Fuel Cell Market Estimated to Exceed US$ 9.5 Billion by 2024

The global fuel cell market has witnessed robust growth over the past few years. This can be attributed to the introduction of several government initiatives to promote the use of clean energy coupled with the growing research and development in the field of fuel cell technology.

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According to the latest report by IMARC Group, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global fuel cell market size was US$ 4.5 Billion in 2018. Fuel cells are electrochemical devices that convert chemical energy into electrical power. They are clean, energy efficient, scalable, reliable, durable and can be combined with other energy technologies, such as wind turbines, solar panels, and super-capacitors. As modern fuel cells work on pure hydrogen, they emit a negligible amount of pollutants in comparison to diesel- or gas-based fuel cells. Over the years, fuel cell technology has gained wider acceptance as these cells act as an alternative to conventional and unconventional energy sources. They help to lower environmental pollution as well as reduce the economic dependence on diesel and crude oil imports.

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Market Trends:

In recent years, a rise in the number of fuel cell vehicles and buses in China, Japan and Korea has broadened the growth prospects of the market in these countries. Apart from this, the depletion of fossil fuels has encouraged the governments of various nations to implement numerous policies and initiatives and promote the use of sustainable energy alternatives. For instance, the Australian government has proposed to convert the gas distribution system to clean hydrogen by 2030. Similarly, the German government aims to reduce greenhouse gas emissions by 40% until 2020. Moreover, the Fuel Cell Technologies Office (FCTO) in the United States provide funds for research and development (R&D) activities to reduce the cost and improve the processes for fuel cell systems. On account of these factors, the market value is projected to exceed US$ 9.5 Billion by 2024, expanding at a CAGR of 13.2% during 2019-2024.

Key Insights from the Report:

Breakup by Type:

1. Proton Exchange Membrane Fuel Cells (PEMFC)

2. Solid Oxide Fuel Cells (SOFC)

3. Molten Carbonate Fuel Cells (MCFC)

4. Direct Methanol Fuel Cells (DMFC)

5. Phosphoric Acid Fuel Cells (PAFC)

6. Others

Based on types, the market has been segmented into Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Molten Carbonate Fuel Cells (MCFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and others. Amongst these, PEMFC represents the most popular product type.

Breakup by Application:

1. Stationary

2. Transportation

3. Portable

4. Others

On the basis of applications, stationary applications account for the majority of the total market share, representing the largest segment. They are followed by transportation and portable applications.

Breakup by Region:

1. Asia Pacific

2. North America

3. Europe

4. Middle East and Africa

5. Latin America

Region-wise, Asia Pacific enjoys the leading position in the fuel cell market. The other major regions are North America, Europe, Middle East and Africa, and Latin America.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, Fuel Cell Energy Inc., Plug Power Inc., Nuvera Fuel Cells Inc., AFC Energy PLC, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.

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This release was published on openPR.