North America Fuel Cell Technology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The market is segmented by Application (Portable, Stationary, and Transportation), Fuel Cell Technology (Polymer Electrolyte Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), and Other Fuel Cell Technologies), and Geography (United States, Canada, and Rest of North America). The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

North America Fuel Cell Technology marketIndustry Overview

North America Fuel Cell Technology Market Summary
Study Period: 2019-2027
CAGR: > 14.97 %

Major Players

North America Fuel Cell Technology Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Fuel Cell Technology market Analysis

The North American fuel cell technology market is expected to register a CAGR of 14.97% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Currently. The market has reached pre-pandemic levels.

  • Over the long term, the advantages of fuel cells over their alternatives, such as lithium-ion batteries, government initiatives, and private investment support, are expected to drive the market studied.
  • On the other hand, the availability of proven and cost-effective alternate energy storage systems ​and the lack of hydrogen supply infrastructure are expected to restrain the market during the forecast period.
  • Nevertheless, pure battery vehicles cannot cover all the route, load, and refueling requirements; therefore, fuel cells are a practical solution for trucks to maintain a place. Thus, this is expected to provide an excellent opportunity for the fuel cell technology market in the near future.

North America Fuel Cell Technology marketIndustry Segments

Fuel cells use the chemical energy of hydrogen to produce electricity efficiently. They need not be periodically recharged like batteries. Instead, they continue to generate electricity as long as a fuel source is provided. Fuel cells are very clean, with the only by-products being electricity, excess heat, and water. ​

The North American fuel cell market is segmented by application, fuel cell technology, and geography. By application, the market is segmented into portable, stationary, and transportation. By fuel cell technology, the market is segmented into polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), and other fuel cell technologies. The report also covers the market size and forecasts for the fuel cell market in major countries across the region. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

Application
Portable
Stationary
Transportation
Fuel Cell Technology
Polymer Electrolyte Membrane Fuel Cell (PEMFC)
Solid Oxide Fuel Cell (SOFC)
Other Fuel Cell Technologies
Geography
United States
Canada
Rest of North America

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North America Fuel Cell Technology market Trends

Polymer Electrolyte Membrane Fuel Cell (PEM) to Dominate the Market

  • PEM fuel cell used for electrical power generation continues to dominate the stationary application, while household heat and power are nascent. During 2018, trucks and other heavy vehicles have increasingly started the significant application of PEM fuel cells.
  • Among the various types of support materials, carbon black (Vulcan XC -72) has been widely used in PEM fuel cells due to its high electrical conductivity and specific area. However, it suffers from electro-oxidation under fuel cell operating conditions, resulting in the loss of catalytic activity after long-term operation.
  • The North American region (primarily the United States) is one of the early adopters of the commercial-scale deployment of polymer electrolyte membrane (PEM)-based fuel cells. It was supported by government funding and had an increased uptake by end-users like the automobile industry.
  • California Energy Commission’s Alternative and Renewable Fuel and Vehicle Technology Program, a government initiative in 2013, established long-term plans to develop 100 retail hydrogen stations by 2021-22. This has encouraged the private sector to invest in the fuel cell market.
  • As of 2021, around 11,956 fuel cells, including PEM fuel cells, powered light-duty vehicles were on the road in California. California has 115 retail hydrogen stations in development as of 2021.
  • Therefore, development and government support are expected to drive the PEM fuel cell technology market in the region.
North America Fuel Cell Market Share, in %, by Fuel Cell Technology, North America, 2021

United States is Expected to Drive the Market

  • The United States leads the global fuel cell electric vehicle (FCEV) deployed worldwide, and as of 2021, there were more than 535.6 MW of fuel cell stationary power, serving more than 40 states in the United States.
  • California leads the deployment, where the Zero Emission Vehicle Program has significantly supplemented FCEV sales and is expected to remain the same in the coming years.
  • PEM remains the dominant chemistry for the transportation sector in the country, though both DMFC and SOFC variants of vehicle systems are under development. Automotive giants, such as Toyota and Hyundai, have ventured into PEM stack cell technology to reduce the overall production costs of FCEVs. ​
  • Besides, more than 80% of the fuel cell systems deployed in the United States are expected to be for the transportation sector.​ The cumulative number of fuel-cell electric vehicles in the United States grew from 4 in 2012 to 14,435 in 2022 till October.
  • In May 2022, Hyundai Motor Company emphasized its plan to ramp up the United States commercial vehicle market entry with XCIENT Fuel Cell trucks at the 2022 Advanced Clean Transportation (ACT) Expo.
  • Such collaborative efforts by the government and industry players are expected to significantly reduce PEMFC and FCEVs' costs and, in turn, increase the demand for fuel cells in the country.
North America Fuel Cell Technology Market: Fuel Cell Electric Vehicles Stock, in units, United States, 2012-Oct 2022

North America Fuel Cell Technology market Competitor Analysis

The North American fuel cell technology market is fragmented. Some of the key players are (in no particular order) Ballard Power Systems Inc., Horizon Fuel Cell Technologies Pte Ltd, FuelCell Energy Inc., Plug Power Inc., and Nuvera Fuel Cells LLC.

North America Fuel Cell Technology market Top Players

  1. Ballard Power Systems Inc.

  2. Horizon Fuel Cell Technologies Pte Ltd

  3. FuelCell Energy Inc.

  4. Plug Power Inc.

  5. Nuvera Fuel Cells LLC

*Disclaimer: Major Players sorted in no particular order

North America Fuel Cell Technology Market Concentration

North America Fuel Cell Technology market Recent Developments

  • In September 2022, Loop Energy unveiled a 120 kW fuel cell system that reportedly provides an additional efficiency gain of 20% when it generates electricity.
  • In August 2022, Bosch announced its plans for the company's first production of fuel cell technology in the United States. The company will invest USD 200 million in its South Carolina factory as a part of the company's bigger plan of investing over USD 1 billion globally to develop fuel cell technology by 2024.

North America Fuel Cell Technology market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Portable

      2. 5.1.2 Stationary

      3. 5.1.3 Transportation

    2. 5.2 Fuel Cell Technology

      1. 5.2.1 Polymer Electrolyte Membrane Fuel Cell (PEMFC)

      2. 5.2.2 Solid Oxide Fuel Cell (SOFC)

      3. 5.2.3 Other Fuel Cell Technologies

    3. 5.3 Geography

      1. 5.3.1 United States

      2. 5.3.2 Canada

      3. 5.3.3 Rest of North America

  6. 6. COMPETITIVE LANDSCAPE

    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 FuelCell Energy Inc.

      4. 6.3.4 Hydrogenics Corporation

      5. 6.3.5 FuelCell Energy Inc.

      6. 6.3.6 Plug Power Inc.

      7. 6.3.7 Nuvera Fuel Cells LLC

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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North America Fuel Cell Technology market Research FAQs

The North America Fuel Cell Technology Market market is studied from 2019 - 2027.

The North America Fuel Cell Technology Market is growing at a CAGR of >14.97% over the next 5 years.

Ballard Power Systems Inc., Horizon Fuel Cell Technologies Pte Ltd, FuelCell Energy Inc., Plug Power Inc., Nuvera Fuel Cells LLC are the major companies operating in North America Fuel Cell Technology Market.

North America Fuel Cell Technology Industry Reports

In-depth industry statistics and market share insights of the North America Fuel Cell Technology sector for 2020, 2021, and 2022. The North America Fuel Cell Technology 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 North America Fuel Cell Technology report PDF.

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