The global fuel cell market size is expected to reach USD 24.81 billion by 2025, according to a new report by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the market growth during the forecast period.
Traditionally, North America accounts for a largest market share due to commercialization and adoption of electric vehicles. However, Asia Pacific emerges as a growing market in terms of shipment. Growing demand for combined heat and power systems in APAC market triggers the market demand.
Power based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.
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Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles.
Further key findings from the report suggest:
- The fuel cell market is highly consolidated with major companies accounting for over 80% of industry demand. Hydrogen is anticipated to lead the market due to continuous research and development
- North America is expected to emerge as a largest market for fuel cells in terms of installation due to regulatory scenario in the region and technological advancements. Hence, public-private partnerships is crucial for gaining technological advantage
- Government regulations and initiatives for minimizing emission rates and capacity to make use of domestic sources of energy are some factors propelling the market demand for hydrogen power plants
- China shows a positive growth impact as a result of majority of Chinese fuel cell manufacturers are emphasizing on developing proton exchange membrane fuel cells which implies incorporating fuel cells in various modes of transport.
- Although the Europe fuel cell vehicles market accounted for just over 6.74% of the overall market revenue in 2018, it is anticipated to be the fastest growing region with CAGR of more than 26.4% over the forecast period
- Key market players include Fuel Cell Energy, Inc, Ballard Power Systems, Hydrogenics Corporation, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Bloom Energy, Doosan Fuel Cell America, Inc. Ceres Power Holdings Plc, Plug Power, Inc. Apart from these, there are several other automobile manufacturers that are in the process of launching their fuel cell vehicles.
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Grand View Research has segmented the industrial fasteners market on the basis of product, application, and regions:
Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 – 2025)
Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 – 2025)
Key Topics Covered
Table of Content
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. Fuel cell vehicle regional marketplace: Key takeaways
Chapter 3. Fuel Cell Vehicle Industry Outlook
3.1. Market Segmentation
3.2. Market Size and Growth Prospects, 2014 – 2025
3.3. Value Chain Analysis
3.4. Market Dynamics
3.4.1. Market driver analysis
18.104.22.168. Improved vehicle performance
22.214.171.124. Government initiative
3.4.2. Market restraint/challenge analysis
126.96.36.199. Inadequate infrastructure
3.5. Key Opportunity Analysis
3.5.1. Reduction in fuel cell prices
3.6. Industry Analysis – Porter’s
3.7. PEST Analysis
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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