Press release
Fuel Cell Market is Forecasted to Grow At a CAGR of 16.58% during 2018 – 2026
Fuel Cell Market
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Key Findings:
Several advantages, which the global fuel cells provide over other storage technologies that are available in the market, coupled with the growing public-private partnerships are expected to drive the global fuel cell market at a 16.58% CAGR for the forecast period of 2018-2026.
Competitive Insights:
Major companies that are already established in this market include Exxon Mobil Corporation, Hitachi Ltd, AFC Energy Plc, Hydrogenics Corporation, Fuelcell Energy Inc, Aisin Seiki Co Ltd, Bloom Energy Corporation, Ballard Power Systems, Ceres Power Holdings Plc, Sfc Energy Ag, Plug Power Inc, Panasonic, Toshiba and Toyota Motor Corporation.
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Market Insights:
The global fuel cell market is segmented on the basis of application and technology. The applications are divided into portable, stationary and transportation application. Stationary applications are presently dominating the market scene. The technology segment involves Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), Polymer/Proton Exchange Membrane Fuel Cell (PEMFC) and Molten Carbonate Fuel Cell (MCFC). The PEMFCs are gaining popularity amongst the end-users.
Regional Insights:
The geographical segmentation of the global fuel cell market is done into North America, Asia-Pacific, Europe and rest of the world. The APAC market is expected to outpace all other regions by the end of the forecast period. Taiwan, Japan, China, India and South Korea are the countries that are propelling this market’s growth due to heavy investments in the fuel cell R&D and advancements in technology. Most of these countries are also witnessing large-scale fuel cell installations.
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