According to the research 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 valued at USD 5824.25 million in the year 2019 and is poised to grow with a CAGR of 25.8% through 2025.
 

Increasing demand for cleaner & efficient technologies, rising preference of hydrogen-based fuel cells as well as surging sales of electric vehicles are catalyzing the growth of global fuel cell market.
 

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Additionally, digitization, emphasis on reduction of air and noise pollution as well as lowering carbon dioxide emissions, coupled with soaring demand of sustainable energy source are propelling the industry space.
 

In terms of type, the market scenario is bifurcated into PEMFC (proton-exchange membrane fuel cell), DMFC (direct-methanol fuel cell), SOF (solid oxide fuel cell), and others. The PEMFC segment accounted for a significant industry share in the recent past and is expected to proliferate during the analysis timeframe, owing to escalating demand for automotive vertical.
 

Speaking of application gamut, the industry sphere comprises of transport, stationary, and portable. The stationary segment has been generating revenues in the past and is poised to continue the same trend in the ensuing years, accredited to its utility as primary power source.
 

Based on end user terrain, worldwide fuel cell marketspace is classified into utilities, fuel cell vehicle, and defense. As per the report, fuel cell vehicle segment is expected to record significant growth during the analysis timeframe, creditable to upward sales graph for electric vehicle.
 

As per expert verbatim, Asia Pacific industry is anticipated to showcase immense growth over 2020-2025, pertaining to inclination for sustainable & clean energy sources, coupled with rising government support.
 

Some leading companies in global fuel cell market sphere include Bloom Energy, FuelCell Energy Inc., Powercell Sweden AB, Toshiba Corporation, Hydrogenics, Ballard Power Systems Inc., Aisin Corporation, SFC Energy AG, Plug Power Inc., AFC Energy plc, and ITM Power among others.