January 03, 2020
According to the report titled ‘Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), Industry Analysis Report, Regional Outlook (U.S, Canada, Mexico, Germany, UK, France, Italy, Spain, Austria Japan, South Korea, China, India, Philippines, Vietnam, Brazil, Peru, Ecuador, Nigeria, Kenya, UAE, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global fuel cell market is expected to surpass USD 7 billion by the year 2025.
Increasing consumer awareness regarding energy conservation, coupled with escalating investments in hydrogen infrastructure are major factors driving fuel cell market growth. Fuel cells offer high efficiency and reliability as compared to their counterparts. Favorable federal reforms which promote development of green infrastructure and growing incorporation of space heating systems across residential and commercial establishments will aid market growth. Surging demand for small boats, goods handling vehicles, ferries, trams, and forklifts, in tandem with increasing R&D activities by private and government organizations is leading to the rising adoption of fuel cells across the globe.
The report cites that SOFC (solid oxide fuel cell) product segment will record a volume of over 30 thousand units by the year 2025. SOFC has an efficiency rate of 60 % while converting fuel into electricity and is widely used for applications requiring extreme temperature range. These cells also offer fuel flexibility, stability, low emission, and low cost. Thus, rising adoption of SOFC in small and large scale power generation plants is fueling the growth of the segment.
Based on application spectrum, fuel cell market from portable segment will register significant growth during the estimated timeframe. Flourishing tourism industry, rapid urbanization, and shift towards hydrogen economy backed by government investments are propelling the growth of the segment. The market is expected to further expand due to escalating preference for fixed power backup sources.
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Considering the geographical landscape, UK fuel cell market is projected to grow up to 50 MW by the year 2025, owing to strict government regulations regarding emission mitigation and surging investments in R&D activities. Moreover, favorable reimbursement policies for promoting FC electric vehicles will augment the regional market share.
The prominent companies operating in fuel cell market are Arcola, Bloom Energy, Plug Power, Nuvera, Hyrogenics, Ceres Power Holdings, Aisin Seiki, Fuel Cell Energy, Ballard Power Systems, Panasonic, Doosan, Toshiba, AFC Energy, SFC, and Horizon among others.
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