How Fuel Cell Market will Grow at Highest CAGR

The increasing demand for zero-emission cars is a key factor driving the global fuel cell market, says Fortune Business Insights in a report, titled “Fuel Cell Market Size, Share and Global Trend By Type (Solid Oxide Fuel Cell, Proton Exchange Membrane Fuel Cell, Molten Carbonate Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Direct Methanol Fuel Cell), By Application (Portable, Stationary, Transportation), and Geography Forecast till 2026.” The utilization of fuel cells for electricity generation is expected to contribute positively to the global market.

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Some of the major companies that are present in the global fuel cells market are Toshiba, Ballard Power Systems, Hydrogenics Corporation, Horizon Fuel Cell Technologies, Fuel Cell Energy, Inc., Doosan Fuel Cell America, Aisin Seiki co., Ltd., Nuvera Fuel Cells, SFC Group, Ceramic Fuel Cells, Ltd., Bloom Energy, Plug Power, Nedstack Fuel Cell Technology BV, UTC Power Corporation, and Arcola Energy.

“Joint Venture Between Bosch And Powercell Sweden For Mass Production Of Hydrogen Fuel Cells Will Create Growth Opportunities”

Robert Bosch GmbH, a German multinational engineering and technology company, announced a licensing agreement with powercell Sweden, a clean energy development company. The agreement is aimed at mass production of hydrogen fuel cells for electrifying heavy-duty commercial vehicles. Hydrogen fuel cells take less time to refuel compared to electric car batteries, making them more suitable for use in vehicles that need to stay on the road for prolonged periods of time. The licensing agreement between the two companies is expected to support fuel cell growth owing to the European Union rules to reduce carbon emission by 15 percent by 2025. This factor will impel industries to adopt electric and hybrid power trains thus aiding expansion of the fuel cell market size.

Furthermore, the launch of fuel cell-powered river push boat is expected to benefit fuel cell revenue. For instance, Ballard has signed an agreement to work with ABB on the design and launch of fuel cell-powered river push boat in France. Ballard is planning to develop and launch a zero-emission river push boat, and also to deliver two of its next-generation 200-kilowatt fuel cell modules in 2020. Moreover, the announcement of 1600 hydrogen fuel cell trucks is expected to facilitate the growth of the global fuel cell market. For instance, Hyundai announced its plan to launch 1600 hydrogen fuel cell trucks in Europe with a joint venture with H2 energy., Hyundai is planning to penetrate European countries beyond Switzerland with this project. However, High cost of hydrogen as it is difficult to generate, handle and store along with the requirement of bulky tanks for storage, which is expensive. These factors together are likely to restrict the global fuel cell market growth to an extent.

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Adoption Of Fuel Cell-Induced Energy Will Propel Growth In North America

Geographically, the global fuel cell market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global market during the forecast period owing to the presence of key players in the region. Government support for fuel cell-induced energy generation as it is considered as a prime source of secured energy is also expected to boost growth in North America. In addition to this, Europe is likely to have a stronghold, backed by the rising demand from countries such as Germany. Improvement of fuel cell infrastructure will enable Europe to account for a higher percentage of the global fuel cell market share. The Asia Pacific is likely to rise at a considerable rate owing to the surge in household application of fuel cells. The acquisitions and partnerships between companies in Latin America will foster growth in the region. The Middle East and Africa are expected to offer major growth opportunities owing to its portable and off-grid applications.

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