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.
Browse full research report on Fuel Cell Market: https://www.grandviewresearch.com/industry-analysis/fuel-cell-market
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
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/renewable-energy
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
- U.S
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- South Korea
- Middle East
and Africa
- Central &
South America
- Brazil
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.
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