San Francisco, 5 March 2019: The Report fuel cell market size
is projected to reach USD 24.81 billion by 2025, according to a new report by
Grand View Research, Inc. It is expected to expand at a CAGR of 20.9% over the
forecast period. International pressure on energy diversification is advocating
positive investment environment for alternative energy.
Fuel cell is closing in
to be the most efficient form of alternative energy generation. Fuel cell shipments
have witnessed rise over the past three years, compelling manufacturers to
increase operations. Fuel cell systems cost has also seen a decline owing to
significant innovations in terms of efficiency and working cost.
Low gas prices will
remain a specific concern for this market as natural gas based power generation
is showing a radical decrease in operating cost and significant increase in
output. Rapid rise in efforts to capitalize on the potential of fuel cells will
drive this market at an estimated 20.9% CAGR over the forecast period.
The fuel cell market is
likely to witness aggressive strategic alliances with market players looking to
expand their end-user segments in emerging markets. Progressive private-public
partnerships are predicted to be essential for attaining an economically viable
technological shift. Japan’s vision of Hydrogen Society is anticipated to bode
well for market growth by 2020
Stationary hydrogen
power plants is expected to emerge as the largest application segment and
account for over 70% of market in terms of shipped units. Factors such as high
efficiency, flexibility to use different fuels, and utilization of direct
current are the key demand drivers..
Access Research Report
of Fuel Cell Market @ www.grandviewresearch.com/industry-analysis/fuel-cell-market
Further key findings from the report suggest:
· Fuel cell units shipped at a global level
in 2016 were estimated to be 78,000 and the U.S. market size was estimated to
be 8,205 units
· Proton exchange membrane fuel cell (PEMFC)
dominated the fuel cell market and accounted for over 76% of U.S. units shipped
in 2016
· Solid oxide fuel cell (SOFC) is likely to
emerge as the fastest growing segment and is expected to register an estimated
CAGR of 39.3% during the forecast period in U.S. alone
· North America is witnessing several
strategic partnerships with companies such as Coca-Cola, Walmart, and other
prominent players partnering up with manufacturers to use fuel cells for
internal energy consumption
· Hyundai is powering its test cars with fuel
cells to deliver better efficiency in Japan and Latin America. These cars are
likely to earn commercial status by the end of the forecast period.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/renewable-energy
Grand View Research has
segmented the global fuel cell market on the basis of product, application, and
region:
Fuel Cell Product Outlook (Volume, Units; Capacity, Mega
Watt; Revenue, USD Million, 2014 - 2025)
·
PEMFC
·
PAFC
·
SOFC
·
MCFC
·
Others
Fuel Cell Application Outlook (Volume, Units; Capacity,
Mega Watt; Revenue, USD Million, 2014 - 2025)
·
Stationary
·
Transportation
·
Portable
Fuel Cell Regional Outlook (Volume, Kilo Tons; Capacity,
Mega Watt; Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
·
Europe
o
Germany
o
U.K.
o
France
·
Asia Pacific
o
China
o
Japan
o
South Korea
·
Central & South America
o
Brazil
·
Middle East & Africa
Access Press Release of
Fuel Cell Market@ www.grandviewresearch.com/press-release/global-fuel-cell-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
