What's Driving the Fuel Cell Market Outlook by 2026? | Key Players: - Hydrogenics, Ballard Power Systems, Bloom Energy, Panasonic, Plug Power, Toshiba, FuelCell Energy

Fuel cell market is bracing for robust growth on the heels of value propositions in a slew of applications such as portable, transportation, stationary, material handling and emergency backup power applications. It is worth noting that fuel cells can function at higher efficiencies as compared to combustion engines and can convert the chemical energy to electrical energy with efficiencies of up to 60%. Not only are fuel cells quiet during operations, but they also have lower emissions vis-�-vis combustion engines.

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Sustained demand for fuel cell electric vehicles, coupled with the increased funding from private and public organizations towards R&D activities is expected to spur the fuel cell market share. Moreover, favorable government initiatives to boost the electrification of off-grid and remote access and increased focus towards the development of sustainable energy technologies are likely to foster the industry size expansion.

The Major Key Players in the Fuel Cell Market are as follows:
1. Hydrogenics
2. Ballard Power Systems
3. Bloom Energy
4. Panasonic
5. Plug Power
6. Toshiba
7. FuelCell Energy

In addition to the automobile sector, fuel cells are extensively used in radios, printers, portable soldier power units, cameras, skid-mounted generators, vine-trimmers, torches, laptops, and auxiliary power units. The products offer enhanced features like rapid-recharging, reliability, low operating cost, and reduced weight to this equipment. Moreover, manufacturers are involved in product design and development to reduce the cost of fuel cells, which may improve fuel cell business outlook.

Based on the product, solid oxide fuel cells (SOFCs) are gaining traction across numerous applications of late. The product is widely used in small as well as large stationary power generation applications. With over 60% efficiency, SOFCs can operate at a very high temperature ranging from 8000C to 1,0000C. Moreover, the product is used across several transport applications. Offered features like low emissions, high efficiency, low cost, fuel flexibility, and stability could accelerate the demand for solid oxide fuel cells in the forthcoming years.

Sizeable investments towards the development of hydrogen infrastructure and favorable government policies to reduce emissions are expected to provide substantial revenue opportunities to stakeholders vying to bolster their position in the fuel cell market.

Notably, the Department of Energy (DoE) invested over US$ 39 million in 2018 to fuel the adoption of hydrogen infrastructure and fuel cells in the region. Industry forecast anticipates North America fuel cell market to expand at a healthy rate of over 13% through 2026.

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Japan fuel cell market will observe increased investments on the heels of the robust development of hydrogen infrastructure and deployment of FCEV. Further, not only is Japan government encouraging the use of hydrogen as a fuel, they have exhibited strong support for research and development activities and are motivating private firms to invest in the fuel cell.

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