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Market Research Report
Global Fuel Cell Market (Value, Volume) - Analysis By Type, By End User, By Application, By Region, By Country (2020 Edition): Market Insights and Outlook Post Covid-19 Pandemic (2020-2025) |
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Published by | Azoth Analytics | Product code | 952396 | ||||
Published | Content info | 220 Pages Delivery time: 2-3 business days |
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Global Fuel Cell Market (Value, Volume) - Analysis By Type, By End User, By Application, By Region, By Country (2020 Edition): Market Insights and Outlook Post Covid-19 Pandemic (2020-2025) | ||
Published: July 31, 2020 | Content info: 220 Pages |
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The Global Fuel Cell Market, valued at USD 5824.25 Million in the year 2019 has been witnessing unprecedented growth in the last few years on the back of growing demand for efficient and cleaner technologies, increasing demand of electric vehicle and growing demand of sustainable energy source. The market for Fuel Cell is expected to grow significantly during the subsequent years owing to burgeoning demand for efficient and cleaner technologies, increasing demand of Electric Vehicle and rising demand of sustainable energy source. Also, the fuel cell market is expected to grow with a CAGR of 25.8% in terms of value during the forecast period, mostly on the back of reduction of noise and air pollution, digitization and reduction of Carbon dioxide. Additionally, growing preference of hydrogen-based fuel cells will drive the Fuel Cell market value in the near future. The fuel cell industry is a fragmented industry with the presence of diverse sizes of firms positioned in different set of applications and technologies.
Among the Type of the Fuel Cell market (PEMFC, DMFC, SOFC and Others), PEMFC is very popular globally and is expected to keep growing in the forecast period. The demand of PEMFC among automotive sector users will keep increasing in future.
Among the Application of the Fuel Cell market (Transport, Portable and Stationary), Stationary has been gaining popularity globally for Fuel Cell Applications and is expected to keep growing in the forecast period. The demand of Stationary in Fuel Cell is due to its use as primary power sources, and it will keep growing at rapid pace.
Among the End User in the Fuel Cell market (Fuel Cell Vehicle, Utilities and Defense), Fuel Cell Vehicle End User has been gaining popularity globally and is expected to keep growing in the forecast period. The increasing demand of Electric Vehicle will drive market.
The APAC market is expected to lead the global market throughout the forecast period. The increasing support from government and demand of clean and sustainable energy source in APAC countries are expected to infuse market growth tremendously.