Canada Fuel Cell Market Size & Outlook, 2023-2030
Canada fuel cell market, 2018-2030 (US$M)
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Canada fuel cell market highlights
- The Canada fuel cell market generated a revenue of USD 236.3 million in 2023 and is expected to reach USD 1,269.0 million by 2030.
- The Canada market is expected to grow at a CAGR of 27.1% 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.
Fuel cell market data book summary
| Market revenue in 2023 | USD 236.3 million |
| Market revenue in 2030 | USD 1,269.0 million |
| Growth rate | 27.1% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | SOFC |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | PEMFC, SOFC |
| 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, Canada accounted for 3.2% of the global fuel cell market in 2023.
- Country-wise, Japan is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. fuel cell market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,269.0 million by 2030.
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada 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 58.82% in 2023. Horizon Databook has segmented the Canada fuel cell market based on pemfc, sofc covering the revenue growth of each sub-segment from 2018 to 2030.
Canada participated in the 2015 United Nations Climate Change Conference organized in Paris, France wherein it pledged to make a plan for cutting down its carbon emissions. The country committed to cut down 30% of its carbon emissions by 2030 as compared to that in 2005, which served as the baseline.
In order to achieve the aforementioned, in 2017, the Canadian government launched Generation Energy, which was an open and inclusive countrywide dialogue including stakeholders, experts, and the public. Views from these dialogues were combined and a plan was made, which was published in June 2018.
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Our clientele includes a mix of fuel cell market companies, investment firms, advisory firms & academic institutions.
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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 country-level data and insights on the Canada fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into Canada fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada fuel cell market size, by product, 2018-2030 (US$M)
Canada Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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