Published: Sep, 2018
Some of the prominent participants in the global fuel cells market are Ballard Power Systems Inc., Toshiba Corporation, Doosan Fuel Cell America, Inc., Hydrogenics Corporation, FuelCell Energy, Inc., Nedstack Fuel Cell Technology B.V., Panasonic Corporation, and Plug Power, Inc. At present, the players are looking at strategic alliances to expand their footprints in upcoming, promising markets. Another noticeable trend in the global fuel cells market is the increasing private-public partnerships because of the thrust by nations to up energy supply and reduce pollution.
A report on the global fuel cells market by Transparency Market Research finds that it is still in its early stages and hence primed to rise at a phenomenal 24.58% CAGR with respect to volume between 2016 and 2024. At this pace, the volume in the market which was worth 186,210 units in 2015 would become around 1504,005 units by 2024. The TMR report also predicts the global fuel cells market to attain a revenue of US$ 27.25 Bn by 2024, from US$3.59 Bn in 2015, rising at a 23.64% CAGR from 2016 to 2024.
The different types of fuel cells available in the market are proton exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), and direct methanol fuel cells (DMFC). Among them, the segment of PEMFC accounts for a leading share in the market at present owing to its rising usage in the transportation sector for powering buses and cars. Its dominant position is also a result of it being a preferred choice for numerous small-scale residential applications. From a geographical standpoint, the Asia Pacific fuel cells market is set to rise the most because of its large population driving up demand for energy and also the thrust on cleaner forms of energy by governments.
Thrust on Curbing Pollution from Thermal Energy, Pushes up Demand in Global Fuel Cells Market
Surging popularity of green energy technologies in the face of pollution control has been majorly fuelling the global fuel cells market. Explains the lead analyst of the report, “Fuel cells are upcoming technologies comprising of electro-chemical devices which can change the chemical energy into electricity and heat through the oxidation of fuel such as hydrogen, methanol, and natural gas. Fuel cells find usage in generating electricity and heat for buildings and in the commercial sector.”
Stationary Applications of Fuel Cells Majorly Fuels its Market
The global fuel cells market is receiving a major fillip from its application in portable, stationary, and transport sectors. While the stationary applications of fuel cells in backup power systems and CHP is providing maximum impetus to its demand at present, the portable applications are also set to see good demand in the near term. The portable applications comprise of tablets, laptops, cameras, and mobiles. So far, the usage of fuel cells in transportation is moderate, adds our lead analyst. However, with continued research and development in the area to find solutions, soon we might be able to integrate efficient fuel cell systems in various vehicles, namely trucks, buses, cars, and others.
The review is based on the findings of a TMR report, titled, “Fuel Cells Market By Type (Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC), and Others), and By Application (Stationary, Portable, and Transport) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016–2024.”
The report segments the Global Fuel Cells Market into the following:
Global Fuel Cells Market, by Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
Global Fuel Cells Market, by Application
Global Fuel Cells Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Transparency Market Research
90 State Street,
Albany NY - 12207