Press release
Fuel Cell Technology Market Grow at a CAGR of 25.09 % by 2030 - Bloom Energy, Ballard Power Systems, Doosan Fuel Cell America
Market Industry Reports (MIR) has published a new report titled "Fuel Cell Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019-2030." According to the report, the global fuel cell technology market accounted forUS$1,031.63million in 2018. It is anticipated to grow at a CAGR of 25.09 % from 2019 to 2030.The fuel cell technology is based on clean energy sources. Thus, regional governments have been promoting it for a wide range of applications, such as stationary applications, automotive applications, and others, to reduce carbon emissions. For instance, in October 2019, the German Ministry for Transport and Digital Infrastructure awarded US$ 13.37 million to Siemens, Ballard Power Systems, and RWTH Aachen University for developing more efficient fuel cells for their trains.Such favorable government initiatives across the globe areamong the pivotal factors driving the fuel cell technology marketgrowth worldwide.
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Some of the prominent players in the fuel cell market include Bloom Energy, Ballard Power Systems, Doosan Fuel Cell America, Inc., Fuel Cell Energy, Inc., Hydrogenise, KYOCERA Corporation, Panasonic Corporation, PLUG POWER INC., Toshiba Energy Systems & Solutions Corporation, and Mitsubishi Hitachi Power Systems, Ltd., among others.
Growing Trends
Additionally, the growing demand for power generation in residential &commercial areas is supplementing the growth of the fuel cell technology market owing to its advantages.For instance, Japan has installed approximately 20,000 stationary combined heat & power fuel cell systems incommercial & residential spaces. Moreover, the increasing utilization of fuel cells in vehicles is another factor contributing to the overall market growth. For instance, the Chinese government announced itsplan to construct hydrogen infrastructure to support about 50,000 fuel cell vehicles by 2025.
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Rising R&D activities to overcome market challenges, new investments to produce hydrogen and new product launches are the primary factors that are expected to create new opportunities in the fuel cell technology market. However, the high operating cost of fuel cells, the presence of other clean energy alternatives and huge initial investment in the manufacture of fuel cells are among the several factors that will restrain market growth.
Regional Analysis:
The Asia Pacific region is expected to grow at the highest CAGR owing to the presence of high potential countries such as China, India, Japan, and South Korea. Additionally, the increasing number of government initiatives in this region and the growing adoption of fuel cell electric vehiclesare expected to propel growth of the fuel cell technology market in the region.
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The Research Provides Answers To The Following Key Questions:
-What is the estimated growth rate and market share and size of the Fuel Cell Technology Market for the forecast period 2019 - 2030?
-What are the driving forces in the sodium sulfate market for the forecast period 2019- 2030?
-Who are the prominent market players and how have they gained a competitive edge over other competitors?
-What are the market trends influencing the progress of Fuel Cell Technology Market industry worldwide?
-What are the major challenges and threats restricting the progress of the industry?
-What opportunities does the market hold for the prominent market players?
Table of Contents
INTRODUCTION
Market Definition
Market Classification
Geographic Scope
Years Considered for the Study: Historical Years - 2016& 2017; Base Year - 2018; Forecasted Years - 2019 to 2030
Currency Used
RESEARCH METHODOLOGY
Research Framework
Data Collection Technique
Data Sources
Secondary Sources
Primary Sources
Market Estimation Methodology
Bottom Up Approach
Top Down Approach
Data Validation and Triangulation
Market Forecasting Model
Limitations/Assumptions of the Study
ABSTRACT OF THE STUDY
MARKET DYNAMICS ASSESSMENT
Overview
Drivers
Threats/Restraints
Opportunities
Application Analysis
Future Market Scenario
Emerging Markets
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About Market Industry Reports
Market Industry Reports is a global leader in market measurement and advisory services. It is a 100% subsidiary of ExlTech. The firm has always been at the forefront of innovations to address worldwide industry trends and opportunities.
We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates consumer study in more than 100 countries, providing a tactical approach to drive sustained business growth. We continue to pioneer state-of-the-art approach in research & analysis that will help you to overcome complexities and stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence, we unfold contingencies for our clients in the evolving world of technology, mega-trends, and industry convergence. We inspire our clients to empower and shape their businesses and to build world-class products.
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