Asia-Pacific Fuel Cell Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The market is segmented by Application (Stationary, Transportation, and Portable), Type (Polymer Electrolyte Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, and Others), and Geography (China, Japan, South Korea, and Rest of Asia-Pacific)

APAC Fuel Cell Industry Overview

Asia-Pacific Fuel Cell Market
Study Period: 2019 - 2028
CAGR: > 17 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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APAC Fuel Cell Market Analysis

The Asia-Pacific fuel cell market is expected to grow at a CAGR of over 17% during the forecast period of 2020 – 2025. Factors such as rising environmental concerns and increasing demand for clean electrical energy are expected to be major drivers driving the market. The rising demand for clean energy over concerns of the environmental impact of energy generation from conventional sources such as coal and natural gas is expected to help grow the Asia-Pacific fuel cell market. However, relatively high cost and being a new technology has somewhat hampered the growth of the Asia-Pacific fuel cell market.

  • Transportation sector is expected to witness significant growth during the forecast period, owing to various factors such as increase in investments in hydrogen cars, and a rising number of fuel cell-based vehicles in the region.
  • The increasing demand for electrical energy to sustain global development requires consistent heavy investments in energy efficient and clean energy sources. This has helped the market for the fuel cell to grow significantly in recent and is expected to do so in the forecast period.
  • Japan is expected to dominate the market growth with majority of the demand coming from the residential and transportation sector, owing to the factors like economic growth rising focus on reducing greenhouse gases emissions, and rising fuel cell based vehicles.

APAC Fuel Cell Industry Segments

The Asia-Pacific fuel cell market report include:

Polymer Electrolyte Membrane Fuel Cells
Phosphoric Acid Fuel Cells
Solid Oxide Fuel Cells
South Korea
Rest of Asia-Pacific

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APAC Fuel Cell Market Trends

This section covers the major market trends shaping the APAC Fuel Cell Market according to our research experts:

Transportation Sector to Dominate the Market

  • Transportation sector has accounted for more than half of the market share in 2018 and is expected to continue its dominance in the coming years. The focus on clean energy usage in the transportation sector is creating increased opportunities for fuel cell business 
  • Japan and South Korea are expected to be pivotal in advancing the fuel cell electric vehicle technology, as Toyota and Hyundai-Kia claim to become the global leaders in fuel cell technology. Moreover, the phasing out of BEV incentives globally, from 2020, paralleled by government subsidies for fuel cell electric vehicles (FCEVs) in Asian countries, including China, Japan, and South Korea, is expected to open the floodgates to private sector investments and herald the start of a new era in fuel cell vehicle technology. 
  • There have been a massive increase in research and pilot testing of usage of fuel cells in transportation sector in order to increase efficiency and sustainability of fuel cell usage in vehicles.
  • Japan had over 2800 fuel cell vehicles on road by end of 2018, the country has set a target of 40,000 fuel cell vehicles on road by 2020 and 80,000 by 2030.
  • Therefore, with increase in fuel cell based vehicles, and phasing out of conventional fuel based vehicles, the market is expected to grow in forecast period.
Asia-Pacific Fuel Cell Market

Japan to Dominate the Market

  • Japan has dominated the fuel cell market growth in 2018 and is expected to continue its dominance in the coming years as well. The region is expected to see an unprecedented increase during the forecast period.
  • The country is leading in the region with vast applications of fuel cells, ranging from backup services for datacenters, combined heat and power for homes, automobile sector and many more. This is expected to provide a significant market growth for fuel cell market in the country.
  • Japan had implemented one of the most successful fuel cell commercialization programs, Ene-farm programme, in 2015. The program led to the deployment of over 120,000 residential fuel cell systems. Japan has added nearly 50,000 units (roughly 35 MW) of residential micro-CHP fuel cell systems in 2018, under the Ene-farm programme. 
  • Tokyo Metropolitan Government’s (TMG’s) plan to power several operations in 2020 Olympic and Paralympics games, which will be held at Tokyo, using fuel cell technology has created ample business opportunity for fuel cell companies. Toyota is planning to sell 100 fuel cell powered buses, including PEM type before the game starts. Also, the Tokyo government has created a reserve of USD 350 million to subsidize hydrogen-based fuel cell cars and refuelling stations for the same.
  • Therefore, the aforementioned factors are expected to drive the market in forecast period, similar to the trend witnessed in recent years.
Asia-Pacific Fuel Cell Market

APAC Fuel Cell Market Competitor Analysis

The Asia-Pacific fuel cell market is partially fragmented with a number of small and big players. Some of the major companies are Ballard Power Systems Inc., Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc., Mitsubishi Hitachi Power Systems Ltd, Fuji Electric Co Ltd among others.

APAC Fuel Cell Market Top Players

  1. Ballard Power Systems Inc.

  2. Toshiba Fuel Cell Power Systems Corporation

  3. FuelCell Energy Inc.

  4. Mitsubishi Hitachi Power Systems Ltd

  5. Fuji Electric Co Ltd

*Disclaimer: Major Players sorted in no particular order

Market - APAC Fuel Cell.png

APAC Fuel Cell Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Supply Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Consumers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitutes Products and Services

      5. 4.6.5 Intensity of Competitive Rivalry


    1. 5.1 Application

      1. 5.1.1 Stationary

      2. 5.1.2 Transport

      3. 5.1.3 Portable

    2. 5.2 Type

      1. 5.2.1 Polymer Electrolyte Membrane Fuel Cells

      2. 5.2.2 Phosphoric Acid Fuel Cells

      3. 5.2.3 Solid Oxide Fuel Cells

      4. 5.2.4 Others

    3. 5.3 Geography

      1. 5.3.1 China

      2. 5.3.2 Japan

      3. 5.3.3 South Korea

      4. 5.3.4 Rest of Asia-Pacific


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Ballard Power Systems Inc.

      2. 6.3.2 Horizon Fuel Cell Technologies Pte. Ltd

      3. 6.3.3 Toshiba Fuel Cell Power Systems Corporation

      4. 6.3.4 FuelCell Energy Inc.

      5. 6.3.5 Intelligent Energy Limited

      6. 6.3.6 Mitsubishi Hitachi Power Systems Ltd

      7. 6.3.7 Panasonic Corporation

      8. 6.3.8 Bosch Ltd

      9. 6.3.9 Fuji Electric Co Ltd

    4. *List Not Exhaustive

**Subject to Availability
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APAC Fuel Cell Market Research FAQs

The Asia-Pacific Fuel Cell Market is studied from 2019 - 2028.

The Asia-Pacific Fuel Cell Market is growing at a CAGR of >17% over the next 5 years.

Ballard Power Systems Inc. , Toshiba Fuel Cell Power Systems Corporation , FuelCell Energy Inc. , Mitsubishi Hitachi Power Systems Ltd , Fuji Electric Co Ltd are the major companies operating in Asia-Pacific Fuel Cell Market.

Asia-Pacific Fuel Cell Industry Report

In-depth industry statistics and market share insights of the Asia-Pacific Fuel Cell Market sector for 2020, 2021, and 2022. The Asia-Pacific Fuel Cell Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Asia-Pacific Fuel Cell Market report PDF.

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