Global Fuel Cell Market - Overall Industry Analysis and Forecast
Progressive Markets added a report, “Global Fuel Cell Market - Size, Trend, Share, Opportunity Analysis, and Forecast, 2014-2025”, which says that the market is expected to grow at a CAGR of 15.5% from 2017 to 2025.
Fuel cells are devices that make use of the chemical energy in the fuel to efficiently produce electricity. The chemical reaction is promoted by combining hydrogen and oxygen to produce electricity, water, and heat. These cells comprise two electrodes i.e. a negative electrode and a positive electrode sandwiched around an electrolyte. As fuel cells do not emit toxic gases, they are pollution-free and more efficient than other conventional combustion-based technologies. They find applications in data centers, residential sites, telecommunications, vehicles, material handling equipment (MHE), and portable devices. According to the U.S. Department of Energy, over 60,000 fuel cells accounting for 300 MW, were shipped worldwide in 2015 with 65% growth as compared with that in 2014.
Market Drivers and Restraints
The global fuel cell industry is currently witnessing a fast growth. Its growth is supported by several reasons such as a greater energy density in fuel cells compared with a battery, the need for more resilient energy systems, the advantage of fuel cells over the backup power option, and new technologies in hydrogen storage. On the other hand, the high cost of catalyst and the unavailability of fuel cell infrastructure in emerging economies are likely to hinder the growth of the overall market.
Fuel Cell Market Key Segmentation:
The fuel cell market research report encompasses the market segmentation based on type, application, and geography. Based on the type, the market is classified into Polymer/Proton Exchange Membrane Fuel Cells (PEM), Solid Oxide Fuel Cells (SOFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Direct Methanol Fuel Cells (DMFC), and others. Based on application, the fuel cell market is divided into stationary, transportation, and portable power. Based on geography, the market is segmented into North America, LAMEA, Asia-Pacific, and Europe. In the North-American region, the market has been analyzed in Canada, the U.S., and Mexico. In the LAMEA region, the market covers Saudi Arabia, Brazil, South Africa, and the rest of LAMEA. The market in the Asia-Pacific region has been analyzed across China, India, Australia, Japan, South Korea, and the other parts of Asia-Pacific. The market in Europe has been studied in Germany, UK, France, Italy, Spain, and the other parts of Europe.
- Polymer/Proton Exchange Membrane Fuel Cells (PEM)
- Solid Oxide Fuel Cells (SOFC)
- Molten Carbonate Fuel Cells (MCFC)
- Phosphoric Acid Fuel Cells (PAFC)
- Direct Methanol Fuel Cells (DMFC)
- Portable Power
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
The fuel cell market report includes the key players operating in the industry. They include AFC Energy PLC., Aisin Seiki Co. Ltd., Bloom Energy Corporation, Ceramic Fuel Cells Limited, Doosan Corporation, Fuelcell Energy, Inc., Hydrogenics Corporation, Kyocera Corporation, Panasonic Corporation, and Toshiba Corporation.
Key Market Benefits
The report provides a thorough analysis of the current fuel cell industry size, fuel cell market share, fuel cell market overview, fuel cell market outlook, and the growth prospects during the forecast period. The past and current fuel cell market size allow businesses to fully identify the prevailing opportunities in the market and plan their investment goals effectively. The fuel cell market share analysis helps determine the effectiveness of any revenue generating effort. The report also highlights the key stimulators, i.e. the drivers and restraints which impact the growth of the market. The fuel cell market outlook explains the market forecast regarding the future trends. The Porter’s Five Forces analysis identifies the competitive elements in the market. It includes the bargaining power of buyers, bargaining power of suppliers, the threat of substitutes, the threat of new entrants, and industry rivalry. The fuel cell market analysis report also includes information about the key players that provide solutions in the field. This information helps examine the competitive developments such as expansions, product launches, and mergers & acquisitions taking place in the market. The fuel cell market report also describes the financial and business segments of each market player. The report presents a detailed analysis of the market segmentation, which helps companies focus their production and marketing campaign on a certain audience.