The 2025-2030 World Outlook for Fuel Cells
This study covers the world outlook for fuel cells across more than 190 countries. For each year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the country in question (in millions of U.S. dollars), the percent share the country is of the region, and of the globe. These comparative benchmarks allow the reader to quickly gauge a country vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved.
In this report we define the sales of fuel cells as including all commonly understood products falling within this broad category, irrespective of product packaging, formulation, size, or form. Companies participating in this industry include AFC Energy, Air Liquide, Aisin Seiki Company, Altergy, Annexure, Apollo Energy Systems, Arcola Energy, Atrex Energy, Ballard Power, Bloom Energy, Bosch Thermotechnology, Ceramic Fuel Cells, Ceres Power, Cmr Fuel Cells, PLC, Denso Corporation, Doosan Fuel Cell America, Dupont Fuel Cell, Electro Power Systems, Fuel Cell Energy, Fuji Electric Company, Hitachi, Horizon Fuel Cell, Hydrogenics, Intelligent Energy, ITM Power, Kyocera, MICROrganic Technologies, MITSUBISHI Heavy Industries, Nedstack Fuel Cell Technology, Nuvera, Panasonic, Plug Power, Polyfuel, Proton Motor Fuel Cell GmbH, Sainergy, Samsung SDI Company, SFC Energy, Sharp Corporation, Siemens Industry, SOLIDpower, Teledyne Energy Systems, Toshiba, UltraCell, United Technologies, and UTC Power Corp.,Arcola Energy. In addition to the sources indicated, additional information available to the public via news and/or press releases published by players in the industry was considered in defining and calibrating this category. All figures are in a common currency (U.S. dollars, millions) and are not adjusted for inflation (i.e., they are current values). Exchange rates used to convert to U.S. dollars are averages for the year in question. Future exchange rates are assumed to be constant in the future at the current level (the average of the year of this publication's release in 2024).
In this report we define the sales of fuel cells as including all commonly understood products falling within this broad category, irrespective of product packaging, formulation, size, or form. Companies participating in this industry include AFC Energy, Air Liquide, Aisin Seiki Company, Altergy, Annexure, Apollo Energy Systems, Arcola Energy, Atrex Energy, Ballard Power, Bloom Energy, Bosch Thermotechnology, Ceramic Fuel Cells, Ceres Power, Cmr Fuel Cells, PLC, Denso Corporation, Doosan Fuel Cell America, Dupont Fuel Cell, Electro Power Systems, Fuel Cell Energy, Fuji Electric Company, Hitachi, Horizon Fuel Cell, Hydrogenics, Intelligent Energy, ITM Power, Kyocera, MICROrganic Technologies, MITSUBISHI Heavy Industries, Nedstack Fuel Cell Technology, Nuvera, Panasonic, Plug Power, Polyfuel, Proton Motor Fuel Cell GmbH, Sainergy, Samsung SDI Company, SFC Energy, Sharp Corporation, Siemens Industry, SOLIDpower, Teledyne Energy Systems, Toshiba, UltraCell, United Technologies, and UTC Power Corp.,Arcola Energy. In addition to the sources indicated, additional information available to the public via news and/or press releases published by players in the industry was considered in defining and calibrating this category. All figures are in a common currency (U.S. dollars, millions) and are not adjusted for inflation (i.e., they are current values). Exchange rates used to convert to U.S. dollars are averages for the year in question. Future exchange rates are assumed to be constant in the future at the current level (the average of the year of this publication's release in 2024).
1 INTRODUCTION
1.1 OVERVIEW
1.2 WHAT IS LATENT DEMAND AND THE P.I.E.?
1.3 THE METHODOLOGY
1.4 FREQUENTLY ASKED QUESTIONS (FAQ)
2 SUMMARY OF FINDINGS
2.1 THE WORLDWIDE MARKET POTENTIAL
3 AFRICA
3.1 EXECUTIVE SUMMARY
3.2 ALGERIA
3.3 ANGOLA
3.4 BENIN
3.5 BOTSWANA
3.6 BURKINA FASO
3.7 BURUNDI
3.8 CAMEROON
3.9 CAPE VERDE
3.10 CENTRAL AFRICAN REPUBLIC
3.11 CHAD
3.12 COMOROS
3.13 CONGO (FORMERLY ZAIRE)
3.14 COTE D'IVOIRE
3.15 DJIBOUTI
3.16 EGYPT
3.17 EQUATORIAL GUINEA
3.18 ERITREA
3.19 ETHIOPIA
3.20 GABON
3.21 GHANA
3.22 GUINEA
3.23 GUINEA-BISSAU
3.24 KENYA
3.25 LESOTHO
3.26 LIBERIA
3.27 LIBYA
3.28 MADAGASCAR
3.29 MALAWI
3.30 MALI
3.31 MAURITANIA
3.32 MAURITIUS
3.34 MOROCCO
3.35 MOZAMBIQUE
3.36 NAMIBIA
3.37 NIGER
3.38 NIGERIA
3.39 REPUBLIC OF CONGO
3.40 RWANDA
3.41 SAO TOME E PRINCIPE
3.42 SENEGAL
3.43 SIERRA LEONE
3.44 SOMALIA
3.45 SOUTH AFRICA
3.46 SOUTH SUDAN
3.47 ST. HELENA
3.48 SWAZILAND
3.49 TANZANIA
3.50 THE GAMBIA
3.51 TOGO
3.52 TUNISIA
3.53 UGANDA
3.54 WESTERN SAHARA
3.55 ZAMBIA
3.56 ZIMBABWE
4 ASIA
4.1 EXECUTIVE SUMMARY
4.2 BANGLADESH
4.3 BHUTAN
4.4 BRUNEI
4.5 BURMA
4.6 CAMBODIA
4.7 CHINA
4.8 HONG KONG
4.9 INDIA
4.10 INDONESIA
4.11 JAPAN
4.12 LAOS
4.13 MACAU
4.14 MALAYSIA
4.15 MALDIVES
4.16 MONGOLIA
4.17 NEPAL
4.18 NORTH KOREA
4.19 PAPUA NEW GUINEA
4.20 PHILIPPINES
4.21 SEYCHELLES
4.22 SINGAPORE
4.23 SOUTH KOREA
4.24 SRI LANKA
4.25 TAIWAN
4.26 THAILAND
4.27 TIMOR - LESTE, DEMOCRATIC REPUBLIC OF
4.28 VIETNAM
5 EUROPE
5.1 EXECUTIVE SUMMARY
5.2 ALBANIA
5.3 ANDORRA
5.4 AUSTRIA
5.5 BELARUS
5.6 BELGIUM
5.7 BOSNIA AND HERZEGOVINA
5.8 BULGARIA
5.9 CROATIA
5.10 CYPRUS
5.11 CZECH REPUBLIC
5.12 DENMARK
5.13 ESTONIA
5.14 FINLAND
5.15 FRANCE
5.16 GEORGIA
5.17 GERMANY
5.18 GIBRALTAR
5.19 GREECE
5.20 GUERNSEY
5.21 HUNGARY
5.22 ICELAND
5.23 IRELAND
5.24 ISLE OF MAN
5.25 ITALY
5.26 JERSEY
5.27 KAZAKHSTAN
5.28 KOSOVO
5.29 LATVIA
5.30 LIECHTENSTEIN
5.31 LITHUANIA
5.32 LUXEMBOURG
5.33 MACEDONIA
5.34 MALTA
5.35 MOLDOVA
5.36 MONACO
5.37 MONTENEGRO
5.38 NORWAY
5.39 POLAND
5.40 PORTUGAL
5.41 ROMANIA
5.42 RUSSIA
5.43 SAN MARINO
5.44 SERBIA
5.45 SLOVAKIA
5.46 SLOVENIA
5.47 SPAIN
5.48 SWEDEN
5.49 SWITZERLAND
5.50 THE FAROE ISLANDS
5.51 THE NETHERLANDS
5.52 THE UNITED KINGDOM
5.53 UKRAINE
6 LATIN AMERICA
6.1 EXECUTIVE SUMMARY
6.2 ARGENTINA
6.3 BELIZE
6.4 BOLIVIA
6.5 BRAZIL
6.6 CHILE
6.7 COLOMBIA
6.8 COSTA RICA
6.9 ECUADOR
6.10 EL SALVADOR
6.12 GUATEMALA
6.13 GUYANA
6.14 HONDURAS
6.15 MEXICO
6.16 NICARAGUA
6.17 PANAMA
6.18 PARAGUAY
6.19 PERU
6.20 SURINAME
6.21 THE FALKLAND ISLANDS
6.22 URUGUAY
6.23 VENEZUELA
7 NORTH AMERICA & THE CARIBBEAN
7.1 EXECUTIVE SUMMARY
7.2 ANGUILLA
7.3 ANTIGUA AND BARBUDA
7.4 ARUBA
7.5 BARBADOS
7.6 BERMUDA
7.7 CANADA
7.8 CUBA
7.9 CURACAO
7.10 DOMINICA
7.11 DOMINICAN REPUBLIC
7.12 GREENLAND
7.13 GRENADA
7.15 HAITI
7.16 JAMAICA
7.18 MONTSERRAT
7.19 PUERTO RICO
7.20 SINT MAARTEN
7.21 ST PIERRE AND MIQUELON
7.22 ST. KITTS AND NEVIS
7.23 ST. LUCIA
7.24 ST. VINCENT AND THE GRENADINES
7.25 THE BAHAMAS
7.26 THE BRITISH VIRGIN ISLANDS
7.27 THE CAYMAN ISLANDS
7.28 THE U.S. VIRGIN ISLANDS
7.29 THE UNITED STATES
7.30 TRINIDAD AND TOBAGO
7.31 TURKS AND CAICOS ISLANDS
8 OCEANIA
8.1 EXECUTIVE SUMMARY
8.2 AMERICAN SAMOA
8.3 AUSTRALIA
8.4 CHRISTMAS ISLAND
8.6 COOK ISLANDS
8.7 FIJI
8.8 FRENCH POLYNESIA
8.9 GUAM
8.10 KIRIBATI
8.11 MARSHALL ISLANDS
8.12 MICRONESIA FEDERATION
8.13 NAURU
8.14 NEW CALEDONIA
8.15 NEW ZEALAND
8.16 NIUE
8.17 NORFOLK ISLAND
8.18 PALAU
8.19 SOLOMON ISLANDS
8.20 THE NORTHERN MARIANA ISLAND
8.22 TOKELAU
8.23 TONGA
8.24 TUVALU
8.25 VANUATU
8.26 WALLIS AND FUTUNA
8.27 WESTERN SAMOA
9 THE MIDDLE EAST
9.1 EXECUTIVE SUMMARY
9.2 AFGHANISTAN
9.3 ARMENIA
9.4 AZERBAIJAN
9.5 BAHRAIN
9.6 IRAN
9.7 IRAQ
9.8 ISRAEL
9.9 JORDAN
9.10 KUWAIT
9.11 KYRGYZSTAN
9.12 LEBANON
9.13 OMAN
9.14 PAKISTAN
9.15 PALESTINE
9.16 QATAR
9.17 SAUDI ARABIA
9.18 SYRIAN ARAB REPUBLIC
9.19 TAJIKISTAN
9.20 THE UNITED ARAB EMIRATES
9.21 TURKEY
9.22 TURKMENISTAN
9.23 UZBEKISTAN
9.24 YEMEN
10 DISCLAIMERS, WARRANTIES, AND USER AGREEMENT PROVISIONS
10.1 DISCLAIMERS & SAFE HARBOR
10.2 ICON GROUP INTERNATIONAL, INC. USER AGREEMENT PROVISIONS
1.1 OVERVIEW
1.2 WHAT IS LATENT DEMAND AND THE P.I.E.?
1.3 THE METHODOLOGY
1.4 FREQUENTLY ASKED QUESTIONS (FAQ)
2 SUMMARY OF FINDINGS
2.1 THE WORLDWIDE MARKET POTENTIAL
3 AFRICA
3.1 EXECUTIVE SUMMARY
3.2 ALGERIA
3.3 ANGOLA
3.4 BENIN
3.5 BOTSWANA
3.6 BURKINA FASO
3.7 BURUNDI
3.8 CAMEROON
3.9 CAPE VERDE
3.10 CENTRAL AFRICAN REPUBLIC
3.11 CHAD
3.12 COMOROS
3.13 CONGO (FORMERLY ZAIRE)
3.14 COTE D'IVOIRE
3.15 DJIBOUTI
3.16 EGYPT
3.17 EQUATORIAL GUINEA
3.18 ERITREA
3.19 ETHIOPIA
3.20 GABON
3.21 GHANA
3.22 GUINEA
3.23 GUINEA-BISSAU
3.24 KENYA
3.25 LESOTHO
3.26 LIBERIA
3.27 LIBYA
3.28 MADAGASCAR
3.29 MALAWI
3.30 MALI
3.31 MAURITANIA
3.32 MAURITIUS
3.34 MOROCCO
3.35 MOZAMBIQUE
3.36 NAMIBIA
3.37 NIGER
3.38 NIGERIA
3.39 REPUBLIC OF CONGO
3.40 RWANDA
3.41 SAO TOME E PRINCIPE
3.42 SENEGAL
3.43 SIERRA LEONE
3.44 SOMALIA
3.45 SOUTH AFRICA
3.46 SOUTH SUDAN
3.47 ST. HELENA
3.48 SWAZILAND
3.49 TANZANIA
3.50 THE GAMBIA
3.51 TOGO
3.52 TUNISIA
3.53 UGANDA
3.54 WESTERN SAHARA
3.55 ZAMBIA
3.56 ZIMBABWE
4 ASIA
4.1 EXECUTIVE SUMMARY
4.2 BANGLADESH
4.3 BHUTAN
4.4 BRUNEI
4.5 BURMA
4.6 CAMBODIA
4.7 CHINA
4.8 HONG KONG
4.9 INDIA
4.10 INDONESIA
4.11 JAPAN
4.12 LAOS
4.13 MACAU
4.14 MALAYSIA
4.15 MALDIVES
4.16 MONGOLIA
4.17 NEPAL
4.18 NORTH KOREA
4.19 PAPUA NEW GUINEA
4.20 PHILIPPINES
4.21 SEYCHELLES
4.22 SINGAPORE
4.23 SOUTH KOREA
4.24 SRI LANKA
4.25 TAIWAN
4.26 THAILAND
4.27 TIMOR - LESTE, DEMOCRATIC REPUBLIC OF
4.28 VIETNAM
5 EUROPE
5.1 EXECUTIVE SUMMARY
5.2 ALBANIA
5.3 ANDORRA
5.4 AUSTRIA
5.5 BELARUS
5.6 BELGIUM
5.7 BOSNIA AND HERZEGOVINA
5.8 BULGARIA
5.9 CROATIA
5.10 CYPRUS
5.11 CZECH REPUBLIC
5.12 DENMARK
5.13 ESTONIA
5.14 FINLAND
5.15 FRANCE
5.16 GEORGIA
5.17 GERMANY
5.18 GIBRALTAR
5.19 GREECE
5.20 GUERNSEY
5.21 HUNGARY
5.22 ICELAND
5.23 IRELAND
5.24 ISLE OF MAN
5.25 ITALY
5.26 JERSEY
5.27 KAZAKHSTAN
5.28 KOSOVO
5.29 LATVIA
5.30 LIECHTENSTEIN
5.31 LITHUANIA
5.32 LUXEMBOURG
5.33 MACEDONIA
5.34 MALTA
5.35 MOLDOVA
5.36 MONACO
5.37 MONTENEGRO
5.38 NORWAY
5.39 POLAND
5.40 PORTUGAL
5.41 ROMANIA
5.42 RUSSIA
5.43 SAN MARINO
5.44 SERBIA
5.45 SLOVAKIA
5.46 SLOVENIA
5.47 SPAIN
5.48 SWEDEN
5.49 SWITZERLAND
5.50 THE FAROE ISLANDS
5.51 THE NETHERLANDS
5.52 THE UNITED KINGDOM
5.53 UKRAINE
6 LATIN AMERICA
6.1 EXECUTIVE SUMMARY
6.2 ARGENTINA
6.3 BELIZE
6.4 BOLIVIA
6.5 BRAZIL
6.6 CHILE
6.7 COLOMBIA
6.8 COSTA RICA
6.9 ECUADOR
6.10 EL SALVADOR
6.12 GUATEMALA
6.13 GUYANA
6.14 HONDURAS
6.15 MEXICO
6.16 NICARAGUA
6.17 PANAMA
6.18 PARAGUAY
6.19 PERU
6.20 SURINAME
6.21 THE FALKLAND ISLANDS
6.22 URUGUAY
6.23 VENEZUELA
7 NORTH AMERICA & THE CARIBBEAN
7.1 EXECUTIVE SUMMARY
7.2 ANGUILLA
7.3 ANTIGUA AND BARBUDA
7.4 ARUBA
7.5 BARBADOS
7.6 BERMUDA
7.7 CANADA
7.8 CUBA
7.9 CURACAO
7.10 DOMINICA
7.11 DOMINICAN REPUBLIC
7.12 GREENLAND
7.13 GRENADA
7.15 HAITI
7.16 JAMAICA
7.18 MONTSERRAT
7.19 PUERTO RICO
7.20 SINT MAARTEN
7.21 ST PIERRE AND MIQUELON
7.22 ST. KITTS AND NEVIS
7.23 ST. LUCIA
7.24 ST. VINCENT AND THE GRENADINES
7.25 THE BAHAMAS
7.26 THE BRITISH VIRGIN ISLANDS
7.27 THE CAYMAN ISLANDS
7.28 THE U.S. VIRGIN ISLANDS
7.29 THE UNITED STATES
7.30 TRINIDAD AND TOBAGO
7.31 TURKS AND CAICOS ISLANDS
8 OCEANIA
8.1 EXECUTIVE SUMMARY
8.2 AMERICAN SAMOA
8.3 AUSTRALIA
8.4 CHRISTMAS ISLAND
8.6 COOK ISLANDS
8.7 FIJI
8.8 FRENCH POLYNESIA
8.9 GUAM
8.10 KIRIBATI
8.11 MARSHALL ISLANDS
8.12 MICRONESIA FEDERATION
8.13 NAURU
8.14 NEW CALEDONIA
8.15 NEW ZEALAND
8.16 NIUE
8.17 NORFOLK ISLAND
8.18 PALAU
8.19 SOLOMON ISLANDS
8.20 THE NORTHERN MARIANA ISLAND
8.22 TOKELAU
8.23 TONGA
8.24 TUVALU
8.25 VANUATU
8.26 WALLIS AND FUTUNA
8.27 WESTERN SAMOA
9 THE MIDDLE EAST
9.1 EXECUTIVE SUMMARY
9.2 AFGHANISTAN
9.3 ARMENIA
9.4 AZERBAIJAN
9.5 BAHRAIN
9.6 IRAN
9.7 IRAQ
9.8 ISRAEL
9.9 JORDAN
9.10 KUWAIT
9.11 KYRGYZSTAN
9.12 LEBANON
9.13 OMAN
9.14 PAKISTAN
9.15 PALESTINE
9.16 QATAR
9.17 SAUDI ARABIA
9.18 SYRIAN ARAB REPUBLIC
9.19 TAJIKISTAN
9.20 THE UNITED ARAB EMIRATES
9.21 TURKEY
9.22 TURKMENISTAN
9.23 UZBEKISTAN
9.24 YEMEN
10 DISCLAIMERS, WARRANTIES, AND USER AGREEMENT PROVISIONS
10.1 DISCLAIMERS & SAFE HARBOR
10.2 ICON GROUP INTERNATIONAL, INC. USER AGREEMENT PROVISIONS
