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Global Fuel Cell Technology Market 2019 To 2023 Analysis By Size, Share, Key Companies With Forecast Research Report

May 14th 2019 at 6:16 AM

Fuel Cell Technology Market Research Report by Type (PEMFC, MCFC, SOFC, DMFC, PAF and Others), Application (Stationary, Portable and Transportation) and Region (Asia-Pacific, North America, Europe, Middle East, Africa and South America) - Forecast till 2024.

Market Scenario

Fuel Cells are used to convert chemical energy into electrical energy. Fuel cells are used as a source of heat and electricity for buildings as well as an electrical power source for electric motors propelling vehicles. They are also largely used forklifts i.e. trucks that are used to lift and transport heavy materials. Fuel cells do not require any external charging and can produce electricity as long as fuel and oxygen is supplied to it.

Growing private as well as public investments is one of the major drivers of fuel cell technology market. In addition, the high energy density of the fuel cells compared to the conventional battery has further added to the growth of the market. Advantage over the back-up power option would also drive the fuel cell technology market. High catalyst cost and lack of proper fuel infrastructure would hamper the growth of the fuel cell technology market. However, advent of new technologies and growing demand of fuel cell vehicles would create greater opportunities during the forecast period.

The global Fuel Cell Technology market is projected to grow at a high rate during the forecast period, mainly due to the growing demand for fuel cell technology from the automotive sector. According to the fuel cell industry review, the fuel cell sector shipped 30% more in 2017 compared to 2016, with 10,000 more units. Similarly, stringent government regulations related to carbon emissions are expected to propel the growth of the fuel cell market during the forecast period. According to the Department of Energy (DOE), USD 39 million is invested in 2019,

Global Fuel Cell Technology market has been segmented based on type, application, and region. Based on type, the market is classified into PEMFC, MCFC, SOFC, DMFC, PAFC, and Others. PEMFC segment is leading the market and has the largest market share, it has a higher power to area ratio than the other types due to the higher associated installation costs. Asia Pacific is expected to be the largest market for fuel cell technology, along with China being the largest market for electric vehicles. The global Fuel Cell Technology market is further segmented based on application, including stationary, portable, and transportation. Stationary segment of the global Fuel Cell Technology market is estimated to register the highest growth rate during the forecast period.

The global Fuel Cell Technology market is expected to grow at 14.5% CAGR during the forecast period.

Key Players

  • Fuel Cell Energy (US)
  • Hydrogenics (Canada)
  • Plug Power (US)
  • Ballard Power Systems (Canada)
  • Panasonic Corporation (Japan)
  • Toshiba Corporation (Japan)
  • Doosan Corporation (South Korea)
  • Kyocera (Japan)
  • Plug Power
  • AFC energy (UK)

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