Table of Content

1 INTRODUCTION (Page No. - 39)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
    1.3 STUDY SCOPE 
           1.3.1 INCLUSIONS AND EXCLUSIONS
           1.3.2 MARKET COVERED
                    FIGURE 1 FUEL CELL MARKET SEGMENTATION
           1.3.3 REGIONAL SCOPE
           1.3.4 YEARS CONSIDERED
           1.3.5 CURRENCY CONSIDERED
           1.3.6 UNITS CONSIDERED
    1.4 STUDY LIMITATIONS 
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
    1.7 IMPACT OF RECESSION 
2 RESEARCH METHODOLOGY (Page No. - 45)
    2.1 RESEARCH DATA 
           FIGURE 2 FUEL CELL MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
                    2.1.1.2 List of secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 List of primary interview participants
                    2.1.2.3 Breakdown of primaries
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 
           FIGURE 3 FUEL CELL MARKET: DATA TRIANGULATION METHODOLOGY
    2.3 MARKET SIZE ESTIMATION METHODOLOGY 
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 4 FUEL CELL MARKET: BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 5 FUEL CELL MARKET: TOP-DOWN APPROACH
    2.4 DEMAND-SIDE METRICS 
           FIGURE 6 FUEL CELL MARKET: KEY METRICS CONSIDERED  TO ANALYZE DEMAND FOR FUEL CELLS
           2.4.1 REGIONAL ANALYSIS
                    2.4.1.1 Country-level analysis
           2.4.2 DEMAND-SIDE ASSUMPTIONS
           2.4.3 DEMAND-SIDE CALCULATIONS
    2.5 SUPPLY-SIDE METRICS 
           FIGURE 7 FUEL CELL MARKET: KEY METRICS CONSIDERED TO ANALYZE SUPPLY OF FUEL CELLS
           FIGURE 8 FUEL CELL MARKET: SUPPLY-SIDE ANALYSIS
           2.5.1 SUPPLY-SIDE ASSUMPTIONS
           2.5.2 SUPPLY-SIDE CALCULATIONS
                    FIGURE 9 FUEL CELL MARKET: MARKET SHARE ANALYSIS, 2022
    2.6 FORECAST 
    2.7 RESEARCH LIMITATIONS 
    2.8 RISK ASSESSMENT 
    2.9 RECESSION IMPACT 
3 EXECUTIVE SUMMARY (Page No. - 58)
    TABLE 1 FUEL CELL MARKET SNAPSHOT 
    FIGURE 10 ASIA PACIFIC HELD LARGEST SHARE OF FUEL CELL MARKET IN 2022 
    FIGURE 11 SOLID OXIDE FUEL CELLS (SOFCS) TO DOMINATE FUEL CELL MARKET DURING FORECAST PERIOD 
    FIGURE 12 STATIONARY APPLICATION TO HOLD LARGEST SHARE OF FUEL CELL MARKET IN 2028 
    FIGURE 13 TRANSPORTATION END USER TO DOMINATE FUEL CELL MARKET IN 2028 
    FIGURE 14 SMALL-SCALE (UP TO 200 KW) SIZE TO EXHIBIT HIGHER CAGR BETWEEN  2023 AND 2028 
4 PREMIUM INSIGHTS (Page No. - 63)
    4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUEL CELL MARKET 
           FIGURE 15 GOVERNMENT SUBSIDIES TO IMPROVE CLEAN ENERGY INFRASTRUCTURE TO BOOST FUEL CELL MARKET GROWTH BETWEEN 2023 AND 2028
    4.2 FUEL CELL MARKET, BY REGION 
           FIGURE 16 FUEL CELL MARKET IN EUROPE TO DEPICT HIGHEST CAGR DURING FORECAST PERIOD
    4.3 FUEL CELL MARKET, BY TYPE 
           FIGURE 17 SOLID OXIDE FUEL CELLS (SOFCS) TO ACCOUNT FOR LARGEST MARKET SHARE IN 2028
    4.4 FUEL CELL MARKET, BY APPLICATION 
           FIGURE 18 STATIONARY APPLICATION TO ACCOUNT FOR MAJORITY OF MARKET SHARE IN 2028
    4.5 FUEL CELL MARKET, BY END USER 
           FIGURE 19 TRANSPORTATION END USER TO ACCOUNT FOR LARGEST MARKET SHARE  IN 2028
    4.6 FUEL CELL MARKET, BY SIZE 
           FIGURE 20 SMALL-SCALE (UP TO 200 KW) SEGMENT TO HOLD LARGEST MARKET  SHARE IN 2028
    4.7 FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION AND COUNTRY 
           FIGURE 21 STATIONARY APPLICATION AND CHINA ACCOUNTED FOR LARGEST SHARES OF ASIA PACIFIC FUEL CELL MARKET IN 2022
5 MARKET OVERVIEW (Page No. - 67)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           FIGURE 22 FUEL CELL MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 High demand for EVs with launch of effective campaigns
                               FIGURE 23 FUEL CELL ELECTRIC VEHICLE STOCK, BY COUNTRY, 2021
                    5.2.1.2 Reliance on renewable energy to ensure uninterrupted power supply
                    5.2.1.3 Quicker refueling time of FCEVs than BEVs
           5.2.2 RESTRAINTS
                    5.2.2.1 High costs of platinum catalyst for fuel cells
                    5.2.2.2 Significant initial investments in hydrogen infrastructure
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing generation of distributed power using low-carbon fuels
                    5.2.3.2 Rising adoption of strategies to achieve net-zero carbon emissions
                               TABLE 2 FUEL CELL MARKET: POLICIES TO STIMULATE HYDROGEN USE IN MAJOR ECONOMIES
           5.2.4 CHALLENGES
                    5.2.4.1 High preference for battery electric vehicles over hydrogen vehicles
    5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 
           FIGURE 24 FUEL CELL MARKET: TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS
    5.4 PRICING ANALYSIS 
           5.4.1 AVERAGE SELLING PRICE TREND, BY REGION
                    TABLE 3 AVERAGE SELLING PRICE TREND, BY REGION, 2018–2022
           5.4.2 INDICATIVE PRICING ANALYSIS, BY COMPONENT
                    TABLE 4 COST SUMMARY FOR PROTON EXCHANGE MEMBRANE (PEM) STACK COMPONENT, 2018–2022 (USD)
                    TABLE 5 COST SUMMARY FOR PEM BALANCE OF PLANT (BOP), 2018–2022 (USD)
                    TABLE 6 COST SUMMARY FOR 80-KW FUEL CELL VEHICLES, 2018–2025 (USD)
                    TABLE 7 COST SUMMARY FOR 160-KW MEDIUM-DUTY FUEL CELL VEHICLES, 2018–2025 (USD)
           5.4.3 INDICATIVE PRICING ANALYSIS, BY TYPE
                    TABLE 8 INDICATIVE PRICING ANALYSIS, BY TYPE, 2018–2022
    5.5 SUPPLY CHAIN ANALYSIS 
           FIGURE 25 FUEL CELL MARKET: SUPPLY CHAIN ANALYSIS
           5.5.1 RAW MATERIAL SUPPLIERS
           5.5.2 COMPONENT MANUFACTURERS
           5.5.3 SYSTEM MANUFACTURERS/ASSEMBLERS
           5.5.4 DISTRIBUTORS/END USERS
    5.6 ECOSYSTEM/MARKET MAP 
           FIGURE 26 FUEL CELL MARKET MAPPING
           TABLE 9 FUEL CELL MARKET: COMPANIES AND THEIR ROLES IN FUEL CELL ECOSYSTEM
           FIGURE 27 COMPANIES IN FUEL CELL ECOSYSTEM
    5.7 REGULATORY LANDSCAPE 
           5.7.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 10 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 11 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 12 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 13 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.7.2 REGULATORY FRAMEWORKS
                    5.7.2.1 Regulatory frameworks in North America
                    5.7.2.2 Regulatory frameworks in Europe
                    5.7.2.3 Regulatory frameworks in Asia Pacific
                    5.7.2.4 Regulatory frameworks in RoW
    5.8 PATENT ANALYSIS 
           FIGURE 28 FUEL CELL MARKET: PATENTS APPLIED AND GRANTED, 2012–2022
           TABLE 14 FUEL CELL MARKET: LIST OF MAJOR PATENTS, 2018–2022
    5.9 CASE STUDY ANALYSIS 
           5.9.1 SOUTHERN LINC ADOPTS PLUG POWER’S GENSURE FUEL CELL SOLUTION TO GENERATE BACKUP POWER
           5.9.2 SAMSUNG HEAVY INDUSTRIES AND BLOOM ENERGY JOIN HANDS TO DEVELOP EFFICIENT FUEL-CELL SHIPS
           5.9.3 CONVION USES ELCOGEN’S SOFC AND STACK TECHNOLOGY TO FIND RELIABLE ALTERNATIVE FUEL SOURCES
    5.10 TECHNOLOGY ANALYSIS 
           5.10.1 REVERSIBLE FUEL CELLS
           5.10.2 ANION-EXCHANGE MEMBRANE FUEL CELLS
    5.11 KEY CONFERENCES AND EVENTS, 2023–2024 
                    TABLE 15 FUEL CELL MARKET: LIST OF CONFERENCES AND EVENTS, 2023–2024
    5.12 TRADE ANALYSIS 
           5.12.1 EXPORT SCENARIO
                    TABLE 16 EXPORT DATA FOR HS CODE 280410-COMPLIANT HYDROGEN, BY COUNTRY,  2020–2022 (USD THOUSAND)
                    FIGURE 29 EXPORT DATA FOR HS CODE 280410-COMPLIANT HYDROGEN, BY COUNTRY, 2020–2022 (USD THOUSAND)
           5.12.2 IMPORT SCENARIO
                    TABLE 17 IMPORT DATA FOR HS CODE 280410-COMPLIANT HYDROGEN, BY COUNTRY,  2020–2022 (USD THOUSAND)
                    FIGURE 30 IMPORT DATA FOR HS CODE 280410-COMPLIANT HYDROGEN, BY COUNTRY, 2020–2022 (USD THOUSAND)
    5.13 PORTER’S FIVE FORCES ANALYSIS 
                    FIGURE 31 FUEL CELL MARKET: PORTER’S FIVE FORCES ANALYSIS
                    TABLE 18 FUEL CELL MARKET: PORTER’S FIVE FORCES ANALYSIS
           5.13.1 THREAT OF SUBSTITUTES
           5.13.2 BARGAINING POWER OF SUPPLIERS
           5.13.3 BARGAINING POWER OF BUYERS
           5.13.4 THREAT OF NEW ENTRANTS
           5.13.5 INTENSITY OF COMPETITIVE RIVALRY
    5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 32 FUEL CELL MARKET: INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 END USERS
                    TABLE 19 FUEL CELL MARKET: INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS  FOR TOP 3 END USERS (%)
           5.14.2 BUYING CRITERIA
                    FIGURE 33 FUEL CELL MARKET: KEY BUYING CRITERIA FOR TOP 3 END USERS
                    TABLE 20 FUEL CELL MARKET: KEY BUYING CRITERIA FOR TOP 3 END USERS
6 FUEL CELL MARKET, BY SIZE (Page No. - 95)
    6.1 INTRODUCTION 
           FIGURE 34 FUEL CELL MARKET, BY SIZE, 2022
           TABLE 21 FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
           TABLE 22 FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
    6.2 SMALL-SCALE (UP TO 200 KW) 
           6.2.1 INCREASING INCENTIVES FOR EXTENSIVE DEPLOYMENT OF ELECTRIC VEHICLES TO BOOST SEGMENTAL GROWTH
                    TABLE 23 SMALL-SCALE (UP TO 200 KW): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 24 SMALL-SCALE (UP TO 200 KW): FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
    6.3 LARGE-SCALE (ABOVE 200 KW) 
           6.3.1 RISING EMPHASIS ON REDUCING GREENHOUSE GAS EMISSIONS AND DEVELOPING ALL-RENEWABLE ELECTRIC GRID TO DRIVE MARKET
                    TABLE 25 LARGE-SCALE (ABOVE 200 KW): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 26 LARGE-SCALE (ABOVE 200 KW): FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
7 FUEL CELL MARKET, BY FUEL TYPE (Page No. - 100)
    7.1 INTRODUCTION 
           FIGURE 35 HYDROGEN FUEL CELLS ACCOUNTED FOR LARGEST MARKET SHARE IN 2022
           TABLE 27 FUEL CELL MARKET, BY FUEL TYPE, 2018–2022 (USD MILLION)
           TABLE 28 FUEL CELL MARKET, BY FUEL TYPE, 2023–2028 (USD MILLION)
    7.2 HYDROGEN 
           7.2.1 ABILITY TO PROVIDE LONG-LASTING POWER TO BOOST ADOPTION
    7.3 METHANOL 
           7.3.1 HIGH ENERGY DENSITY AND GREATER POWER OUTPUT TO FUEL DEMAND
    7.4 AMMONIA 
           7.4.1 USE OF AMMONIA AS HYDROGEN CARRIER TO ACCELERATE SEGMENTAL GROWTH
    7.5 OTHER FUEL TYPES 
8 FUEL CELL MARKET, BY TYPE (Page No. - 104)
    8.1 INTRODUCTION 
           FIGURE 36 SOLID OXIDE FUEL CELLS (SOFC) HELD LARGEST MARKET SHARE IN 2022
           TABLE 29 FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
           TABLE 30 FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
           TABLE 31 FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
           TABLE 32 FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
    8.2 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS) 
           8.2.1 USE OF PROTON-EXCHANGE MEMBRANE FUEL CELLS TO SUPPLY ELECTRICITY TO RESIDENTIAL BUILDINGS TO DRIVE MARKET
                    TABLE 33 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): FUEL CELL MARKET, BY REGION, 2018–2022 (MW)
                    TABLE 34 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): FUEL CELL MARKET, BY REGION, 2023–2028 (MW)
                    TABLE 35 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 36 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS): FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.3 SOLID OXIDE FUEL CELLS (SOFCS) 
           8.3.1 REQUIREMENT FOR ENERGY-EFFICIENT POWER GENERATION TO AUGMENT SEGMENTAL GROWTH
                    TABLE 37 SOLID OXIDE FUEL CELLS (SOFCS): FUEL CELL MARKET, BY REGION, 2018–2022 (MW)
                    TABLE 38 SOLID OXIDE FUEL CELLS (SOFCS): FUEL CELL MARKET, BY REGION, 2023–2028 (MW)
                    TABLE 39 SOLID OXIDE FUEL CELLS (SOFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 40 SOLID OXIDE FUEL CELLS (SOFCS): FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
    8.4 PHOSPHORIC ACID FUEL CELLS (PAFCS) 
           8.4.1 ADOPTION OF PHOSPHORIC ACID FUEL CELLS IN CO-GENERATION OF POWER AND HEAT TO BOOST SEGMENTAL GROWTH
                    TABLE 41 PHOSPHORIC ACID FUEL CELLS (PAFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (MW)
                    TABLE 42 PHOSPHORIC ACID FUEL CELLS (PAFCS): FUEL CELL MARKET, BY REGION,  2023–2028 (MW)
                    TABLE 43 PHOSPHORIC ACID FUEL CELLS (PAFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 44 PHOSPHORIC ACID FUEL CELLS (PAFCS): FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
    8.5 ALKALINE FUEL CELLS (AFCS) 
           8.5.1 IMPLEMENTATION OF ALKALINE FUEL CELLS IN TRANSPORT AND AEROSPACE APPLICATIONS TO ACCELERATE MARKET GROWTH
                    TABLE 45 ALKALINE FUEL CELLS (AFCS): FUEL CELL MARKET, BY REGION, 2018–2022 (MW)
                    TABLE 46 ALKALINE FUEL CELLS (AFCS): FUEL CELL MARKET, BY REGION, 2023–2028 (MW)
                    TABLE 47 ALKALINE FUEL CELLS (AFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (USD THOUSAND)
                    TABLE 48 ALKALINE FUEL CELLS (AFCS): FUEL CELL MARKET, BY REGION,  2023–2028 (USD THOUSAND)
    8.6 MICROBIAL FUEL CELLS (MFCS) 
           8.6.1 USE OF MICROBES FUEL CELLS TO FULFILL POWER DEMAND IN URBAN WASTEWATER TREATMENT FACILITIES TO DRIVE MARKET
                    TABLE 49 MICROBIAL FUEL CELLS (MFCS) MARKET: FUEL CELL MARKET, BY REGION,  2019–2027 (MW)
                    TABLE 50 MICROBIAL FUEL CELLS (MFCS) MARKET: FUEL CELL MARKET, BY REGION,  2023–2028 (MW)
                    TABLE 51 MICROBIAL FUEL CELLS (MFCS) MARKET: FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 52 MICROBIAL FUEL CELLS (MFCS) MARKET: FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
    8.7 DIRECT METHANOL FUEL CELLS (DMFCS) 
           8.7.1 LOW COSTS AND HIGH ENERGY DENSITY OF METHANOL  TO CONTRIBUTE TO SEGMENTAL GROWTH
                    TABLE 53 DIRECT METHANOL FUEL CELLS (DMFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (MW)
                    TABLE 54 DIRECT METHANOL FUEL CELLS (DMFCS): FUEL CELL MARKET, BY REGION,  2023–2028 (MW)
                    TABLE 55 DIRECT METHANOL FUEL CELLS (DMFCS): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 56 DIRECT METHANOL FUEL CELLS (DMFCS): FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
    8.8 OTHER TYPES 
9 FUEL CELL MARKET, BY COMPONENT (Page No. - 118)
    9.1 INTRODUCTION 
           FIGURE 37 BALANCE OF PLANT (BOP) COMPONENTS HELD LARGER SHARE  OF FUEL CELL MARKET IN 2022
           TABLE 57 FUEL CELL MARKET, BY COMPONENT, 2018–2022 (USD MILLION)
           TABLE 58 FUEL CELL MARKET, BY COMPONENT, 2020–2028 (USD MILLION)
    9.2 STACK 
           9.2.1 HIGH ENERGY CONVERSION EFFICIENCY AND LOW EMISSIONS TO BOOST ADOPTION OF FUEL CELL STACKS
                    TABLE 59 STACK: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 60 STACK: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.2.2 CELLS
           9.2.3 INTERCONNECTS
           9.2.4 END PLATES
           9.2.5 SEALANTS
           9.2.6 OTHER STACK COMPONENTS
    9.3 BALANCE OF PLANT (BOP) 
           9.3.1 USE OF BOP COMPONENTS FOR EFFICIENT POWER GENERATION TO CONTRIBUTE TO MARKET GROWTH
                    TABLE 61 BALANCE OF PLANT (BOP): FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                    TABLE 62 BALANCE OF PLANT (BOP): FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
           9.3.2 HEAT TRANSFER COMPONENTS
           9.3.3 POWER ELECTRONICS & CONTROL SYSTEMS
           9.3.4 INSTRUMENTS & SENSORS
           9.3.5 FUEL REFORMERS/DESULFURIZERS
           9.3.6 OTHER BOP COMPONENTS
10 FUEL CELL MARKET, BY APPLICATION (Page No. - 124)
     10.1 INTRODUCTION 
               FIGURE 38 FUEL CELL MARKET SHARE, BY APPLICATION, 2022
               TABLE 63 FUEL CELL MARKET: BY APPLICATION, 2018–2022 (USD MILLION)
               TABLE 64 FUEL CELL MARKET: BY APPLICATION, 2023–2028 (USD MILLION)
     10.2 PORTABLE 
             10.2.1 RISING PREFERENCE FOR ENERGY-EFFICIENT PORTABLE FUEL CELLS OVER INTERNAL COMBUSTION ENGINES TO DRIVE MARKET
                       TABLE 65 PORTABLE: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 66 PORTABLE: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.3 STATIONARY 
               TABLE 67 STATIONARY: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 68 STATIONARY: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
               TABLE 69 STATIONARY: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
               TABLE 70 STATIONARY: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             10.3.1 PRIMARY
                       10.3.1.1 Adoption of stationary fuel cells in electrical substations to contribute to segmental growth
                                   TABLE 71 PRIMARY: FUEL CELL MARKET FOR STATIONARY, BY REGION, 2018–2022 (USD MILLION)
                                   TABLE 72 PRIMARY: FUEL CELL MARKET FOR STATIONARY, BY REGION, 2023–2028 (USD MILLION)
             10.3.2 BACKUP
                       10.3.2.1 Utilization of fuel cells for backup power generation in data centers during grid outages to fuel segmental growth
                                   TABLE 73 BACKUP: FUEL CELL MARKET FOR STATIONARY, BY REGION, 2018–2022 (USD MILLION)
                                   TABLE 74 BACKUP: FUEL CELL MARKET FOR STATIONARY: BY REGION, 2023–2028 (USD MILLION)
             10.3.3 COMBINED HEAT & POWER (CHP)
                       10.3.3.1 Employment of combined heat & power fuel cell units in residential applications to augment segmental growth
                                   TABLE 75 COMBINED HEAT & POWER: FUEL CELL MARKET FOR STATIONARY, BY REGION,  2018–2022 (USD MILLION)
                                   TABLE 76 COMBINED HEAT & POWER: FUEL CELL MARKET FOR STATIONARY, BY REGION,  2023–2028 (USD MILLION)
     10.4 FUEL CELL VEHICLES 
               TABLE 77 FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 78 FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
               TABLE 79 FUEL CELL VEHICLES: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
               TABLE 80 FUEL CELL VEHICLES: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             10.4.1 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES
                       10.4.1.1 Surging demand for personal mobility and stringent regulations on GHG emissions to accelerate segmental growth
                                   TABLE 81 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                                   TABLE 82 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
             10.4.2 FUEL CELL BUSES
                       10.4.2.1 Rising adoption of fuel cell buses for public transport to support segmental growth
                                   TABLE 83 FUEL CELL BUSES: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                                   TABLE 84 FUEL CELL BUSES: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
             10.4.3 FUEL CELL TRUCKS
                       10.4.3.1 Increasing use of fuel cell trucks for long-range transportation to drive market
                                   TABLE 85 FUEL CELL TRUCKS: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                                   TABLE 86 FUEL CELL TRUCKS: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
             10.4.4 OTHER FUEL CELL VEHICLES
                       10.4.4.1 Rising emphasis on developing fuel cells for marine applications to propel market
                                   TABLE 87 OTHER FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                                   TABLE 88 OTHER FUEL CELL VEHICLES: FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
11 FUEL CELL MARKET, BY END USER (Page No. - 141)
     11.1 INTRODUCTION 
               FIGURE 39 FUEL CELL MARKET SHARE, BY END USER, 2022
               TABLE 89 FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
               TABLE 90 FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
     11.2 RESIDENTIAL 
             11.2.1 SURGING DEMAND FOR ENERGY IN RESIDENTIAL BUILDINGS FOR SPACE HEATING AND COOLING TO FUEL SEGMENTAL GROWTH
                       TABLE 91 RESIDENTIAL: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 92 RESIDENTIAL: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.3 COMMERCIAL & INDUSTRIAL 
             11.3.1 LAUNCH OF DECARBONIZATION PROJECTS TO CONTRIBUTE TO SEGMENTAL GROWTH
                       TABLE 93 COMMERCIAL & INDUSTRIAL: FUEL CELL MARKET, BY REGION,  2018–2022 (USD MILLION)
                       TABLE 94 COMMERCIAL & INDUSTRIAL: FUEL CELL MARKET, BY REGION,  2023–2028 (USD MILLION)
     11.4 TRANSPORTATION 
             11.4.1 STRONG FOCUS ON EXTENDING DRIVING RANGE OF ELECTRIC VEHICLES TO FUEL SEGMENTAL GROWTH
                       TABLE 95 TRANSPORTATION: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 96 TRANSPORTATION: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.5 DATA CENTERS 
             11.5.1 RISING FOCUS ON REDUCING CARBON EMISSIONS FROM DATA CENTERS TO DRIVE MARKET
                       TABLE 97 DATA CENTERS: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 98 DATA CENTERS: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.6 MILITARY & DEFENSE 
             11.6.1 ESCALATING ADOPTION OF PORTABLE FUEL CELLS AS POWER SOURCE FOR MILITARY & DEFENSE OPERATIONS TO FOSTER SEGMENTAL GROWTH
                       TABLE 99 MILITARY & DEFENSE: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 100 MILITARY & DEFENSE: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
     11.7 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES 
             11.7.1 STRINGENT LAWS BY REGIONAL AUTHORITIES AND DECARBONIZING GOALS TO DRIVE MARKET
                       TABLE 101 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 102 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES: FUEL CELL MARKET, BY REGION, 2023–2028 (USD MILLION)
12 FUEL CELL MARKET, BY REGION (Page No. - 151)
     12.1 INTRODUCTION 
               FIGURE 40 EUROPE TO EXHIBIT HIGHEST CAGR IN FUEL CELL MARKET FROM 2023 TO 2028
               FIGURE 41 FUEL CELL MARKET SHARE, BY REGION, 2022
               TABLE 103 FUEL CELL MARKET, BY REGION, 2018–2022 (MW)
               TABLE 104 FUEL CELL MARKET, BY REGION, 2023–2028 (MW)
               TABLE 105 FUEL CELL MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 106 FUEL CELL MARKET, BY REGION, 2020–2028 (USD MILLION)
     12.2 ASIA PACIFIC 
               FIGURE 42 ASIA PACIFIC: FUEL CELL MARKET SNAPSHOT
             12.2.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC
                       TABLE 107 ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                       TABLE 108 ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                       TABLE 109 ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 110 ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 111 ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                       TABLE 112 ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                       TABLE 113 ASIA PACIFIC: FUEL CELL MARKET, BY STATIONARY APPLICATION,  2018–2022 (USD MILLION)
                       TABLE 114 ASIA PACIFIC: FUEL CELL MARKET, BY STATIONARY APPLICATION,  2023–2028 (USD MILLION)
                       TABLE 115 ASIA PACIFIC: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2018–2022 (USD MILLION)
                       TABLE 116 ASIA PACIFIC: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2023–2028 (USD MILLION)
                       TABLE 117 ASIA PACIFIC: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                       TABLE 118 ASIA PACIFIC: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                       TABLE 119 ASIA PACIFIC: FUELL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                       TABLE 120 ASIA PACIFIC: FUELL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                       TABLE 121 ASIA PACIFIC: FUELL CELL MARKET, BY COUNTRY, 2018–2022 (MW)
                       TABLE 122 ASIA PACIFIC: FUELL CELL MARKET, BY COUNTRY, 2023–2028 (MW)
                       TABLE 123 ASIA PACIFIC: FUELL CELL MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 124 ASIA PACIFIC: FUELL CELL MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.2.2 CHINA
                       12.2.2.1 Shift from fossil fuels to renewable energy sources to contribute to market growth
                                   TABLE 125 CHINA: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                                   TABLE 126 CHINA: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                                   TABLE 127 CHINA: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                                   TABLE 128 CHINA: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   TABLE 129 CHINA: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 130 CHINA: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 131 CHINA: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 132 CHINA: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 133 CHINA: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 134 CHINA: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.2.3 JAPAN
                       12.2.3.1 Government initiatives to increase deployment of hydrogen refueling stations to augment demand for fuel cells
                                   TABLE 135 JAPAN: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                                   TABLE 136 JAPAN: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                                   TABLE 137 JAPAN: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                                   TABLE 138 JAPAN: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   TABLE 139 JAPAN: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 140 JAPAN: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 141 JAPAN: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 142 JAPAN: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 143 JAPAN: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 144 JAPAN: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.2.4 SOUTH KOREA
                       12.2.4.1 Issuance of stringent rules to mitigate GHG emissions to accelerate market growth
                                   TABLE 145 SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                                   TABLE 146 SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2023–2028 (KW)
                                   TABLE 147 SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                                   TABLE 148 SOUTH KOREA: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   TABLE 149 SOUTH KOREA: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 150 SOUTH KOREA: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 151 SOUTH KOREA: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 152 SOUTH KOREA: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 153 SOUTH KOREA: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 154 SOUTH KOREA: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.2.5 REST OF ASIA PACIFIC
                       TABLE 155 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                       TABLE 156 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2023–2028 (KW)
                       TABLE 157 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 158 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 159 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                       TABLE 160 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                       TABLE 161 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                       TABLE 162 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                       TABLE 163 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION,  2018–2022 (USD MILLION)
                       TABLE 164 REST OF ASIA PACIFIC: FUEL CELL MARKET, BY APPLICATION,  2023–2028 (USD MILLION)
     12.3 NORTH AMERICA 
             12.3.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA
                       FIGURE 43 NORTH AMERICA: FUEL CELL MARKET SNAPSHOT
                       TABLE 165 NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                       TABLE 166 NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                       TABLE 167 NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 168 NORTH AMERICA: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 169 NORTH AMERICA: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                       TABLE 170 NORTH AMERICA: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                       TABLE 171 NORTH AMERICA: FUEL CELL MARKET, BY STATIONARY APPLICATION,  2018–2022 (USD MILLION)
                       TABLE 172 NORTH AMERICA: FUEL CELL MARKET, BY STATIONARY APPLICATION,  2023–2028 (USD MILLION)
                       TABLE 173 NORTH AMERICA: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2018–2022 (USD MILLION)
                       TABLE 174 NORTH AMERICA: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2023–2028 (USD MILLION)
                       TABLE 175 NORTH AMERICA: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                       TABLE 176 NORTH AMERICA: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                       TABLE 177 NORTH AMERICA: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                       TABLE 178 NORTH AMERICA: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                       TABLE 179 NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2018–2022 (MW)
                       TABLE 180 NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2023–2028 (MW)
                       TABLE 181 NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 182 NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.3.2 US
                       12.3.2.1 Rising emphasis on hydrogen integration to generate clean electricity to propel market
                                   TABLE 183 US: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                                   TABLE 184 US: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                                   TABLE 185 US: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                                   TABLE 186 US: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                                   TABLE 187 US: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 188 US: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 189 US: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 190 US: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 191 US: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 192 US: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.3.3 CANADA
                       12.3.3.1 Favorable government policies to develop low-cost fuel cell technologies to fuel market growth
                                   TABLE 193 CANADA: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                                   TABLE 194 CANADA: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                                   TABLE 195 CANADA: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
                                   TABLE 196 CANADA: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
                                   TABLE 197 CANADA: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 198 CANADA: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 199 CANADA: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 200 CANADA: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 201 CANADA: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 202 CANADA: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
     12.4 EUROPE 
             12.4.1 RECESSION IMPACT ON MARKET IN EUROPE
                       TABLE 203 EUROPE: FUEL CELL MARKET, BY TYPE, 2018–2022 (MW)
                       TABLE 204 EUROPE: FUEL CELL MARKET, BY TYPE, 2023–2028 (MW)
                       TABLE 205 EUROPE: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 206 EUROPE: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD MILLION)
                       TABLE 207 EUROPE: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                       TABLE 208 EUROPE: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
                       TABLE 209 EUROPE: FUEL CELL MARKET, BY STATIONARY APPLICATION, 2018–2022 (USD MILLION)
                       TABLE 210 EUROPE: FUEL CELL MARKET, BY STATIONARY APPLICATION, 2023–2028 (USD MILLION)
                       TABLE 211 EUROPE: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2018–2022 (USD MILLION)
                       TABLE 212 EUROPE: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2023–2028 (USD MILLION)
                       TABLE 213 EUROPE: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                       TABLE 214 EUROPE: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                       TABLE 215 EUROPE: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                       TABLE 216 EUROPE: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                       TABLE 217 EUROPE: FUEL CELL MARKET, BY COUNTRY, 2018–2022 (MW)
                       TABLE 218 EUROPE: FUEL CELL MARKET, BY COUNTRY, 2023–2028 (MW)
                       TABLE 219 EUROPE: FUEL CELL MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 220 EUROPE: FUEL CELL MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             12.4.2 GERMANY
                       12.4.2.1 Expansion of hydrogen fueling stations to achieve carbon neutrality to foster market growth
                                   TABLE 221 GERMANY: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                                   TABLE 222 GERMANY: FUEL CELL MARKET, BY TYPE, 2023–2028 (KW)
                                   TABLE 223 GERMANY: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
                                   TABLE 224 GERMANY: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
                                   TABLE 225 GERMANY: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 226 GERMANY: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 227 GERMANY: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 228 GERMANY: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 229 GERMANY: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 230 GERMANY: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.4.3 UK
                       12.4.3.1 Enforcement of stringent regulations to develop low-emission vehicles to boost demand for fuel cell technologies
                                   TABLE 231 UK: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                                   TABLE 232 UK: FUEL CELL MARKET, BY TYPE, 2023–2028 (KW)
                                   TABLE 233 UK: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
                                   TABLE 234 UK: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
                                   TABLE 235 UK: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 236 UK: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 237 UK: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 238 UK: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 239 UK: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 240 UK: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.4.4 ITALY
                       12.4.4.1 Transition from coal to hydrogen fuels to decarbonize economy to drive market
                                   TABLE 241 ITALY: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                                   TABLE 242 ITALY: FUEL CELL MARKET, BY TYPE, 2023–2028 (KW)
                                   TABLE 243 ITALY: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
                                   TABLE 244 ITALY: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
                                   TABLE 245 ITALY: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                                   TABLE 246 ITALY: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                                   TABLE 247 ITALY: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                                   TABLE 248 ITALY: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                                   TABLE 249 ITALY: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                                   TABLE 250 ITALY: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
             12.4.5 REST OF EUROPE
                       TABLE 251 REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                       TABLE 252 REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2023–2028 (KW)
                       TABLE 253 REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
                       TABLE 254 REST OF EUROPE: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
                       TABLE 255 REST OF EUROPE: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD MILLION)
                       TABLE 256 REST OF EUROPE: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD MILLION)
                       TABLE 257 REST OF EUROPE: FUEL CELL MARKET, BY END USER, 2018–2022 (USD MILLION)
                       TABLE 258 REST OF EUROPE: FUEL CELL MARKET, BY END USER, 2023–2028 (USD MILLION)
                       TABLE 259 REST OF EUROPE: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD MILLION)
                       TABLE 260 REST OF EUROPE: FUEL CELL MARKET, BY APPLICATION, 2023–2028 (USD MILLION)
     12.5 ROW 
             12.5.1 RECESSION IMPACT ON MARKET IN ROW
                       TABLE 261 ROW: FUEL CELL MARKET, BY TYPE, 2018–2022 (KW)
                       TABLE 262 ROW: FUEL CELL MARKET, BY TYPE, 2023–20278 (KW)
                       TABLE 263 ROW: FUEL CELL MARKET, BY TYPE, 2018–2022 (USD THOUSAND)
                       TABLE 264 ROW: FUEL CELL MARKET, BY TYPE, 2023–2028 (USD THOUSAND)
                       TABLE 265 ROW: FUEL CELL MARKET, BY APPLICATION, 2018–2022 (USD THOUSAND)
                       TABLE 266 ROW: FUEL CELL MARKET, BY APPLICATION, 2023-2028 (USD THOUSAND)
                       TABLE 267 ROW: FUEL CELL MARKET, BY STATIONARY APPLICATION,  2018–2022 (USD THOUSAND)
                       TABLE 268 ROW: FUEL CELL MARKET, BY STATIONARY APPLICATION,  2023–2028 (USD THOUSAND)
                       TABLE 269 ROW: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION,  2018–2022 (USD THOUSAND)
                       TABLE 270 ROW: FUEL CELL MARKET, BY FUEL CELL VEHICLE APPLICATION, 2023–2028 (USD THOUSAND)
                       TABLE 271 ROW: FUEL CELL MARKET, BY END USER, 2018–2022 (USD THOUSAND)
                       TABLE 272 ROW: FUEL CELL MARKET, BY END USER, 2023–2028 (USD THOUSAND)
                       TABLE 273 ROW: FUEL CELL MARKET, BY SIZE, 2018–2022 (USD THOUSAND)
                       TABLE 274 ROW: FUEL CELL MARKET, BY SIZE, 2023–2028 (USD THOUSAND)
             12.5.2 LATIN AMERICA
                       12.5.2.1 Increasing research on hydrogen technology to boost market growth
             12.5.3 MIDDLE EAST & AFRICA
                       12.5.3.1 Rising adoption of SOFCs as backup power source to accelerate market growth
13 COMPETITIVE LANDSCAPE (Page No. - 219)
     13.1 OVERVIEW 
               TABLE 275 FUEL CELL MARKET: STRATEGIES ADOPTED BY KEY PLAYERS, 2019–2023
     13.2 MARKET SHARE ANALYSIS, 2022 
               TABLE 276 FUEL CELL MARKET: DEGREE OF COMPETITION
               FIGURE 44 MARKET SHARE ANALYSIS OF TOP PLAYERS, 2022
     13.3 MARKET EVALUATION FRAMEWORK 
               TABLE 277 FUEL CELL MARKET EVALUATION FRAMEWORK, 2019–2023
     13.4 REVENUE ANALYSIS OF TOP 5 PLAYERS, 2018–2022 
               FIGURE 45 REVENUE ANALYSIS OF TOP 5 PLAYERS, 2018–2022
     13.5 COMPANY EVALUATION MATRIX, 2022 
             13.5.1 STARS
             13.5.2 EMERGING LEADERS
             13.5.3 PERVASIVE PLAYERS
             13.5.4 PARTICIPANTS
                       FIGURE 46 FUEL CELL MARKET: COMPANY EVALUATION MATRIX, 2022
             13.5.5 COMPANY FOOTPRINT
                       TABLE 278 COMPANY END USER FOOTPRINT (23 KEY COMPANIES)
                       TABLE 279 COMPANY TYPE FOOTPRINT (23 KEY COMPANIES)
                       TABLE 280 COMPANY SIZE FOOTPRINT (23 KEY COMPANIES)
                       TABLE 281 COMPANY APPLICATION FOOTPRINT (23 KEY COMPANIES)
                       TABLE 282 COMPANY REGION FOOTPRINT (23 KEY COMPANIES)
                       TABLE 283 COMPANY OVERALL FOOTPRINT (23 KEY COMPANIES)
     13.6 START-UP/SME EVALUATION MATRIX, 2022 
             13.6.1 PROGRESSIVE COMPANIES
             13.6.2 RESPONSIVE COMPANIES
             13.6.3 DYNAMIC COMPANIES
             13.6.4 STARTING BLOCKS
                       FIGURE 47 FUEL CELL MARKET: START-UP/SME EVALUATION MATRIX, 2022
             13.6.5 COMPETITIVE BENCHMARKING
                       TABLE 284 FUEL CELL MARKET: LIST OF KEY START-UPS/SMES
                       TABLE 285 COMPANY END USER FOOTPRINT: FUEL CELL MARKET START-UPS/SMES
                       TABLE 286 COMPANY TYPE FOOTPRINT: FUEL CELL MARKET START-UPS/SMES
                       TABLE 287 COMPANY SIZE FOOTPRINT: FUEL CELL MARKET START-UPS/SMES
                       TABLE 288 COMPANY APPLICATION FOOTPRINT: FUEL CELL MARKET START-UPS/SMES
                       TABLE 289 COMPANY REGION FOOTPRINT: FUEL CELL MARKET START-UPS/SMES
                       TABLE 290 OVERALL FOOTPRINT: FUEL CELL MARKET START-UPS/SMES
     13.7 COMPETITIVE SCENARIOS AND TRENDS 
             13.7.1 DEALS
                       TABLE 291 FUEL CELL MARKET: DEALS, 2021–2023
             13.7.2 OTHERS
                       TABLE 292 FUEL CELL MARKET: OTHERS, 2019–2023
14 COMPANY PROFILES (Page No. - 239)
(Business overview, Products/Services/Solutions offered, Recent Developments, MNM view)*
     14.1 KEY COMPANIES 
             14.1.1 BLOOM ENERGY
                       TABLE 293 BLOOM ENERGY: COMPANY OVERVIEW
                       FIGURE 48 BLOOM ENERGY: COMPANY SNAPSHOT
                       TABLE 294 BLOOM ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 295 BLOOM ENERGY: PRODUCT LAUNCHES
                       TABLE 296 BLOOM ENERGY: DEALS
             14.1.2 PLUG POWER INC.
                       TABLE 297 PLUG POWER INC.: COMPANY OVERVIEW
                       FIGURE 49 PLUG POWER INC.: COMPANY SNAPSHOT
                       TABLE 298 PLUG POWER INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 299 PLUG POWER INC.: PRODUCT LAUNCHES
                       TABLE 300 PLUG POWER INC.: DEALS
                       TABLE 301 PLUG POWER INC.: OTHERS
             14.1.3 AISIN CORPORATION
                       TABLE 302 AISIN CORPORATION: COMPANY OVERVIEW
                       FIGURE 50 AISIN CORPORATION: COMPANY SNAPSHOT
                       TABLE 303 AISIN CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 304 AISIN CORPORATION: DEALS
             14.1.4 BALLARD POWER SYSTEMS
                       TABLE 305 BALLARD POWER SYSTEMS: COMPANY OVERVIEW
                       FIGURE 51 BALLARD POWER SYSTEMS: COMPANY SNAPSHOT
                       TABLE 306 BALLARD POWER SYSTEMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 307 BALLARD POWER SYSTEMS: PRODUCT LAUNCHES
                       TABLE 308 BALLARD POWER SYSTEMS: DEALS
                       TABLE 309 BALLARD POWER SYSTEMS: OTHERS
             14.1.5 FUELCELL ENERGY, INC.
                       TABLE 310 FUELCELL ENERGY, INC.: COMPANY OVERVIEW
                       FIGURE 52 FUELCELL ENERGY, INC.: COMPANY SNAPSHOT
                       TABLE 311 FUELCELL ENERGY, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 312 FUELCELL ENERGY, INC.: DEALS
                       TABLE 313 FUELCELL ENERGY, INC.: OTHERS
             14.1.6 KYOCERA CORPORATION
                       TABLE 314 KYOCERA CORPORATION: COMPANY OVERVIEW
                       FIGURE 53 KYOCERA CORPORATION: COMPANY SNAPSHOT
                       TABLE 315 KYOCERA CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 316 KYOCERA CORPORATION: OTHERS
             14.1.7 DOOSAN FUEL CELL CO., LTD.
                       TABLE 317 DOOSAN FUEL CELL CO., LTD.: COMPANY OVERVIEW
                       FIGURE 54 DOOSAN FUEL CELL CO., LTD.: COMPANY SNAPSHOT
                       TABLE 318 DOOSAN FUEL CELL CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 319 DOOSAN FUEL CELL CO., LTD.: DEALS
                       TABLE 320 DOOSAN FUEL CELL CO., LTD.: OTHERS
             14.1.8 TECO 2030
                       TABLE 321 TECO 2030: COMPANY OVERVIEW
                       FIGURE 55 TECO 2030: COMPANY SNAPSHOT
                       TABLE 322 TECO 2030: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 323 TECO 2030: PRODUCT LAUNCHES
                       TABLE 324 TECO 2030: DEALS
             14.1.9 CUMMINS INC.
                       TABLE 325 CUMMINS INC.: COMPANY OVERVIEW
                       FIGURE 56 CUMMINS INC.: COMPANY SNAPSHOT
                       TABLE 326 CUMMINS INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
                       TABLE 327 CUMMINS INC.: DEALS
                       TABLE 328 CUMMINS INC.: OTHERS
             14.1.10 MITSUBISHI HEAVY INDUSTRIES, LTD.
                       TABLE 329 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY OVERVIEW
                       FIGURE 57 MITSUBISHI HEAVY INDUSTRIES, LTD.: COMPANY SNAPSHOT
                       TABLE 330 MITSUBISHI HEAVY INDUSTRIES, LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 331 MITSUBISHI HEAVY INDUSTRIES, LTD.: DEALS
             14.1.11 TOSHIBA CORPORATION
                       TABLE 332 TOSHIBA CORPORATION: COMPANY OVERVIEW
                       FIGURE 58 TOSHIBA CORPORATION: COMPANY SNAPSHOT
                       TABLE 333 TOSHIBA CORPORATION: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 334 TOSHIBA CORPORATION: DEALS
             14.1.12 NEDSTACK FUEL CELL TECHNOLOGY BV
                       TABLE 335 NEDSTACK FUEL CELL TECHNOLOGY BV: COMPANY OVERVIEW
                       TABLE 336 NEDSTACK FUEL CELL TECHNOLOGY BV: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 337 NEDSTACK FUEL CELL TECHNOLOGY BV: DEALS
             14.1.13 ELRINGKLINGER AG
                       TABLE 338 ELRINGKLINGER AG: COMPANY OVERVIEW
                       FIGURE 59 ELRINGKLINGER AG: COMPANY SNAPSHOT
                       TABLE 339 ELRINGKLINGER AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 340 ELRINGKLINGER AG: DEALS
             14.1.14 POWERCELL SWEDEN AB
                       TABLE 341 POWERCELL SWEDEN AB: COMPANY OVERVIEW
                       FIGURE 60 POWERCELL SWEDEN AB: COMPANY SNAPSHOT
                       TABLE 342 POWERCELL SWEDEN AB: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 343 POWERCELL SWEDEN AB: PRODUCT LAUNCHES
                       TABLE 344 POWERCELL SWEDEN AB: DEALS
                       TABLE 345 POWERCELL SWEDEN AB: OTHERS
             14.1.15 SFC ENERGY AG
                       TABLE 346 SFC ENERGY AG: COMPANY OVERVIEW
                       FIGURE 61 SFC ENERGY AG: COMPANY SNAPSHOT
                       TABLE 347 SFC ENERGY AG: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 348 SFC ENERGY AG: PRODUCT LAUNCHES
                       TABLE 349 SFC ENERGY AG: DEALS
                       14.1.16 AFC ENERGY
                       TABLE 350 AFC ENERGY: COMPANY OVERVIEW
                       FIGURE 62 AFC ENERGY: COMPANY SNAPSHOT
                       TABLE 351 AFC ENERGY: PRODUCTS/SERVICES/SOLUTIONS OFFERED
                       TABLE 352 AFC ENERGY: DEALS
                       TABLE 353 AFC ENERGY: OTHERS
             14.1.17 FUJI ELECTRIC CO., LTD.
                       TABLE 354 FUJI ELECTRIC CO., LTD.: COMPANY OVERVIEW
                       FIGURE 63 FUJI ELECTRIC CO., LTD.: COMPANY SNAPSHOT
                       TABLE 355 FUJI ELECTRIC CO., LTD.: PRODUCTS/SERVICES/SOLUTIONS OFFERED
     14.2 OTHER PLAYERS 
             14.2.1 INTELLIGENT ENERGY LIMITED
                       TABLE 356 INTELLIGENT ENERGY LIMITED: COMPANY OVERVIEW
             14.2.2 HORIZON FUEL CELL TECHNOLOGIES PTE LTD
                       TABLE 357 HORIZON FUEL CELL TECHNOLOGIES: COMPANY OVERVIEW
             14.2.3 NUVERA FUEL CELLS, LLC
                       TABLE 358 NUVERA FUEL CELLS, LLC: COMPANY OVERVIEW
             14.2.4 SOLIDPOWER S.P.A.
                       TABLE 359 SOLIDPOWER S.P.A.: COMPANY OVERVIEW
             14.2.5 ALTERGY
                       TABLE 360 ALTERGY: COMPANY OVERVIEW
             14.2.6 ADAPTIVE ENERGY
                       TABLE 361 ADAPTIVE ENERGY: COMPANY OVERVIEW
             14.2.7 ADELAN
                       TABLE 362 ADELAN: COMPANY OVERVIEW
             14.2.8 SPECIAL POWER SOURCES
                       TABLE 363 SPECIAL POWER SOURCES: COMPANY OVERVIEW
             14.2.9 ZTEK CORPORATION, INC.
                       TABLE 364 ZTEK CORPORATION, INC.: COMPANY OVERVIEW
             14.2.10 MICRORGANIC TECHNOLGIES
                       TABLE 365 MICRORGANIC TECHNOLOGIES: COMPANY OVERVIEW
             14.2.11 AVL LIST GMBH
                       TABLE 366 AVL LIST GMBH: COMPANY OVERVIEW
             14.2.12 WATT FUEL CELL CORPORATION
                       TABLE 367 WATT FUEL CELL CORPORATION: COMPANY OVERVIEW
             14.2.13 PROTON MOTOR FUEL CELL GMBH
                       TABLE 368 PROTON MOTOR FUEL CELL GMBH: COMPANY OVERVIEW
*Details on Business overview, Products/Services/Solutions offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
15 APPENDIX (Page No. - 317)
     15.1 INSIGHTS FROM INDUSTRY EXPERTS 
     15.2 DISCUSSION GUIDE 
     15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL 
     15.4 CUSTOMIZATION OPTIONS 
     15.5 RELATED REPORTS 
     15.6 AUTHOR DETAILS