Fuel Cell - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Fuel Cell Market is accounted for $3,512.25 million in 2017 and is expected to reach $16,672.63 million by 2026 growing at a CAGR of 18.9%. Some of the key factors influencing the market growth include rising demand for unconventional energy sources, growing demand for space heating across residential and commercial establishments, rising demand for backup power source in off-grid areas, increasing demand for portable devices. However, high price of the catalyst, which raises the price of fuel cell and lack of fuel cell infrastructure are restraining the market growth.
Fuel cell is a device that converts chemical energy into electric energy to form electricity, water and heat. The fuel cell works on two basic components such as oxygen and hydrogen. Fuel cells can produce electricity continuously, by non-stop supplying of fuels. At the present rate of consumption of non-renewable fuels, there is a chance of global crisis in the coming years. Fuel cells have the capability to replace the use of conservative fuel equipment. Moreover, introduction of fuel cells has also caused a positive impact for various industries, due to its benefits such as flexibility, greater efficiency and almost zero emission.
Amongst application, stationary application segment is set to witness strong growth owing to increasing demand for space heating demand across homes, offices, and other commercial establishments. Increasing product penetration as a backup power source in hospitals, telecommunication base stations, data centers, tetra networks, schools and hotels will further augment the fuel cell market growth. By Geography, Asia Pacific is expected to account for the largest market share during the forecast period as the market in this is probable to grow at a rapid pace. Enlarge in speculation of fuel cell devices and advances in technology are the two main factors that will drive the market growth in this region.
Some of the key players in the global Fuel Cell market include Panasonic, Toshiba, Ballard Power Systems, Hydrogenics Corporation, Horizon Fuel Cell Technologies, FuelCell Energy, Inc., Doosan Fuel Cell America, Aisin Seiki Co., Ltd., Nuvera Fuel Cells, SFC Group, Ceramic Fuel Cells, Ltd, Bloom Energy, Plug Power, Nedstack Fuel Cell Technology BV, UTC Power Corporation and Arcola Energy.
• Other Applications
• Low-Temperature Fuel Cells (LTFC)
• High-Temperature Fuel Cells (HTFC)
• Other Products
- North America
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
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- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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