May 03, 2021
According to the research report titled ‘GLOBAL Fuel Cell Market 2019-2027’, available with Market Study Report LLC, available with Market Study Report LLC, global fuel cell market is projected to register a year-over-year growth rate of 18.03% during the forecast period 2019-2027.
As per the findings of the report, global fuel cell market is primarily driven by escalating demand for efficient & cleaner energy generation solutions. Besides, rapid integration of fuel cell technology in automobiles is augmenting the industry growth.
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For the uninitiated, a fuel cell-powered system generates electricity by chemical reaction, without initiating any combustion, and eliminates the risk of releasing carbon dioxide and other toxic substances in the environment. There are various types of fuel cell including phosphoric acid fuel cells, solid oxide fuel cells, proton exchange membrane fuel cells, and molten carbonate fuel cells.
Despite the positive outlook of global fuel cell industry, factors such high costs and durability issues associated with the technology is hindering business development.
Considering the application spectrum, the market is fragmented into stationary, transportation, and portable. Among these, transportation segment is slated to grow considerably in the upcoming years, creditable to growing adoption of electric vehicles and plug-in hybrid vehicles owing to developing consciousness among consumers regarding air pollution.
Speaking of the geographical landscape, global fuel cell industry size spans across North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Of these, North America market is set to grow considerably in the upcoming years, creditable to inflowing investments and favorable government norms & policies. Further, flourishing automotive and power generation sectors are contributing to the regional market growth.
Meanwhile, Asia Pacific region is deemed to register a robust growth over the forecast period owing to rapid adoption of fuel cell electric vehicles and positive outlook of the automotive sectors in emerging economies.
Speaking of the competitive landscape, top contenders influencing global fuel cell market dynamics are Toshiba Corp., Toyota Motor Corp., Panasonic Corp., SFC Energy AG, Plug Power Inc., Ceres Power Holdings plc, Bloom Energy Corp., Ballard Power Systems Inc., Aisin Seiki Co. Ltd., Hyrdrogenics (Cummins Inc.), FuelCell Energy Inc., AFC Energy plc, Exxon Mobil Corp., General Electric Co., and Hitachi Ltd.