Market Research 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, 2019 - 2025
|Published by||Grand View Research, Inc.||Product code||408934|
|Published||Content info||125 Pages
Delivery time: 2-3 business days
|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, 2019 - 2025|
|Published: September 10, 2019||Content info: 125 Pages||
The global fuel cell market size is expected to reach USD 24.81 billion by 2025, according to a new report by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the market growth during the forecast period.
Traditionally, North America accounts for a largest market share due to commercialization and adoption of electric vehicles. However, Asia Pacific emerges as a growing market in terms of shipment. Growing demand for combined heat and power systems in APAC market triggers the market demand.
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.
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.
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, Plug Power, Inc. Apart from these, there are several other automobile manufacturers that are in the process of launching their fuel cell vehicles.