According to the new research report by Global Market Insights the Fuel Cell Market size is expected to reach USD 25.5 billion by 2024; driven by environment friendly and better alternative than existing options.
Global Market Insights, Inc. says:
Global Fuel Cell Market size was more than 180,010 units for 2015 and is predicted to register more than 24.1% of CAGR by end of 2024. Government support to create hydrogen power stations is predicted to drive the demand for fuel cell technology. Rise in vehicle production by automakers has favorably influenced the industry and acquired focus of international bodies on fuel cell electric vehicles. Further, strict rules promoting zero emission automobiles along with growing public transport is projected to favorably affect global industry growth during forecast timeline.
Fuel cells are preferred over traditional sources of energy due to low carbon emissions and less noise. Normal fuel cell items produce less sound while functioning as compared to traditional sources of energy. Further, stationary fuel cell systems require less space as compared to other sources of clean energy and this have driven the growth of stationary fuel cell market globally. Growing demand for portable power source is predicted to drive industry demand during forecast timeline.
Global industry is segmented into various products like direct methanol fuel cell , solid oxide fuel cell and proton exchange membrane fuel cell. Direct methanol fuel cell segment is predicted to register more than 4.1% of CAGR. These cells find their use in portable power source where energy density and power are more vital than efficacy.
Solid oxide fuel cell (SOFC) segment is predicted to touch $3.1 billion mark by end of 2024. High level of efficacy, low carbon emissions, elasticity, stability and comparative less price which is predicted to boost the demand for this fuel cell type.
Proton exchange membrane fuel cell produced revenue of more than $2.1 billion for 2015. This product is extensively used in stationary and transportation applications. In addition to this, it also provides high electric efficacy and substantial power to area proportion & is easily accessible across various watts making it a preferable choice in transportation application.
The industry is segmented into various applications like stationary application, portable application and transportation application. Stationary application contributed $2 billion for 2015 and it dominates the application segment due to its environment friendly features and efficacy. It is mainly used as backup power station in hotel, residence, school, commercial building and hospital.
Portable application segment is predicted to register more than 7.1% of CAGR during forecast timeline. Growing demand for portable charger as power source for consumer electronic items like camera, laptop, cell phone, smart phone and iphone are predicted to promote portable fuel cell market trends.
Transportation application segment is predicted to contribute $1.31 billion in terms of revenue by end of 2024 registering a CAGR of more than 22.11% during forecast period. Increase in research & development activities by firms along with growing government support to integrate effective technology in automobiles like truck, car and bus are predicted to promote global fuel cell market outlook in this segment.
Global industry is segmented into key geographical regions like North America, , Europe, APAC, MEA and Latin America. North American industry produced revenue of more than $891 million for 2015. U.S. contributed maximum revenue to the North America fuel cell market. Regional industry demand is mainly promoted by constant monetary support from DOE (Department of Energy). Further, favorable government policy promoting renewable power to regulate carbon emissions is the key factor stimulating industry growth in the region.
European industry is predicted to register moderate CAGR of more than 3.51%. Commercialization of fuel cell electric vehicles along with huge consumer base in region is predicted to promote industry growth during forecast timeline. Drifting highlight towards hydrogen as transportation fuel in countries like Norway and Denmark can supplement the growth of the industry in Europe.
APAC fuel call market share is predicted to grow up to $14.1 billion by end of 2024 registering CAGR of more than 24.1% during forecast timeframe. Strict government norms along with increasing use of hydrogen as fuel in vehicles can positively contribute towards regional industry expansion.
Key industry players profiled in the report include Nedstack Fuel Cell Technology, AFC Energy PLC, Aisin Seiki Company Limited, Arcola Energy, Horizon Fuel Cell Technologies, Hydrogenics Corporation, Panasonic Corporation, Ballard Power Systems Incorporation, Bloom Energy, Plug Power, UTC Power, SFC Energy AG, Toshiba, Ceres Power Holding, Nuvera Fuel Cells, Arcola Energy and HES Energy Solutions.
Key industry players are using key business strategies like mergers & acquisitions to reduce competition and increase their geographical presence.
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See News Source: www.gminsights.com/pressrelease/fuel-cell-market