Fuel Cell Market to surpass $9bn by 2026
Published Date: February 11, 2020 Authors: Ankit Gupta, Abhishek Chopra
Fuel Cell Market size is expected to surpass USD 9 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
The fuel cell market growth is owing to increasing investments toward development of hydrogen infrastructure coupled with ongoing electrification of remote and off-grid areas. Growing demand for space heating along with upsurge in funding by public and private institutions will propel the industry growth.
Ability to handle high temperature, ease of compatibility with a cogeneration plant and high efficiency will further enhance the market outlook in the forecast timeframe. Accelerating use across residential & commercial establishments, FCEV’s, emergency power systems, data centers and base stations for power generation will positively influence the market demand for fuel cells.
Shifting focus toward deployment of fuel cell vehicles is uplifting the transport applications
The rapid deployment of FCV’s owing to favorable regulatory policies and shifting focus toward sustainable energy technologies will stimulate the market growth across transport applications. High efficiency, reliability, compact design, long term durability and high power ratio are some of key features which will positively influence the product demand across forklifts, busses, trucks, trains, trams, light aircrafts, LDV’s and UAV’s. Extensive research & development activities and innovations along with shifting preference toward low emission fuels will boost the industry outlook.
Increasing investments toward development of FCEV’s spur the fuel cell market across Europe
Ongoing commercialization of fuel cell electric vehicles on account of rapid development of hydrogen infrastructure and shifting consumer base toward sustainable and efficient fuels will propel the Europe fuel cell market growth. For instance, in 2018 the government of Germany signed an agreement of USD 13.3 million with Ballard Power Systems, RWTH Aachen University, Canadian Fuel Cell Manufacturers and Siemens for the development of efficient fuel cells for trains across the nation.
Major FCEV industry players including Hyundai and Daimler are focusing toward technological advancement in design and development of these cells which has also led to more efficient and comparatively low-cost product across the region. For instance, Daimler recently collaborated with Mercedes-Benz to manufacture Mercedes-Benz GLC F?CELL, which combines the next-generation fuel cell technology and battery technology into a plug-in hybrid.
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, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Enduring electricity demand is fostering the deployment of SOFC fuel cells
SOFC fuel cell market will surpass the annual installation of 500 MW by 2026. Ongoing adoption across small and large electricity generating systems to provide electricity to remote and off-grid areas will propel the market statistics for fuel cells substantially. Fuel flexibility, high efficiency, low emissions, comparative low cost and stability are some of the prominent features which will boost the product demand. For instance, as per the METI, Japan till 2018, has installed over 63,000 SOFC cells across Japan.
Favorable government policies toward development of hydrogen infrastructure will drive the Asia Pacific market share
The APAC region will witness significant growth on account of favorable government policies toward development of hydrogen infrastructure. For instance, the government of Japan introduced a new strategy to promote the adoption of hydrogen FCV’s by reducing the cost of hydrogen fuel to as little as one-fifth of the current cost by 2050. The decline in cost will help Japan to reach its target of 40,000 FCV’s on road by end of 2020 and 800,000 by 2030. Rapid urban area development primarily across the emerging economies will augment the market growth.
Increasing electricity consumption along with government backed electrification programs across the developing nations will drive the Asia Pacific fuel cell market growth. These cells are widely deployed to provide electricity to data centers, telecommunication base stations, apartment buildings and in emergency power systems. They offer high efficiency when compared with other available backup power systems which in turn will further fuel the market growth.
The leading industry players operating across the market comprises of AFC Energy, SFC, Horizon, Panasonic, Toshiba, Nuvera, Hydrogenics, Plug Power, Doosan, Arcola, Ballard Power Systems, Bloom Energy, Aisin Seiki, Ceres Power Holding and Nedstack. Rapid technological advancement along with extensive innovations toward product design and development has provided opportunities for business expansion.