Asia Pacific Fuel Cell Market Size & Outlook, 2023-2030
Asia Pacific fuel cell market, 2018-2030 (US$M)
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Asia Pacific fuel cell market highlights
- The Asia Pacific fuel cell market generated a revenue of USD 4,941.1 million in 2023.
- The market is expected to grow at a CAGR of 20.2% from 2024 to 2030.
- In terms of segment, pemfc was the largest revenue generating product in 2023.
- SOFC is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, South Korea is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 4,941.1 million |
| Market revenue in 2030 | USD 17,905.9 million |
| Growth rate | 20.2% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | SOFC |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | PEMFC, PAFC, SOFC, MCFC |
| Key market players worldwide | Ballard Power Systems Inc, Bloom Energy Corp Class A, Ceres Power Holdings PLC, Doosan Fuel Cell Ordinary Shares, FuelCell Energy Inc, Plug Power Inc, SFC Energy AG, Cummins Inc, Nedstack Fuel Cell Technology, Hyster-Yale Materials Handling Inc Class A |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 67.2% of the global fuel cell market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- North America is the fastest growing regional market and is projected to reach USD 5,993.9 million by 2030.
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific fuel cell market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to fuel cell market will help companies and investors design strategic landscapes.
Pemfc was the largest segment with a revenue share of 64.91% in 2023. Horizon Databook has segmented the Asia Pacific fuel cell market based on pemfc, pafc, sofc, mcfc covering the revenue growth of each sub-segment from 2018 to 2030.
Dominance of Asia Pacific region in the solid oxide fuel cell market is expected to increase over the forecasted period. The market is estimated to witness the highest growth rate over the forecast period.
Asia Pacific is anticipated to account for a major share of the global capacity demand in the coming years, with Japan being the epicenter of this demand. Asia Pacific is anticipated to account for a major share of the global capacity demand in the coming years, with Japan, China, and South Korea being the epicenter of this demand.
Currently, Japan, China, and South Korea dominate the fuel cell market in the region owing to supportive policies, plans, and manufacturing capability, which have led to the higher adoption of fuel cell systems in these countries as compared to other Asia Pacific countries.
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Target buyers of Asia Pacific fuel cell market databook
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Our clientele includes a mix of fuel cell market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific fuel cell market size, by country, 2018-2030 (US$M)
Asia Pacific Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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