Fuel Cells Market - Global Industry Analysis, Size 2024
Global Fuel Cells Market: Snapshot
Fuel
cells are electrochemical devices that have soared in popularity as a
clean source of electric energy over the past decade. Forming an
excellent source of alternative green energy technology, they are
inherently more efficient than most other combustion engines. Fuel cells
are used in a variety of applications such as submarines, vehicles,
combined heat and power (CHP) systems, uninterrupted power supply
systems (UPS), military power units, and various electric appliances.
The demand for fuel cell technology is fast emerging as a source of
heating in commercial buildings, since it supplies emission-free power.
This
91 page report gives readers a comprehensive overview of the Fuel Cells
Market. Browse through to unlock the hidden opportunities in this
market.
The
market for fuel cells is evolving with the spiraling demand for
numerous stationary applications of fuel cells and also gradually
replacing conventional batteries in some facilities. In the coming
years, proton exchange membrane fuel cells and hydrogen fuel cells are
expected to gain prominence for providing uninterrupted power supply in
various end-use industries. Prominent portable applications are consumer
electronics including laptops, tablets, cameras, and smartphones. As
several large car makers are tweaking the potential of hydrogen fuel
cells to suit power cars, the share of transportation and automotive
industries in the market is also projected to rise.
In
terms of revenue, the global market for fuel cells was valued at US$
3.59 Bn in 2015 and is projected to attain a valuation of US$ 27.25 Bn
by the end of the forecast period. During the same period, the market is
projected to rise at a 23.64% CAGR.
Asia Pacific to Offer Lucrative Market Avenues in Coming Years
Based
on geography, the fuel cells market is segmented into North America,
Europe, Asia Pacific, and Rest of the World (RoW). Of these, the Asia
Pacific market accounted for a significant market share of 59.94% in the
fuel cells market in 2015. The regional market is expected to rise at
an impressive CAGR over the forecast period. The steady growth will be
driven by accelerated adoption of green energy technology, reducing
reliance on fossil fuels, and spiraling electricity demand attributable
to a burgeoning population in various countries. In addition, the swift
pace of industrialization is expected to fuel the demand for fuel cells
in numerous industrial applications. Furthermore, stringent government
mandates to minimize carbon emissions, coupled with the demand for
eco-friendly technologies, will catalyze the growth of the regional
market.
The
Asia Pacific market is followed by the North America market where a
major percentage of demand for fuel cells comes from the U.S. The
increasing adoption of emerging fuel cell technologies for generation of
electricity and the use of fuel cells in UPS are expected to propel the
regional market along the forecast period.
Upsurge in Stationary Applications of Fuel Cells to Accentuate Market Growth
The
major types of fuel cells are direct methanol fuel cells (DMFC), proton
exchange membrane fuel cells (PEMFC), and solid oxide fuel cells
(SOFC). Of these, PEMFC segment held the significant market share in
2015. The substantial growth of the market for PEMFC is expected to be
driven by increasing applications in the transport industry to power
cars and buses and constant technological advancements aimed to increase
the efficiency of these fuel cells. Furthermore, this technology is
considered to be the preferred choice for several small-scale
residential applications
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Based
on application, the fuel cells market is segmented into stationary,
portable, and transport. Currently, the stationary application of fuel
cells is the leading segment. Other applications are also expected to
witness significant technological investments in R&D activities by
major players.
Some
of the top companies operating in this market are Ballard Power Systems
Inc., AFC Energy PLC, Doosan Fuel Cell America, Inc., Hydrogenics
Corporation, Panasonic Corporation, Plug Power, Inc., Toshiba
Corporation., Nedstack, and SFC Energy AG.
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