Fuel Cell Market

The global fuel cell market is projected to reach USD 8.7 billion by 2028 from an estimated USD 3.3 billion in 2023, at a CAGR of 21.7% during the forecast period. Because of stringent carbon emission norms, increasing demand for unconventional energy sources, and supportive government policies and incentives. Due to their strong supply network, a few global and regional players hold a strong foothold in the fuel cell market. Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), and KYOCERA Corporation (Japan) are the market leaders in the global fuel cell market. These companies have adopted strategies such as product launches, partnerships, collaborations, contracts, agreements, and acquisitions to increase their market share.

Aisin Corporation is a Japanese automotive components manufacturer that operates as part of the Aisin Seiki Group. It is a key player in the manufacturing and distribution of fuel cells. By fostering the transition to clean energy, sustainable procurement, and sustainable industrialization through technological innovation, the company focuses on reaching sustainable development goals in all of its business areas. It operates through five segments, namely, Powertrain, Chassis and Vehicle Safety System, Body, ICT & Electronics, and Energy and Lifestyle/Other. Aisin Corporation caters to the energy & power, automotive, and communications industries. The company provides fuel cell cogeneration systems under its Energy & Lifestyle business segment. It has a global operational presence with manufacturing and testing facilities across all the major regions, including North America, South America, Asia Pacific, and Europe. The company has over 200 consolidated subsidiaries and about 150 production sites worldwide.

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Bloom Energy is one of the leading manufacturers of fuel cell systems. The company offers solid oxide fuel cell systems, electrolyzers, carbon capture technologies, and other renewable energy-related services. The company develops, manufactures, and sells solid oxide fuel cells under the brand name Energy Servers, which is the most advanced thermal electric generation technology in the market. Bloom Energy operates through four business segments, namely Product; Installation; Service; and Electricity. It provides solid oxide fuel cells through its Product business segment.

The company offers Bloom Energy Server, a modular stack of fuel cells that produces electricity continuously on site. It is fuel flexible and can convert natural gas, biogas, and hydrogen into electricity. Several fuel cells are combined to form a stack, and consequently, a number of stacks are combined to form 50 kW power modules. These 50 kW power modules can be arranged in various configurations to form solutions that provide hundreds of kilowatts to many tens of megawatts of power. The company sells Energy Servers through a combination of direct and indirect sales channels. Bloom Energy also works with multiple partners to generate customer leads and develop projects.

Doosan Fuel Cell Co., Ltd. manufactures fuel cells and is a subsidiary of the Doosan Group. Doosan Fuel Cell was spun off from Doosan Corporation and newly incorporated on October 01, 2019, to engage in the fuel cell and new renewable energy business development that includes manufacturing and sale of fuel cells and related installations and maintenance services. Currently, Doosan Fuel Cell offers phosphoric acid fuel cells for small-scale distributed generation applications.

Doosan has its fuel cell R&D center in Korea, where the development of a ‘Korean style SOFC’ for high-efficiency power generation occurs. This initiative has been undertaken to expand the company’s product portfolio and mass-produce SOFC systems by 2024.

Related Reports:

Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicle (FCVs)), End User (Residential, C&l, Transportation, Data Center, Military & Defense), Size, Fuel, Component and Region - Global Forecast to 2028

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