South Korea Fuel Cell Market Size & Outlook, 2023-2030
South Korea fuel cell market, 2018-2030 (US$M)
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South Korea fuel cell market highlights
- The South Korea fuel cell market generated a revenue of USD 870.9 million in 2023 and is expected to reach USD 4,879.4 million by 2030.
- The South Korea market is expected to grow at a CAGR of 27.9% 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 870.9 million |
| Market revenue in 2030 | USD 4,879.4 million |
| Growth rate | 27.9% (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, South Korea accounted for 11.8% 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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South Korea 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 63.24% in 2023. Horizon Databook has segmented the South Korea fuel cell market based on pemfc, sofc covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea witnessed the worst air quality among the 35 OECD developed nations in 2017. This encouraged the government to introduce a number of green growth programs, which, in turn, paved way for the structural growth of the economy and numerous green technologies for different sectors.
In 2018, the companies in tandem with the government agreed to invest approximately USD 2.3 billion to improvise the country's hydrogen gas-powered vehicle manufacturing ecosystem. There are plans to build fuel cell stack and fuel cell vehicle plants to manufacture fuel cell buses and develop fuel cell containers.
Supporting policies and plans in the country have resulted in many fuel cell vendors enhancing their footprint in the country. For instance, in November 2018, Bloom Energy announced a strategic agreement with SK Engineering and Construction (SK E&C). The SK Engineering and Construction became a distributor of Bloom Energy Server SOFC systems in South Korea.
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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 country-level data and insights on the South Korea fuel cell market , including forecasts for subscribers. This country databook contains high-level insights into South Korea fuel cell market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea fuel cell market size, by product, 2018-2030 (US$M)
South Korea Fuel Cell Market Outlook Share, 2023 & 2030 (US$M)
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