According to a report,"Fuel Cell Market Size, Share & Trends Analysis Report By Product (PEMFC, PAFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), By Region, And Segment Forecasts, 2018 - 2025", published by Grand View Research, Inc., the global fuel cell market size is projected to reach USD 24.81 billion by 2025. It is expected to expand at a CAGR of 20.9% over the forecast period. International pressure on energy diversification is advocating positive investment environment for alternative energy.
Key Takeaways from the report:
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Fuel cell units shipped at a global level in 2016 were estimated to be 78,000 and the U.S. market size was estimated to be 8,205 units
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Proton exchange membrane fuel cell (PEMFC) dominated the fuel cell market and accounted for over 76% of U.S. units shipped in 2016
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Solid oxide fuel cell (SOFC) is likely to emerge as the fastest growing segment and is expected to register an estimated CAGR of 39.3% during the forecast period in U.S. alone
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North America is witnessing several strategic partnerships with companies such as Coca-Cola, Walmart, and other prominent players partnering up with manufacturers to use fuel cells for internal energy consumption
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Hyundai is powering its test cars with fuel cells to deliver better efficiency in Japan and Latin America. These cars are likely to earn commercial status by the end of the forecast period.
Browse More Reports in Renewable Energy Industry:
- Ethanol Fuel Market: The government of India is currently drawing efforts on enhancing the use of ethyl alcohol as an automotive fuel. The National Policy on Biofuels was implemented in India in 2009, which stated that the oil manufacturing companies were required to distribute petrol blended with a minimum of 5% ethyl alcohol. Furthermore, this policy proposed a target of 20% increase in the blending rate by the end of 2017 in the country.
- Concentrated Solar Power Market: Increasing awareness about renewable energy along with government regulations to control growing carbon footprint is further propelling the market growth. Increasing clean energy adoption over non-renewable fuels is expected to drive the global concentrated solar power over the forecast timeframe. Favourable government regulations towards reduction of carbon footprint and greenhouse gas (GHG) emissions will further enhance the business growth.
Fuel cell is closing in to be the most efficient form of alternative energy generation. Fuel cell shipments have witnessed rise over the past three years, compelling manufacturers to increase operations. Fuel cell systems cost has also seen a decline owing to significant innovations in terms of efficiency and working cost.
Low gas prices will remain a specific concern for this market as natural gas based power generation is showing a radical decrease in operating cost and significant increase in output. Rapid rise in efforts to capitalize on the potential of fuel cells will drive this market at an estimated 20.9% CAGR over the forecast period.
The fuel cell market is likely to witness aggressive strategic alliances with market players looking to expand their end-user segments in emerging markets. Progressive private-public partnerships are predicted to be essential for attaining an economically viable technological shift. Japan’s vision of Hydrogen Society is anticipated to bode well for market growth by 2020
Stationary hydrogen power plants is expected to emerge as the largest application segment and account for over 70% of market in terms of shipped units. Factors such as high efficiency, flexibility to use different fuels, and utilization of direct current are the key demand drivers.
Grand View Research has segmented the global fuel cell market on the basis of product, application, and region:
Fuel Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
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PEMFC
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PAFC
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SOFC
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MCFC
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Others
Fuel Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
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Stationary
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Transportation
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Portable
Fuel Cell Regional Outlook (Volume, Kilo Tons; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
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North America
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U.S.
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Europe
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Germany
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U.K.
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France
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Asia Pacific
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China
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Japan
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South Korea
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Central & South America
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Brazil
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Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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