As per the report titled ‘Global Fuel Cell Market (Value, Volume) Analysis By Type, By End User, By Application, By Region, By Country (2020 Edition): Market Insights and Outlook Post Covid-19 Pandemic (2020-2025)’, available with Market Study Report, global fuel cell market was appraised at USD 5824.25 million in 2019 and is projected to register a y-o-y growth rate of 25.8% during 2020-2025.
 

Rising demand for cleaner and energy-efficient technologies with strong focus on reducing noise and air pollution is augmenting global fuel cell market growth. Apart from this, growing necessity of sustainable energy sources, and spike in the demand for electric vehicles are the other major factors accelerating the industry expansion. In addition, shifting preferences towards hydrogen-based fuel cells will enhance the business outlook in the upcoming years.
 

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Based on type, global fuel cell market is categorized into DMFC, PEMFC, SOFC and others. Among these, PEMFC segment holds significant industry share and will continue to record strong growth over the forecast period with automotive sector being the major end-use sector.
 

In terms of application, the industry is fragmented into transport, portable, and stationary. Of these, stationary segment is slated to witness an increased demand through 2025, creditable to is utilization as primary power sources.
 

With respect to the end-user spectrum, global fuel cell market is classified into utilities, fuel cell vehicle, defense. The fuel cell vehicle segment will grow considerably owing to rising environmental concerns associated with vehicular emissions.
 

Considering the geographical landscape, America (United States, Canada, Mexico, Brazil), Europe (United Kingdom, Germany, France) and Asia Pacific (Japan, South Korea, China). Industry experts state that APAC market is touted to grow exponentially during the forecast timespan, attributable to rising government support and escalating demand for clean & sustainable energy sources in the region.
 

Elaborating on the competitive landscape, global fuel cell industry sphere is considerably fragmented with presence of firms of all sizes catering to different set of application and technologies. Key players operating in this domain are AFC Energy plc, Hydrogenics (acquired by Cummins Inc.), Aisin Seiki Co., Ltd., Toshiba Corp., ITM Power, PowerCell Sweden AB, SFC Energy AB, FuelCell Energy, Inc., Plug Power, Inc., Bloom Energy, Ballard Power Systems, Inc.