Fuel Cells Market : Industry Size, Share, Analysis and Trading Growth 2025

Global Fuel Cells Market: Snapshot

Fuel cell technology has risen in prominence as a combustion-free conversion device for producing electricity, apart from producing heat and water. They can be made to power systems in variety of stationary application, particularly in backup power systems, and are more efficient than most conventional combustion engines. Hydrogen is one of the most versatile fuels used and its demand has gained traction in modern fuel cell vehicles in various developing and developed regions. Other fuels used include natural gas, ethanol, methanol, and biogas. Fuel cells are scalable and can power backup systems almost indefinitely, as long as the supply of the fuel is maintained. The pressing demand for cleaner fuel sources and technologies with low-carbon footprint, coupled with the burgeoning demand for electricity in numerous developing and developed economies, is a notable factor stoking the demand for fuel cells. The growing demand for non-conventional sources of energy, attributed to fast depleting sources of fossil fuels world over, is a crucial factor bolstering the demand for fuel cells. In addition, stringent implementation of regulatory norms for reducing carbon emissions in emerging economies is a key development boosting the market. The versatility of applications of fuel cells and their scalability are significant factors expected to bolster their uptake. In addition, fuel cells can easily be combined with other standard energy technologies, notably batteries, solar panels, wind turbines, and super-capacitors. This is a crucial factor fortifying the demand. In recent times, substantial research and development activities related to fuel cell vehicles and their growing adoption are key factors expected to accentuate the market growth. Furthermore, the growing investment by governments in several developing and developed countries is a prominent factor expected to provide a robust impetus to the growth of the market.

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Global Fuel Cells Market: Overview

Fuels cell is a fairly recent technology that is used as a source of heat and electricity in various spaces such as commercial, industrial, and residential sectors. They generate power without movement of any parts or combustion and thus are known to be noise-free technologies. The most popularly used form of fuel cell is PEMFC due to their ability to fit in a wide range of applications.

Global Fuel Cells Market: Drivers and Trends

The primary usage of fuel cells is to provide backup for a certain period of time or so long as the fuel is supplied to them. Thus, fuel cells are extensively being used in stationary applications such as backup power systems and CHP, portable applications such as consumer electronics, and the transportation sector. Though the usage of fuel cells for transportation sector is limited, the ongoing research and development will offer efficient fuel cell systems in vehicles, thereby boost the segment’s progress.

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The soaring rise of the global fuel cells market is also attributable to the dire need of cleaner fuel sources, depleting conventional sources of energy, and rising pollution. Analysts expect that the market will also be driven by the growing demand for electricity and strict regulatory norms to reduce carbon emissions. The uncontrollable rise in population and the excessive dependency of the mankind on fossil fuels has fueled the demand for fuel cells in recent years. The report states that rising temperatures and greenhouse emissions will also be responsible for the uptake of fuels cells in the near future.

Global Fuel Cells Market: Market Potential

The changing outlooks of governments are also expected to have a positive impact on the growth of the global fuel cells market. For instance, the Government of Canada has committed to support technologies that will benefit the environment and offer jobs that will promote cleaner and greener output. In tandem with this sentiment, the government announced its plans to invest US$10 million non-repayable contribution to the Automotive Fuel Cell Cooperation (AFCC). This organization is a joint venture run by German-based Daimler AG and Ford Company.

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Global Fuel Cells Market: Regional Outlook

Geographically, the global fuel cells market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific is projected to lead the global market in the coming years. Analysts anticipate that Japan will dominate the region as the demand for power and combined heat systems rises in the country. The rise of hydrogen power plants in several emerging countries of Asia Pacific are also anticipated to augment the demand for fuel cells in the coming years.

The rapid technological advancements and the supportive regulatory scenario in North America is expected favor the region’s progress in the global fuel cells market in the near future. As of 2015, the region held a 50% share in the installed capacity and is projected to show its dominance during the forecast period as well.

Key Players Mentioned in this Report are:

Some of the leading players operating in the global fuel cells market are AFC Energy PLC, Doosan Fuel Cell America, Inc., Ballard Power Systems Inc., FuelCell Energy, Inc., Nedstack Fuel Cell Technology B.V., Hydrogenics Corporation, Panasonic Corporation, Plug Power, Inc., Toshiba Corporation, and SFC Energy AG.

Government Incentives and Policies to Bolster Market Growth

San Francisco, California, December 22, 2017 – The international market for fuel cells is analyzed to witness vast growth opportunities in the years to come, as per a publication by TMR Research. The report by the market research company, bearing the title “Fuel cells market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” sheds light on how the growing demand for cleaner sources of fuel is essentially bolstering the market. Notwithstanding that, thorough innovative work is being relied upon to accelerate the progress and augment the market capacity in such a way that various market vendors can benefit in an unprecedented way.

Fuel cells come with the basic job of providing backup power for a specific period of time or just as long as fuel is provided. Hence, they are widely being used in various unmoving applications like CHP, backup power systems, in the transportation sector, and movable applications like consumer electronics. Although the utilization of fuel cells for the industry of transportation is estimated to be limited, current research and development work is predicted to provide efficient and improved systems of fuel cells in motor vehicles, and hence fuelling the progress of the segment.

The rise of the world fuel cells market is also due to the urgent requirement of cleaner sources of fuel, increasing pollution, and diminishing source of conventional energy. Researchers hope that the market would also be led by the burgeoning demand for stringent measures to curb carbon emissions and electricity. The unmanageable rise in human population coupled with over dependence of the human race on various fossil fuels are anticipated to trigger market growth for fuel cells. The report also mentions that soaring greenhouse emissions and temperatures are also likely to be the reasons for the future adoption of fuels cells.

The changing perceptions of various governments are anticipated to provide a positive effect on the progress of the world market for fuel cells. For example, Canadian government has made a commitment to back technologies that would be in the best interest of the environment and climate. The government is also willing to offer jobs which will promote greener and cleaner output. In line with this emotion, the said government has come up with its plans to make an investment of around US$10 mn in Automotive Fuel Cell Cooperation (AFCC) as non-repayable contribution.

The market for fuel cells market has been regionally classified into Rest of the World, Asia Pacific, North America, and Europe. The report forecasts that Japan would rule the international market for fuel cells following an increase in the requirement for combined heat systems and power in the island nation. The emergence of various hydrogen power plants at various parts of Asia Pacific is foreseen to fuel the need for fuel cells.

North America is also estimated to be a significant contributor of the market due to its technological advancements together with regulatory measures supporting fuel cells by the government.

Europe and rest of the world have been forecasted to contribute towards the market for fuel cells owing to increasing awareness about the benefits of cleaner fuels and harmful effects of fossil fuels. Furthermore, governments are also making every effort to back measures to augment the usage of fuel cells.

Some of the topnotch vendors of international fuel cells market are Doosan Fuel Cell America, Inc, Hydrogenics Corporation, AFC Energy PLC,., Plug Power, Inc., Nedstack Fuel Cell Technology B.V, Panasonic Corporation, SFC Energy AG, Ballard Power Systems Inc., Toshiba Corporation, and FuelCell Energy, Inc.

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