Rising demand of sustainable and green technology owing to exhaustion of renewable resources such as oil and gas, the growth of fuel cell is expected to increase even further. Encouraging policies and regulations to curb the pollution is another factor boosting the demand for the fuel cell technology market.
Global fuel cells market is segmented into applications such as stationary power generation, portable power generation and power generation for transportation. Among these applications transportation power generation is one of the important segments of global fuel cell market. Fuel cell powered light duty vehicles were just started to make their presence in market in parts of Europe, Japan and California, but those sales coupled with fuel cell bus deployments in the United States, accounts for the growth in shipments for transportation application.
The global market of fuel cells accounted for USD 2.5 billion in 2015 and further the market is estimated to reach USD 9.4 billion by the end 2024. Global fuel cells market is expected to expand at a CAGR of 18% over the forecast period i.e. 2016-2024. Geographically, North-America dominates the fuel cell market with more than 50% revenue share in global market. North-America is closely followed by the Asia-Pacific region, with around 35% revenue share in the global fuel cell market. The growth of fuel cell market is driving owing to the reasons such as rising shipments of fuel cell vehicles of Toyota and Hyundai, coupled with growing shipments of stationary fuel cell systems from Korea and Japan.
Growing Fuel Cell Vehicles Market: Major Boost
Transportation applications of fuel cell include motive power for material handling equipments, buses, passenger cars and other fuel cell powered electric vehicles. Rising concern for green house gases (GHG) emission and government stringent policies to curb the carbon footprint are the key factor for the increasing sales of fuel cell electric vehicles. Several governments are providing subsidies to encourage consumers to buy fuel cell electric vehicles. Governments of Korea, China, Japan and Norway are providing monetary and non-monetary benefits for the consumers buying fuel cell electric vehicles. In December 2015, Plug Power reported that it successfully achieved the milestone of having more than 10,000 fuel cells in operation in material handling equipment, accumulating more than 107 million working hours.
Global Fuel cell Market Outlook 2024 contains detailed overview of the global fuel cell market in terms of market segmentation by application, by fuel cell types. 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. This market report also includes provides competitive outlook of some of the major players of the global fuel cell market which includes profiling of companies such as Toshiba, SFC Energy, SolidPower GmbH, Hydrogenic Corporation, Nuvera Fuel Cells, United Technologies, AFC Energy PlC, Fuel Cell Energy, Ballard Power Systems 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 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.
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