Market Research Report
Global Fuel Cell Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||232625|
|Published||Content info||145 Pages
Delivery time: 1-2 business days
|Global Fuel Cell Market 2019-2023|
|Published: April 10, 2019||Content info: 145 Pages||
The rising demand for clean energy sources will foster the fuel cell market growth during the forecast period. Fuel cells convert chemical energy into electricity and heat with higher efficiencies and lower pollutant emissions. In addition, owing to rapid urbanization and industrialization, the demand for electricity has increased significantly in recent years. Several initiatives and regulations across the globe for reducing carbon emissions will further boost the adoption of clean energy sources including the fuel cells, in turn, impacting the market growth positively over the forecast period. Technavio's analysts have predicted that the fuel cell market will register a CAGR of nearly 26% by 2023.
One of the growth drivers of the global fuel cell market is the favorable government regulations and initiatives. The adoption of clean technologies such as fuel cells is increasing due to the increased demand for efficient and clean technologies to decrease the dependence on fossil fuels for fulfilling the energy demand and reduce GHG emissions. Hence government across the world is supporting the adoption of fuel cell through various initiatives and regulations.
One of the challenges in the growth of the global fuel cell market is the challenges associated with hydrogen refueling facilities. The high costs and complexities associated with the development of hydrogen refueling stations might limit the development of FCVs, thereby restricting the growth of the global fuel cell market.
For the detailed list of factors that will drive and challenge the growth of the fuel cell market during 2019-2023, view our report.
The market appears to be highly fragmented with the presence of several market players. Vendors manufacturing fuel cells are focusing on finding an alternative to platinum. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.