TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 24
2 MARKET INTRODUCTION 26
2.1 DEFINITION 26
2.2 SCOPE OF THE STUDY, 26
2.3 RESEARCH OBJECTIVE 26
2.4 MARKET STRUCTURE 27
3 RESEARCH METHODOLOGY 28
3.1 OVERVIEW 28
3.2 DATA FLOW 30
3.2.1 DATA MINING PROCESS 30
3.3 PURCHASED DATABASE: 31
3.4 SECONDARY SOURCES: 32
3.4.1 SECONDARY RESEARCH DATA FLOW: 33
3.5 PRIMARY RESEARCH: 34
3.5.1 PRIMARY RESEARCH DATA FLOW: 35
3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED 36
3.5.3 PRIMARY RESEARCH: REGIONAL COVERAGE 36
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: 37
3.6.1 REVENUE ANALYSIS APPROACH 37
3.7 DATA FORECASTING 38
3.7.1 DATA FORECASTING TECHNIQUE 38
3.8 DATA MODELING 39
3.8.1 MICROECONOMIC FACTOR ANALYSIS: 39
3.8.2 DATA MODELING: 40
4 MARKET DYNAMICS 42
4.1 INTRODUCTION 42
4.2 DRIVERS 43
4.2.1 BETTER FUEL EFFICIENCY AND INCREASED DRIVING RANGE 43
4.2.2 RAPID INCREASE IN INVESTMENT AND DEVELOPMENT FOR GREEN HYDROGEN PRODUCTION 43
4.2.3 FAST REFUELING 44
4.2.4 REDUCED OIL DEPENDENCY 44
4.2.5 GROWING PRIVATE-PUBLIC PARTNERSHIPS AND REDUCED ENVIRONMENTAL IMPACT ARE EXPECTED TO PROPEL THE DEMAND 44
4.3 RESTRAINTS 45
4.3.1 HIGH FLAMMABILITY 45
4.3.2 HARD TO DETECT HYDROGEN LEAKAGES 45
4.3.3 HIGH DEVELOPMENT COSTS OF AUTOMOTIVE FUEL CELLS 46
4.4 OPPORTUNITY 47
4.4.1 RISING DEMAND FOR FUEL-CELL VEHICLES IN AUTOMOTIVE AND TRANSPORTATION 47
4.4.2 FUEL-CELL VANS TO BE AN EMERGING OPPORTUNITY FOR OEMS 47
4.4.3 GOVERNMENT INITIATIVES PROMOTING HYDROGEN INFRASTRUCTURE 47
4.5 CHALLENGES 48
4.5.1 HIGH VEHICLE COST 48
4.5.2 INSUFFICIENT HYDROGEN INFRASTRUCTURE 48
4.5.3 RISING DEMAND FOR BEVS AND HEVS 49
4.6 COVID-19 IMPACT ANALYSIS 49
4.6.1 IMPACT ON OVERALL FUEL CELL INDUSTRY 49
4.6.1.1 ECONOMIC IMPACT 49
4.6.2 IMPACT ON SUPPLY CHAIN OF FUEL CELL 50
4.6.2.1 PRICE VARIATION OF KEY RAW MATERIALS 50
4.6.2.2 PRODUCTION SHUTDOWN 50
4.6.2.3 CASH FLOW CONSTRAINTS 50
4.6.2.4 IMPACT ON IMPORT/EXPORT 50
4.6.3 IMPACT ON MARKET DEMAND OF FUEL CELL 51
4.6.3.1 IMPACT DUE TO RESTRICTION/LOCKDOWN 51
4.6.3.2 CONSUMER SENTIMENTS 51
5 MARKET FACTOR ANALYSIS 52
5.1 SUPPLY CHAIN ANALYSIS 52
5.1.1 RAW MATERIAL ACQUISITION 52
5.1.2 COMPONENT MANUFACTURING 53
5.1.3 SYSTEM ASSEMBLY 53
5.1.4 DISTRIBUTION AND LOGISTICS 53
5.1.5 END USERS 53
5.2 PORTER'S FIVE FORCES MODEL 54
5.2.1 THREAT OF NEW ENTRANTS 54
5.2.2 BARGAINING POWER OF SUPPLIERS 54
5.2.3 THREAT OF SUBSTITUTES 55
5.2.4 BARGAINING POWER OF BUYERS 55
5.2.5 INTENSITY OF RIVALRY 55
5.3 MARKET SWOT ANALYSIS 55
5.4 MARKET PESTEL ANALYSIS 56
5.4.1 POLITICAL 56
5.4.2 ECONOMIC 56
5.4.3 SOCIAL 56
5.4.4 TECHNOLOGICAL 56
5.4.5 ENVIRONMENTAL 56
5.4.6 LEGAL 57
5.5 REGULATORY FRAMEWORK 57
6 GLOBAL FUEL CELL MARKET, BY COMPONENT 59
6.1 OVERVIEW 59
6.2 FUEL PROCESSOR 60
6.3 POWER CONDITIONER: 61
6.4 FUEL STACK: 61
6.5 HUMIDIFIERS: 61
7 GLOBAL FUEL CELL MARKET, BY ELECTROLYTE TYPE 62
7.1 INTRODUCTION 62
7.2 PROTON-EXCHANGE MEMBRANE FUEL CELL (PEMFC) 63
7.3 SOLID OXIDE FUEL CELL (SOFC) 63
7.4 PHOSPHORIC ACID FUEL CELL (PAFC) 63
7.5 OTHERS 64
8 GLOBAL FUEL CELL MARKET, BY POWER OUTPUT 65
8.1 INTRODUCTION 65
8.2 <100KW: 66
8.3 100-200K: 66
8.4 >200KW: 66
9 GLOBAL FUEL CELL MARKET, BY FUEL TYPE 67
9.1 INTRODUCTION 67
9.2 HYDROGEN: 68
9.3 METHANOL: 68
9.4 OTHERS: 68
10 GLOBAL FUEL CELL MARKET, BY APPLICATION 69
10.1 INTRODUCTION 69
10.2 PASSENGER CAR: 70
10.3 LIGHT COMMERCIAL VEHICLE: 70
10.4 HEAVY COMMERCIAL VEHICLE: 70
10.5 CONSTRUCTION EQUIPMENT 71
10.6 STATIONARY 71
11 GLOBAL FUEL CELL MARKET, BY REGION 72
11.1 OVERVIEW 72
11.1.1 GLOBAL FUEL CELL MARKET, BY REGION, 2022 VS 2032 (USD MILLION) 72
11.1.2 GLOBAL FUEL CELL MARKET, BY REGION, 2019–2032 (USD MILLION) 73
11.2 NORTH AMERICA 73
11.2.1 US 77
11.2.2 CANADA 79
11.2.3 MEXICO 80
11.3 EUROPE 82
11.3.1 EUROPE 84
11.3.2 GERMANY 86
11.3.3 UK 88
11.3.4 FRANCE 89
11.3.5 SPAIN 91
11.3.6 ITALY 93
11.3.7 NETHERLANDS 94
11.3.8 POLAND 96
11.3.9 DENMARK 98
11.3.10 NORWAY 99
11.3.11 REST OF EUROPE 101
11.4 ASIA-PACIFIC 103
11.4.1 ASIA PACIFIC 105
11.4.2 CHINA 106
11.4.3 INDIA 108
11.4.4 JAPAN 110
11.4.5 SOUTH KOREA 111
11.4.6 MALAYSIA 113
11.4.7 AUSTRALIA 115
11.4.8 REST OF ASIA-PACIFIC 116
11.5 MIDDLE EAST & AFRICA 118
11.5.1 MIDDLE EAST & AFRICA 120
11.5.2 SAUDI ARABIA 122
11.5.3 UAE 124
11.5.4 SOUTH AFRICA 125
11.5.5 REST OF MIDDLE EAST & AFRICA 127
11.6 SOUTH AMERICA 129
11.6.1 BRAZIL 132
11.6.2 ARGENTINA 134
11.6.3 REST OF SOUTH AMERICA 135
12 COMPETITIVE LANDSCAPE 138
12.1 INTRODUCTION 138
12.2 MARKET SHARE ANALYSIS, 2022 139
12.3 COMPETITOR DASHBOARD 140
12.3.1 LIST OF PEM-FC CUSTOMER IN EUROPE 141
12.3.2 PARTNERSHIP/COLLBORATION 144
12.3.3 PRODUCT DEVELOPMENT/NEW PRODUCT 146
12.3.4 AGREEMENT/CONTRACT/ACQUISITION 146
13 COMPANY PROFILES 147
13.1 BALLARD POWER SYSTEMS 147
13.1.1 COMPANY OVERVIEW 147
13.1.2 FINANCIAL OVERVIEW 148
13.1.3 PRODUCTS OFFERED 148
13.1.4 KEY DEVELOPMENTS 149
13.1.5 SWOT ANALYSIS 150
13.1.6 KEY STRATEGIES 150
13.2 PLUG POWER INC. 151
13.2.1 COMPANY OVERVIEW 151
13.2.2 FINANCIAL OVERVIEW 152
13.2.3 PRODUCTS OFFERED 152
13.2.4 KEY DEVELOPMENTS 153
13.2.5 SWOT ANALYSIS 153
13.2.6 KEY STRATEGIES 153
13.3 NEDSTACK FUEL CELL TECHNOLOGY BV 154
13.3.1 COMPANY OVERVIEW 154
13.3.2 FINANCIAL OVERVIEW 154
13.3.3 PRODUCTS OFFERED 155
13.3.4 KEY DEVELOPMENTS 155
13.3.5 SWOT ANALYSIS 156
13.3.6 KEY STRATEGIES 156
13.4 TOYOTA MOTOR CORPORATION 157
13.4.1 COMPANY OVERVIEW 157
13.4.2 FINANCIAL OVERVIEW 158
13.4.3 PRODUCTS OFFERED 159
13.4.4 KEY DEVELOPMENTS 159
13.4.5 SWOT ANALYSIS 160
13.4.6 KEY STRATEGIES 160
13.5 HYUNDAI MOTOR GROUP 161
13.5.1 COMPANY OVERVIEW 161
13.5.2 FINANCIAL OVERVIEW 162
13.5.3 PRODUCTS OFFERED 162
13.5.4 KEY DEVELOPMENTS 163
13.5.5 SWOT ANALYSIS 163
13.5.6 KEY STRATEGIES 163
13.6 HYSTER-YALE MATERIALS HANDLING, INC. 164
13.6.1 COMPANY OVERVIEW 164
13.6.2 FINANCIAL OVERVIEW 165
13.6.3 PRODUCTS OFFERED 165
13.6.4 KEY DEVELOPMENTS 166
13.6.5 SWOT ANALYSIS 166
13.6.6 KEY STRATEGIES 166
13.7 AIR LIQUIDE ENERGIES 167
13.7.1 COMPANY OVERVIEW 167
13.7.2 FINANCIAL OVERVIEW 168
13.7.3 PRODUCTS OFFERED 169
13.7.4 KEY DEVELOPMENTS 169
13.7.5 SWOT ANALYSIS 170
13.7.6 KEY STRATEGIES 170
13.8 CUMMINS INC. 171
13.8.1 COMPANY OVERVIEW 171
13.8.2 FINANCIAL OVERVIEW 172
13.8.3 PRODUCTS OFFERED 172
13.8.4 KEY DEVELOPMENTS 173
13.8.5 SWOT ANALYSIS 173
13.8.6 KEY STRATEGIES 174
13.9 DOOSAN FUEL CELL CO., LTD. 175
13.9.1 COMPANY OVERVIEW 175
13.9.2 FINANCIAL OVERVIEW 176
13.9.3 PRODUCTS OFFERED 176
13.9.4 KEY DEVELOPMENTS 177
13.9.5 SWOT ANALYSIS 177
13.9.6 KEY STRATEGIES 177
13.10 BORGWARNER INC. 178
13.10.1 COMPANY OVERVIEW 178
13.10.2 FINANCIAL OVERVIEW 179
13.10.3 PRODUCTS OFFERED 179
13.10.4 KEY DEVELOPMENTS 180
13.10.5 SWOT ANALYSIS 180
13.10.6 KEY STRATEGIES 180
13.11 OORJA CORPORATION 181
13.11.1 COMPANY OVERVIEW 181
13.11.2 FINANCIAL OVERVIEW 181
13.11.3 PRODUCTS OFFERED 181
13.11.4 KEY DEVELOPMENTS 182
13.11.5 SWOT ANALYSIS 182
13.11.6 KEY STRATEGIES 182
13.12 SFC ENERGY AG 183
13.12.1 COMPANY OVERVIEW 183
13.12.2 FINANCIAL OVERVIEW 184
13.12.3 PRODUCTS OFFERED 185
13.12.4 KEY DEVELOPMENTS 185
13.12.5 SWOT ANALYSIS 186
13.12.6 KEY STRATEGIES 186
13.13 WATT FUEL CELL 187
13.13.1 COMPANY OVERVIEW 187
13.13.2 FINANCIAL OVERVIEW 187
13.13.3 PRODUCTS OFFERED 187
13.13.4 KEY DEVELOPMENTS 188
13.13.5 SWOT ANALYSIS 188
13.13.6 KEY STRATEGIES 188
13.14 ALTERGY 189
13.14.1 COMPANY OVERVIEW 189
13.14.2 FINANCIAL OVERVIEW 189
13.14.3 PRODUCTS OFFERED 189
13.14.4 KEY DEVELOPMENTS 190
13.14.5 SWOT ANALYSIS 190
13.14.6 KEY STRATEGIES 190
13.15 HONDA MOTOR COMPANY, LTD 191
13.15.1 COMPANY OVERVIEW 191
13.15.2 FINANCIAL OVERVIEW 192
13.15.3 PRODUCTS OFFERED 192
13.15.4 KEY DEVELOPMENTS 193
13.15.5 SWOT ANALYSIS 193
13.15.6 KEY STRATEGIES 194
14 DATA CITATIONS 195
LIST OF TABLES
TABLE 1 QFD MODELING FOR MARKET SHARE ASSESSMENT 40
TABLE 2 GLOBAL FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 59
TABLE 3 GLOBAL FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 62
TABLE 4 GLOBAL FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 65
TABLE 5 GLOBAL FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 67
TABLE 6 GLOBAL FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 69
TABLE 7 GLOBAL FUEL CELL MARKET, BY REGION, 2019–2032 (USD MILLION) 73
TABLE 8 NORTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2019-2032 (USD MILLION) 75
TABLE 9 NORTH AMERICA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 75
TABLE 10 NORTH AMERICA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 76
TABLE 11 NORTH AMERICA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 76
TABLE 12 NORTH AMERICA FU
