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.
Full Research Report on Global Fuel Cell Market Analysis:
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
View more reports of
this category by Grand View Research at: http://www.grandviewresearch.com/industry/renewable-energy
Grand View Research
has segmented the Global 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
- U.S
- Europe
- Germany
- UK
- France
- Asia
Pacific
- China
- Japan
- South
Korea
- Middle
East and Africa
- Central
& South America
- Brazil
View Blog On this research report by Grand View Research:
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: www.grandviewresearch.com