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 FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 76
TABLE 13 NORTH AMERICA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 77
TABLE 14 US FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 77
TABLE 15 US FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 77
TABLE 16 US FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 78
TABLE 17 US FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 78
TABLE 18 US FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 78
TABLE 19 CANADA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 79
TABLE 20 CANADA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 79
TABLE 21 CANADA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 79
TABLE 22 CANADA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 80
TABLE 23 CANADA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 80
TABLE 24 MEXICO FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 80
TABLE 25 MEXICO FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 81
TABLE 26 MEXICO FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 81
TABLE 27 MEXICO FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 81
TABLE 28 MEXICO FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 82
TABLE 29 EUROPE: FUEL CELL MARKET, BY COUNTRY, 2019-2032 (USD MILLION) 84
TABLE 30 EUROPE FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 84
TABLE 31 EUROPE FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 85
TABLE 32 EUROPE FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 85
TABLE 33 EUROPE FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 85
TABLE 34 EUROPE FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 86
TABLE 35 GERMANY FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 86
TABLE 36 GERMANY FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 86
TABLE 37 GERMANY FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 87
TABLE 38 GERMANY FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 87
TABLE 39 GERMANY FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 87
TABLE 40 UK FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 88
TABLE 41 UK FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 88
TABLE 42 UK FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 88
TABLE 43 UK FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 89
TABLE 44 UK FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 89
TABLE 45 FRANCE FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 89
TABLE 46 FRANCE FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 90
TABLE 47 FRANCE FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 90
TABLE 48 FRANCE FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 90
TABLE 49 FRANCE FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 91
TABLE 50 SPAIN FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 91
TABLE 51 SPAIN FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 91
TABLE 52 SPAIN FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 92
TABLE 53 SPAIN FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 92
TABLE 54 SPAIN FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 92
TABLE 55 ITALY FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 93
TABLE 56 ITALY FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 93
TABLE 57 ITALY FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 93
TABLE 58 ITALY FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 94
TABLE 59 ITALY FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 94
TABLE 60 NETHERLANDS FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 94
TABLE 61 NETHERLANDS FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 95
TABLE 62 NETHERLANDS FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 95
TABLE 63 NETHERLANDS FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 95
TABLE 64 NETHERLANDS FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 96
TABLE 65 POLAND FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 96
TABLE 66 POLAND FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 96
TABLE 67 POLAND FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 97
TABLE 68 POLAND FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 97
TABLE 69 POLAND FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 97
TABLE 70 DENMARK FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 98
TABLE 71 DENMARK FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 98
TABLE 72 DENMARK FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 98
TABLE 73 DENMARK FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 99
TABLE 74 DENMARK FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 99
TABLE 75 NORWAY FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 99
TABLE 76 NORWAY FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 100
TABLE 77 NORWAY FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 100
TABLE 78 NORWAY FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 100
TABLE 79 NORWAY FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 101
TABLE 80 REST OF EUROPE FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 101
TABLE 81 REST OF EUROPE FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 101
TABLE 82 REST OF EUROPE FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 102
TABLE 83 REST OF EUROPE FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 102
TABLE 84 REST OF EUROPE FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 102
TABLE 85 ASIA-PACIFIC: FUEL CELL MARKET, BY COUNTRY, 2019-2032 (USD MILLION) 104
TABLE 86 ASIA PACIFIC FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 105
TABLE 87 ASIA PACIFIC FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 105
TABLE 88 ASIA PACIFIC FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 105
TABLE 89 ASIA PACIFIC FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 106
TABLE 90 ASIA PACIFIC FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 106
TABLE 91 CHINA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 106
TABLE 92 CHINA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 107
TABLE 93 CHINA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 107
TABLE 94 CHINA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 107
TABLE 95 CHINA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 108
TABLE 96 INDIA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 108
TABLE 97 INDIA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 108
TABLE 98 INDIA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 109
TABLE 99 INDIA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 109
TABLE 100 INDIA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 109
TABLE 101 JAPAN FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 110
TABLE 102 JAPAN FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 110
TABLE 103 JAPAN FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 110
TABLE 104 JAPAN FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 111
TABLE 105 JAPAN FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 111
TABLE 106 SOUTH KOREA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 111
TABLE 107 SOUTH KOREA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 112
TABLE 108 SOUTH KOREA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 112
TABLE 109 SOUTH KOREA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 112
TABLE 110 SOUTH KOREA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 113
TABLE 111 MALAYSIA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 113
TABLE 112 MALAYSIA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 113
TABLE 113 MALAYSIA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 114
TABLE 114 MALAYSIA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 114
TABLE 115 MALAYSIA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 114
TABLE 116 AUSTRALIA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 115
TABLE 117 AUSTRALIA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 115
TABLE 118 AUSTRALIA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 115
TABLE 119 AUSTRALIA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 116
TABLE 120 AUSTRALIA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 116
TABLE 121 REST OF ASIA-PACIFIC FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 116
TABLE 122 REST OF ASIA-PACIFIC FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 117
TABLE 123 REST OF ASIA-PACIFIC FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 117
TABLE 124 REST OF ASIA-PACIFIC FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 117
TABLE 125 REST OF ASIA-PACIFIC FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 118
TABLE 126 MIDDLE EAST & AFRICA: FUEL CELL MARKET, BY COUNTRY, 2019-2032 (USD MILLION) 120
TABLE 127 MIDDLE EAST & AFRICA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 120
TABLE 128 MIDDLE EAST & AFRICA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 121
TABLE 129 MIDDLE EAST & AFRICA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 121
TABLE 130 MIDDLE EAST & AFRICA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 121
TABLE 131 MIDDLE EAST & AFRICA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 122
TABLE 132 SAUDI ARABIA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 122
TABLE 133 SAUDI ARABIA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 122
TABLE 134 SAUDI ARABIA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 123
TABLE 135 SAUDI ARABIA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 123
TABLE 136 SAUDI ARABIA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 123
TABLE 137 UAE FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 124
TABLE 138 UAE FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 124
TABLE 139 UAE FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 124
TABLE 140 UAE FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 125
TABLE 141 UAE FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 125
TABLE 142 SOUTH AFRICA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 125
TABLE 143 SOUTH AFRICA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 126
TABLE 144 SOUTH AFRICA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 126
TABLE 145 SOUTH AFRICA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 126
TABLE 146 SOUTH AFRICA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 127
TABLE 147 REST OF MIDDLE EAST & AFRICA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 127
TABLE 148 REST OF MIDDLE EAST & AFRICA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 127
TABLE 149 REST OF MIDDLE EAST & AFRICA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 128
TABLE 150 REST OF MIDDLE EAST & AFRICA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 128
TABLE 151 REST OF MIDDLE EAST & AFRICA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 128
TABLE 152 SOUTH AMERICA: FUEL CELL MARKET, BY COUNTRY, 2019-2032 (USD MILLION) 130
TABLE 153 SOUTH AMERICA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 130
TABLE 154 SOUTH AMERICA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 131
TABLE 155 SOUTH AMERICA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 131
TABLE 156 SOUTH AMERICA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 131
TABLE 157 SOUTH AMERICA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 132
TABLE 158 BRAZIL FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 132
TABLE 159 BRAZIL FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 132
TABLE 160 BRAZIL FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 133
TABLE 161 BRAZIL FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 133
TABLE 162 BRAZIL FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 133
TABLE 163 RGENTINA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 134
TABLE 164 ARGENTINA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 134
TABLE 165 ARGENTINA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 134
TABLE 166 ARGENTINA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 135
TABLE 167 ARGENTINA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 135
TABLE 168 REST OF SOUTH AMERICA FUEL CELL MARKET, BY COMPONENT, 2019-2032 (USD MILLION) 135
TABLE 169 REST OF SOUTH AMERICA FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2019-2032 (USD MILLION) 136
TABLE 170 REST OF SOUTH AMERICA FUEL CELL MARKET, BY POWER OUTPUT, 2019-2032 (USD MILLION) 136
TABLE 171 REST OF SOUTH AMERICA FUEL CELL MARKET, BY FUEL TYPE, 2019-2032 (USD MILLION) 136
TABLE 172 REST OF SOUTH AMERICA FUEL CELL MARKET, BY APPLICATION, 2019-2032 (USD MILLION) 137
TABLE 173 PARTNERSHIP/COLLBORATION 144
TABLE 174 PRODUCT DEVELOPMENT/NEW PRODUCT 146
TABLE 175 AGREEMENT/CONTRACT/ACQUISITION 146
TABLE 176 BALLARD POWER SYSTEMS: PRODUCTS OFFERED 148
TABLE 177 BALLARD POWER SYSTEMS: KEY DEVELOPMENTS 149
TABLE 178 PLUG POWER, INC.: PRODUCTS OFFERED 152
TABLE 179 PLUG POWER, INC.: KEY DEVELOPMENTS 153
TABLE 180 NEDSTACK FUEL CELL TECHNOLOGY BV: PRODUCTS OFFERED 155
TABLE 181 NEDSTACK FUEL CELL TECHNOLOGY BV: KEY DEVELOPMENTS 155
TABLE 182 TOYOTA MOTOR CORPORATION: PRODUCTS OFFERED 159
TABLE 183 TOYOTA MOTOR CORPORATION: KEY DEVELOPMENTS 159
TABLE 184 HYUNDAI MOTOR GROUP PRODUCTS OFFERED 162
TABLE 185 HYUNDAI MOTOR GROUP: KEY DEVELOPMENTS 163
TABLE 186 HYSTER-YALE MATERIALS HANDLING, INC.: PRODUCTS OFFERED 165
TABLE 187 HYSTER-YALE MATERIALS HANDLING, INC.: KEY DEVELOPMENTS 166
TABLE 188 AIR LIQUIDE ENERGY: PRODUCTS OFFERED 169
TABLE 189 AIR LIQUIDE ENERGY: KEY DEVELOPMENTS 169
TABLE 190 CUMMINS, INC: PRODUCTS OFFERED 172
TABLE 191 CUMMINS, INC: KEY DEVELOPMENTS 173
TABLE 192 DOOSAN FUEL CELL CO., LTD.: PRODUCTS OFFERED 176
TABLE 193 DOOSAN FUEL CELL CO., LTD.: KEY DEVELOPMENTS 177
TABLE 194 BORGWARNER INC.: PRODUCTS OFFERED 179
TABLE 195 OORJA CORPORATION: PRODUCTS OFFERED 181
TABLE 196 OORJA CORPORATION: KEY DEVELOPMENTS 182
TABLE 197 SFC ENERGY AG: PRODUCTS OFFERED 185
TABLE 198 SFC ENERGY AG.: KEY DEVELOPMENTS 185
TABLE 199 WATT FUEL CELL: PRODUCTS OFFERED 187
TABLE 200 ALTERGY.: PRODUCTS OFFERED 189
TABLE 201 ALTERGY.: KEY DEVELOPMENTS 190
TABLE 202 HONDA MOTOR COMPANY, LTD..: PRODUCTS OFFERED 192
TABLE 203 HONDA MOTOR COMPANY, LTD..: KEY DEVELOPMENTS 193
LIST OF FIGURES
FIGURE 1 GLOBAL FUEL CELL MARKET: STRUCTURE 27
FIGURE 2 GLOBAL FUEL CELL MARKET: MARKET GROWTH FACTOR ANALYSIS (2022-2032) 42
FIGURE 3 DRIVER IMPACT ANALYSIS (2022-2032) 45
FIGURE 4 RESTRAINT IMPACT ANALYSIS (2022-2032) 46
FIGURE 5 OPPORTUNITY IMPACT FORECAST 48
FIGURE 6 SUPPLY CHAIN: GLOBAL FUEL CELL MARKET 52
FIGURE 7 PORTER'S FIVE FORCES ANALYSIS OF THE GLOBAL FUEL CELL MARKET 54
FIGURE 8 FUEL CELLS MARKET: SWOT ANALYSIS 55
FIGURE 9 GLOBAL FUEL CELL MARKET, BY COMPONENT, 2022 & 2032 (USD MILLION) 59
FIGURE 10 GLOBAL FUEL CELL MARKET, BY COMPONENT, 2022 (% SHARE) 60
FIGURE 11 GLOBAL FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2022 & 2032 (USD MILLION) 62
FIGURE 12 GLOBAL FUEL CELL MARKET, BY ELECTROLYTE TYPE, 2022 (% SHARE) 63
FIGURE 13 GLOBAL FUEL CELL MARKET, BY POWER OUTPUT, 2022 & 2032 (USD MILLION) 65
FIGURE 14 GLOBAL FUEL CELL MARKET, BY POWER OUTPUT, 2022 (% SHARE) 66
FIGURE 15 GLOBAL FUEL CELL MARKET, BY FUEL TYPE, 2022 & 2032 (USD MILLION) 67
FIGURE 16 GLOBAL FUEL CELL MARKET, BY FUEL TYPE, 2022 (% SHARE) 68
FIGURE 17 GLOBAL FUEL CELL MARKET, BY APPLICATION, 2022 & 2032 (USD MILLION) 69
FIGURE 18 GLOBAL FUEL CELL MARKET, BY APPLICATION, 2022 (% SHARE) 70
FIGURE 19 GLOBAL FUEL CELL MARKET, BY REGION, 2022 (% SHARE) 72
FIGURE 20 GLOBAL FUEL CELL MARKET, BY REGION, 2022 VS 2032 (USD MILLION) 72
FIGURE 21 NORTH AMERICA: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 (% SHARE) 74
FIGURE 22 NORTH AMERICA: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 & 2032 (USD MILLION) 75
FIGURE 23 EUROPE: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 (% SHARE) 83
FIGURE 24 EUROPE: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 & 2032 (USD MILLION) 83
FIGURE 25 ASIA-PACIFIC: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 (% SHARE) 103
FIGURE 26 ASIA-PACIFIC: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 & 2032 (USD MILLION) 104
FIGURE 27 MIDDLE EAST & AFRICA: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 (% SHARE) 119
FIGURE 28 MIDDLE EAST & AFRICA: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 & 2032 (USD MILLION) 120
FIGURE 29 SOUTH AMERICA: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 (% SHARE) 129
FIGURE 30 SOUTH AMERICA: FUEL CELL MARKET SHARE, BY COUNTRY, 2022 & 2032 (USD MILLION) 130
FIGURE 31 FUEL CELL PLAYERS: COMPETITIVE ANALSIS, 2022 139
FIGURE 32 COMPETITOR DASHBOARD: FUEL CELL 140
FIGURE 33 BALLARD POWER SYSTEMS: FINANCIAL OVERWIEV SNAPSHOT 148
FIGURE 34 BALLARD POWER SYSTEMS: SWOT ANALYSIS 150
FIGURE 35 PLUG POWER, INC.: FINANCIAL OVERWIEV SNAPSHOT 152
FIGURE 36 PLUG POWER, INC.: SWOT ANALYSIS 153
FIGURE 37 NEDSTACK FUEL CELL TECHNOLOGY BV: SWOT ANALYSIS 156
FIGURE 38 TOYOTA MOTOR CORPORATION: FINANCIAL OVERWIEV SNAPSHOT 158
FIGURE 39 TOYOTA MOTOR CORPORATION: SWOT ANALYSIS 160
FIGURE 40 HYUNDAI MOTOR GROUP: FINANCIAL OVERWIEV SNAPSHOT 162
FIGURE 41 HYUNDAI MOTOR GROUP: SWOT ANALYSIS 163
FIGURE 42 HYSTER-YALE MATERIALS HANDLING, INC.: FINANCIAL OVERWIEV SNAPSHOT 165
FIGURE 43 HYSTER-YALE MATERIALS HANDLING, INC.: SWOT ANALYSIS 166
FIGURE 44 AIR LIQUIDE ENERGY: FINANCIAL OVERWIEV SNAPSHOT 168
FIGURE 45 AIR LIQUIDE ENERGY: SWOT ANALYSIS 170
FIGURE 46 CUMMINS, INC: FINANCIAL OVERWIEV SNAPSHOT 172
FIGURE 47 CUMMINS, INC: SWOT ANALYSIS 173
FIGURE 48 DOOSAN FUEL CELL CO., LTD.: FINANCIAL OVERWIEV SNAPSHOT 176
FIGURE 49 DOOSAN FUEL CELL CO., LTD.: SWOT ANALYSIS 177
FIGURE 50 BORGWARNER INC.: FINANCIAL OVERWIEV SNAPSHOT 179
FIGURE 51 BORGWARNER INC.: SWOT ANALYSIS 180
FIGURE 52 OORJA CORPORATION: SWOT ANALYSIS 182
FIGURE 53 SFC ENERGY AG: FINANCIAL OVERWIEV SNAPSHOT 184
FIGURE 54 SFC ENERGY AG: SWOT ANALYSIS 186
FIGURE 55 WATT FUEL CELL: SWOT ANALYSIS 188
FIGURE 56 ALTERGY.: SWOT ANALYSIS 190
FIGURE 57 HONDA MOTOR COMPANY, LTD.: FINANCIAL OVERWIEV SNAPSHOT 192
FIGURE 58 HONDA MOTOR COMPANY, LTD..: SWOT ANALYSIS 193
