Global Fuel Cell Market to exceed $6bn by 2024
Published Date: December 14, 2017 Author: Global Market Insights, Inc.
Fuel Cell Market size will exceed USD 6 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Increasing investments toward development of hydrogen refueling station coupled with rising demand for space heating across commercial and residential establishments will drive the fuel cell market share. Upsurge in installation of portable charging sources owing to increasing recreation activities will further stimulate the industry outlook. In 2017, the Government of UK granted a funding of USD 30.6 million toward the development of hydrogen vehicles and infrastructure.
Favorable government policies pertaining to sustainable energy technologies along with increasing demand for FCEV’s will drive the fuel cell market share. Upsurge in funding by private institutions and government organizations including DOE, DAG Ventures and Credit Suisse toward technological advancement and innovations will stimulate the business landscape. In 2015, Credit Suisse funded USD 130 million in the Bloom Energy toward the development of SOFC technology in the U.S.
Japan fuel cell market is set to exceed 70 MW by 2024. Increasing concerns pertaining to security of supply along with growing adoption of clean energy technologies will propel the industry growth. Government backed extensive research and development projects along with development of hydrogen infrastructure across the nation will complement the industry outlook. In 2017, Hyundai unveiled its plan to launch second-generation hydrogen fuel cell vehicles, which will enhance the properties of the technology.
Browse key industry insights spread across 309 pages with 470 market data tables & 30 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:
Wide applications area including FCEV’s, forklift trucks, two and three wheelers, light vehicles, trams, ferries, small boats and goods handling vehicles will boost the product adoption across transport sector. Ongoing deployment in e-bikes, UAVs, and in numerous commercial vehicles will further complement the fuel cell market growth. In 2016, the fuel cell vehicle sales in the U.S. grew to 5,000 units when compared to 4,000 units in 2015.
SOFC in 2016, accounted for over 40% of the global fuel cell market share. Ongoing adoption of fuel cells across small and large stationary power generation systems will stimulate the industry growth. These cells operate at high temperatures ranging between 8000C to 1,0000C and have an efficiency of over 60% when converted from fuel to electricity. High efficiency, stability, comparatively low cost, fuel flexibility and low emissions are some of the key features that will enhance the product penetration.
Regulatory policies pertaining to emissions along with increasing investments toward development of hydrogen infrastructure will drive the UK fuel cell market share. Increasing focus to replace the conventional power sources with the sustainable energy systems will further stimulate the industry growth. The Government of UK has planned to open 65 hydrogen refueling station by 2020 and 1,150 by 2030.
Key industry players across fuel cell market includes Ceres Power, Hydrogenics Corporation, SFC, Ballard, Horizon, Bloom Energy, Plug Power, FuelCell Energy, Arcola, Toshiba, AFC Energy, UTC Power, Doosan and Panasonic. The industry has witnessed numerous mergers and acquisitions by industry players to expand their regional presence.
Global fuel cell market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units, MW and USD from 2013 to 2024, for the following segments:
Global Fuel Cell Market, By Product
Global Fuel Cell Market, By Application
The above information is provided on a country basis for the following:
- North America
- Asia Pacific
- South Korea
- Middle East & Africa
- South Africa
- Saudi Arabia
- Latin America