Japan Fuel Cell Market Size & Outlook, 2023-2030
Japan fuel cell market, 2018-2030 (US$M)
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Japan fuel cell market highlights
- The Japan fuel cell market generated a revenue of USD 2,871.4 million in 2023 and is expected to reach USD 8,121.2 million by 2030.
- The Japan market is expected to grow at a CAGR of 16% from 2024 to 2030.
- In terms of segment, pemfc was the largest revenue generating product in 2023.
- PAFC 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 2,871.4 million |
| Market revenue in 2030 | USD 8,121.2 million |
| Growth rate | 16% (CAGR from 2023 to 2030) |
| Largest segment | Pemfc |
| Fastest growing segment | PAFC |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Japan accounted for 39.1% 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 Asia Pacific, Japan fuel cell market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 4,879.4 million by 2030.
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Fuel Cell Market Scope
Fuel Cell Market Companies
| Name | Profile | # Employees | HQ | Website |
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Japan 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 63.04% in 2023. Horizon Databook has segmented the Japan fuel cell market based on pemfc, pafc, sofc, mcfc covering the revenue growth of each sub-segment from 2018 to 2030.
The fuel cell market in Japan has developed at a tremendous rate and is growing at a significant rate compared to the rest of the world on account of strong government support and strategic market focus. It was the world’s first country to commercialize residential fuel cell systems in 2009.
The country is considering hydrogen energy a sustainable option for its economy as it is primarily dependent (approximately 96%) on imported energy sources. The success of fuel cell technology in Japan is the primary result of a collaboration between institutes, industries, end users, and the government.
The government programs such as ENE-FARM have played a major role in enhancing the product adoption and driving the fuel cell market in the country. Furthermore, the program provides a subsidy to end users and has also set a trajectory for companies to enhance operational efficiency of their systems as well as to take steps to reduce product costs eventually.
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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 Japan fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into Japan fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Japan fuel cell market size, by product, 2018-2030 (US$M)
Japan Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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