Global Fuel Cell Market Size to surpass $7bn by 2025

Fuel Cell Market size is poised to surpass USD 7 billion by 2025, as reported in the latest study by Global Market Insights, Inc.
 

Growing demand for space heating across residential and commercial establishments along with ongoing investments toward development of hydrogen fueling stations will foster the market. Favorable government policies pertaining to the development of sustainable energy technologies coupled increasing funding from private and public organizations will stimulate the industry growth. In 2019, the government of China has proposed to build 20 hydrogen fueling stations and around 3,000 vehicles in Hubei Province by 2020.

 

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The UK fuel cell market is anticipated to exceed 50 MW by 2025. Increasing consumer base toward FCEV’s along with ongoing commercialization of hydrogen technology on large scale will positively influence the product demand. In addition, strict emission reduction targets across the regions coupled with ongoing innovations by leading industry players will boost the industry growth. In June 2019, Ballard Power Systems launched the 8th generation zero-emission fuel cell module for heavy duty motive vehicles.
 

U.S. Fuel Cell Market Size, By Product, 2018 & 2025 (USD Million)
Fuel Cell Market

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Increasing demand for fuel cell electric vehicles along with accelerating installation of portable charging devices on account of growing recreational activities will propel the industry growth. Ongoing demand for stationary power sources primarily across off-grid and remote areas along with government backed investments toward infrastructure development will complement the business landscape. The Department of Energy in 2018, announced to invest USD 39 million toward the development of fuel cells and hydrogen fueling infrastructure across North America.
 

Browse key industry insights spread across 300 pages with 470 market data tables & 29 figures & charts from the report, “Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), Industry Analysis Report, Regional Outlook (U.S, Canada, Mexico, Germany, UK, France, Italy, Spain, Austria Japan, South Korea, China, India, Philippines, Vietnam, Brazil, Peru, Ecuador, Nigeria, Kenya, UAE, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/fuel-cell-market
 

Growing investments toward innovation and R&D along with their high efficiency & reliability as an alternative to conventional automobiles will strengthen the product adoption across the transport application. Increasing demand across forklift trucks, two & three wheelers, trams, light vehicles, ferries, goods handling vehicles and small boats will complement the business landscape. According to DOE in February 2019, the fuel cell vehicle on road across the U.S. accounted for 6,500 when compared to 4,000 in 2015.
 

SOFC product will surpass 30 thousand units by 2025. Growing adoption of across large and small stationary electricity generating systems to provide power across remote areas will boost the industry growth. These cells are used in applications which require high temperature ranging between 8000C to 1,0000C and has an efficiency of around 60% when transformed from fuel to electricity. Comparative low cost, high efficiency, fuel flexibility, low emissions and stability are some of the prominent features which will boost the product penetration.
 

Growing concerns pertaining to energy security coupled with increasing adoption of sustainable energy sources will complement the South Korea fuel cell market size. Extensive government backed research & development activities and product innovations along with robust growth of hydrogen infrastructure will fuel the business growth. In 2018, the government of South Korea has planned to invest USD 2.33 billion in the next five years to develop the hydrogen infrastructure across the nation.
 

Key industry participants operating across the industry include SFC, Panasonic, Toshiba, Hydrogenics, Doosan, Ballard Power Systems, Aisin Seiki, Nedstack, Ceres Power Holding, Bloom Energy, Arcola, Plug Power, Nuvera, Fuel Cell Energy, Horizon and AFC Energy.
 

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The fuel cell research report includes in-depth coverage of the industry with estimates & forecast in terms of 000’ Units, MW and USD Million from 2014 to 2025, for the following segments:

By Product

  • PEMFC
  • DMFC
  • SOFC
  • Others

By Application

  • Stationary
  • Portable
  • Transport

The above information is provided on a country basis for the following:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Austria
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Philippines
    • Vietnam
  • Middle East & Africa
    • Nigeria
    • Kenya
    • South Africa
    • UAE
    • Saudi Arabia
  • Latin America
    • Brazil
    • Peru
    • Ecuador

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