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Fuel Cell Market Is Likely To Touch USD 33.09 Billion By 2027 | CAGR: 15.5%: Grand View Research, Inc.

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Fuel Cell Market Is Likely To Touch USD 33.09 Billion By 2027 | CAGR: 15.5%: Grand View Research, Inc.

March 25
08:19 2020
Fuel Cell Market Is Likely To Touch USD 33.09 Billion By 2027 | CAGR: 15.5%: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Increasing demand for unconventional sources of energy is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are other factors anticipated to propel the demand for fuel cell market.

According to a report, “Fuel Cell Market Size, Share & Trends Analysis Report By Raw Material, By Product (PEMFC, PEFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), And Segment Forecasts, 2020 – 2027 ”, published by Grand View Research, Inc.,The global fuel cell market size is expected to reach USD 33.09 billion by 2027, exhibiting a CAGR of 15.5% over the forecast period, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.

North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.

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.

U.S. fuel cell Market

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 owing to continuous R&D activities

  • North America is expected to emerge as a largest market in terms of fuel cell installation due to regulatory scenario, technological advancements, and investments by federal government. 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 energy sources are some of the factors propelling the demand for hydrogen power plants

  • China is projected to showcase significant growth as a result of majority of Chinese fuel cell manufacturers emphasize on developing proton exchange membrane fuel cells which implies incorporating fuel cells in various modes of transport

  • 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; and Plug Power, Inc. Apart from these, several other automobile manufacturers are in the process of launching their fuel cell vehicles

Product Insights

Proton Exchange Membrane Fuel Cell (PEMFC) accounted for over 67.7% units shipped in 2019. PEMFC is widely used in applications, such as forklifts, automobiles, telecommunications, primary systems, and backup power systems. Versatility is a major factor slated to bolster their demand in the forecast period.

Global fuel cell Market 

The U.S. Department of Energy (DOE) provides funding to Fuel Cell Technologies Office (FCTO), Solid Oxide Fuel Cell (SOFC), and other such fuel cell development programs. Solid Oxide Fuel Cell (SOFC) is likely to witness significant growth in near future. Presence of all the solid components negate the need for electrolyte loss in SOFC. Their ability to operate at high temperatures minimizes the need for costly catalysts such as ruthenium.

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Molten Carbonate Fuel Cells (MCFC) emerged as the largest product segment in 2019, registered a demand of 380 MW in 2019. Since molten carbonate fuel cells are widely used in large stationary power plants, the segment is expected to witness a steady growth in the forthcoming years.

Grand View Research has segmented the global fuel cell market on the basis of product, application, and region:

Fuel Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 – 2027)

  • PEMFC

  • PAFC

  • SOFC

  • MCFC

  • Others

Fuel Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 – 2027)

  • Stationary

  • Transportation

  • Portable

Fuel Cell Regional Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Spain

    • Italy

  • Asia Pacific

    • China

    • Japan

    • South Korea

    • Taiwan

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa

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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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Website: https://www.grandviewresearch.com/industry-analysis/fuel-cell-market