Fuel cells are expected to see significant growth over the next decade, as countries move toward cleaner power to diversify their power mix away from fossil fuels. The need to decarbonize the power sector will only intensify over the next decade. Renewable energy will play a big part in this story, but fuel cells will also be a source of clean power—particularly if they can be powered by hydrogen generated from renewable energy sources. This is an area of intense focus for a number of major energy utilities. Other key market drivers will be a shift toward non-noble metals (which enable higher power efficiency at a lower cost), the continuation of government incentives in North America and Asia, and the emergence of newer chemistries. As a result of these drivers, the fuel market is expected to witness consistent and steady growth over the course of the next decade. North America, which is led by the United States, and Asia, which is led by Japan (and China in the future), are expanding their fuel cell power capacity to introduce the next generation of energy technology into their economies. Additionally, they are reducing the operational expenditure costs of existing facilities. Frost & Sullivan’s recent stationary fuel cell study forecasts that the market will grow from $3.2 billion in 2018 to $5.08 billion by 2030 (a CAGR increase of 3.9%), and the total installed MW capacity will increase from 220MW to 612MW (a CAGR increase of 8.9%). Over the same period of time, fuel cell costs are forecast to decline by around 50% across the main technologies. This is vital to ensuring that growth can be achieved.
The companies we have included in this radar include Bloom Energy, FuelCell Energy, Plug Power, Aisin Seiki, Ceres Power, Hydrogenics, Doosan Fuel Cell America, Power Cell, Altergy, SFC Energy, Sunfire, Fuji Electric, Gencell, Convion, Solid Power, and Panasonic.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
Industry Overview
Industry Overview (continued)
The Frost Radar
Bloom Energy
FuelCell Energy
Plug Power
Aisin Seiki
Ceres Power
Hydrogenics
Doosan Fuel Cell America
PowerCell
Altergy
SFC Energy
Sunfire
Fuji Electric
Gencell
Convion
Solid Power
Panasonic
The Last Word—Key Takeaways
Legal Disclaimer
Frost Radar—2 Major Indices, 10 Analytical Ingredients, 1 Platform
Frost Radar—2 Major Indices, 10 Analytical Ingredients, 1 Platform (continued)
Frost Radar—C2A
Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
Speak directly with our analytics experts for tailored recommendations.
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Manoj Shankar |
| Industries | Energy |
| WIP Number | K3F4-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9AFE-A4,9AFF-A4,9B00-A4,9851,9852,GETE |
Frost Radar in the Global Stationary Fuel Cell Market
A Measurement System to Spark Companies 2 Action (C2A)—Innovation That Fuels New Deal Flow and Growth Pipelines
15-Oct-2019
Global
Frost Radar