According to a new published report by Allied Market Research titled, “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.
The stationary fuel cell is a system generating power through an electrochemical reaction. It can be used as a source for primary applications, a backup source, or an electrical source in critical operations, and stationary fuel cells to reduce oil and other harmful emissions and support an eco-friendly environment. The stationary fuel cell market enables cleaner, adaptable, and innovative power solutions to the present scenario. These cells are very operative in terms of their utilization in electrical applications and power generation.
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Key growth drivers for the China and Japan Stationary Fuel Cell Market:
- Government Support and Policies: Strong government initiatives promoting clean energy and hydrogen fuel adoption are accelerating market growth. Both China and Japan have set ambitious targets for carbon neutrality, boosting stationary fuel cell deployment.
- Rising Demand for Clean and Efficient Energy: Increasing focus on reducing greenhouse gas emissions is driving the shift from conventional power generation to cleaner stationary fuel cell systems, especially in residential, commercial, and industrial sectors.
- Technological Advancements: Innovations in fuel cell technology, including improved efficiency, durability, and cost reductions, are making stationary fuel cells more viable and attractive to end-users.
- Growing Industrialization and Urbanization: Expansion of industrial activities and urban infrastructure in China and Japan increases energy demand, creating opportunities for reliable and sustainable power solutions like stationary fuel cells.
- Energy Security Concerns: Both countries aim to diversify energy sources and reduce dependence on fossil fuels, which supports the adoption of fuel cells as part of their energy mix.
- Rising Investments and Collaborations: Increased investments by public and private sectors, along with international collaborations, are fueling research, development, and commercialization of stationary fuel cell technologies.
The stationary fuel cell market analysis is segmented on the basis of capacity, type, application, end-use industry, and country. By type, the market is divided into less than 1 KW, 1 KW to 5 KW, 5 KW to 250 KW, 250 to 1 MW, and more than 1 MW. On the basis of type, the 5 KW to 250 KW segment accounted for the largest market share in 2021, owing to its wide range of end-use applications in the oil and gas, prime power, and combined heat and power industry.
On the basis of capacity, the 5 KW to 250 KW segment accounted for highest market share of the stationary fuel cell market share in 2021 and is expected to maintain its dominance during the forecast period. 5 KW to 250 KW power capacity fuel cell has a wide range of applications in large-scale industries such as chemical, petroleum, and others. Stationary fuel cells are widely used in combined heat and power applications as excess steam is passed through the fuel cell where hydrogen fuel is stored for future power generation.
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On the basis of application, the stationary fuel cell market is divided into combined heat and power, prime power, uninterrupted power supply, and others. By application, the prime power segment accounted for the largest revenue share in the stationary fuel cell market in 2021. The maximum power available for a variable electrical load for an endless number of hours is referred to as prime power. A fuel cell market trend for prime power that is predicted to have a favorable influence in the next years is the rising demand for the self-generation of energy. The rising requirement for reliable power sources in developed countries is driving the implementation of distributed energy generation.
On the basis of the end-use industry, the stationary fuel cell market is divided into transportation, defense, oil and gas, utilities, and others. By end-use industry, the transportation segment accounted for the largest share in 2021, owing to the use of hydrogen fuel cell-based engines to power transportation vehicles. In addition, the increase in investment toward the construction of hydrogen fueling station infrastructure has driven market growth.
Key players in the stationary fuel cell industry 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, and Aisin Seiki Co., Ltd. These players have adopted various strategies to gain a higher share or retain leading positions in the market.
Key Findings of the Study
- On the basis of type, the proton exchange membrane fuel cell segment accounted for 57.5% of the market share in FY2021.
- On the basis of capacity, the 5KW to 250 KW segment emerged as the leader by acquiring more than 42.0% of the stationary fuel cell market share in 2021, and is anticipated to continue this trend during the forecast period.
- On the basis of application, the prime power segment accounted for 45.8% of the market share in FY2021.
- On the basis of end-use industry, the transportation segment accounted for 34.9% of the market share in FY2021.
