The study involved major activities in estimating the current size of the fuel cell market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
This research study on the fuel cell market involved the use of extensive secondary sources, directories, and databases, such as Bloomberg, Factiva, IRENA, International Energy Agency, Statista Industry Journal, and The Fuel Cell Energy Review, E4Tech, to collect and identify information useful for a technical, market-oriented, and commercial study of the fuel cell market. The other secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.
Primary Research
The fuel cell market comprises several stakeholders, such as fuel cell manufacturers, technology providers, and technical support providers in the supply chain. The demand side of this market is characterized by the rising demand for fuel cells in automotive, aerospace, defense & government services, wireless communication & infrastructure, consumer electronics, medical equipment manufacturing and energy sector applications. The supply side is characterized by rising demand for contracts from the industrial sector and mergers & acquisitions among big players. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the fuel cell market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
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The key players in the industry and market have been identified through extensive secondary research, and their market share has been determined through primary and secondary research.
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The industry’s value chain and market size, in terms of value, have been determined through both primary and secondary research processes.
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All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Fuel Cell Market Size: Top-Down Approach
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Fuel Cell Market Size: Bottom-Up Approach
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Data Triangulation
After arriving at the overall market size from the above estimation process, the total market has been split into several segments and subsegments. Data triangulation and market breakdown processes have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and sub-segments, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand- and supply sides. Along with this, the market has been validated using both the top-down and bottom-up approaches.
Market Definition
Fuel cells are electrochemical devices that generate electrical energy using different fuel types. They generate electrical energy through chemical reactions rather than by combusting fuel. A fuel cell can be described as a two-terminal device that contains two electrodes, an anode and a cathode, which are separated from each other by an electrolyte and membrane. Fuel cells operate silently and are a clean, efficient, and reliable source of power. They continue to produce electricity if a fuel source is provided and don’t require periodic recharging like batteries. Fuel cells are used for several operations, such as providing prime propulsion or range extension to fuel cell-powered vehicles and supplying primary/backup power to energy companies and data centers.
Key Stakeholders
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Ceramic and electrolyte manufacturers
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Environmental research institutes
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Fuel cell and stack manufacturers
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Government and research organizations
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Institutional investors/shareholders
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Power and energy associations
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Repair and maintenance service providers
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Fuel cell technology manufacturing companies
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Organizations, forums, alliances, and associations
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Research and consulting companies
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State and national regulatory authorities
Objectives of the Study
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To describe, segment, and forecast the fuel cell market by type, component, fuel, size, application, and end-user in terms of value.
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To forecast the market across four key regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW), along with country-level analysis
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To provide detailed information about key drivers, restraints, opportunities, and challenges influencing the fuel cell market
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To strategically analyze the fuel cell market with respect to individual growth trends, prospects, and contributions of each segment to the market
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To analyze the supply chain, trends/disruptions impacting customer business, market/ecosystem, pricing trends, and regulatory landscape pertaining to fuel cells
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
Product Analysis
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Product Matrix, which provides a detailed comparison of the product portfolio of each company
Company Information
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Detailed analyses and profiling of additional market players
John
Jun, 2022
Who are the top vendors in the Fuel Cell Market? How is the competitive scenario among them?.
Kris
Jul, 2022
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Thomas
Jul, 2022
Who are the top vendors in the Fuel Cell Market and highlight the competitive scenario between them for the period 2022 to 2027..