Stationary Fuel Cell System Market Is Forecast To Surpass USD 20.7 Million By 2032

The global stationary fuel cell system market is estimated at USD 3.2 Billion in 2022 and is forecast to surpass USD 20.7 Million by 2032, growing at a CAGR of 20.3% from 2022 to 2032, reveals a recent market study published by Fact.MR. The study offers a holistic assessment on various market dynamics and macro and micro-economic factors that are influencing adoption of stationary fuel cell systems in various industrial verticals.

Historically, the market value of the stationary fuel cell system industry showed a growth of 12.2% CAGR from 2017 to 2021. The global stationary fuel cell system market has created an absolute dollar opportunity of nearly USD 1.2 Billion in the last five years. It is estimated to create opportunities of about USD 5.2 Billion and 14.1 billion by the mid (2022-27) and long-term (2022-2032) respectively.

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Cogeneration Applications will Catalyze Growth of the Stationary Fuel Cell Systems Market

Combined heat and power (CHP) or cogeneration is one of the most common applications of stationary fuel cell systems, which accounted for the largest revenue share of over 45% in 2018, according to the Fact.MR study.

“CHP is one of the most commonly used stationary power generation systems installed to generate electricity as well as heat. In the modern days, fuel cells are widely used in the manufacturing of CHP, which acts of the leading driving force for the growth of the stationary fuel cell systems market,” said a lead analyst at Fact.MR.

“When stationary fuel cell systems are incorporated in CHP, it offers extraordinary benefits in terms of efficiency, sustainability, reliability, and cost-efficiency. As compared to conventional power generation methods, which commonly involve combustion engines, CHP is considered environment-friendly and highly efficient, which is boosting adoption of stationary fuel cell systems among CHP manufacturers across the world.”

Key Companies Profiled

• Plug Power Inc.
• Fuelcell Energy Inc.
• Doosan Fuel Cell America
• Ballard Power Systems
• POSCO ENERGY
• SOLIDpower Group
• Bloom Energy Corporation
• PowerCell
• AFC Energy Plc.
• Fuji Electric Co. Ltd

APEJ Region will Outperform Developed Regions to Generate Maximum Sales Opportunities for Stationary Fuel Cell Systems

According to the Fact.MR study, the APEJ region has witnessed the highest growth rate in the past few years, and accounted for over one third revenue share in the stationary fuel cell systems market in 2018. While developed countries have continually created a positive growth environment for stationary fuel cell systems, the Asia Pacific region excluding Japan (APEJ) has outpaced other regions to attract maximum investments from stakeholders in the stationary fuel cell systems market.

Recent developments and technological transformations in the automotive industry in the APEJ region have triggered the use of stationary fuel cell systems in modern vehicles. Increasing environmental concerns and governmental strategies are driving leading automakers in the region to boost the use of stationary fuel cell systems in electric vehicles for stationary power generation in automobiles.

Competitive Landscape: Top Companies in Standard Part for Tool Making Market

The global stationary fuel cell system market is highly fragmented, with a significant number of local and regional companies. As a crucial strategy to strengthen their market footprint and better fulfil the needs of customers, industry players are focusing on developing new goods in response to the dynamic industry needs.

Also, the key companies have adopted numerous strategies including partnership, merger & acquisition etc. New product development is the key strategy to upscale their market presence among consumers.

Fact.MR has provided detailed information about price points of top manufacturers of stationary fuel cell system market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

• On 4th May 2021, Fuelcell Energy Inc. has received funding from U.S. Department of Energy (DOE) of $8 million for the previously announced ARPA-E project for development of ultra-high efficiency SOFC systems for power generation.
• On 16th July 2020, Plug Power Inc. have launched “GENSURE HP FUEL CELL PLATFORM”, a line of zero-emission stationary fuel cell systems designed for large-scale, high power backup power applications.

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