Press release
Fuel Cell Market Will Grow at a Healthy CAGR by 2023 Profiling Hydrogenics, Ballard Power Systems, Bloom Energy, Panasonic, Plug Power, Toshiba, FuelCell Energy
Fuel Cell Market
Meanwhile, growing prevalence of fuel cell electric vehicles have compelled various fuel cell manufacturers to invest in advanced R&D activities to improve the product's technological specifications.
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Proliferating demand for space heating from commercial as well as residential establishments could boost the fuel cell market. In fact, several private and public organizations are looking to streamline their facilities by incorporating advanced hydrogen infrastructures. Such investments to develop hydrogen infrastructures could drive the demand for fuel cells over the coming years.
The Major Key Players in the Market are as follows:
1. Hydrogenics
2. Ballard Power Systems
3. Bloom Energy
4. Panasonic
5. Plug Power
6. Toshiba
7. FuelCell Energy
Besides, growing industrial activities, particularly across emerging economies, and rapid advancements across urban localities might play a crucial role in expediting the overall industry growth. Supportive federal initiatives to promote the use of sustainable technologies could also expand the growth prospects of companies operating in the fuel cell market.
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 these 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.
On a regional front, Japan is expected to offer lucrative growth opportunities to companies operating in the fuel cell market. The region has been significantly deploying fuel cell electric vehicles from the past few years. Increasing concern towards offering electric supply across remote areas coupled with favorable government regulatory strategies to rapidly develop hydrogen infrastructure is driving fuel cell market demand.
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Moreover, government-backed research & development activities coupled with surging investments by private firms toward product innovation and development may aid business outlook Japan fuel cell market in the forthcoming years.
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