The global fuel cell generator market size is estimated to be USD 0.3 billion in 2022 and is projected to reach USD 1.4 billion by 2030, at a CAGR of 19.9%. The market has a promising growth potential due to several factors, including the stringent norms on GHG emission across the globe, increasing R&D grants, and increasing need of energy efficient power generation.
Data center: The largest segment of fuel cell generator market, by end user
This segment includes backup power solutions installed in data centers. Growing requirement for backup power during outages is expected to fuel the growth of the data centers segment. The need to process massive amounts of data will only become more critical as technology continues to touch our daily lives in our increasingly digitized environment. The Internet of Things (IoT) will continue to develop, allowing us to improve almost every aspect of our lives. The technology can be utilized to improve manufacturing operations and equipment monitoring.
North America: The largest region in the fuel cell generator market
North America is one of the leading markets which is continuously shifting its focus towards green and renewable technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as US and Canada are increasing their investments to adopt fuel cell technology.
Breakdown of Primaries:
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type - Tier 1- 45%, Tier 2- 23% , OEM - 32%
- By Designation - C level - 37%, DD Level – 28%, Other Level - 35%
- By Region - North America - 37%, Europe - 28%, Asia Pacific - 25%, RoW – 10%
The fuel cell generator market is dominated by a few globally established players such as
Bloom Energy (US),
Doosan Fuel Cell Co., Ltd. (South Korea),
Cummins Inc. (US),
PowerCell Sweden AB (Sweden),
TOSHIBA CORPORATION (Japan),
Ballard Power Systems (Canada),
AFC Energy PLC (UK),
Proton Motor Fuel Cell GmbH (UK),
Nedstack Fuel Cell Technology BV (Netherlands),
PowerUP Energy Technologies (Estonia),
Panasonic Corporation (Japan),
TECO 2030 (Norway),
Siemens Energy (Germany),
BOC Limited (UK),
YANMAR HOLDINGS CO., LTD. (Japan),
Freudenberg Sealing Technologies GmbH & Co. KG (Germany), and
Loop Energy Inc (Canada).
The report segments the fuel cell generator market and forecasts its size, by volume and value, based on region (Asia Pacific, Europe, North America, and RoW), end user (Marine, Construction, Agriculture, Aquaculture, Data Center and Emergency Response Generator).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the fuel cell generator market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key benefits of buying the report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market