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.
View
summary of this report @ http://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: http://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
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
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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals, materials,
healthcare and energy.