Trusted Business Insights presents the Updated and Latest Study on Fuel Cell Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Fuel Cell Market
Industry / Sector Trends
Fuel Cell Market size for 2016 was valued over USD 2 billion and the annual shipment is set to exceed 900 MW by 2024.
Europe Fuel Cell Market Size, By Product, 2016 & 2024 (USD Million)
Favourable government policies and incentives toward the adoption of renewable energy technologies coupled with increasing demand for backup power source in off-grid areas will drive the fuel cell market size. In 2016, the U.S. Department of Energy approved a funding of USD 30 million through REBELS program to develop the fuel cell technology that are focussing on low cost distributed power generation.
Upsurge in investments toward the development of hydrogen refueling infrastructure along with increasing demand for space heating across residential and commercial establishments will foster the fuel cell market growth. Upsurge in installation of movable charging sources owing to growing leisure industry across the regions will further propel the business landscape. The government of Germany has planned to open 100 hydrogen refuelling stations by 2018 and 400 by 2023.
Growing adoption of fuel cell electric vehicles along with upsurge in funding from government and private institutions including DOE, New Enterprise Associates, Credit Suisse, and DAG Ventures will augment the fuel cell market outlook. The government of South Korea introduced a policy Fuel Cell Vehicle 10 Percent Era.to achieve the target of 10 percent of new car sales to be fuel cell electric vehicle by 2030.
Market Segmentation, Outlook & Regional Insights: Fuel Cell Market
Fuel Cell Market, By Product
PEMFC fuel cell market is predicted to surpass 180 thousand units by 2024. Growing demand for primary and backup power sources to provide electricity in remote areas along with increasing use in FCEVs and portable electronics will foster the industry growth. These cells function at comparatively low temperatures and can modify power output based on the power requirements.
DMFC fuel cell market will grow owing to its wide applications as a portable power source including consumer electronics, movable battery chargers and power for testing equipment. These cells operate at a temperature range between 600C to 1300C and can be used for different power requirements. High energy density and comparatively low cost are some of the key features that will further enhance the product growth.
Fuel Cell Market, By Application
Stationary applications are set to witness strong growth owing to increasing demand for space heating demand across homes, offices, and other commercial establishments. Increasing product penetration as a backup power source in hospitals, telecommunication base stations, data centres, tetra networks, schools and hotels will further augment the fuel cell market growth.
Wide applications across skid-mounted fuel cell generators, portable soldier power, auxiliary power units, torches, cameras, mp3 players, printers, laptops, radios, and vine-trimmers will boost the penetration of portable applications. Longer run time, rapid recharging, reduced weight, reliability, convenience, and low operating cost are some of the prominent features which will further encourage the product adoption over the forecast timeframe.
Fuel Cell Market, By Region
The U.S. fuel cell market is predicted to grow pertaining to continuous financial support from government organization including Department of Energy. Increasing government support to promote renewable energy technologies to curb carbon emissions will further complement the industry outlook. In 2015 the Department of Energy, announced an investment of USD 130 million toward the development of fuel cells and hydrogen fueling infrastructure.
The Germany fuel cell market is set to exceed 30 MW by 2024. Commercialization of fuel cell electric vehicles owing to increasing customer base across the nation will augment the business landscape. Increasing investments toward the development of hydrogen refuelling infrastructure along with stringent emission reduction targets will boost the industry outlook.
China fuel cell market is set to witness gain of over 20% by 2024. Exponential rise in power consumption along with increasing investments across the development of transport and stationary application will propel the business outlook. The ongoing investments by major industry players including Hyundai toward the development of H2 infrastructure will complement the industry outlook. In 2017 Hyundai, unveiled its plans to launch the second-generation hydrogen fuel cell vehicle, which will further enhance the properties of technology.
Key Players, Recent Developments & Sector Viewpoints: Fuel Cell Market
Eminent industry players in fuel cell market includes Hydrogenics Corporation, Ballard, Bloom Energy, FuelCell Energy, Toshiba, UTC Power, Panasonic, Doosan, AFC Energy, Arcola, Plug Power, SFC, Horizon and Ceres Power.
Increasing investments toward R&D along with ongoing M&A to expand presence has been a key strategic inference by major industry players. Rigorous technological advancement coupled with a decline in the overall cost of fuel cell installations has further propelled the product deployment.
Fuel Cell Industry Viewpoint
The Fuel cell are electrochemical cells, which convert chemical energy into electricity through a chemical reaction between hydrogen and oxygen or other oxidizing agents. These cells are more efficient than combustion technologies and do not generate any emissions. Wide application across power generation, electric vehicles, cogeneration, and portable power systems will foster the fuel cell market growth. These products are 2-3 times more efficient and eco-friendly than conventional batteries
What are the Key Insights Covered: Exhaustive Fuel Cell Market
1. Market size (sales, revenue and growth rate) of Fuel Cell industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Fuel Cell industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Fuel Cell industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Fuel Cell industry.
What is the Research Methodology used: Fuel Cell Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ WorldWide Fuel Cell Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 – 2025
This post was originally published on Downey Magazine