North America Fuel Cell Market Size & Outlook, 2023-2030
North America fuel cell market, 2018-2030 (US$M)
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North America fuel cell market highlights
- The North America fuel cell market generated a revenue of USD 1,397.2 million in 2023.
- The market is expected to grow at a CAGR of 23.1% from 2024 to 2030.
- In terms of segment, sofc was the largest revenue generating product in 2023.
- PAFC is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 1,397.2 million |
| Market revenue in 2030 | USD 5,993.9 million |
| Growth rate | 23.1% (CAGR from 2023 to 2030) |
| Largest segment | Sofc |
| Fastest growing segment | PAFC |
| 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, North America region accounted for 19.0% 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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North America 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.
Sofc was the largest segment with a revenue share of 44.12% in 2023. Horizon Databook has segmented the North America fuel cell market based on pemfc, pafc, sofc, mcfc covering the revenue growth of each sub-segment from 2018 to 2030.
The North America fuel cell market is driven by the significant support in terms of research & development funds in countries such as the U.S. and Canada. These funds have led to the advancements related to fuel cell technologies and the development of cost-effective parts for fuel cell systems.
For instance, in the U.S., the Department of Energy (DOE) has provided funding for fuel cell development through programs such as the Fuel Cell Technologies Office (FCTO) and Solid Oxide Fuel Cell (SOFC) program.
Similarly, in Canada, the federal government has provided funds to organizations and companies that are involved in research & development related to clean technologies. For instance, the Canadian government in 2017 invested USD 43 million for innovation in clean technology, of which USD 20 million investment was allocated to support clean energy projects in the pre-commercialization stage.
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Our clientele includes a mix of fuel cell market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America fuel cell market , including forecasts for subscribers. This continent databook contains high-level insights into North America fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America fuel cell market size, by country, 2018-2030 (US$M)
North America Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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