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Fuel Cell for Data Centers Market Size, Industry Analysis Report By Type (PEMFC, SOFC, PAFC, MFC, AFC, DMFC), By Application (Portable, Stationary, Fuel Cell Vehicles), By End-user (Commercial and Industrial, Data Centers, Transportation, Military and Defence, Residential , Utilities and Government or Municipal Institute) & Region - Forecasts By 2033

  • PUBLISHED ON
  • 2023-06-13
  • NO OF PAGES
  • 256
  • CATEGORY
  • Energy & Power

Market Overview

Global Fuel Cell for Data Centers Market valued at USD 3,650 million in 2023 is anticipated to reach a value of USD 23,210 million in 2033, growing at a CAGR of 26.0%.

 

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 3,650 Million

Market Forecast in 2033

USD 23,210 Million

CAGR % 2023-2033

26.0%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product Type, end-user industry, company share, company heatmap, company Application Technology Type capacity, growth factors and more

Segments Covered

Type, Application, End User, Size

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

Bloom Energy, Doosan Fuel Cell Co., Ltd., Aisin Corporation, Plug Power Inc., KYOCERA Corporation, Ceres, Cummins Inc., PowerCell Sweden, TOSHIBA CORPORAT, Ballard Power Systems, SFC Energy AG.

 

Fuel Cell for Data Centers Market: Description

A fuel cell generates electricity using an electrochemical reaction, not combustion, and depending on the fuel source, produces near to zero polluting emissions. Utilization of fuel cell allows onsite power generation thereby reducing reliance over traditional grid system and using grid electricity in case of absence of fuel.

Fuel cells have emerged as the most viable alternative to solar, wind or grid-powered electricity due to low cost financing, government subsidies, and the companies desire to reduce their carbon footprint and energy costs. He growing demand for clean power generation with less or no emission is the primary factors driving market growth.

Moreover, various rules and regulations on carbon emission across the globe will drive the demand for fuel cells in the near future. Technological advancements in fuel cell usage specifically for data centers is expected the drive the market during the forecast period. In recent times, digitalization has touched every part of life including businesses. With wide acceptance of digitalization in regular work, the companies from various sectors are generating massive data.

With political leaders across the global coming together to reduce their country’s carbon footprint and signing of Paris agreement has given a boost to green and renewable technologies to set themselves in markets. Fuel cells being a non-emission solution for power generation fits the category green and renewable technologies and is growing owing to the carbon emission norms.

Fuel cell is itself a very expensive technology which directly affects the cost of fuel cell electric vehicles. The price of the 2019 Toyota Mirai is almost USD 58,500 in the US, whereas the 2019 Tesla Model 3 costs USD 36,000. The huge price difference between battery electric and fuel cell vehicles is a major challenge for the growth of FCEV sales.

 

Fuel Cell for Data Centers Market- Segmental Analysis:

Type Insights

The PEMFC segment accounted for a significant revenue share in 2022 and is anticipated to grow at a significant CAGR.

 

Application Insights

The Portable segment held the largest revenue share of 26.7%. The segment is anticipated to witness a CAGR of 6.1% over the projected period.

 

End User Industry Insights

Commercial & Industrial end user segment to grow at the fastest pace in the forecast period. Almost every type of fuel cell can be used by commercial & industrial end users which enables them to curb GHG emissions.

 

Size Insights

Small scale (up to 200 kW) segment held the majority of market share by fuel cell size in global fuel cell market.

 

Regional Insights

The Global Fuel Cells for Data Centers market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. Asia Pacific is the largest region in the fuel cell market. China recently upgraded its fuel cell policy in March 2022 and unveiled a blueprint for fuel cell technology deployment by 2035 in the country. This blueprint is designed under National Development and Reform Commission. China is the world’s largest automotive market, which supports the rapid growth of technologies such as fuel cell vehicles as compared to other regions.

 

Competitive Analysis

Bloom Energy, Doosan Fuel Cell Co., Ltd., Aisin Corporation, Plug Power Inc., KYOCERA Corporation, Ceres, Cummins Inc., PowerCell Sweden, TOSHIBA CORPORAT, Ballard Power Systems, SFC Energy AG.

·         In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement.

·         In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells.

 

Fuel Cell for Data Centers Market- Segmental Analysis

Based on Type

PEMFC

• SOFC

• PAFC

• MFC

• AFC

• DMFC

 

Based on Application

Portable

• Stationary

• Fuel Cell Vehicles

 

Based on End-user

Commercial and Industrial

• Data Centers

• Transportation

• Military and Defence

• Residential

• Utilities and Government or Municipal Institute

 

Based on Size

Small Scale

• Large Scale

 

1.      Global Fuel Cell for Data Centers Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Fuel Cell for Data Centers Market Scope and Market Estimation

1.2.1. Global Fuel Cell for Data Centers Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2033)

1.2.2. Global Fuel Cell for Data Centers Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033

1.3.    Market Segmentation

1.3.1. Type of Global Fuel Cell for Data Centers Market

1.3.2. Application of Global Fuel Cell for Data Centers Market

1.3.3. End-user of Global Fuel Cell for Data Centers Market

1.3.4. Size of Global Fuel Cell for Data Centers Market

1.3.5. Region of Global Fuel Cell for Data Centers Market

2.      Executive Summary

2.1.    Global Fuel Cell for Data Centers Market Industry Trends under COVID-19 Outbreak

2.1.1. Global COVID-19 Status Overview

2.1.2. Influence of COVID-19 Outbreak on Global Fuel Cell for Data Centers Market Industry Development

2.2.    Market Dynamics

2.2.1. Drivers

2.2.2. Limitations

2.2.3. Opportunities

2.2.4. Impact Analysis of Drivers and Restraints

2.3.    Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.    Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.    Porter’s Five Forces Analysis

2.5.1. Bargaining Power of Suppliers

2.5.2. Bargaining Power of Buyers

2.5.3. Threat of Substitutes

2.5.4. Threat of New Entrants

2.5.5. Competitive Rivalry

2.6.    Value Chain / Ecosystem Analysis

2.7.    Russia-Ukraine War Impacts Analysis

2.8.    Economic Downturn Analysis

2.9.      Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

3.      Global Fuel Cell for Data Centers Market Estimates & Historical Trend Analysis (2019 - 2022)

4.      Global Fuel Cell for Data Centers Market Estimates & Forecast Trend Analysis, by Type

4.1.    Global Fuel Cell for Data Centers Market Revenue (US$ Mn) Estimates and Forecasts, by Type, 2019 to 2033

4.1.1. PEMFC

4.1.2. SOFC

4.1.3. PAFC

4.1.4. MFC

4.1.5. AFC

4.1.6. DMFC

5.      Global Fuel Cell for Data Centers Market Estimates & Forecast Trend Analysis, by Application

5.1.    Global Fuel Cell for Data Centers Market Revenue (US$ Mn) Estimates and Forecasts, by Application, 2019 to 2033

5.1.1. Portable

5.1.2. Stationary

5.1.3. Fuel Cell Vehicles

6.      Global Fuel Cell for Data Centers Market Estimates & Forecast Trend Analysis, by End-user

6.1.    Global Fuel Cell for Data Centers Market Revenue (US$ Mn) Estimates and Forecasts, by End-user, 2019 to 2033

6.1.1. Commercial and Industrial

6.1.2. Data Centers

6.1.3. Transportation

6.1.4. Military and Defence

6.1.5. Residential

6.1.6. Utilities and Government

6.1.7. Municipal Institute

7.      Global Fuel Cell for Data Centers Market Estimates & Forecast Trend Analysis, by Size

7.1.    Global Fuel Cell for Data Centers Market Revenue (US$ Mn) Estimates and Forecasts, by Size, 2019 to 2033

7.1.1. Small Scale

7.1.2. Large Scale

8.      Global Fuel Cell for Data Centers Market Estimates & Forecast Trend Analysis, by Region

8.1.    Global Fuel Cell for Data Centers Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2033

8.1.1. North America

8.1.2. Europe

8.1.3. Asia Pacific

8.1.4. Middle East & Africa

8.1.5. South America

9.      North America Fuel Cell for Data Centers Market: Estimates & Forecast Trend Analysis

9.1.    North America Fuel Cell for Data Centers Market Assessments & Key Findings

9.1.1. North America Fuel Cell for Data Centers Market Introduction

9.1.2. North America Fuel Cell for Data Centers Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

9.1.2.1.   By Type

9.1.2.2.   By Application

9.1.2.3.   By End-user

9.1.2.4.   By Size

9.1.2.5.   By Country

9.1.2.5.1.     The U.S.

9.1.2.5.2.     Canada

9.1.2.5.3.     Mexico

10.  Europe Fuel Cell for Data Centers Market: Estimates & Forecast Trend Analysis

10.1.  Europe Fuel Cell for Data Centers Market Assessments & Key Findings

10.1.1.   Europe Fuel Cell for Data Centers Market Introduction

10.1.2.   Europe Fuel Cell for Data Centers Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

10.1.2.1.    By Type

10.1.2.2.    By Application

10.1.2.3.    By End-user

10.1.2.4.    By Size

10.1.2.5.    By Country

10.1.2.5.1. Germany

10.1.2.5.2. U.K.

10.1.2.5.3. France

10.1.2.5.4. Italy

10.1.2.5.5. Spain

10.1.2.5.6. Russia

10.1.2.5.7. Rest of Europe

11.  Asia Pacific Fuel Cell for Data Centers Market: Estimates & Forecast Trend Analysis

11.1.  Asia Pacific Market Assessments & Key Findings

11.1.1.   Asia Pacific Fuel Cell for Data Centers Market Introduction

11.1.2.   Asia Pacific Fuel Cell for Data Centers Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

11.1.2.1.    By Type

11.1.2.2.    By Application

11.1.2.3.    By End-user

11.1.2.4.    By Size

11.1.2.5.    By Country

11.1.2.5.1. China

11.1.2.5.2. Japan

11.1.2.5.3. India

11.1.2.5.4. Australia

11.1.2.5.5. South Korea

11.1.2.5.6. ASEAN

11.1.2.5.7. Rest of Asia Pacific

12.  Middle East & Africa Fuel Cell for Data Centers Market: Estimates & Forecast Trend Analysis

12.1.  Middle East & Africa Market Assessments & Key Findings

12.1.1.   Middle East & Africa Fuel Cell for Data Centers Market Introduction

12.1.2.   Middle East & Africa Fuel Cell for Data Centers Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

12.1.2.1.    By Type

12.1.2.2.    By Application

12.1.2.3.    By End-user

12.1.2.4.    By Size

12.1.2.5.    By Country

12.1.2.5.1. U.A.E.

12.1.2.5.2. Saudi Arabia

12.1.2.5.3. Egypt

12.1.2.5.4. South Africa

12.1.2.5.5. Rest of Middle East & Africa

13.  South America Fuel Cell for Data Centers Market: Estimates & Forecast Trend Analysis

13.1.  South America Market Assessments & Key Findings

13.1.1.   South America Fuel Cell for Data Centers Market Introduction

13.1.2.   South America Fuel Cell for Data Centers Market Size Estimates and Forecast (US$ Million) (2019 – 2033)

13.1.2.1.    By Type

13.1.2.2.    By Application

13.1.2.3.    By End-user

13.1.2.4.    By Size

13.1.2.5.    By Country

13.1.2.5.1. Brazil

13.1.2.5.2. Argentina

13.1.2.5.3. Colombia

13.1.2.5.4. Rest of South America

14.  Competition Landscape

14.1.  Global Fuel Cell for Data Centers Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

14.2.  Global Fuel Cell for Data Centers Market Competition White Space Analysis, By End-user

14.3.  Global Fuel Cell for Data Centers Market Competition Heat Map Analysis, By End-user

14.4.  Global Fuel Cell for Data Centers Market Concentration & Company Market Shares (%) Analysis, 2022

15.  Company Profiles

15.1.                     Bloom Energy

15.1.1.   Company Overview & Key Stats

15.1.2.   Financial Performance & KPIs

15.1.3.   Product Portfolio

15.1.4.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

15.2.      Doosan Fuel Cell Co., Ltd.

15.3.      Aisin Corporation

15.4.      Plug Power Inc.

15.5.      KYOCERA Corporation

15.6.      Ceres

15.7.      Cummins Inc.

15.8.      PowerCell Sweden

15.9.      TOSHIBA CORPORAT

15.10.  Ballard Power Systems

15.11.  SFC Energy AG.

15.12.  Others**

16.  Research Methodology

16.1.  External Transportations / Databases

16.2.  Internal Proprietary Database

16.3.  Primary Research

16.4.  Secondary Research

16.5.  Assumptions

16.6.  Limitations

16.7.  Report FAQs

17.  Research Findings & Conclusion

 

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


Frequently Asked Questions

What is the market size and growth projections?

The Global Fuel Cell for Data Centers Market valued at USD 3,650 million in 2023 is anticipated to reach a value of USD 23,210 million in 2033, growing at a CAGR of 26.0%.

What are the drivers shaping various markets?

Fuel cells have emerged as the most viable alternative to solar, wind or grid-powered electricity due to low cost financing, government subsidies, and the companies desire to reduce their carbon footprint and energy costs. He growing demand for clean power generation with less or no emission is the primary factors driving market growth.

Who are the key competitors of market Players?

Some of the major players operating within the market are Bloom Energy, Doosan Fuel Cell Co., Ltd., Aisin Corporation, Plug Power Inc., KYOCERA Corporation, Ceres, Cummins Inc., PowerCell Sweden, TOSHIBA CORPORAT, Ballard Power Systems, SFC Energy AG.

What are the top performing segments, and countries / regions of each of the markets?

The Global Fuel Cells for Data Centers market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa. Asia Pacific is the largest region in the fuel cell market.

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