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Hydrogen Fuel Cells Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

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Fuel cells, an electrochemical energy conversion device, converts chemical hydrogen and oxygen into water. Fuel cells produces electricity during the process of conversion. The battery also works with the electrochemical principle, wherein all the chemicals stored inside are converted into electricity. However, the battery goes dead eventually; it needs to be recharged for further usage. Here, what hydrogen fuel cells overcome the advantage. Chemicals constantly flow into the fuel cells. As a result, it does not go dead as long as chemicals flow into the cells. Hydrogen and oxygen are the common elements used as chemicals in fuel cells. Fuel cells is used as an alternate fuel in automobiles. It is also used in power generation and portable power systems. Government initiatives, especially in developed countries, and increase in awareness about clean energy are the key factors anticipated to drive the fuel cells market during the forecast period. However, high switching cost of technology, followed by lack of infrastructure related to fuel cells, may hamper market growth.

Based on type, the hydrogen fuel cells market can be classified into Polymer Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), and others(includes alkaline fuel cells, Phosphoric-acid fuel cell etc.). In terms of application, the fuel cells market can be divided into stationary, portable, and transport.

PEMFC dominated the hydrogen fuel cells market in 2015. This trend is anticipated to continue during the forecast period. It is a highly preferred type of transport applications such as cars and buses. High power density and relatively low operating temperature are the major factors estimated to propel the demand for PEMFC during the forecast period.

The stationary application segment accounted for major share of the market in 2015. Increase in backup power installation in commercial and residential buildings is estimated to be the key factor driving the segment. However, the transport application segment is expected to expand at a rapid pace during the forecast period. Rise in research & development activities related to the use of fuel cells as alternative source of energy in automobiles and increase in awareness about the usage of clean energy are the prominent factors expected to drive the fuel cells market during the forecast period.

In terms of region, Asia Pacific dominated the hydrogen fuel cells market in 2015. The market in the region is anticipated to expand at a faster pace compared to the market in other regions. Increase in usage of fuel cells in Japan and South Korea in the hybrid car market, favorable government policies, and stringent environmental norms related to vehicle emissions are the prominent factors estimated to augment the fuel cells market during the forecast period. North America, followed by Europe, is another lucrative market for fuel cells. The market in North America is projected to expand significantly during the forecast period. Implementation of a subsidy on the purchase of hybrid vehicles and tax incentives scheme in these regions are projected to propel the fuel cells market during the forecast period.

The global fuel cells market is highly consolidated; currently, a few players operate in the market. However, the number of manufacturers is expected to increase in the near future. Key players operating in the fuel cells market include Plug Power Inc., SFC Energy AG, AFC Energy PLC, Panasonic Corporation, Hydrogenics, Toshiba Corporation, Nedstack Fuel Cells Technology B.V., and ClearEdge Power.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market      

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis. 

Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.

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