Global fuel cell market is estimated to reach USD 13.71 billion by 2026, growing at a CAGR of 17.5% over the projected period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The fuel cells are in high demand owing to favorable government regulations and public initiatives for reducing energy consumption. Growing concerns towards the environment, increasing demand for renewable energy sources, and rising adoption of power efficient energy systems are also promoting market growth. Additionally, the product’s higher efficiency compared to other power generation systems, and growing adoption of distributed power systems is anticipated to supplement market outlook over the forecast period.
Factors like supportive government regulations, growing product awareness, adoption of green technologies, and rapid technological advancements will support business growth over the projected timeframe. Meanwhile, increasing investments from vendors to attain enhanced hydrogen storage capabilities, and growing demand for fuel cell vehicles will augment market size in the future, cites the report.
The Phosphoric Acid Fuel Cells (PAFCs) primarily contain ceramic electrolyte, liquid phosphoric acid, and a platinum catalyst. PAFCs are installed in applications demanding high-energy like manufacturing & processing centers, schools, and hospitals.
Solid Oxide Fuel Cell (SOFCs) stands as the highest temperature fuel cell that can operate at about 1800 degrees Fahrenheit. SOFCs use a thick layer of ceramic as an electrolyte, a non-platinum catalyst, and are usually fueled with natural gas. As per trusted estimates, SOFCs can attain electrical efficiencies of 50% to 60%, and about 70% to 80% in CHP applications. They are used in applications like small auxiliary power units in residential spaces, as well as in large-scale stationary power generators for buildings and industries.
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Speaking of the regional landscape, in 2018, the Asia-Pacific market generated the highest revenue in the fuel cell industry and is estimated to dominate the global market over the projected timeline. Growing awareness among consumers and increasing environmental concerns are propelling market growth across the region.
Moreover, the governments initiatives to promote the use of fuel cell technology as well as increased product adoption in the commercial, and transportation sector will accelerate business growth. Besides, rapid penetration of fuel cell electric vehicles (FCEVs), and a significant increase in power consumption will enhance product adoption in this thriving region.
Major player profiled in the global fuel cell market include Ceres Power Holdings PLC, Aisin Seiki Co. Ltd., Panasonic Corp., Plug Power Inc., Nedstack Fuel Cell Technology, Ballard Power Systems, Inc., Intelligent Energy Ltd., Horizon Fuel Cell Technologies, Mitsubishi Hitachi Power Systems, Ltd., and Toshiba Fuel Cell Power Systems Corp. Companies in this business vertical are actively introducing new products in the market and are collaborating with other leading players with an aim to enhance their current product portfolio as well as effectively meet growing consumer demands.