Market Size of Asia-Pacific Fuel Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 17.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific 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.
Asia Pacific Fuel Cell Industry Segmentation
The Asia-Pacific fuel cell market report include:
| Application | |
| Stationary | |
| Transport | |
| Portable |
| Type | |
| Polymer Electrolyte Membrane Fuel Cells | |
| Phosphoric Acid Fuel Cells | |
| Solid Oxide Fuel Cells | |
| Others |
| Geography | |
| China | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
Asia-Pacific Fuel Cell Market Size Summary
The Asia-Pacific fuel cell market is poised for substantial growth, driven by increasing environmental concerns and a rising demand for clean electrical energy. The shift away from conventional energy sources like coal and natural gas is propelling the adoption of fuel cells, despite challenges such as high costs and the nascent stage of the technology. The transportation sector is anticipated to be a significant contributor to market expansion, fueled by investments in hydrogen vehicles and the growing presence of fuel cell-based vehicles. Japan is expected to lead the market, with substantial demand from residential and transportation sectors, supported by economic growth and a focus on reducing greenhouse gas emissions.
The transportation sector has historically held a dominant share of the market and is expected to maintain this position, with Japan and South Korea playing pivotal roles in advancing fuel cell electric vehicle technology. The phasing out of battery electric vehicle incentives, coupled with government subsidies for fuel cell electric vehicles in countries like China, Japan, and South Korea, is likely to attract private sector investments and accelerate the adoption of fuel cell technology. Japan's extensive applications of fuel cells, including residential systems and automotive uses, along with successful commercialization programs like the Ene-farm, are expected to drive significant market growth. The presence of major players such as Ballard Power Systems Inc., Toshiba Fuel Cell Power Systems Corporation, and others indicates a partially fragmented market with both small and large companies contributing to its development.
Asia-Pacific Fuel Cell Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Market Dynamics
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1.4.1 Drivers
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1.4.2 Restraints
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1.5 Supply Chain Analysis
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1.6 Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Consumers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitutes Products and Services
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Stationary
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2.1.2 Transport
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2.1.3 Portable
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2.2 Type
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2.2.1 Polymer Electrolyte Membrane Fuel Cells
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2.2.2 Phosphoric Acid Fuel Cells
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2.2.3 Solid Oxide Fuel Cells
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2.2.4 Others
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2.3 Geography
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2.3.1 China
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2.3.2 Japan
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2.3.3 South Korea
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2.3.4 Rest of Asia-Pacific
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Asia-Pacific Fuel Cell Market Size FAQs
What is the current Asia-Pacific Fuel Cell Market size?
The Asia-Pacific Fuel Cell Market is projected to register a CAGR of greater than 17% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Fuel Cell Market?
Ballard Power Systems Inc. , Toshiba Fuel Cell Power Systems Corporation , FuelCell Energy Inc. , Mitsubishi Hitachi Power Systems Ltd and Fuji Electric Co Ltd are the major companies operating in the Asia-Pacific Fuel Cell Market.
