According to Goldstein Research, “Encouraging government policies and incentives towards the adoption of renewable energy technologies combined with swelling demand for backup power source in off-grid areas will fuel the growth of fuel cell market.”Fuel cell powered UAV products are also gaining huge momentum and are likely to grow significantly in the coming years.
“Singapore Fuel Cell Market Outlook 2024”
Singapore Fuel Cell Market is segmented based on fuel cell type and by applications. Applications are further classified into stationary power generation, portable power generation and power generation for transportation. Based on applications, stationary application holds the largest market share of 45% in 2016, while transportation segment is anticipated to be the fastest growing segment over the forecast period owing to rising adoption of fuel cell technology in public transportation.
The Singapore fuel cells market is expected to grow at a CAGR of 18.1% during the forecast period 2016-2024. Further, the market is anticipated to reach USD 58.9 Million by the end of the forecast period. Portable applications of fuel cells are also the major factor for the growth of fuel cell technology in Singapore.
Research and Development Activities: Impact on Adoption Rate
For fuel cells technology, 2016 was a prominent year on many fronts. Fuel cells continued to develop in existing markets and made inroads into new spaces. Ongoing research, development, and demonstration (RD&D) projects scrutinized additional uses for fuel cells, such as ground support equipment, drayage trucks, and energy storage. Many companies in Singapore are also taking interest in these innovative technologies and finding new ways for their significant implementations. For instance, SFC Energy, a leading provider of hybrid power solutions to the stationary and mobile power generation markets, received an order from Oneberry Technologies in Singapore for several hundred units of EFOY PRO 2400 to deliver off-grid power to security and surveillance equipment in Singapore.
“Global Singapore Fuel Cell Market Outlook 2024” contains a detailed overview of the global Singapore fuel cell market in terms of market segmentation by fuel cell type and by applications.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Singapore Fuel Cell Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Horizon Fuel Cell Technologies, HES Energy Systems, EFOY Fuel Cells, Toshiba, SFC Energy etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global Singapore fuel cell market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
Browse the Global report published by "Goldstein Research" on Fuel Cell Market to get a detailed insight, market-oriented facts & figures of the Industry. Moreover, to get regional insights on of the fastest growing market, read the market synopsis of China Fuel Cell Market