In its recently published study report; foretelling the market insights up to 2027 Market Research Future states that the Fuel Cell Technology has the potential to evolve & expand further. And hence the Global Fuel Cell market is projected to experience an exponential growth by 2027 registering a fabulous CAGR during 2017 - 2027.
Fuel
Cell Technology is a highly efficient process of electricity generation than
combustion technology. Allowing the convenience of portability, Fuel Cell
generates clean energy (sound/ air pollution less) to suffice all general
electrical needs (stationary) and can power up electric vehicles (Transports)
as well.
Top 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).
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Industry Highlights
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.
Fuel
Cell Technology offers more applicability and reliability than other
alternatives such as wind and sun. This allows the technology to garner an
extensive uptake across industries leading to generate an augmented demand
which then results in increasing its marker size. Additional factors that
contribute to the market growth include a growing population, urbanization
& industrialization across the globe. The emergence of Electric Vehicles
has brought about the largest scope for the market to expand globally.
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.
Global Fuel Cell Technology
Market Segmentation
The MRFR Analysis has Fuel Cell
Technology Market has been segmented into three key dynamics;
By Type: Comprises PEMFC,
MCFC, SOFC, DMFC, PAFC, and others
By Application: Stationary,
Portable, and Transportation among others.
By Region: North
America, Europe, APAC and Rest-of-the-World.
Competitive Landscape
The well- established market players gain the
competitive advantage in the market maintaining their market position. These Players
also invest substantially in the R&D to develop a technology with unique
design and features that are on an entirely different level compared to their
competition.
Regional
Analysis
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.
Industry/ Innovation/ Related
News:
February 2, 2018 – SunLine
Transit Agency (US), a bus service providing agency launched its latest zero
emission bus with the fuel cell technology. The bus can cover any route in its
service territory, even when its AC is operating at maximum levels that too
without emission.
February 1, 2018 – Bloom
Energy Corp. (US), a remarkable manufacturer of fuel cells, announced the
receiving of a contract to provide a Fuel-Cell Power Plant for a utility in
South Korea, the world’s biggest user of this technology.
December 22, 2017 – Ballard
Power Systems (US) announced the development of the next generation, high
performance ‘Fuel Cell Propulsion System’ that can power unmanned aerial
vehicles (UAVs) or drones.
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