The global fuel cells market has been anticipated to be dominated by leading players such as FuelCell Energy, Inc. which held a fourth of the total share in 2015, according to Transparency Market Research (TMR). Most of the revenue generated by these companies could be from the sale of fuel cells, fuel cell systems, and associated infrastructure business. Other aspects that could have contributed toward the growth of a company’s market share generally are applications such as transport, portable, and stationary, the sectors served, and fuel cell power capacities. Larger players have been envisaged to stiffly compete with regional companies while leveraging economies of scale.
The researchers at TMR seem to have an encouraging news for vendors in the world fuel cells market as it has been prophesied to grow at a whopping CAGR of 23.64% during the forecast period 2016–2024. In 2016, the market had reached an almost US$5.0 bn, however, it has been envisaged to rake in a US$27.25 bn by 2024. With their wide range of applications in different sectors, proton exchange membrane fuel cells (PEMFC) could take a leading share of US$17.13 bn by 2024 in the type category. Among the regional markets for fuel cells, Asia Pacific has been envisioned to capture a colossal share of almost 61.0% by the concluding year of the forecast period.
Varied Power Backup Options and Reliable Supply during Power Failure Increase Trust
The demand in the global fuel cells market could be fortified because of the efficiency of the product to provide power backup for short-term as well as long-term periods, ranging from eight hours to three days. Fuel cells are capable of replacing lithium ion batteries, which were researched to be a better substitute to lead batteries in the 1970s.
Due to the absence of movable parts, fuel cells comprise of silent characteristics which allow them to produce sound at only 60 dB while conventional technologies are much louder during the process of energy production.
The worldwide demand for energy has been foretold to rise double the current measure on account of the advancing IT sector and increasing industrialization. In this regard, the high energy density of fuel cells such as hydrogen fuel cells could augment the growth of the global market.
Insufficient Infrastructure and Expensive Switching Cost Deter Growth
As the fuel cells market is still in its primary stage, vendors could require a large initial investment, relevant knowledge, and superabundant research and development activities for the development of fuel cells. High switching cost coupled with low production could disturb the tone of the market. Moreover, with less number of hydrogen fueling stations available, the growth of the fuel cell electric vehicles (FCEV) market could suffer. Likewise, the inaccessibility of hydrogen infrastructure has been foreseen to cause problems in the market.
Nonetheless, increasing concerns and tight government guidelines related to the emission of greenhouse gases such as carbon dioxide and growing awareness among consumers could offer profitable opportunities for manufacturers. When replaced with battery operated forklifts, fuel cells can control emissions by 30.0% and when replaced with gasoline or IC diesel engines, about 85.0% to 35.0%. The Clean Air Act and other EPA regulations could prove beneficial in compelling consumers to switch over to fuel cell driven cars.
The study presented here is based on a report by TMR, titled “Fuel Cells Market (Type - Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), and Solid Oxide Fuel Cells (SOFC); Application - Stationary, Portable, and Transport) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
The global fuel cells market has been segmented as presented below:
Fuel Cells Market: By Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
Fuel Cells Market: By Application
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 (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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