Global Fuel Cell Market Size, Share, Future Prospects and Forecast 2019-2025

The global fuel cell market is estimated to grow at a CAGR of nearly 20.0% during the forecast period. The major factors offering an opportunity for the growth of the market include the increasing demand for electric vehicles and government initiatives for the adoption of fuel cell technology. As per the International Energy Agency (IEA), The global stock of electric passenger cars passed 5 million in 2018, which represents a rise of 63% from 2017. In 2018, China accounted for the largest share of nearly 45% in the global electric cars on the road, which is 2.3 million.

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Europe held the second position with 24% of the global fleet, and the US accounted for 22% of the global electric carson the road. This, in turn, is expected to drive the demand for fuel cell electric vehicles (FCEVs) driven by hydrogen. These vehicles are highly efficient as compared to the traditional internal combustion engine vehicles. FCEV running on hydrogen generates no tailpipe emissions and emits only water vapor and warm air. Owing to the stringent emission regulations, the government of countries are making efforts to adopt hydrogen-powered vehicles. For instance, the US Department of Energy has been conducting researches to make hydrogen-powered vehicles an environmentally friendly, affordable, and safe transportation alternative.

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Global Fuel Cell Market Segmentation

By Type
• Polymer Electrolyte Membrane Fuel Cell (PEMFC)
• Solid Oxide Fuel Cell (SOFC)
• Molten Carbonate Fuel Cell (MCFC)
• Phosphoric Acid Fuel Cell (PAFC)
• Others (Alkaline Fuel Cell (AFC) and Direct Methanol Fuel Cell (DMFC))

By Application
• Stationary
• Portable
• Transportation

Regional Analysis
• North America
o United States
o Canada

• Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe

• Asia-Pacific
o China
o India
o Japan
o Rest of Asia-Pacific

• Rest of the World

Company Profiles
• Acumentrics, Inc.
• AFC Energy plc
• Altergy Systems
• Ballard Power Systems Inc.
• Bloom Energy
• Ceres Power Holdings plc
• Doosan Fuel Cell America, Inc.
• FuelCell Energy, Inc.
• Fuji Electric Co., Ltd.
• Hydrogenics Corp.

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