品番号 : SMB-18436
| 出版社 | MarketsandMarkets |
| 出版年月 | 2025年7月 |
| ページ数 | 231 |
| 図表数 | 232 |
| 価格タイプ | シングルユーザライセンス |
| 価格 | USD 4,950 |
| 種別 | 英文調査報告書 |
本レポートは、燃料電池発電機市場を規模、用途、燃料の種類別に定義、説明、予測しています。また、市場の詳細な定性・定量分析も提供しています。主要な市場推進要因、制約要因、機会、課題について包括的な分析を提供しています。さらに、市場の様々な重要な側面を網羅しており、競争環境、市場ダイナミクス、市場規模予測、燃料電池発電機市場の将来動向などを分析しています。
The fuel cell generator market is estimated to reach USD 1.80 billion by 2030 from an estimated value of USD 0.63 billion in 2025, at a CAGR of 23.3% during the forecast period. The fuel cell generator market is driven by increasing demand for clean, off-grid power, rising concerns over energy security, and the need for reliable backup systems in critical sectors. Growing investments in hydrogen infrastructure, supportive government incentives, and advancements in fuel cell efficiency and lifespan are boosting adoption. Decarbonization goals and the transition toward resilient, low-emission energy solutions further propel the market across industrial, commercial, and remote applications.
燃料電池発電機市場は、2025年の推定6億3,000万米ドルから2030年には18億米ドルに達すると予測されており、予測期間中の年平均成長率（CAGR）は23.3%です。燃料電池発電機市場は、クリーンなオフグリッド電力への需要増加、エネルギー安全保障への懸念の高まり、そして重要セクターにおける信頼性の高いバックアップシステムの必要性によって牽引されています。水素インフラへの投資増加、政府の支援策、そして燃料電池の効率性と寿命の向上が、普及を後押ししています。脱炭素化の目標と、レジリエントで低排出のエネルギーソリューションへの移行は、産業、商業、そして遠隔地の用途において市場をさらに推進しています。
“Small Scale: The larger segment of fuel cell generators in terms of size.”
Small-scale fuel cell generators represent the largest segment of the market by size, primarily due to their versatility, ease of deployment, and suitability for decentralized power applications. These compact systems are ideal for residential buildings, telecom towers, mobile units, and small commercial facilities that require reliable, clean backup power with minimal space and infrastructure requirements. The increasing need for uninterrupted power in remote and off-grid areas, along with rising adoption in developing regions with unreliable grid access, is driving demand for small-scale units. Additionally, their low noise, zero-emission operation, and scalability make them attractive for sustainable energy solutions. Technological advancements have enhanced efficiency, reduced costs, and improved portability, further encouraging adoption. Supportive government policies and the integration of renewable energy sources like solar and wind also contribute to the segment’s strong market position and sustained growth.
“The data centers segment is estimated to remain the largest segment among end users.”
The data center segment is expected to remain the largest segment by end user in the fuel cell generator market due to the sector’s critical need for reliable, continuous, and clean power. As global data consumption surges with the rise of cloud computing, AI, IoT, and digital services, data centers must ensure uninterrupted operation. Fuel cell generators offer a highly efficient, low-emission alternative to diesel generators for both backup and primary power needs. Their modularity, scalability, and ability to operate independently from the grid make them well-suited for hyperscale and edge data centers. Moreover, major technology firms are committing to carbon neutrality and investing in sustainable energy infrastructure, further boosting demand for fuel cell systems. Reduced maintenance, silent operation, and rapid startup times also enhance their appeal in data center environments where uptime and sustainability are paramount.
“Asia Pacific is projected to be the second-largest region in the fuel cell generator market.”
The fuel cell generator market is projected to be the second largest in the Asia Pacific region, during the 2021-2030 period, underpinned by rapid industrialization and growing energy demands in the region, combined with government initiatives to foster the uptake of clean energy technology. Japan and China are the leaders in hydrogen and fuel cells, with government backing of the hydrogen economy, supportive infrastructure investment, and later commercialization of fuel cell systems. The Japanese government’s concept of a “Hydrogen Society” is based on increased hydrogen’s role in the economy through fuel generators working in stationary and transportation applications. In China, significant support through policy, engagement of the state-owned energy enterprises, and massive manufacturing capacity are shaping its fuel cell capabilities, lowering both the cost and access to fuel cell technologies.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1: 65%, Tier 2: 24%, and Tier 3: 11%
- By Designation: C-Level Executives: 30%, Managers: 25%, and Others: 45%
- By Region: North America: 27%, Europe: 20%, Asia Pacific: 53%,
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined based on their total revenues as of 2023; Tier 1: Greater than USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: Less than USD 500 million.
The fuel cell generator market is dominated by a few major players that have a wide regional presence. The leading players in fuel cell generator market are Bloom Energy (US), PowerCell Sweden AB (Sweden), Nedstack Fuel Cell Technology (Netherlands), Ballard Power Systems (US), Plug Power Inc. (US), Doosan Fuel Cell Co., Ltd. (South Korea), ABB (Switzerland), Siemens Energy (Germany), Cummins Inc. (US), AFC Energy (UK), Toshiba Energy Systems & Solutions Corporation (Japan) among others.
Research Coverage
The report defines, describes, and forecasts the fuel cell generator market by size, application, and fuel type. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the fuel cell generator market.
Key Benefits of Buying the Report
- The fuel cell generator market is driven by the global transition toward cleaner, more resilient, and sustainable energy systems. With rising concerns over carbon emissions, air quality, and energy security, fuel cell generators offer a reliable, low-emission alternative to traditional diesel and gas-powered generators. Their ability to deliver continuous, off-grid, and backup power with high efficiency and minimal environmental impact makes them increasingly attractive across sectors such as data centers, healthcare, telecom, defense, and remote infrastructure. The growing urgency for decarbonization, coupled with climate-induced power disruptions, is accelerating demand for dependable backup solutions. Supportive government policies, financial incentives, and hydrogen development roadmaps further fuel market growth. Advancements in fuel cell technologies—including improved lifespan, scalability, and integration with renewables—enhance system performance and cost-competitiveness. Additionally, strategic investments in hydrogen infrastructure and green hydrogen production are expanding the viability of fuel cell generators. As industries prioritize clean energy resilience and grid independence, fuel cell generators are emerging as a vital solution in the global push toward net-zero emissions and sustainable energy diversification.
- Product Development/Innovation: The fuel cell generator market is advancing through innovations that enhance efficiency, durability, and system integration. Companies are developing compact, modular fuel cell systems that enable flexible deployment across residential, commercial, and industrial settings. Technological improvements in catalysts, membranes, and thermal management boost power density and extend operational life. Integration with IoT platforms enables real-time monitoring, predictive maintenance, and performance optimization. Hybrid systems combining fuel cells with renewables and batteries offer greater energy resilience. Additionally, advancements in hydrogen storage and ammonia-to-hydrogen conversion technologies are expanding fuel flexibility, supporting broader adoption and scalability of fuel cell generators in diverse applications.
- Market Development: In June 2024, PowerCell Sweden AB launched the Marine System 225, a next-generation maritime fuel cell system built on the success of the Marine System 200. With enhanced power output, improved efficiency, and a compact design, it is ideal for marine vessels. Designed for durability and ease of installation, the system highlights PowerCell’s leadership in marine innovation and supports the growing demand for sustainable maritime power solutions.
- Market Diversification: In February 2025, Zepp.solutions B.V. has been chosen as the fuel cell system supplier for the NERA-H2 project, funded by the Dutch Maritime Master Plan. This initiative focuses on retrofitting river cruise vessels with hydrogen fuel cell propulsion systems, addressing stringent emissions regulations in cities like Amsterdam, Basel, and Vienna. By providing modular fuel cell systems with over 1MW output, Zepp.solutions is driving the adoption of hydrogen-powered solutions in the maritime sector. This project is pivotal in scaling up the use of hydrogen technology within the river cruise industry, ultimately pushing the fuel cell generator market towards sustainable applications in maritime transport.
- Competitive Assessment: Assessment of rankings of some of the key players, including of Bloom Energy (US), PowerCell Sweden AB (Sweden), Nedstack Fuel Cell Technology (Netherlands), Ballard Power Systems (US), Plug Power Inc. (US), Doosan Fuel Cell Co., Ltd. (South Korea), ABB (Switzerland), Siemens Energy (Germany), Cummins Inc. (US), AFC Energy (UK), and Toshiba Energy Systems & Solutions Corporation (Japan).
Table of Contents
1 INTRODUCTION 21
1.1 STUDY OBJECTIVES 21
1.2 MARKET DEFINITION 21
1.3 STUDY SCOPE 22
1.3.1 MARKETS COVERED 22
1.3.2 INCLUSIONS AND EXCLUSIONS 23
1.3.3 YEARS CONSIDERED 24
1.4 CURRENCY CONSIDERED 24
1.5 UNIT CONSIDERED 24
1.6 LIMITATIONS 24
1.7 STAKEHOLDERS 25
1.8 SUMMARY OF CHANGES 25
2 RESEARCH METHODOLOGY 27
2.1 RESEARCH DATA 27
2.2 DATA TRIANGULATION 28
2.2.1 SECONDARY DATA 28
2.2.1.1 Key data from secondary sources 29
2.2.2 PRIMARY DATA 29
2.2.2.1 Key insights from primary sources 30
2.2.2.2 Breakdown of primaries 30
2.3 MARKET SIZE ESTIMATION 32
2.3.1 SUPPLY-SIDE ANALYSIS 32
2.3.1.1 Supply-side calculations 33
2.3.1.2 Supply-side assumptions 33
2.3.2 DEMAND-SIDE ANALYSIS 34
2.3.2.1 Demand-side assumptions 34
2.3.2.2 Demand-side limitations 35
2.3.2.3 Demand-side calculation 35
2.3.3 FORECAST 35
2.4 RESEARCH LIMITATIONS 35
2.5 RISK ASSESSMENT 35
3 EXECUTIVE SUMMARY 36
4 PREMIUM INSIGHTS 40
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUEL CELL GENERATOR MARKET 40
4.2 FUEL CELL GENERATOR MARKET, BY REGION 41
4.3 FUEL CELL GENERATOR MARKET, BY END USER 41
4.4 FUEL CELL GENERATOR MARKET, BY FUEL TYPE 42
4.5 FUEL CELL GENERATOR MARKET, BY SIZE 42
5 MARKET OVERVIEW 43
5.1 INTRODUCTION 43
5.2 MARKET DYNAMICS 43
5.2.1 DRIVERS 44
5.2.1.1 Global focus on reducing carbon emissions and environmental impact 44
5.2.1.2 Hydrogen fuel cell generators are replacing diesel backups in data centers seeking cleaner energy 45
5.2.2 RESTRAINTS 46
5.2.2.1 High upfront cost compared to conventional diesel or gas generators limits mass adoption. 46
5.2.2.2 High capital expenditure associated with hydrogen energy storage 46
5.2.2.3 Lack of robust hydrogen infrastructure limits fuel availability and distribution 46
5.2.3 OPPORTUNITIES 47
5.2.3.1 Integration of renewable energy sources into power grids 47
5.2.3.2 Supportive government policies, incentives, and rebates on installation of fuel cell generators 47
5.2.4 CHALLENGES 49
5.2.4.1 Water management in proton-exchange membrane fuel cells 49
5.2.4.2 High operational temperature of solid oxide fuel cells 49
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 49
5.4 PRICING ANALYSIS 50
5.4.1 PEM BACKUP FUEL CELL GENERATOR INDICATIVE PRICING MODEL ANALYSIS 50
5.4.1.1 5 kW FCG stack and balance of plant (BoP) indicative cost 50
5.4.1.2 10 kW FCG stack and balance of plant (BoP) indicative cost 51
5.4.2 PEM STACK AND SYSTEM BOP PRICING MODEL ANALYSIS 52
5.4.2.1 PEM stack component cost summary 52
5.4.2.1.1 100 KW PEM stack component cost summary 53
5.4.2.1.2 250 KW PEM stack component cost summary 55
5.4.2.2 PEM stack manufacturing cost summary 57
5.4.2.2.1 100 KW PEM stack manufacturing cost summary 57
5.4.2.2.2 250 KW PEM stack manufacturing cost summary 59
5.4.2.3 PEM BoP cost summary 61
5.4.2.3.1 100 KW PEM BoP cost summary 61
5.4.2.3.2 250 kW PEM BoP cost summary 63
5.5 SUPPLY CHAIN ANALYSIS 65
5.5.1 RAW MATERIAL SUPPLIER 66
5.5.2 COMPONENT MANUFACTURING 66
5.5.3 FUEL CELL STACK & SYSTEM INTEGRATION 66
5.5.4 FUEL CELL GENERATOR PROVIDER 66
5.5.5 END USER 66
5.6 ECOSYSTEM ANALYSIS 66
5.7 TECHNOLOGY ANALYSIS 68
5.7.1 KEY TECHNOLOGIES 68
5.7.1.1 Atomically dispersed Pt and Fe sites and Pt–Fe nanoparticles for durable proton-exchange membrane fuel cells 68
5.7.1.2 Nanoparticle-based fuel cells 68
5.7.2 ADJACENT TECHNOLOGIES 69
5.7.2.1 Non-precious metal catalyst-based fuel cells 69
5.7.2.2 Hexagonal perovskites for ceramic fuel cells 69
5.8 CASE STUDY ANALYSIS 69
5.8.1 POWERING SUSTAINABILITY AND SAVINGS—WALMART TURNS TO BLOOM ENERGY FOR RESILIENT, LOW-CARBON ENERGY AT SCALE. 69
5.8.2 FUEL CELLS POWER VERIZON’S RESILIENCE—CUTTING COSTS, SLASHING EMISSIONS, AND SECURING CRITICAL INFRASTRUCTURE WITH HIGH-EFFICIENCY, ON-SITE ENERGY 70
5.8.3 KEEPING FLOOD WARNINGS FLOWING—EFOY FUEL CELLS POWER THE ENVIRONMENT AGENCY’S OFF-GRID MONITORING WITH SILENT, WEATHERPROOF RELIABILITY 70
5.9 PATENT ANALYSIS 70
5.10 TRADE ANALYSIS 72
5.10.1 IMPORT SCENARIO (HS CODE 280410) 72
5.10.2 EXPORT SCENARIO (HS CODE 280410) 74
5.11 KEY CONFERENCES AND EVENTS 75
5.12 REGULATORY LANDSCAPE 76
5.12.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
5.12.2 REGULATORY FRAMEWORK 78
5.13 PORTER’S FIVE FORCES ANALYSIS 79
5.13.1 THREAT OF SUBSTITUTES 80
5.13.2 BARGAINING POWER OF SUPPLIERS 81
5.13.3 BARGAINING POWER OF BUYERS 81
5.13.4 THREAT OF NEW ENTRANTS 81
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 82
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 82
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 82
5.14.2 BUYING CRITERIA 83
5.15 IMPACT OF AI/GEN AI ON FUEL CELL GENERATOR MARKET 84
5.15.1 SYSTEM OPTIMIZATION & PREDICTIVE MAINTENANCE 84
5.15.2 DESIGN & R&D ACCELERATION 84
5.15.3 MARKET INTELLIGENCE AND CUSTOMER PROFILING 84
5.16 IMPACT OF US TARIFF – OVERVIEW 85
5.16.1 INTRODUCTION 85
5.16.2 KEY TARIFF RATES 85
5.16.3 PRICE IMPACT ANALYSIS 86
5.16.4 IMPACT ON COUNTRY/REGION 87
5.16.4.1 US 87
5.16.4.2 Europe 88
5.16.4.3 Asia Pacific 89
5.16.5 IMPACT ON END-USER INDUSTRIES 89
6 FUEL CELL GENERATOR MARKET, BY FUEL CELL TYPE 91
6.1 INTRODUCTION 91
6.2 PROTON-EXCHANGE MEMBRANE FUEL CELL (PEMFC) 91
6.2.1 INCREASING USE OF PEM FUEL CELLS IN MARINE APPLICATIONS 91
6.3 SOLID OXIDE FUEL CELL (SOFC) 92
6.3.1 RISE IN ADOPTION OF SOFCS IN ENERGY SECTOR TO ACHIEVE HIGH ELECTRICAL EFFICIENCY AND LOW CO2 EMISSIONS 92
6.4 ALKALINE FUEL CELL (AFC) 92
6.4.1 HIGH ADOPTION OF AFC IN CONSTRUCTION AND MARINE APPLICATIONS 92
6.5 PHOSPHORIC ACID FUEL CELL (PAFC) 93
6.5.1 ADOPTION OF PAFCS IN STATIONARY APPLICATIONS 93
7 FUEL CELL GENERATOR MARKET, BY SIZE 94
7.1 INTRODUCTION 95
7.2 SMALL SCALE (UP TO 200 KW) 96
7.2.1 DIVERSE POWER OUTPUT OF SMALL FUEL CELL SYSTEMS TO INCREASE THEIR USE BY ALL END USERS 96
7.3 LARGE SCALE (ABOVE 200 KW) 97
7.3.1 ROBUST ENERGY AND CLIMATE POLICIES TO DRIVE MARKET 97
8 FUEL CELL GENERATOR MARKET, BY FUEL TYPE 98
8.1 INTRODUCTION 99
8.2 HYDROGEN 101
8.2.1 HIGH ENERGY DENSITY OF HYDROGEN TO SUPPORT SEGMENTAL GROWTH 101
8.3 METHANOL 101
8.3.1 EASE OF STORAGE AND USE TO BOOST DEMAND FOR METHANOL 101
8.4 AMMONIA 102
8.4.1 STRINGENT REGULATIONS TO REDUCE CARBON FOOTPRINT TO INCREASE DEMAND FOR AMMONIA 102
8.5 OTHERS 102
9 FUEL CELL GENERATOR MARKET, BY END USER 104
9.1 INTRODUCTION 105
9.2 MARINE ENGINEERING PLATFORMS 107
9.2.1 DECARBONIZATION TARGETS SET BY INTERNATIONAL MARITIME ORGANIZATIONS TO STIMULATE DEMAND 107
9.3 CONSTRUCTION SITES 108
9.3.1 REPLACEMENT OF DIESEL GENERATORS WITH FUEL CELL GENERATORS TO ACHIEVE DECARBONIZATION GOALS TO DRIVE MARKET 108
9.4 AGRICULTURAL FACILITIES 109
9.4.1 IMPLEMENTATION OF HYDROGEN GENERATORS IN AGRICULTURAL APPLICATIONS TO SUPPORT MARKET GROWTH 109
9.5 AQUACULTURE FACILITIES 109
9.5.1 RISING NEED FOR ENERGY-EFFICIENT AND LOW-NOISE SOLUTIONS IN AQUACULTURE FACILITIES TO BOOST DEMAND FOR FUEL CELL GENERATORS 109
9.6 DATA CENTERS 110
9.6.1 GROWING USE OF BACKUP POWER SYSTEMS DURING OUTAGES TO PUSH DEMAND FOR FUEL CELL GENERATORS 110
9.7 EMERGENCY RESPONSE GENERATORS 111
9.7.1 POWER BACKUP REQUIREMENT FROM TELECOM TOWERS TO CONTRIBUTE TO MARKET GROWTH 111
10 FUEL CELL GENERATOR MARKET, BY REGION 112
10.1 INTRODUCTION 113
10.2 ASIA PACIFIC 114
10.2.1 CHINA 116
10.2.1.1 Increase in focus on improving energy efficiency to drive market 116
10.2.1.2 Macroeconomic factors 117
10.2.2 INDIA 117
10.2.2.1 Need for decarbonization of energy sector to support market growth 117
10.2.2.2 Macroeconomic factors 117
10.2.3 JAPAN 118
10.2.3.1 Rise in use of hydrogen for clean energy to boost demand for fuel cell generators 118
10.2.3.2 Macroeconomic factors 118
10.2.4 REST OF ASIA PACIFIC 119
10.3 NORTH AMERICA 119
10.3.1 US 121
10.3.1.1 Growing focus on clean energy generation to boost demand for fuel cell technology 121
10.3.1.2 Macroeconomic factors 122
10.3.2 CANADA 122
10.3.2.1 Government grants to run fuel cell technology-based programs to support market growth 122
10.3.2.2 Macroeconomic factors 122
10.4 EUROPE 123
10.4.1 GERMANY 124
10.4.1.1 Focus on emission-free transportation to foster requirement for fuel cell technology 124
10.4.1.2 Macroeconomic factors 125
10.4.2 UK 125
10.4.2.1 Efforts to reduce GHG emissions to stimulate demand for fuel cell technology 125
10.4.2.2 Macroeconomic factors 126
10.4.3 FRANCE 126
10.4.3.1 Energy transition outlook of French government to facilitate market growth 126
10.4.3.2 Macroeconomic factors 126
10.4.4 REST OF EUROPE 127
10.5 REST OF THE WORLD (ROW) 127
10.5.1 MACROECONOMIC FACTORS 128
11 COMPETITIVE LANDSCAPE 129
11.1 INTRODUCTION 129
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2025 129
11.3 REVENUE ANALYSIS, 2020–2024 131
11.4 MARKET SHARE ANALYSIS, 2024 132
11.5 COMPANY VALUATION AND FINANCIAL METRICS 135
11.5.1 COMPANY VALUATION 135
11.5.2 FINANCIAL METRICS 135
11.6 BRAND/PRODUCT COMPARISON 136
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 137
11.7.1 STARS 137
11.7.2 EMERGING LEADERS 137
11.7.3 PERVASIVE PLAYERS 137
11.7.4 PARTICIPANTS 137
11.7.5 COMPANY FOOTPRINT, KEY PLAYERS, 2024 139
11.7.5.1 Company footprint 139
11.7.5.2 Regional footprint 140
11.7.5.3 End user footprint 141
11.7.5.4 Fuel type footprint 142
11.7.5.5 Size footprint 143
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 144
11.8.1 PROGRESSIVE COMPANIES 144
11.8.2 RESPONSIVE COMPANIES 144
11.8.3 DYNAMIC COMPANIES 144
11.8.4 STARTING BLOCKS 144
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 146
11.8.5.1 Detailed List of key startups/SMEs 146
11.8.5.2 Competitive benchmarking of key startups/SMEs 147
11.9 COMPETITIVE SCENARIO 148
11.9.1 PRODUCT LAUNCHES 148
11.9.2 DEALS 149
11.9.3 EXPANSIONS 150
11.9.4 OTHER DEVELOPMENTS 151
12 COMPANY PROFILES 152
12.1 KEY PLAYERS 152
12.1.1 BLOOM ENERGY 152
12.1.1.1 Business overview 152
12.1.1.2 Products/Solutions/Services offered 153
12.1.1.3 Recent developments 154
12.1.1.3.1 Deals 154
12.1.1.3.2 Expansions 156
12.1.1.3.3 Other developments 156
12.1.1.4 MnM view 157
12.1.1.4.1 Right to win 157
12.1.1.4.2 Strategic choices 157
12.1.1.4.3 Weaknesses and competitive threats 157
12.1.2 DOOSAN FUEL CELL CO., LTD. 158
12.1.2.1 Business overview 158
12.1.2.2 Products offered 159
12.1.2.3 Recent developments 160
12.1.2.3.1 Deals 160
12.1.2.3.2 Expansions 162
12.1.2.4 MnM view 162
12.1.2.4.1 Right to win 162
12.1.2.4.2 Strategic choices 163
12.1.2.4.3 Weaknesses and competitive threats 163
12.1.3 POWERCELL SWEDEN AB 164
12.1.3.1 Business overview 164
12.1.3.2 Products offered 165
12.1.3.3 Recent developments 166
12.1.3.3.1 Product launches 166
12.1.3.3.2 Deals 166
12.1.3.3.3 Expansions 167
12.1.3.3.4 Others developments 168
12.1.3.4 MnM view 168
12.1.3.4.1 Right to win 168
12.1.3.4.2 Strategic choices 169
12.1.3.4.3 Weaknesses and competitive threats 169
12.1.4 BALLARD POWER SYSTEMS 170
12.1.4.1 Business overview 170
12.1.4.2 Products offered 171
12.1.4.3 Recent developments 172
12.1.4.3.1 Product launches 172
12.1.4.3.2 Deals 172
12.1.4.3.3 Other Developments 174
12.1.4.4 MnM View 175
12.1.4.4.1 Right to win 175
12.1.4.4.2 Strategic choices 175
12.1.4.4.3 Weaknesses and competitive threats 175
12.1.5 NEDSTACK FUEL CELL TECHNOLOGY 176
12.1.5.1 Business overview 176
12.1.5.2 Products offered 176
12.1.5.3 Recent developments 177
12.1.5.3.1 Deals 177
12.1.5.3.2 Other Developments 178
12.1.5.4 MnM View 178
12.1.5.4.1 Right to win 178
12.1.5.4.2 Strategic choices 178
12.1.5.4.3 Weaknesses/Competitive threats 179
12.1.6 PLUG POWER INC. 180
12.1.6.1 Business overview 180
12.1.6.2 Products offered 181
12.1.6.3 MnM View 182
12.1.6.3.1 Right to win 182
12.1.6.3.2 Strategic choices 182
12.1.6.3.3 Weaknesses/Competitive threats 182
12.1.7 ABB 183
12.1.7.1 Business overview 183
12.1.7.2 Products offered 184
12.1.7.3 Recent developments 185
12.1.7.3.1 Deals 185
12.1.7.3.2 Other developments 186
12.1.8 ZEPP.SOLUTIONS B.V. 187
12.1.8.1 Business overview 187
12.1.8.2 Products offered 187
12.1.8.3 Recent developments 188
12.1.8.3.1 Product Launch 188
12.1.8.3.2 Expansions 188
12.1.8.3.3 Other developments 189
12.1.9 SIEMENS ENERGY 190
12.1.9.1 Business overview 190
12.1.9.2 Products offered 191
12.1.9.3 Recent developments 192
12.1.9.3.1 Deals 192
12.1.9.3.2 Other developments 192
12.1.10 CUMMINS INC. 193
12.1.10.1 Business overview 193
12.1.10.2 Products offered 194
12.1.10.3 Recent developments 195
12.1.10.3.1 Product launches 195
12.1.10.3.2 Other developments 195
12.1.11 AFC ENERGY 196
12.1.11.1 Business overview 196
12.1.11.2 Products offered 197
12.1.11.3 Recent developments 197
12.1.11.3.1 Product launches 197
12.1.11.3.2 Deals 197
12.1.11.3.3 Expansions 198
12.1.12 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION 199
12.1.12.1 Business overview 199
12.1.12.2 Products offered 200
12.1.12.3 Recent developments 201
12.1.12.3.1 Deals 201
12.1.13 PROTON MOTOR FUEL CELL GMBH 203
12.1.13.1 Business overview 203
12.1.13.2 Products offered 204
12.1.13.3 Recent developments 204
12.1.13.3.1 Product launches 204
12.1.13.3.2 Deals 204
12.1.13.3.3 Other Developments 205
12.1.14 PANASONIC CORPORATION 206
12.1.14.1 Business overview 206
12.1.14.2 Products offered 207
12.1.14.3 Recent developments 208
12.1.14.3.1 Product launches 208
12.1.14.3.2 Deals 208
12.1.14.3.3 Expansions 209
12.1.15 EODEV 210
12.1.15.1 Business overview 210
12.1.15.2 Products offered 210
12.1.15.3 Recent developments 211
12.1.15.3.1 Deals 211
12.1.15.3.2 Expansions 212
12.1.15.3.3 Other developments 213
12.1.16 GENCELL LTD. 214
12.1.16.1 Business overview 214
12.1.16.2 Products offered 215
12.2 OTHER PLAYERS 216
12.2.1 FUJI ELECTRIC CO., LTD. 216
12.2.2 POWERUP ENERGY TECHNOLOGIES 217
12.2.3 HORIZON FUEL CELL TECHNOLOGIES 218
12.2.4 UPSTART POWER 218
12.2.5 FREUDENBERG SEALING TECHNOLOGIES GMBH & CO. KG 219
12.2.6 BOC LIMITED 219
12.2.7 H2SYS 220
12.2.8 GREENAMP TECHNOS (OPC) PRIVATE LIMITED 221
12.2.9 YANMAR HOLDINGS CO., LTD 222
13 APPENDIX 223
13.1 INSIGHTS FROM INDUSTRY EXPERTS 223
13.2 DISCUSSION GUIDE 224
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 227
13.4 CUSTOMIZATION OPTIONS 229
13.5 RELATED REPORTS 229
13.6 AUTHOR DETAILS 230
LIST OF TABLES
TABLE 1 INCLUSIONS AND EXCLUSIONS 23
TABLE 2 FUEL CELL GENERATOR MARKET SNAPSHOT 36
TABLE 3 POLICIES BY MAJOR ECONOMIES TO STIMULATE HYDROGEN DEMAND 48
TABLE 4 PEM STACK COMPONENT COST SUMMARY FOR 5 KW BACKUP SYSTEM,
2022–2024 (USD) 50
TABLE 5 PEM BALANCE OF PLANT (BOP) COST SUMMARY FOR 5 KW BACKUP SYSTEM, 2022–2024 (USD) 51
TABLE 6 5 KW BACKUP SYSTEM BOP COST DISTRIBUTION 51
TABLE 7 PEM STACK COMPONENT COST SUMMARY FOR 10 KW BACKUP SYSTEM,
2022–2024 (USD) 51
TABLE 8 PEM BALANCE OF PLANT (BOP) COST SUMMARY FOR 10 KW BACKUP SYSTEM, 2022–2024 (USD) 52
TABLE 9 10 KW BACKUP SYSTEM BOP COST DISTRIBUTION 52
TABLE 10 PEM STACK COMPONENT COST SUMMARY FOR 100 KW AND 250 KW SYSTEMS, 2022–2024 (USD) 52
TABLE 11 PEM STACK MANUFACTURING COST SUMMARY: 100 KW AND 250 KW
SYSTEM, 2022–2024 (USD) 57
TABLE 12 ROLE OF COMPANIES IN FUEL CELL GENERATOR ECOSYSTEM 67
TABLE 13 LIST OF KEY PATENTS, 2024–2025 71
TABLE 14 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 73
TABLE 15 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 74
TABLE 16 LIST OF KEY CONFERENCES AND EVENTS, 2025–2026 75
TABLE 17 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 76
TABLE 18 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
TABLE 19 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 77
TABLE 20 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 78
TABLE 21 NORTH AMERICA: FUEL CELL GENERATOR MARKET, REGULATORY FRAMEWORK 78
TABLE 22 EUROPE: FUEL CELL GENERATOR MARKET, REGULATORY FRAMEWORK 78
TABLE 23 ASIA PACIFIC: FUEL CELL GENERATOR MARKET, REGULATORY FRAMEWORK 78
TABLE 24 PORTER’S FIVE FORCES ANALYSIS 79
TABLE 25 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR VARIOUS
GENERATOR SIZES 83
TABLE 26 KEY BUYING CRITERIA FOR VARIOUS GENERATOR SIZES 83
TABLE 27 US: ADJUSTED RECIPROCAL TARIFF RATES, 2024 (USD BILLION) 85
TABLE 28 EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON END USE MARKET DUE TO TARIFF IMPACT 86
TABLE 29 FUEL CELL GENERATOR MARKET, BY SIZE, 2020–2024 (USD MILLION) 95
TABLE 30 FUEL CELL GENERATOR MARKET, BY SIZE, 2025–2030 (USD MILLION) 95
TABLE 31 PRODUCT AVAILABILITY STATUS OF MARKET PLAYERS, BY SIZE 96
TABLE 32 FUEL CELL GENERATOR MARKET, BY FUEL TYPE, 2020–2024 (USD MILLION) 99
TABLE 33 FUEL CELL GENERATOR MARKET, BY FUEL TYPE, 2025–2030 (USD MILLION) 100
TABLE 34 PRODUCT AVAILABILITY STATUS OF MARKET PLAYERS, BY FUEL TYPE 100
TABLE 35 FUEL CELL GENERATOR MARKET, BY END USER, 2020–2024 (MW) 105
TABLE 36 FUEL CELL GENERATOR MARKET, BY END USER, 2025–2030 (MW) 106
TABLE 37 FUEL CELL GENERATOR MARKET, BY END USER, 2020–2024 (USD MILLION) 106
TABLE 38 FUEL CELL GENERATOR MARKET, BY END USER, 2025–2030 (USD MILLION) 106
TABLE 39 PRODUCT AVAILABILITY STATUS OF MARKET PLAYERS, BY END USER 107
TABLE 40 FUEL CELL GENERATOR MARKET, BY REGION, 2020–2024 (MW) 113
TABLE 41 FUEL CELL GENERATOR MARKET, BY REGION, 2025–2030 (MW) 114
TABLE 42 FUEL CELL GENERATOR MARKET, BY REGION, 2020–2024 (USD MILLION) 114
TABLE 43 FUEL CELL GENERATOR MARKET, BY REGION, 2025–2030 (USD MILLION) 114
TABLE 44 FUEL CELL TECHNOLOGY KEY PROJECTS IN ASIA PACIFIC 115
TABLE 45 CHINA: CO2 EMISSIONS, 2015–2023 (TONNES PER CAPITA) 117
TABLE 46 CHINA: NUMBER OF SHIPS, 2016–2021 117
TABLE 47 INDIA: CO2 EMISSIONS, 2010–2021 (TONNES PER CAPITA) 117
TABLE 48 JAPAN: CO2 EMISSIONS, 2015–2023 (TONNES PER CAPITA) 118
TABLE 49 JAPAN: NUMBER OF SHIPS, 2016–2021 118
TABLE 50 FUEL CELL TECHNOLOGY KEY PROJECTS IN NORTH AMERICA 120
TABLE 51 US: CO2 EMISSIONS, 2010–2022 (TONNES PER CAPITA) 122
TABLE 52 US: NUMBER OF SHIPS, 2016–2021 122
TABLE 53 CANADA: CO2 EMISSIONS, 2010–2021 (TONNES PER CAPITA) 122
TABLE 54 FUEL CELL TECHNOLOGY KEY PROJECTS IN EUROPE 123
TABLE 55 GERMANY: CO2 EMISSIONS, 2010–2021 (TONNES PER CAPITA) 125
TABLE 56 GERMANY: NUMBER OF SHIPS, 2016–2021 125
TABLE 57 UK: CO2 EMISSIONS, 2010–2021 (TONNES PER CAPITA) 126
TABLE 58 UK: NUMBER OF SHIPS, 2016–2021 126
TABLE 59 FRANCE: CO2 EMISSIONS, 2010–2021 (TONNES PER CAPITA) 126
TABLE 60 FRANCE: NUMBER OF SHIPS, 2016–2021 126
TABLE 61 ROW: CO2 EMISSIONS (TONNES PER CAPITA), 2010–2019 128
TABLE 62 FUEL CELL GENERATOR MARKET: OVERVIEW OF STRATEGIES ADOPTED
BY KEY PLAYERS, 2021–2025 129
TABLE 63 FUEL CELL GENERATOR MARKET: DEGREE OF COMPETITION, 2024 132
TABLE 64 FUEL CELL GENERATOR MARKET: REGIONAL FOOTPRINT, 2024 140
TABLE 65 FUEL CELL GENERATOR MARKET: END USER FOOTPRINT, 2024 141
TABLE 66 FUEL CELL GENERATOR MARKET: FUEL TYPE FOOTPRINT, 2024 142
TABLE 67 FUEL CELL GENERATOR MARKET: SIZE FOOTPRINT, 2024 143
TABLE 68 FUEL CELL GENERATOR MARKET: KEY STARTUPS/SMES, 2024 146
TABLE 69 FUEL CELL GENERATOR MARKET: COMPETITIVE BENCHMARKING
OF KEY STARTUPS/SMES, 2024 147
TABLE 70 FUEL CELL GENERATOR MARKET: PRODUCT LAUNCHES,
JANUARY 2020–JUNE 2025 148
TABLE 71 FUEL CELL GENERATOR MARKET: DEALS, JANUARY 2020–JUNE 2025 149
TABLE 72 FUEL CELL GENERATOR MARKET: EXPANSIONS, JANUARY 2020–JUNE 2025 150
TABLE 73 FUEL CELL GENERATOR MARKET: OTHER DEVELOPMENTS,
JANUARY 2020–JUNE 2025 151
TABLE 74 BLOOM ENERGY: COMPANY OVERVIEW 152
TABLE 75 BLOOM ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 153
TABLE 76 BLOOM ENERGY: DEALS 154
TABLE 77 BLOOM ENERGY: EXPANSIONS 156
TABLE 78 BLOOM ENERGY: OTHER DEVELOPMENTS 156
TABLE 79 DOOSAN FUEL CELL CO., LTD.: COMPANY OVERVIEW 158
TABLE 80 DOOSAN FUEL CELL CO., LTD.: PRODUCTS OFFERED 159
TABLE 81 DOOSAN FUEL CELL CO., LTD.: DEALS 160
TABLE 82 DOOSAN FUEL CELL CO., LTD.: EXPANSIONS 162
TABLE 83 POWERCELL SWEDEN AB: COMPANY OVERVIEW 164
TABLE 84 POWERCELL SWEDEN AB: PRODUCTS OFFERED 165
TABLE 85 POWERCELL SWEDEN AB: PRODUCT LAUNCHES 166
TABLE 86 POWERCELL SWEDEN AB: DEALS 166
TABLE 87 POWERCELL SWEDEN AB: EXPANSIONS 167
TABLE 88 POWERCELL SWEDEN AB: OTHER DEVELOPMENTS 168
TABLE 89 BALLARD POWER SYSTEMS: COMPANY OVERVIEW 170
TABLE 90 BALLARD POWER SYSTEMS: PRODUCTS OFFERED 171
TABLE 91 BALLARD POWER SYSTEMS: PRODUCT LAUNCHES 172
TABLE 92 BALLARD POWER SYSTEMS: DEALS 172
TABLE 93 BALLARD POWER SYSTEMS: OTHER DEVELOPMENTS 174
TABLE 94 NEDSTACK FUEL CELL TECHNOLOGY: COMPANY OVERVIEW 176
TABLE 95 NEDSTACK FUEL CELL TECHNOLOGY: PRODUCTS OFFERED 176
TABLE 96 NEDSTACK FUEL CELL TECHNOLOGY: DEALS 177
TABLE 97 NEDSTACK FUEL CELL TECHNOLOGY: OTHER DEVELOPMENTS 178
TABLE 98 PLUG POWER INC.: COMPANY OVERVIEW 180
TABLE 99 PLUG POWER INC.: PRODUCTS OFFERED 181
TABLE 100 ABB: COMPANY OVERVIEW 183
TABLE 101 ABB: PRODUCTS OFFERED 184
TABLE 102 ABB: DEALS 185
TABLE 103 ABB: OTHER DEVELOPMENTS 186
TABLE 104 ZEPP.SOLUTIONS B.V.: COMPANY OVERVIEW 187
TABLE 105 ZEPP.SOLUTIONS B.V.: PRODUCTS OFFERED 187
TABLE 106 ZEPP.SOLUTIONS B.V.: PRODUCT LAUNCH 188
TABLE 107 ZEPP.SOLUTIONS B.V.: EXPANSIONS 188
TABLE 108 ZEPP.SOLUTIONS B.V.: OTHER DEVELOPMENTS 189
TABLE 109 SIEMENS ENERGY: COMPANY OVERVIEW 190
TABLE 110 SIEMENS ENERGY: PRODUCTS OFFERED 191
TABLE 111 SIEMENS ENERGY: DEALS 192
TABLE 112 SIEMENS ENERGY: OTHER DEVELOPMENTS 192
TABLE 113 CUMMINS INC.: BUSINESS OVERVIEW 193
TABLE 114 CUMMINS INC.: PRODUCTS OFFERED 194
TABLE 115 CUMMINS INC.: PRODUCT LAUNCHES 195
TABLE 116 CUMMINS INC.: OTHER DEVELOPMENTS 195
TABLE 117 AFC ENERGY: BUSINESS OVERVIEW 196
TABLE 118 AFC ENERGY: PRODUCTS OFFERED 197
TABLE 119 AFC ENERGY: PRODUCT LAUNCHES 197
TABLE 120 AFC ENERGY: DEALS 197
TABLE 121 AFC ENERGY: EXPANSIONS 198
TABLE 122 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY OVERVIEW 199
TABLE 123 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: PRODUCTS OFFERED 200
TABLE 124 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: DEALS 201
TABLE 125 PROTON MOTOR FUEL CELL GMBH: COMPANY OVERVIEW 203
TABLE 126 PROTON MOTOR FUEL CELL GMBH: PRODUCTS OFFERED 204
TABLE 127 PROTON MOTOR FUEL CELL GMBH: PRODUCT LAUNCHES 204
TABLE 128 PROTON MOTOR FUEL CELL GMBH: DEALS 204
TABLE 129 PROTON MOTOR FUEL CELL GMBH: OTHER DEVELOPMENTS 205
TABLE 130 PANASONIC CORPORATION: COMPANY OVERVIEW 206
TABLE 131 PANASONIC CORPORATION: PRODUCTS OFFERED 207
TABLE 132 PANASONIC CORPORATION: PRODUCT LAUNCHES 208
TABLE 133 PANASONIC CORPORATION: DEALS 208
TABLE 134 PANASONIC CORPORATION: EXPANSIONS 209
TABLE 135 EODEV: BUSINESS OVERVIEW 210
TABLE 136 EODEV: PRODUCTS OFFERED 210
TABLE 137 EODEV: DEALS 211
TABLE 138 EODEV: EXPANSIONS 212
TABLE 139 EODEV: OTHER DEVELOPMENTS 213
TABLE 140 GENCELL LTD.: COMPANY OVERVIEW 214
TABLE 141 GENCELL LTD.: PRODUCTS OFFERED 215
TABLE 142 FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW 216
TABLE 143 POWERUP ENERGY TECHNOLOGIES: COMPANY OVERVIEW 217
TABLE 144 HORIZON FUEL CELL TECHNOLOGIES: COMPANY OVERVIEW 218
TABLE 145 UPSTART POWER: COMPANY OVERVIEW 218
TABLE 146 FREUDENBERG SEALING TECHNOLOGIES GMBH & CO. KG: COMPANY OVERVIEW 219
TABLE 147 BOC LIMITED: COMPANY OVERVIEW 219
TABLE 148 H2SYS: COMPANY OVERVIEW 220
TABLE 149 GREENAMP TECHNOS (OPC) PRIVATE LIMITED: COMPANY OVERVIEW 221
TABLE 150 YANMAR HOLDINGS CO., LTD.: COMPANY OVERVIEW 222
LIST OF FIGURES
FIGURE 1 FUEL CELL GENERATOR MARKET SEGMENTATION 22
FIGURE 2 STUDY YEARS CONSIDERED 24
FIGURE 3 FUEL CELL GENERATOR MARKET: RESEARCH DESIGN 27
FIGURE 4 DATA TRIANGULATION METHODOLOGY 28
FIGURE 5 KEY DATA FROM SECONDARY SOURCES 29
FIGURE 6 KEY INSIGHTS FROM PRIMARY SOURCES 30
FIGURE 7 BREAKDOWN OF PRIMARY INTERVIEWS, BY COMPANY, DESIGNATION,
AND REGION 31
FIGURE 8 KEY METRICS CONSIDERED FOR ASSESSING SUPPLY OF FUEL CELL GENERATORS 32
FIGURE 9 FUEL CELL GENERATOR MARKET: SUPPLY-SIDE ANALYSIS 33
FIGURE 10 FUEL CELL GENERATOR MARKET: MARKET SHARE ANALYSIS, 2024 34
FIGURE 11 NORTH AMERICA HELD LARGEST SHARE OF FUEL CELL GENERATOR
MARKET IN 2024 37
FIGURE 12 DATA CENTERS TO DOMINATE FUEL CELL GENERATOR MARKET DURING FORECAST PERIOD 38
FIGURE 13 HYDROGEN FUEL CELL TO ACCOUNT FOR DOMINANT SHARE OF
FUEL CELL GENERATOR MARKET IN 2030 38
FIGURE 14 SMALL-SCALE (UP TO 200 KW) GENERATORS TO LEAD FUEL CELL GENERATOR MARKET THROUGH 2030 39
FIGURE 15 RISE IN DEMAND FOR CLEAN POWER GENERATION TO BOOST ADOPTION OF FUEL CELL GENERATORS BY ENVIRONMENTALLY CONSCIOUS INDUSTRIES 40
FIGURE 16 EUROPEAN FUEL CELL GENERATOR MARKET TO EXPERIENCE HIGHEST CAGR DURING FORECAST PERIOD 41
FIGURE 17 DATA CENTERS TO ACCOUNT FOR LARGEST MARKET SHARE AMONG
END USERS OF FUEL CELL GENERATORS IN 2030 41
FIGURE 18 HYDROGEN FUEL CELL GENERATORS TO ACCOUNT FOR MAJORITY
OF MARKET SHARE IN 2030 42
FIGURE 19 SMALL SCALE (UP TO 200 KW) TO ACCOUNT FOR LARGER MARKET
SHARE IN 2030 42
FIGURE 20 FUEL CELL GENERATOR MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 43
FIGURE 21 CO2 EMISSIONS FROM ENERGY COMBUSTION AND INDUSTRIAL PROCESSES,
GT CO2 (2000–2022) 45
FIGURE 22 GLOBAL INVESTMENT IN CLEAN ENERGY, 2018–2025 (USD BILLION) 48
FIGURE 23 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 50
FIGURE 24 100 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (100 STACKS/YEAR) 53
FIGURE 25 100 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (1,000 STACKS/YEAR) 53
FIGURE 26 100 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (10,000 STACKS/YEAR) 54
FIGURE 27 100 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (50,000 STACKS/YEAR) 54
FIGURE 28 250 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (100 STACKS/YEAR) 55
FIGURE 29 250 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (1,000 STACKS/YEAR) 55
FIGURE 30 250 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (10,000 STACKS/YEAR) 56
FIGURE 31 250 KW PEM STACK COMPONENT COST SUMMARY BREAKUP,
2024 (50,000 STACKS/YEAR) 56
FIGURE 32 100 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (100 STACKS/YEAR) 57
FIGURE 33 100 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (1,000 STACKS/YEAR) 58
FIGURE 34 100 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (10,000 STACKS/YEAR) 58
FIGURE 35 100 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (50,000 STACKS/YEAR) 59
FIGURE 36 250 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (100 STACKS/YEAR) 59
FIGURE 37 250 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (1,000 STACKS/YEAR) 60
FIGURE 38 250 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (10,000 STACKS/YEAR) 60
FIGURE 39 250 KW PEM STACK MANUFACTURING COST SUMMARY BREAKUP,
2024 (50,000 STACKS/YEAR) 61
FIGURE 40 100 KW PEM BOP COST SUMMARY BREAKUP, 2024 (100 STACKS/YEAR) 61
FIGURE 41 100 KW PEM BOP COST SUMMARY BREAKUP, 2024 (1,000 STACKS/YEAR) 62
FIGURE 42 100 KW PEM BOP COST SUMMARY BREAKUP, 2024 (10,000 STACKS/YEAR) 62
FIGURE 43 100 KW PEM BOP COST SUMMARY BREAKUP, 2024 (50,000 STACKS/YEAR) 63
FIGURE 44 250 KW PEM BOP COST SUMMARY BREAKUP, 2024 (100 STACKS/YEAR) 63
FIGURE 45 250 KW PEM BOP COST SUMMARY BREAKUP, 2024 (1,000 STACKS/YEAR) 64
FIGURE 46 250 KW PEM BOP COST SUMMARY BREAKUP, 2024 (10,000 STACKS/YEAR) 64
FIGURE 47 250 KW PEM BOP COST SUMMARY BREAKUP, 2024 (50,000 STACKS/YEAR) 65
FIGURE 48 SUPPLY CHAIN ANALYSIS 65
FIGURE 49 FUEL CELL GENERATOR MARKET ECOSYSTEM 68
FIGURE 50 PATENT APPLIED AND GRANTED, 2014–2024 71
FIGURE 51 IMPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS
FOR TOP FIVE COUNTRIES, 2022–2024 (USD THOUSAND) 73
FIGURE 52 EXPORT DATA FOR HS CODE 280410-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2022–2024 74
FIGURE 53 PORTER’S FIVE FORCES ANALYSIS 80
FIGURE 54 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS FOR VARIOUS GENERATOR SIZES 82
FIGURE 55 KEY BUYING CRITERIA FOR VARIOUS GENERATOR SIZES 83
FIGURE 56 IMPACT OF AI/GEN AI ON FUEL CELL GENERATOR SUPPLY CHAIN, BY REGION 84
FIGURE 57 FUEL CELL GENERATOR MARKET, BY SIZE, 2025 95
FIGURE 58 FUEL CELL GENERATOR MARKET, BY FUEL TYPE, 2024 99
FIGURE 59 FUEL CELL GENERATOR MARKET, BY END USER, 2024 105
FIGURE 60 EUROPE TO BE FASTEST-GROWING MARKET FOR FUEL CELL GENERATORS DURING FORECAST PERIOD 113
FIGURE 61 ASIA PACIFIC: FUEL CELL GENERATOR MARKET SNAPSHOT 115
FIGURE 62 NORTH AMERICA: FUEL CELL GENERATOR MARKET SNAPSHOT 120
FIGURE 63 FUEL CELL GENERATOR MARKET: REVENUE ANALYSIS OF KEY PLAYERS,
2020–2024 (USD BILLION) 131
FIGURE 64 FUEL CELL GENERATOR MARKET SHARE ANALYSIS, 2024 133
FIGURE 65 COMPANY VALUATION, 2024 (USD MILLION) 135
FIGURE 66 COMPANY VALUATION AND FINANCIAL METRICS OF KEY VENDORS, 2024 135
FIGURE 67 BRAND/PRODUCT COMPARISON 136
FIGURE 68 FUEL CELL GENERATOR MARKET: COMPANY EVALUATION MATRIX
(KEY PLAYERS), 2024 138
FIGURE 69 FUEL CELL GENERATOR MARKET: COMPANY FOOTPRINT, 2024 139
FIGURE 70 FUEL CELL GENERATOR MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 145
FIGURE 71 BLOOM ENERGY: COMPANY SNAPSHOT 153
FIGURE 72 DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT 159
FIGURE 73 POWERCELL SWEDEN AB: COMPANY SNAPSHOT 164
FIGURE 74 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT 171
FIGURE 75 PLUG POWER INC.: COMPANY SNAPSHOT 181
FIGURE 76 ABB: COMPANY SNAPSHOT 184
FIGURE 77 SIEMENS ENERGY: COMPANY SNAPSHOT 191
FIGURE 78 CUMMINS INC.: COMPANY SNAPSHOT 194
FIGURE 79 AFC ENERGY: COMPANY SNAPSHOT 196
FIGURE 80 TOSHIBA ENERGY SYSTEMS & SOLUTIONS CORPORATION: COMPANY SNAPSHOT 200
FIGURE 81 PANASONIC CORPORATION: COMPANY SNAPSHOT 207
FIGURE 82 GENCELL LTD.: COMPANY SNAPSHOT 214
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