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Fuel cells are expected to see significant growth over the next decade, as countries move toward cleaner power to diversify their power mix away from fossil fuels. The need to decarbonize the power sector will only intensify over the next decade. Renewable energy will play a big part in this story, but fuel cells will also be a source of clean power—particularly if they can be powered by hydrogen generated from renewable energy sources. This is an area of intense focus for a number of major energy utilities. Other key market drivers will be a shift toward non-noble metals (which enable higher power efficiency at a lower cost), the continuation of government incentives in North America and Asia, and the emergence of newer chemistries. As a result of these drivers, the fuel market is expected to witness consistent and steady growth over the course of the next decade. North America, which is led by the United States, and Asia, which is led by Japan (and China in the future), are expanding their fuel cell power capacity to introduce the next generation of energy technology into their economies. Additionally, they are reducing the operational expenditure costs of existing facilities. Frost & Sullivan’s recent stationary fuel cell study forecasts that the market will grow from $3.2 billion in 2018 to $5.08 billion by 2030 (a CAGR increase of 3.9%), and the total installed MW capacity will increase from 220MW to 612MW (a CAGR increase of 8.9%). Over the same period of time, fuel cell costs are forecast to decline by around 50% across the main technologies. This is vital to ensuring that growth can be achieved.The companies we have included in this radar include Bloom Energy, FuelCell Energy, Plug Power, Aisin Seiki, Ceres Power, Hydrogenics, Doosan Fuel Cell America, Power Cell, Altergy, SFC Energy, Sunfire, Fuji Electric, Gencell, Convion, Solid Power, and Panasonic. The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
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