Fuel Cell Market Driven by Innovations in Automotive and Stationary Applications
Government and multi-national organizations are promoting innovations in fuel cell technology. These act as cost-effective and environmental-friendly solutions in the automotive and stationary fuel cell market. A report by IndustryARC evaluates that the global fuel cell market size stood at $4.5 billion in 2018. Furthermore, the demand is projected to rise at a Compound Annual Growth Rate (CAGR) of 15.38% during the forecast period 2019-2025.
The report is titled, “Fuel cell Market: By Usage (Commercials, Consumer Products, Automobile, and Others); By Type (Metal Hydride Fuel cell, DFAFC, UMFC and others); By Region – Forecast (2019 – 2025).” It consolidates an in-depth assessment of the competitive landscape, market drivers, market life cycle analysis, market entropy, financial analysis, market trends, and strategic analysis of the global fuel cell market.
Fuel Cell Market: Leading Segments
Fuel cells are broadly used in portable power generation, transportation, infrastructure, and stationary segments. Unlike other combustion technologies, stationary fuel cells generate electricity through an electrochemical reaction. It provides clean, efficient, and reliable off-grid power to businesses, homes, telecommunication networks, and utilities. Stationary fuel cells offer virtually emission-free power, and do not produce particulate pollutants and unburned hydrocarbons or cause acid rain. According to the report of IndustryARC, the stationary applications constitute a predominant share in the fuel cell market. Thus, the demand for stationary fuel cells market is anticipated to grow at a CAGR of 16.94% during the aforesaid forecast period.
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Because of its environmental benefits, organizations are more inclined to invest in fuel cell market as they enable to meet standard air pollution goals and emission requirements. Today, many countries across the globe are working to accelerate the development of hydrogen and fuel cell technologies. Research and development (R&D) cooperation and collaboration become the central tool for the countries to upgrade their environmental, energy and economic security. The U.S. Department of Energy (DoE) has focused on research and development under the guidance of the government. The country is successfully commercializing and achieving results by utilizing fuel cells to power retail stores, data centers, company facilities, and other production sites. North America is the quickest, to adapt to the advancements of fuel cell technologies, thus occupied a regional share of 34.48% in the global fuel cell market as of 2018. Fuel cell companies draw revenue from various verticals such as sales, related equipment (such as hydrogen generators), contract research and development, support and maintenance contracts.
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Fuel cell market: Disruptive Trends
• Though fuel cell technology arguably suffered for a long time, the market started to gain its momentum since the last few years. Improvements in technology, commercial products, and the realization of clean power are the factors leading to the growth of fuel cell technology.
• Recent advancements in solid oxide fuel cell (SOFC), enable them to operate at a lower temperature. Therefore, they became cost-effective and are used in commercially viable applications including automobiles and distributed power generation.
• After the latest launch of Hyundai Nexo, joining Honda Clarity, and Toyota Mirai, more advancements have lined up in the field of automobiles.
Fuel cell market: Competitive Landscape
At present, Panasonic, Toshiba, Ballard Power Systems, Hydrogenics Corporation, Horizon Fuel Cell Technologies, SFC Group, Ceramic Fuel Cells, Ltd, Bloom Energy, FuelCell Energy, Inc., Nuvera Fuel Cells, Plug Power, Doosan Fuel Cell America, Aisin Seiki Co., Ltd., Nedstack Fuel Cell Technology BV, UTC Power Corp., Arcola Energy are the major shareholders of the global fuel cell market.
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Related Reports:
A. Hydrogen Fuel Cell Market
https://industryarc.com/Research/Hydrogen-Fuel-Cell-Market-Research-502333
B. Automotive Fuel Cell Market
https://industryarc.com/Research/Automotive-Fuel-Cell-Market-Research-505727
What can you expect from the report?
The Fuel cell Market is Prepared with the Main Agenda to Cover the following 20 points:
1. Fuel cell Market Size by Product Categories & Application
2. Fuel cell Market trends & Relevant Market Data
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End-user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Fuel cell Market Demand Analysis (Revenue & Volume)
12. Country-level Analysis
13. Competitor Analysis
14. Fuel cell Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Fuel cell Market Strategic Analysis
18. Fuel cell Market Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Fuel cell Market Revenue and Volume Analysis
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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.
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