The demand for Fuel Cells has been showing an impressive year-on-year increase, and this trend is expected to continue over our forecast period

According to a new market research report ‘Fuel Cells Market - Forecasts from 2018 to 2023’, published by Knowledge Sourcing Intelligence, is projected to grow at a CAGR of 15.82% during the forecast period. The global fuel cells market is segmented by type [polymer electrolyte membrane fuel cells (PEM), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), and direct methanol fuel cells (DMFC)], by application (portable, stationary, and transport), and by geography (North America, Europe, Asia-Pacific, and rest of the world). The regional segment also covers country-level segmentation of global fuel cells market. Growing demand for renewable energy sources is the major driver of the global fuel cells market. Rising investments in R&D projects in order to develop additional fuel cell applications is further fuelling the demand for fuel cells across the globe. An increasing number of government initiatives and policies to boost the use of fuel cells will continue to bolster the growth of global fuel cells market during the forecast period.

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Fuel cell electric vehicles (FCEVs) on the rise

Transport segment is projected to grow at the highest CAGR of 21.29% between 2017 and 2023 owing to the high investments in fuel cell electric vehicles in countries like the U.S., China, and Japan. The growing focus on cleaner technologies and investments in infrastructure to develop hydrogen fueling stations is augmenting the demand for fuel cells across the transport sector. Increasing applications of fuel cells across this segment including long-haul trucks, passenger trains, delivery vans, and drayage trucks are also positively impacting the growth of fuel cells market across this application segment.

New policy actions in China continue to drive the market growth

Geographically, APAC is projected to be the major market for fuel cell manufacturers throughout the forecast period, holding around 59% of the global fuel cell market share in 2017. New policy actions such as FCEV incentives and setting up national targets for deployment of hydrogen fueling stations in countries like Japan, China, and South Korea is one of the significant drivers of APAC Fuel Cells market. For instance, as a part of its Fuel Cell Vehicle Development Plan, Shanghai has planned to build around 5-10 hydrogen stations and manufacture 3,000 FCEVs by 2020. According to the U.S. Department of Energy, China emerged as a leading customer for fuel cell buses in 2016, with more than 30 either deployed or ordered throughout the year.

Prominent key market players in the Global Fuel Cells market include Ballard Power Systems, FuelCell Energy, Inc., Hydrogenics, Plug Power Inc., and Arcola Energy Limited, among others.

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