Rising demand for energy across the globe coupled with governmental initiates for consumption of clean and renewable energy is driving the market growth. Technological advancement for development of energy efficient products is again fueling the market growth. Also, diminution of non-renewable energy sources and rising awareness regarding fuel cell benefits is pushing the market demand upwards. In addition to this, owing to better substitute for energy generation over conventional non-renewable energy sources is further boosting the market growth. Increasing demand for fuel cells in the residential building, power generators, and various mobile and stationary application is likely to upsurge the market growth in the upcoming year.
The latest report by Value Market Research expects the Global Fuel Cell Market was valued at USD 7 billion in 2017 and is likely to reach USD 16.64 billion by 2024 with the CAGR of 10%.
PEMFC DOMINATED THE PRODUCT TYPE
In 2017, PEMFC led the product type segment by accounting X.X% of the total market share. Owing to superior characteristics such as high power density, lightweight, and low volume is driving the segment growth. Also, faster startup time and the favorable power-to-weight ratio has widened its application in passenger vehicles. This, in turn, is fueling segment growth.
TRANSPORTATION LED THE APPLICATION SEGMENT
Transport dominated the application segment and has accounted for X.X% of the total market share. Use of fuel cell to meet zero carbon emission standards and provide greater well to wheel efficiency is driving the market growth. Governmental policies to stimulate a cleaner transport system are further boosting the segment growth.
ASIA PACIFIC DOMINATED THE REGIONAL MARKET
Geographically, Asia Pacific led the market and has accounted for over 40% of the market share. Rising adoption of fuel cell operating vehicles in Japan and Korea is driving the market growth.
KEY PLAYERS OF THE MARKET
Hydrogenics Corporation, Ballard, Bloom Energy, FuelCell Energy, Toshiba, UTC Power, Panasonic, Doosan, AFC Energy, Arcola, Plug Power, SFC, Horizon and Ceres Power are the major players of the market.
As per this study, the Global Fuel Cell Market was valued USD 3.07 BN (by revenue) in 2021 and is anticipated to reach USD 16.36 BN by 2028 with a CAGR of 27%. By volume, the market was estimated XX Units in 2021 and is expected to reach XX Units by 2028 with a CAGR of XX%.
A fuel cell is a device which produces electrical energy through a chemical reaction with oxygen or other oxidizing agents within it. Basically, they worked as a battery and have numerous advantages such as enhanced efficiency, longer lifespan, and eco-friendly nature. They have application across transport sectors such as in car and buses.
Market Dynamics
Growing environmental concern coupled with the strict regulation in order to reduce carbon footprint is likely to upsurge the demand for fuel cell over the forecast period. Also, the declining price of fuel cell owing to ongoing technological innovation is again fueling the market growth. Also, growing concern over depletion of oil and gas reserves along with the growing demand clean energy is further spurring the market growth. On the flip side, the high cost of the catalyst leads followed by lack of catalyst infrastructure is expected to curb the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of fuel cell.
Market Segmentation
The broad fuel cell market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product
- PEMFC
- PAFC
- SOFC
- MCFC
- Others
By Application
- Stationary
- Transportation
- Portable
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for fuel cell in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Fuel Cell Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the fuel cell market include Ballard Power Systems, Bloom Energy, Ceramic Fuel Cells, Ltd, Ceres Power, FuelCell Energy, Inc., Hydrogenics Corporation, Nedstack Fuel Cell Technology BV., Plug Power, SFC Group, and UTC Power Corporation. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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