The global fuel
cell market size is projected to reach USD 24.81 billion by 2025,
according to a new report by Grand View Research, Inc. It is expected to expand
at a CAGR of 20.9% over the forecast period. International pressure on energy
diversification is advocating positive investment environment for alternative
energy.
Fuel cell is closing in to be the most efficient form
of alternative energy generation. Fuel cell shipments have witnessed rise over
the past three years, compelling manufacturers to increase operations. Fuel
cell systems cost has also seen a decline owing to significant innovations in
terms of efficiency and working cost.
Low gas prices will remain a specific concern for this
market as natural gas based power generation is showing a radical decrease in
operating cost and significant increase in output. Rapid rise in efforts to
capitalize on the potential of fuel cells will drive this market at an
estimated 20.9% CAGR over the forecast period.
The fuel cell market is likely to witness aggressive
strategic alliances with market players looking to expand their end-user
segments in emerging markets. Progressive private-public partnerships are
predicted to be essential for attaining an economically viable technological
shift. Japan’s vision of Hydrogen Society is anticipated to bode well for
market growth by 2020
Stationary hydrogen power plants is expected to emerge
as the largest application segment and account for over 70% of market in terms
of shipped units. Factors such as high efficiency, flexibility to use different
fuels, and utilization of direct current are the key demand drivers..
Browse full research report on Fuel Cell Market: https://www.grandviewresearch.com/industry-analysis/fuel-cell-market
Further
key findings from the report suggest:
- Fuel cell units shipped at a global level in 2016 were estimated to
be 78,000 and the U.S. market size was estimated to be 8,205 units
- Proton exchange membrane fuel cell (PEMFC) dominated the fuel cell
market and accounted for over 76% of U.S. units shipped in 2016
- Solid oxide fuel cell (SOFC) is likely to emerge as the fastest
growing segment and is expected to register an estimated CAGR of 39.3%
during the forecast period in U.S. alone
- North America is witnessing several strategic partnerships with
companies such as Coca-Cola, Walmart, and other prominent players
partnering up with manufacturers to use fuel cells for internal energy
consumption
- Hyundai is powering its test cars with fuel cells to deliver better
efficiency in Japan and Latin America. These cars are likely to earn
commercial status by the end of the forecast period.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/renewable-energy
Grand
View Research has segmented the global fuel cell market on the basis of
product, application, and region:
Fuel
Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million,
2014 - 2025)
- PEMFC
- PAFC
- SOFC
- MCFC
- Others
Fuel
Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD
Million, 2014 - 2025)
- Stationary
- Transportation
- Portable
Fuel
Cell Regional Outlook (Volume, Kilo Tons; Capacity, Mega Watt; Revenue, USD
Million, 2014 - 2025)
- North America
- U.S.
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- Japan
- South Korea
- Central &
South America
- Brazil
- Middle East
& Africa
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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