February 28, 2020
As per the report titled ‘Asia Pacific Fuel Cell Market Size By Application, By Product, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’ available at MarketStudyReport.com, Asia Pacific fuel cell market is anticipated to grow substantially through the year 2026.
Global shift towards sustainable energy coupled with stringent regulatory policies pertaining to emission control are driving the growth of Asia Pacific fuel cell market. Rising demand for reliable and continuous power supply from off-grid and remote sites is stimulating the business landscape. Inflowing investments for the development of sustainable energy infrastructure such as hydrogen fueling stations will foster the market growth over the estimated timeframe. Escalating adoption of space heating solutions across residential and commercial spaces in tandem with growing dependence on backup power sources will further enhance the market outlook in the coming years.
Based on the product type, Asia Pacific fuel cell market is segmented into PEMFC, DMFC, SOFC, and others, among which SOFC is anticipated to register significant growth during the forecast period. Escalating product demand for power supply for various applications such as military, large & small CHP units, portable products, and trucks is supporting the segment growth. Low cost, broad temperature range, and high energy density are some of the key benefits which will encourage the product adoption over the forecast timeline.
Speaking of the application scope, Asia Pacific fuel cell market is categorized into stationery, portable, and transport. Portable segment is presumed to gain high traction in the forthcoming years. The growth can be credited to increasing demand for small fuel cells for their application in a wide range of electronics such as cameras, torchers, vine-trimmers, and auxiliary power units. Longer operation time, high reliability, lightweight, and low cost associated with portable fuel cells is boosting the product demand.
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As per the regional analysis, Asia Pacific fuel cell market is divided into Japan, South Korea, China, India, Philippines, and Vietnam. Japan fuel cell market is anticipated to show significant growth over the predicted timeline, owing to growing consumer inclination towards efficient and low emission electricity generation devices. Increasing sales of FCEV’s across the region is further complementing the business scenario. Rising funding towards research & development for establishing a sustainable infrastructure will present new growth opportunities in the forthcoming years. Furthermore, large scale projects like development and installation of hydrogen stations as a part of Sustainable Plans for 2020 Olympics will positively impact the regional business landscape.
Major players of Asia Pacific fuel cell market include Panasonic, Horizon Fuel Cell, SFC, Toshiba, Arcola, Doosan, Plug Power, Aisin Seiki, Ceres Power, AFC Power, Hydrogenics, Nuvera, Nedstack, Fuel Cell Energy, and Ballard Power Systems.
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