Increasing demand for unconventional sources of energy is one of the major factors in driving the growth of the fuel cell market. Growing private-public partnerships and reduced environmental impact are other factors anticipated to propel the demand. Developing a robust regulatory and policy framework is especially important, as government enterprises need to provide an environment suitable for investment. The high cost of cells and lack of proper infrastructure, hydration, and storage are some of the major concerns associated with the installation of the product. Several public and private funding programs and expansion of hydrogen infrastructure, along with the growing focus on distributed power generation technologies, will propel the fuel cell market growth.
The fuel cell market has been segmented by product type and by application.
Factors that are anticipated to boost the market are a rise in the demand for secure and uninterrupted electricity supply across remote and off-grid regions and increasing sales of fuel cell electric vehicles (FCEV's). The growth of the DMFC segment will be driven by the growing demand for portable forklifts, industrial warehouses, and power sources in military applications, consumer electronics, and movable battery chargers. As an electrolyte, DMFC uses a silicone sheath and a platinum-ruthenium catalyst as an anode. The reaction between them removes liquid methanol from hydrogen and eliminates the usage of the fuel reformer. Some of the main characteristics that will improve the acceptance of the product are high energy density, wide temperature range, and comparatively low cost.
Stationary fuel cells dominate the fuel cell market in terms of shipped units. To allow the stationary segment to retain the leading role, product flexibility and high efficiency are expected. Owing to the increasing demand for fuel cell-powered forklifts and rising R&D activities in developed European economies, the transport segment is anticipated to be the fastest growing segment. Portable fuel cells are used in personal devices, portable products, tablets, mobile phones, APUs, and consumer products, among many other items.
The European market is expected to shift its focus to public-private partnerships in the near future to accomplish the target of turning a low carbon economy and for maintaining a higher competitive edge. The Asia Pacific is projected to continue holding a substantial market share in terms of volume. Japan is the major regional market followed by South Korea. The robust regional growth can be explained by the existence of high demand for Combined Heat and Power (CHP) systems in Japan and other countries in the region.
The leading industry participants are focusing on strategic alliances and public-private partnerships with various companies as a part of their key strategy outlook. In addition, increasing funding and extensive research & development activities have enhanced the profitability landscape of these players and their business presence as well.
- Solid Oxide Fuel Cells
- Proton Exchange Membrane Fuel Cell
- Molten Carbonate Fuel Cell
- Phosphoric Acid Fuel Cells
- North America, by Country
- North America, by Type
- North America, by Application
- Western Europe, by Country
- The Netherlands
- Rest of Western Europe
- Western Europe, by Type
- Western Europe, by Application
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Type
- Asia Pacific, by Application
- Eastern Europe, by Country
- Rest of Eastern Europe
- Eastern Europe, by Type
- Eastern Europe, by Application
- Middle East, by Country
- Saudi Arabia
- Rest of Middle East
- Middle East, by Type
- Middle East, by Application
Rest of the World
- Rest of the World, by Country
- Rest of the World, by Type
- Rest of the World, by Application
Ballard Power Systems Inc., Plug Power Inc., Proton Power Systems PLC, ITM Power Plc, AFC Energy Plc, Fuel Cell Energy Inc., SFC Energy, United Technologies, Hydrogenics, and Fuji Electric India Pvt. Ltd are the major players operating in this market.
- In December 2018, Hydrogenics signed a contract for delivering hydrogen fuel cell power systems. These fuel cells and supporting systems were installed in a new lightweight aircraft. The electric air mobility vehicle is used for daily commuting and other applications. In 2019, the company developed and supplied an ultra-light fuel cell system, which will be the main propulsion unit for this aircraft.
- In September 2018, Hydrogenics entered into a contract with GTI and TransPower for supplying six heavy-duty fuel cell power modules. These fuel cells were scheduled to be deployed in Class 8 Navistar drayage trucks, which operated in Southern California.
Objectives of this report:
- To estimate the market size for fuel cell market on a regional and global basis.
- To identify major segments in the fuel cell market and evaluate their market shares and demand.
- To provide a competitive scenario for the fuel cell market with major developments observed by key companies in the historic years.
- To evaluate key factors governing the dynamics of the fuel cell market with their potential gravity during the forecast period.
Reasons to Buy This Report:
- Provides niche insights for a decision about every possible segment helping in the strategic decision-making process.
- Market size estimation of the fuel cell market on a regional and global basis.
- A unique research design for market size estimation and forecast.
- Identification of major companies operating in the market with related developments
- Exhaustive scope to cover all the possible segments helping every stakeholder in the fuel cell market.
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- By Segment
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