Fuel Cell Market in North America 2024-2028

Description

List of Tables

The fuel cell market in North America is forecasted to grow by USD 5.08 bn during 2023-2028, accelerating at a CAGR of 21.34% during the forecast period. The report on the fuel cell market in North America provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing focus on adoption of hydrogen economy, integration of fuel cells with energy storage systems, and rising innovations supporting energy efficiency in fuel cell.

Technavio's fuel cell market in North America is segmented as below:

Market Scope
Base Year	2024
End Year	2028
Series Year	2024-2028
Growth Momentum	Accelerate
YOY 2024	20.1%
CAGR	21.34%
Incremental Value	$5.08bn

By Application

Stationary
Transport
Portable

By Product

PEMFC
SOFC
PAFC
Others

This study identifies the rising adoption of solid oxide electrolyzers as one of the prime reasons driving the fuel cell market in North America growth during the next few years. Also, increasing adoption of fuel cells in transportation and emergence of self-healing membranes in fuel cells will lead to sizable demand in the market.

The report on the fuel cell market in North America covers the following areas:

Fuel cell market in North America sizing
Fuel cell market in North America forecast
Fuel cell market in North America industry analysis

The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading fuel cell market in North America vendors that include Acumentrics Inc., AVL List GmbH, Ballard Power Systems Inc., Bloom Energy Corp., BorgWarner Inc., Cummins Inc., Doosan Corp., ellcentric GmbH and Co. KG, FuelCell Energy Inc., General Motors Co., Hyster Yale Materials Handling Inc., Loop Energy Inc., Plug Power Inc., SFC Energy AG, The Symbio SAS, and Watt Fuel Cell Corp.. Also, the fuel cell market in North America analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Product Code: IRTNTR77440

1 Executive Summary

1.1 Market overview
Exhibit 01: Executive Summary - Chart on Market Overview
Exhibit 02: Executive Summary - Data Table on Market Overview
Exhibit 03: Executive Summary - Chart on Country Market Characteristics
Exhibit 04: Executive Summary - Chart on Market By Geographical Landscape
Exhibit 05: Executive Summary - Chart on Market Segmentation by Application
Exhibit 06: Executive Summary - Chart on Market Segmentation by Product
Exhibit 07: Executive Summary - Chart on Incremental Growth
Exhibit 08: Executive Summary - Data Table on Incremental Growth
Exhibit 09: Executive Summary - Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
Exhibit 14: Chart on North America - Market size and forecast 2023-2028 ($ billion)
Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)
Exhibit 16: Chart on North America: Year-over-year growth 2023-2028 (%)
Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)

4 Historic Market Size

4.1 Fuel cell market in North America 2018 - 2022
Exhibit 18: Historic Market Size - Data Table on fuel cell market in north America 2018 - 2022 ($ billion)
4.2 Application Segment Analysis 2018 - 2022
Exhibit 19: Historic Market Size - Application Segment 2018 - 2022 ($ billion)
4.3 Product Segment Analysis 2018 - 2022
Exhibit 20: Historic Market Size - Product Segment 2018 - 2022 ($ billion)
4.4 Geography Segment Analysis 2018 - 2022
Exhibit 21: Historic Market Size - Geography Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
Exhibit 22: Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
Exhibit 23: Chart on Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
Exhibit 24: Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
Exhibit 25: Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
Exhibit 26: Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
Exhibit 27: Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Application

6.1 Market segments
Exhibit 29: Chart on Application - Market share 2023-2028 (%)
Exhibit 30: Data Table on Application - Market share 2023-2028 (%)
6.2 Comparison by Application
Exhibit 31: Chart on Comparison by Application
Exhibit 32: Data Table on Comparison by Application
6.3 Stationary - Market size and forecast 2023-2028
Exhibit 33: Chart on Stationary - Market size and forecast 2023-2028 ($ billion)
Exhibit 34: Data Table on Stationary - Market size and forecast 2023-2028 ($ billion)
Exhibit 35: Chart on Stationary - Year-over-year growth 2023-2028 (%)
Exhibit 36: Data Table on Stationary - Year-over-year growth 2023-2028 (%)
6.4 Transport - Market size and forecast 2023-2028
Exhibit 37: Chart on Transport - Market size and forecast 2023-2028 ($ billion)
Exhibit 38: Data Table on Transport - Market size and forecast 2023-2028 ($ billion)
Exhibit 39: Chart on Transport - Year-over-year growth 2023-2028 (%)
Exhibit 40: Data Table on Transport - Year-over-year growth 2023-2028 (%)
6.5 Portable - Market size and forecast 2023-2028
Exhibit 41: Chart on Portable - Market size and forecast 2023-2028 ($ billion)
Exhibit 42: Data Table on Portable - Market size and forecast 2023-2028 ($ billion)
Exhibit 43: Chart on Portable - Year-over-year growth 2023-2028 (%)
Exhibit 44: Data Table on Portable - Year-over-year growth 2023-2028 (%)
6.6 Market opportunity by Application
Exhibit 45: Market opportunity by Application ($ billion)
Exhibit 46: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Product

7.1 Market segments
Exhibit 47: Chart on Product - Market share 2023-2028 (%)
Exhibit 48: Data Table on Product - Market share 2023-2028 (%)
7.2 Comparison by Product
Exhibit 49: Chart on Comparison by Product
Exhibit 50: Data Table on Comparison by Product
7.3 PEMFC - Market size and forecast 2023-2028
Exhibit 51: Chart on PEMFC - Market size and forecast 2023-2028 ($ billion)
Exhibit 52: Data Table on PEMFC - Market size and forecast 2023-2028 ($ billion)
Exhibit 53: Chart on PEMFC - Year-over-year growth 2023-2028 (%)
Exhibit 54: Data Table on PEMFC - Year-over-year growth 2023-2028 (%)
7.4 SOFC - Market size and forecast 2023-2028
Exhibit 55: Chart on SOFC - Market size and forecast 2023-2028 ($ billion)
Exhibit 56: Data Table on SOFC - Market size and forecast 2023-2028 ($ billion)
Exhibit 57: Chart on SOFC - Year-over-year growth 2023-2028 (%)
Exhibit 58: Data Table on SOFC - Year-over-year growth 2023-2028 (%)
7.5 PAFC - Market size and forecast 2023-2028
Exhibit 59: Chart on PAFC - Market size and forecast 2023-2028 ($ billion)
Exhibit 60: Data Table on PAFC - Market size and forecast 2023-2028 ($ billion)
Exhibit 61: Chart on PAFC - Year-over-year growth 2023-2028 (%)
Exhibit 62: Data Table on PAFC - Year-over-year growth 2023-2028 (%)
7.6 Others - Market size and forecast 2023-2028
Exhibit 63: Chart on Others - Market size and forecast 2023-2028 ($ billion)
Exhibit 64: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
Exhibit 65: Chart on Others - Year-over-year growth 2023-2028 (%)
Exhibit 66: Data Table on Others - Year-over-year growth 2023-2028 (%)
7.7 Market opportunity by Product
Exhibit 67: Market opportunity by Product ($ billion)
Exhibit 68: Data Table on Market opportunity by Product ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
Exhibit 70: Chart on Market share By Geographical Landscape - 2023-2028 (%)
Exhibit 71: Data Table on Market share By Geographical Landscape - 2023-2028 (%)
9.2 Geographic comparison
Exhibit 72: Chart on Geographic comparison
Exhibit 73: Data Table on Geographic comparison
9.3 US - Market size and forecast 2023-2028
Exhibit 74: Chart on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 75: Data Table on US - Market size and forecast 2023-2028 ($ billion)
Exhibit 76: Chart on US - Year-over-year growth 2023-2028 (%)
Exhibit 77: Data Table on US - Year-over-year growth 2023-2028 (%)
9.4 Canada - Market size and forecast 2023-2028
Exhibit 78: Chart on Canada - Market size and forecast 2023-2028 ($ billion)
Exhibit 79: Data Table on Canada - Market size and forecast 2023-2028 ($ billion)
Exhibit 80: Chart on Canada - Year-over-year growth 2023-2028 (%)
Exhibit 81: Data Table on Canada - Year-over-year growth 2023-2028 (%)
9.5 Mexico - Market size and forecast 2023-2028
Exhibit 82: Chart on Mexico - Market size and forecast 2023-2028 ($ billion)
Exhibit 83: Data Table on Mexico - Market size and forecast 2023-2028 ($ billion)
Exhibit 84: Chart on Mexico - Year-over-year growth 2023-2028 (%)
Exhibit 85: Data Table on Mexico - Year-over-year growth 2023-2028 (%)
9.6 Market opportunity By Geographical Landscape
Exhibit 86: Market opportunity By Geographical Landscape ($ billion)
Exhibit 87: Data Table on Market opportunity By Geographical Landscape ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 88: Impact of drivers and challenges in 2023 and 2028
10.4 Market trends

11 Vendor Landscape

11.1 Overview
11.2 Vendor landscape
Exhibit 89: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 90: Overview on factors of disruption
11.4 Industry risks
Exhibit 91: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
Exhibit 92: Vendors covered
12.2 Market positioning of vendors
Exhibit 93: Matrix on vendor position and classification
12.3 Acumentrics Inc.
Exhibit 94: Acumentrics Inc. - Overview
Exhibit 95: Acumentrics Inc. - Product / Service
Exhibit 96: Acumentrics Inc. - Key offerings
12.4 AVL List GmbH
Exhibit 97: AVL List GmbH - Overview
Exhibit 98: AVL List GmbH - Product / Service
Exhibit 99: AVL List GmbH - Key news
Exhibit 100: AVL List GmbH - Key offerings
12.5 Ballard Power Systems Inc.
Exhibit 101: Ballard Power Systems Inc. - Overview
Exhibit 102: Ballard Power Systems Inc. - Product / Service
Exhibit 103: Ballard Power Systems Inc. - Key news
Exhibit 104: Ballard Power Systems Inc. - Key offerings
12.6 Bloom Energy Corp.
Exhibit 105: Bloom Energy Corp. - Overview
Exhibit 106: Bloom Energy Corp. - Product / Service
Exhibit 107: Bloom Energy Corp. - Key news
Exhibit 108: Bloom Energy Corp. - Key offerings
12.7 BorgWarner Inc.
Exhibit 109: BorgWarner Inc. - Overview
Exhibit 110: BorgWarner Inc. - Business segments
Exhibit 111: BorgWarner Inc. - Key news
Exhibit 112: BorgWarner Inc. - Key offerings
Exhibit 113: BorgWarner Inc. - Segment focus
12.8 Cummins Inc.
Exhibit 114: Cummins Inc. - Overview
Exhibit 115: Cummins Inc. - Business segments
Exhibit 116: Cummins Inc. - Key offerings
Exhibit 117: Cummins Inc. - Segment focus
12.9 Doosan Corp.
Exhibit 118: Doosan Corp. - Overview
Exhibit 119: Doosan Corp. - Product / Service
Exhibit 120: Doosan Corp. - Key offerings
12.10 ellcentric GmbH and Co. KG
Exhibit 121: ellcentric GmbH and Co. KG - Overview
Exhibit 122: ellcentric GmbH and Co. KG - Product / Service
Exhibit 123: ellcentric GmbH and Co. KG - Key offerings
12.11 FuelCell Energy Inc.
Exhibit 124: FuelCell Energy Inc. - Overview
Exhibit 125: FuelCell Energy Inc. - Product / Service
Exhibit 126: FuelCell Energy Inc. - Key offerings
12.12 General Motors Co.
Exhibit 127: General Motors Co. - Overview
Exhibit 128: General Motors Co. - Business segments
Exhibit 129: General Motors Co. - Key news
Exhibit 130: General Motors Co. - Key offerings
Exhibit 131: General Motors Co. - Segment focus
12.13 Hyster Yale Materials Handling Inc.
Exhibit 132: Hyster Yale Materials Handling Inc. - Overview
Exhibit 133: Hyster Yale Materials Handling Inc. - Business segments
Exhibit 134: Hyster Yale Materials Handling Inc. - Key offerings
Exhibit 135: Hyster Yale Materials Handling Inc. - Segment focus
12.14 Loop Energy Inc.
Exhibit 136: Loop Energy Inc. - Overview
Exhibit 137: Loop Energy Inc. - Product / Service
Exhibit 138: Loop Energy Inc. - Key offerings
12.15 Plug Power Inc.
Exhibit 139: Plug Power Inc. - Overview
Exhibit 140: Plug Power Inc. - Product / Service
Exhibit 141: Plug Power Inc. - Key offerings
12.16 SFC Energy AG
Exhibit 142: SFC Energy AG - Overview
Exhibit 143: SFC Energy AG - Business segments
Exhibit 144: SFC Energy AG - Key news
Exhibit 145: SFC Energy AG - Key offerings
Exhibit 146: SFC Energy AG - Segment focus
12.17 The Symbio SAS
Exhibit 147: The Symbio SAS - Overview
Exhibit 148: The Symbio SAS - Key offerings

13 Appendix

13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 149: Inclusions checklist
Exhibit 150: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 151: Currency conversion rates for US$
13.4 Research methodology
Exhibit 152: Research methodology
Exhibit 153: Validation techniques employed for market sizing
Exhibit 154: Information sources
13.5 List of abbreviations
Exhibit 155: List of abbreviations