Japan Fuel Cell Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is segmented by Application (Stationary, Transportation, and Portable) and Type (Polymer Electrolyte Membrane Fuel Cells, Phosphoric Acid Fuel Cells, Solid Oxide Fuel Cells, and Others)

Market Snapshot

Japan Fuel Cell Market
Study Period: 2016 - 2026
Base Year: 2021
CAGR: >17 %

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Market Overview

The Japan 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 for 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 Japan fuel cell market. However, relatively high cost and being a new technology have somewhat hampered the growth of the japan fuel cell market.

  • Transportation sector is expected to witness significant growth in the forecast period, owing to various factors such as an increase in investments in hydrogen cars, and a rising number of fuel cell-based vehicles in the country.
  • 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 Japan fuel cell to grow significantly in recent and is expected to do so in the forecast period.
  • Japan is investing heavily in fuel cell based Combined Heat and Power Systems and required infrastructure, due to aforementioned factors the country is expected to be at the forefront of fuel cell based CHP segment in forecast period. This is expected to help the market grow in forecast period, same as the trend being noticed in recent years.

Scope of the Report

The Japan fuel cell market report include:

Polymer Electrolyte Membrane Fuel Cells
Phosphoric Acid Fuel Cells
Solid Oxide Fuel Cells

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Key Market Trends

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 is 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 for fuel cell is expected to grow in forecast period.
Japan Fuel Cell Market

Increased Use of Fuel Cell Based CHP to Supplement the Market Growth

  • Japan has dominated the fuel cell based Combined Heat and Power systems sector growth in 2018 and is expected to continue its dominance in the coming years as well. The region is expected to seean unprecedented increase during the forecast period.
  • 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 300,000 fuel cell systems by the end of 2019. Japan has added nearly 50,000 units (roughly 35 MW) of residential micro-CHP fuel cell systems in 2018, under the Ene-farm programme. 
  • Government of Japan have set a target for 1 GW of larger fuel cell based systems by end of 2030. Companies like Hitachi Zosen Corporation have demonstrated various large power systems with over 54% of efficiency in a 4,000 hours continuous operation test conducted in 2017-2018.
  • Therefore, the aforementioned factors are expected to drive the market in forecast period, similar to the trend witnessed in recent years.
Japan Fuel Cell Market

Competitive Landscape

The Japan 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, Denso Corp, Mitsubishi Hitachi Power Systems Ltd, and Fuji Electric Co Ltd among others.

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 million, 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


    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 Denso Corp

      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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Frequently Asked Questions

The Japan Fuel Cell Market market is studied from 2016 - 2026.

The Japan 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 , Denso Corp , Mitsubishi Hitachi Power Systems Ltd , Fuji Electric Co Ltd are the major companies operating in Japan Fuel Cell Market.

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