Fuel Cell Market expected to reach US$ 27.25 Bn by 2024

Some of the prominent participants in the global fuel cells market are Ballard Power Systems Inc., Toshiba Corporation, Doosan Fuel Cell America, Inc., Hydrogenics Corporation, FuelCell Energy, Inc., Nedstack Fuel Cell Technology B.V., Panasonic Corporation, and Plug Power, Inc. At present, the players are looking at strategic alliances to expand their footprints in upcoming, promising markets. Another noticeable trend in the global fuel cells market is the increasing private-public partnerships because of the thrust by nations to up energy supply and reduce pollution.

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A report on the global fuel cells market by Transparency Market Research finds that it is still in its early stages and hence primed to rise at a phenomenal 24.58% CAGR with respect to volume between 2016 and 2024. At this pace, the volume in the market which was worth 186,210 units in 2015 would become around 1504,005 units by 2024. The TMR report also predicts the global fuel cells market to attain a revenue of US$ 27.25 Bn by 2024, from US$3.59 Bn in 2015, rising at a 23.64% CAGR from 2016 to 2024.

The different types of fuel cells available in the market are proton exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), and direct methanol fuel cells (DMFC). Among them, the segment of PEMFC accounts for a leading share in the market at present owing to its rising usage in the transportation sector for powering buses and cars. Its dominant position is also a result of it being a preferred choice for numerous small-scale residential applications. From a geographical standpoint, the Asia Pacific fuel cells market is set to rise the most because of its large population driving up demand for energy and also the thrust on cleaner forms of energy by governments.

Thrust on Curbing Pollution from Thermal Energy, Pushes up Demand in Global Fuel Cells Market

Surging popularity of green energy technologies in the face of pollution control has been majorly fuelling the global fuel cells market. Explains the lead analyst of the report, “Fuel cells are upcoming technologies comprising of electro-chemical devices which can change the chemical energy into electricity and heat through the oxidation of fuel such as hydrogen, methanol, and natural gas. Fuel cells find usage in generating electricity and heat for buildings and in the commercial sector.”

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Stationary Applications of Fuel Cells Majorly Fuels its Market

The global fuel cells market is receiving a major fillip from its application in portable, stationary, and transport sectors. While the stationary applications of fuel cells in backup power systems and CHP is providing maximum impetus to its demand at present, the portable applications are also set to see good demand in the near term. The portable applications comprise of tablets, laptops, cameras, and mobiles. So far, the usage of fuel cells in transportation is moderate, adds our lead analyst. However, with continued research and development in the area to find solutions, soon we might be able to integrate efficient fuel cell systems in various vehicles, namely trucks, buses, cars, and others.

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