The global fuel cell market is
expected to reach USD 24.81 billion by 2025, according to a new report by Grand
View Research, Inc. Growing demand for unconventional energy sources is one of
the key factors driving the global fuel cell market. Fuel cell is one of the
fastest growing alternate backup power options primarily due to the utilization
of hydrogen as fuel. In addition, they are eco-friendly as their by-product is
harmless in nature, unlike other conventional technologies.
On the basis of policy
development, China is still lagging but shows tremendous promise in the near
future as the majority of the Chinese fuel cell manufacturers have been
focusing to develop proton exchange membrane fuel cells. This implies the focus
of the country to incorporate fuel cells in various modes of transport.
The market is expected
to witness strategic alliances to expand the end user segment in emerging
markets. Public – private partnerships will be critical in attaining an
economically viable technological shift. Introducing cleaner technologies to
substitute existing methodologies is expected to incur high costs which are
expected to challenge the innovative streak of the key market players.
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Research :
Further key findings from the report suggest:
·
Asia Pacific is expected to emerge as the
largest market in terms of unit shipment. Rising demand of Combined Heat and
Power systems in Japan and other countries in this region, the market for fuel
cells is slated to register a robust growth rate.
·
North America is likely to emerge as the
largest market for fuel cells in terms of installed capacity owing to the
regulatory scenario in the region and advancements in technology.
·
PEMFC is expected to emerge as the most
dominant form of fuel cell owing to their ability to suit a wide variety of
applications ranging from portable to large scale power systems.
·
In 2014, Japan had introduced “Promotion
Project for Hydrogen Society Using Renewable Energy”, an updated policy focused
on fuel cell and hydrogen roadmap. This region is expected to grow at an
estimated CAGR of 37.8% from 2016 to 2025.
·
Transportation and Portable application
segment are likely to reach a tipping point between niche and mainstream over
the forecast period.
·
Transportation application segment is
expected to grow at an estimated CAGR of 39.2% from 2016 to 2025
·
Some companies operating in the global
market include Plug power, Ballard Power Systems, Hydrogenics Corporation,
Ceramic Fuel Cells, Ltd., SFC Energy AG
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Research: http://www.grandviewresearch.com/press-release/global-fuel-cell-market
Grand View Research has
segmented the fuel cell market on the basis of product, application and region:
Product Outlook (Volume, Units; Capacity, Mega Watt;
Revenue, USD Million, 2014 - 2025)
·
PEMFC
·
PAFC
·
SOFC
·
MCFC
·
Others
Application Outlook (Volume, Units; Capacity, Mega Watt;
Revenue, USD Million, 2014 - 2025)
·
Stationary
·
Transportation
·
Portable
Regional Outlook (Volume, Kilo Tons; Capacity, Mega Watt;
Revenue, USD Million, 2014 - 2025)
·
North America
o U.S
·
Europe
o Germany
o UK
o France
·
Asia Pacific
o China
o Japan
o South Korea
·
Middle East and Africa
·
Central & South America
o Brazil
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-fuel-cell-market
About Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: http://www.grandviewresearch.com
