Fuel Cell
Technology Market - Overview
Market Research Future
(MRFR) has published a research report about the global fuel cell
technology market that predicts great
economic prospects for this market between 2017 and 2027.
The rising prices of crude
oil along with the increasing demand for fuel cells from power suppliers,
automobile, residential builders and electronic companies attributing to the
increasing consumer awareness towards advantages of Fuel Cell are some of the
major driving forces substantiating the growth of the global fuel cell technology
market.
The Fuel
Cell Technology Market Size is projected to reach USD
10.25 billion by 2025 from an estimated USD 0.68 billion, with a CAGR of 20.15%
from 2019 to 2025.
The primary market driver
for the global fuel cell technology market growth is the increasing demand for
clean and green energy due to the rapid depletion of renewable resources such
as oil and gas. Due to the demand for clean energy, the market for fuel cells
is increasing. Increasing awareness about clean energy among individuals is
also boosting the market growth.
Growing ecological concerns
are prompting the need for alternative energy generation sources that can
output cleaner energy. Fuel Cell without burning its fuel (hydrogen) delivers
equivalent output as generators; with less or absolutely zero-emission when the
hydrogen is in its purest form. This very aspect is allowing Fuel Cell Technology
to garner a lot of prominences escalating its market to perceive phenomenal
accruals.
Key Players
Major players in the global
fuel cell technology market include Ballard (Canada), Ceramic Fuel Cell
(Australia), FuelCell Energy (USA), Hydrogenics (Canada), and Plug Power (USA).
Fuel Cell
Technology Market Segmentation:
The global fuel cell
technology market segmentation covers application and types. MRFR is exploring
the features of these segments to understand market trends.
As per the application-based
segmentation, this market covers stationary application, portable application,
and transportation application.
By type, the market has been
segmented into direct-methanol fuel cells (DMFC), molten-carbonate fuel cells
(MCFC), phosphoric acid fuel cells (PAFC), polymer electrolyte membrane fuel
cells (PEMFC), solid oxide fuel cell (SOFC), and others.
Regional
Segmentation
The regional segmentation of
the global fuel cell technology market covers Europe, the Americas (North
America & South America), Asia Pacific, and the Middle East & Africa
(MEA).
In the Americas region,
North America is a bigger market than South America due to developed
infrastructure, heavy industrialization, and the presence of many key market
players. The major country-specific markets in this region are the USA, Canada,
and Mexico.
Europe has decided to cut
down maximum carbon emission via the EU2020 program by 2050. This program
focuses on increasing the demand for the fuel cell by improving the
infrastructure, encouraging the use of fuel cells, and decreasing the cost of
the fuel cells. Germany is the biggest country-specific market in Europe.
In terms of high revenue,
Asia Pacific region is one of the leading regional markets due to the
increasing awareness among individuals, demand for fuel cell technology, and
favorable government policies. Japan and South Korea form the major chunk of
revenue generation in this region. Other important country-specific markets are
Australia, China, India, and New Zealand. In the MEA region, the market growth
is slow due to limited availability of technology.
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