China and Japan Stationary Fuel Cell Market to Reach $2.5 billion, Globally, by 2031 at 13.6% CAGR: Allied Market Research
“Recent innovations in stationary fuel cell technologies in China and Japan are driving efficiency and cost-effectiveness. These innovations encompass advanced materials, enhanced processing, automation, and circular economy principles, extending fuel cell lifespans and reducing waste. China’s focus on clean energy and emissions reduction aligns with growing investments in stationary fuel cells. Meanwhile, Japan’s expertise in hydrogen fuel cell technology is instrumental in power generation. Ongoing exploration of new hydrogen and natural gas sources, including unconventional reserves and emerging production methods, supports this progress. Together, these innovations shape a future of efficient, environmentally responsible power generation in the stationary fuel cell markets of China and Japan.”
Wilmington, Delaware, Nov. 05, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “China and Japan Stationary Fuel Cell Market by capacity (1 KW, 1 KW to 5 KW, 5 KW to 250 KW, 250 to 1 MW, and More than 1 MW), Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), and Others), Application (combined heat and power, prime power, uninterrupted power supply, and others), End Use (Transportation, Defense, Oil and Gas, Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032“. According to the report. The China and Japan stationary fuel cell market was valued at $0.7 billion in 2021 and is projected to reach $2.5 billion by 2031, registering a CAGR of 13.6% from 2022 to 2031.
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Prime determinants of growth
The growth of the China and Japan stationary fuel cell market is primarily influenced by stringent government regulations to control increasing pollution, increase in demand for distributed power systems, and initiatives towards developing a hydrogen economy. These factors collectively drive innovation and adoption of stationary fuel cells to address environmental challenges and promote sustainability. However, high cost of the catalyst, and the presence of alternatives for energy storage and power generation restrains the development of the market. Furthermore, rise in demand for fuel cells and technological development in fuel cell will provide ample opportunities for the development of China and Japan stationary fuel cell market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2022 | $0.7 Billion |
| Market Size in 2032 | $2.5 Billion |
| CAGR | 13.6% |
| No. of Pages in Report | 206 |
| Segments covered | Capacity, Type, Application, End-Use, and Region. |
| Drivers | Stringent government regulations to control increasing pollution |
| Increase in demand for distributed power system | |
| Initiatives toward developing a hydrogen economy | |
| Opportunities | Demand for fuel cells and technological developments in the fuel cell |
| Restraints | High cost of the catalyst leads to higher cost of fuel cell |
| The presence of alternatives for energy storage and power generation |
Impact Scenario
- The COVID-19 pandemic impacted major end users of stationary fuel cells, including the power generation, aerospace, oil, and gas industries, stifling market growth during the forecast period.
- COVID-19 has influenced the stationary fuel cell sector and has had an impact on economic development in several locations. Lockdowns and curfews have caused several manufacturing operations to be disrupted, causing gasoline prices to rise. Additionally, increasing customer awareness of the need to reduce GHG emissions and improve air quality would boost market demand during the forecast period.
The proton exchange membrane fuel cell segment to maintain its leadership status throughout the forecast period
Based on type, the proton exchange membrane fuel cell segment accounted for nearly three-fifths of the China and Japan stationary fuel cell market share in 2021 and is expected to maintain its dominance during the forecast period. The major advantage that has driven the adoption of PEMFC is the by-product of the reaction in the fuel cell, which is only water. The presence of this characteristic of the fuel cell is the most preferred solution for the transportation sector. Furthermore, increased investment in R&D and many universities and governmental organizations are engaged in research and demonstration projects of new technologies in the Proton exchange membrane fuel cells (PEMFC) industry.
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The 5 KW to 250 KW segment to maintain its leadership status throughout the forecast period
Based on capacity, the 5 KW to 250 KW segment accounted for highest market share of the China and Japan stationary fuel cell market share in 2021 and is expected to maintain its dominance during the forecast period. The government programs and incentives, particularly in organization for economic co-operation and development (OCED) countries such as the U.S., the UK, Germany, Japan, and others, are expected to drive the growth of combined heat and power, which has a significant impact on the development of the stationary fuel cell. The U.S. federal government and several state governments have rolled out incentives and tax rebates for CHP installations.
The prime power segment to maintain its leadership status throughout the forecast period
Based on application, the prime power segment accounted for the largest revenue share in the China and Japan stationary fuel cell market in 2021. The prime power segment accounted for nearly half of the China and Japan stationary fuel cell market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to its wide range of applications in residential, commercial, and industrial buildings. By end use, it is divided into transportation, defense, oil and gas, utilities, and others.
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The transportation segment to maintain its leadership status throughout the forecast period
On the basis of end-use industry, the transportation segment accounted for the largest revenue share in the China and Japan stationary fuel cell market in 2021. The decline in fossil fuel resources and the increase in the demand for fossil fuel resources has led to the investment of the government in alternative resources which led to the utilization of hydrogen fuel cells in the transportation sector. Stationary fuel cells are utilized as the power station to power the vehicles. Furthermore, developing countries such as India, China, and others have started the construction and infrastructure related to hydrogen and are taking initiatives through various policies to increase the production of hydrogen. Owing to several major upcoming projects, the China and Japan stationary fuel cell market is expected to witness significant growth during the forecast period.
Leading Market Players: –
- Ballard Power Systems
- Posco Energy
- Toshiba Fuel Cell Power System Corporation
- Denso Corporation
- Mitsubishi Hitachi power systems Ltd.
- FUJI Electric Co. Ltd.
- Fuelcell Energy Inc.
- Plug Power Inc.
- Horizon Fuel Cell Technologies Pte
- Aisin Seiki Co., Ltd.
The report provides a detailed analysis of these key players in the global China and Japan stationary fuel cell market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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