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Market Research Reports
|Q4 2024
|Report ID: BR05307
|No. of Pages: 172
About this Report
The Asia-Pacific region is currently leading the global fuel cell market and is growing rapidly. The market in this region is driven by factors such as increasing government support for the deployment of fuel cell systems in order to achieve carbon emission reduction targets and develop a regional hydrogen economy, rapidly growing power generation and transportation industries, and a significant presence of key market players in countries such as Japan, South Korea, and China.
Japan and South Korea are currently the leading markets for fuel cells in the region, with China also showing significant potential for growth in the future. However, the high costs associated with fuel cell technologies, the lack of proper infrastructure for its application in various sectors, and the lack of public awareness are some of the major restraints to the fuel cell market growth in Asia-Pacific. Overall, the Asia-Pacific region is expected to be a key market for fuel cell technology in the coming years.
Country Analysis
Japan: Japan is one of the leading markets for fuel cell technology in the Asia-Pacific region, and has been at the forefront of fuel cell development and commercialization for several decades. The country has set ambitious targets for the deployment of fuel cell systems in various applications, including transportation and stationary power. The Japanese government is placing its hopes on hydrogen-powered automobiles so that the country may become carbon neutral by the year 2050. Under its third Strategic Roadmap for Hydrogen and Fuel Cells, it has ambitious goals of having 200,000 fuel cell vehicles (FCVs) on the road by 2025, compared to approximately 3,600 in 2019. Additionally, it plans to have 320 hydrogen filling stations by that time.
The market is driven by government support, strong research and development, and a well-established manufacturing base. Key players in Japan's fuel cell market include Honda, Toyota and Panasonic Corporation among others.
South Korea: South Korea is another leading market for fuel cell technology in the Asia-Pacific region, and has made significant investments in the development and commercialization of fuel cell technology. The Korean government announced its Hydrogen Economy Roadmap in 2019. The roadmap aims to deploy 15GW of utility-scale and 2.1GW of commercial and residential fuel cells by 2040. In terms of mobility, the goal is to have 5.9 million fuel cell cars and 60,000 fuel cell buses on the road by 2040 all supported by 1,200 hydrogen refueling stations.
The subsidy program for environmentally friendly vehicles was comprehensively reviewed by the Korean government in 2021. The number of fuel cell vehicle units supported by the subsidy increased from 10,800 to 15,185 in 2021. The support budget was also increased from KRW 239.3 billion to KRW 365.5 billion in 2021.
The market is driven by government support, transportation and stationary power applications, and a growing hydrogen infrastructure. Key players in South Korea's fuel cell market include Hyundai, Doosan Fuel Cell and LG Energy Solution.
China: China is a rapidly growing market for fuel cell technology in the Asia-Pacific region, and is expected to play a key role in the global fuel cell market in the coming years. In order to reach its carbon neutrality target by 2060, the government is considering hydrogen as one of the candidates for enabling energy transition to net-zero emissions for transport systems. According to the China Hydrogen Alliance, a government-supported industry group, by 2025, the output value of China’s hydrogen energy industry is expected to reach 1 trillion yuan (USD 152.6 billion), and China’s demand for hydrogen will reach 35 million tonnes by 2031, accounting for at least 5% of national energy consumption.
The market is driven by government support and the increasing demand for clean energy. Key players in China's fuel cell market include Ballard Power Systems, FuelCell Energy, and SinoHytec.
Other prominent countries: Other countries in the Asia-Pacific region, such as Australia, India, and Singapore, are also showing potential for growth in the fuel cell market, driven by factors such as government support and the increasing demand for clean energy.
Opportunities
Transportation: The increasing demand for clean transportation, such as fuel cell electric vehicles (FCEVs), and its promising aspects in long-haul trucks and other commercial fuel cell vehicles presents a significant opportunity for the growth of the automotive fuel cell market in the transportation sector in the region.
Stationary power: The use of fuel cells for stationary power applications, such as power generation for buildings and data centres, presents an opportunity for the stationary fuel cell market to grow in this sector.
Remote and off-grid power: Fuel cells can be used as a power source in remote and off-grid locations, where traditional power sources are not available, this presents an opportunity to grow in this area.
Grid-scale energy storage: Fuel cells can be used for grid-scale energy storage, which can help to balance the supply and demand of energy on the grid, this is an area that presents a lot of opportunities for stationary fuel cell market growth.
Hydrogen production and distribution: the growing emphasis on developing hydrogen production and distribution infrastructure presents opportunities for the growth of the hydrogen fuel cells market.
Recent Developments
- Korea Shipbuilding and Offshore Engineering (KSOE) signed a memorandum of understanding with two European partners (Germany’s Fraunhofer IKTS, the largest applied research institute in Europe, and Elcogen, a cell component manufacturer based in Estonia) to develop large-capacity solid oxide fuel cell systems for ships and other power generation in January 2023.
- In Dec 2022, Fukuoka Prefecture and Commercial Japan Partnership Technologies Corporation (CJPT) entered into a partnership agreement that for jointly implementing initiatives to expand the adoption of fuel cell electric vehicles in the logistics industry, public transportation, and official government use.
- In December of 2022, Bloom Energy signed a contract with Unimicron, a manufacturer of chip substrates and printed circuit boards, to install up to 10 megawatts of fuel cells at facilities owned by Unimicron located in Taiwan. The installations are scheduled to start in 2023 and will be finished in 2026.
- In June 2022, Ceres Power, a global leader in fuel cell and electrochemical technology, announced that it has signed an agreement with Shell to deliver a megawatt-scale solid oxide electrolyzer (SOEC) demonstrator to Shell's research center in 2023 to deliver high-efficiency, low-cost green hydrogen.
- In June 2022, SK E&S, an energy company based in South Korea, formed a partnership with Plug Power Inc, a fuel cell company based in the United States, with the intention of accelerating the development of their hydrogen businesses and supplying Asian markets in an effort to establish a hydrogen presence in the region.
Countries in the region are investing heavily in fuel cell technology and infrastructure development, further driving the market growth. The transportation sector, specifically, is expected to witness significant growth in the Asia-Pacific region, as fuel cell electric vehicles (FCEVs) are becoming increasingly popular due to their longer range and shorter refueling times compared to battery electric vehicles (BEVs). The increasing adoption of fuel cell technology in various industries, along with supportive government policies, is expected to propel market growth in the forecast period.
The new report from Blackridge Research on the Asia-Pacific Fuel Cells Market comprehensively analyses the Fuel Cells Market and provides deep insight into the current and future state of the industry in the region.
The study examines the drivers, restraints, and regional trends influencing the Asia-Pacific Fuel Cells Market demand and growth.
The report also addresses present and future market opportunities, market trends, developments, important commercial developments, trends, countries, and segments poised for the fastest growth, and competitive landscape.
Further, the report will also provide the Asia-Pacific Fuel Cells Market size, demand forecast, and growth rates.
What Do We Cover in the Report?
Fuel Cells Market Drivers & Restraints
The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.
The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.
Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.
Fuel Cells Market Analysis
This report discusses the overview of the market, the latest updates, important commercial developments and structural trends, and government policies and regulations in the region.
This section provides an assessment of geopolitics impact on Fuel Cells Market demand in the region.
Fuel Cells Market Size and Demand Forecast
The report provides the Asia-Pacific Fuel Cells Market size and demand forecast until 2031, including year-on-year (YoY) growth rates and CAGR.
Fuel Cells Market Industry Analysis
The report examines the critical elements of the Fuel Cells industry supply chain, its structure, and the participants
Using Porter's five forces framework, the report covers the assessment of the Fuel Cells industry's state of competition and profitability.
Fuel Cells Market Segmentation & Forecast
The report dissects the Asia-Pacific Fuel Cells Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.
Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.
Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for "bespoke" market segmentation to better align the research report with your requirements.
Regional Market Analysis
The report covers detailed profiles of major countries in the region. Each country's analysis covers the current market scenario, market dynamics, government policies & regulations, and market outlook.
In addition, market size, demand forecast, and growth rates will be provided for all major countries.
Following are the notable countries covered under the region: China, Japan, India, South Korea, and the Rest of Asia-Pacific
Key Company Profiles
This report presents detailed profiles of Key companies in the Fuel Cells industry. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, revenue growth, market share analysis and recent developments.
Competitive Landscape
The report provides a comprehensive list of notable companies in the regional market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.
The study also discusses the strategies adopted by leading players in the industry.
Executive Summary
Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.
The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.
Get a free sample copy of the Asia-Pacific Fuel Cell Market report by clicking the "Download a Free Sample Now!" button at the top of the page.
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