A new market study, titled “Global Fuel Cell Technology Market Size, Status and Forecast 2020-2025” has been featured on Market Research Future.
In its recently published study report; foretelling the market insights up to 2027 Market Research Future states that the Fuel Cell Technology has the potential to evolve & expand further. And hence the Global Fuel Cell market is projected to experience an exponential growth by 2027 registering a fabulous CAGR during 2017 – 2027.
Fuel Cell Technology is a highly efficient process of electricity generation than combustion technology. Allowing the convenience of portability, Fuel Cell generates clean energy (sound/ air pollution less) to suffice all general electrical needs (stationary) and can power up electric vehicles (Transports) as well.
Major players in the global fuel cell technology market include Ballard (Canada), Ceramic Fuel Cell (Australia), FuelCell Energy (USA), Hydrogenics (Canada), and Plug Power (USA).
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The primary market driver for the global fuel cell technology market growth is the increasing demand for clean and green energy due to the rapid depletion of renewable resources such as oil and gas. Due to the demand for clean energy, the market for fuel cells is increasing. Increasing awareness about clean energy among individuals is also boosting the market growth.
Fuel Cell Technology offers more applicability and reliability than other alternatives such as wind and sun. This allows the technology to garner an extensive uptake across industries leading to generate an augmented demand which then results in increasing its marker size. Additional factors that contribute to the market growth include a growing population, urbanization & industrialization across the globe. The emergence of Electric Vehicles has brought about the largest scope for the market to expand globally.
Growing ecological concerns are prompting the need for alternative energy generation sources that can output cleaner energy. Fuel Cell without burning its fuel (hydrogen) delivers equivalent output as generators; with less or absolutely zero-emission when the hydrogen is in its purest form. This very aspect is allowing Fuel Cell Technology to garner a lot of prominences escalating its market to perceive phenomenal accruals.
Global Fuel Cell Technology Market Segmentation
The MRFR Analysis has Fuel Cell Technology Market has been segmented into three key dynamics;
By Type: Comprises PEMFC, MCFC, SOFC, DMFC, PAFC, and others
By Application: Stationary, Portable, and Transportation among others.
By Region: North America, Europe, APAC and Rest-of-the-World.
The well- established market players gain the competitive advantage in the market maintaining their market position. These Players also invest substantially in the R&D to develop a technology with unique design and features that are on an entirely different level compared to their competition.
The regional segmentation of the global fuel cell technology market covers Europe, the Americas (North America & South America), Asia Pacific, and the Middle East & Africa (MEA).
In the Americas region, North America is a bigger market than South America due to developed infrastructure, heavy industrialization, and the presence of many key market players. The major country-specific markets in this region are the USA, Canada, and Mexico.
Europe has decided to cut down maximum carbon emission via the EU2020 program by 2050. This program focuses on increasing the demand for the fuel cell by improving the infrastructure, encouraging the use of fuel cells, and decreasing the cost of the fuel cells. Germany is the biggest country-specific market in Europe.
In terms of high revenue, Asia Pacific region is one of the leading regional markets due to the increasing awareness among individuals, demand for fuel cell technology, and favorable government policies. Japan and South Korea form the major chunk of revenue generation in this region. Other important country-specific markets are Australia, China, India, and New Zealand. In the MEA region, the market growth is slow due to limited availability of technology.
Industry/ Innovation/ Related News:
February 2, 2018 – SunLine Transit Agency (US), a bus service providing agency launched its latest zero emission bus with the fuel cell technology. The bus can cover any route in its service territory, even when its AC is operating at maximum levels that too without emission.
February 1, 2018 – Bloom Energy Corp. (US), a remarkable manufacturer of fuel cells, announced the receiving of a contract to provide a Fuel-Cell Power Plant for a utility in South Korea, the world’s biggest user of this technology.
December 22, 2017 – Ballard Power Systems (US) announced the development of the next generation, high performance ‘Fuel Cell Propulsion System’ that can power unmanned aerial vehicles (UAVs) or drones.
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