Fuel Cell Market 2021 Expected to Witness a Sustainable Growth over 2027

The prominent fuel cell market players include Ballard Power Systems Inc., Plug Power Inc., Proton Power Systems PLC, ITM Power Plc, AFC Energy Plc, Fuel Cell Energy Inc., SFC Energy, United Technologies, Hydrogenics, and Fuji Electric India Pvt. Ltd.

The rising automotive business and growing electronic sector in China and India is gaining traction. In addition, Japan is the largest market in Asia-Pacific for fuel cells, which is followed by China and South Korea. In addition, the demand for fuel cells is anticipated to grow in countries such as Australia, India, and Singapore, which would further support the fuel cell marketin different industry verticals.

For Purchase Enquiry:https://www.alliedmarketresearch.com/purchase-enquiry/137

Strict governmental regulations, increase in distributed power systems, and high efficiency of fuel cells are the major driving forces that will escalate the demand for fuel cells with applications in automation and power generation set ups. Unlike conventional power generation sources, fuel cells do not emit hazardous gases and pollution that is harmful to the environment. Also, depletion of natural resources, carbon emissions, and rising cost of fossil fuels is paving the way for alternate means of transportation and power generation. Therefore, both public and private sectors have taken continuous efforts to reduce carbon emissions and save fuel.

Strict government regulations related to CO2 & SO2 emissions is driving the fuel cell market. In addition, the 'Go Green' revolution is also driving the growth of the market. Stringent government regulations related to carbon emissions are expected to propel the growth of the fuel cell market during the forecast period. Furthermore, stationary fuel cells can be used as a means of distributed power generation, which offers various advantages. Power is generated near the consumer area and so the loss of energy in transmission is extremely small in comparison with the losses seen in large and centralized generation systems.

Download Sample Report: https://www.alliedmarketresearch.com/request-sample/137

Key Findings of Fuel Cell Market:

• Molten carbonate fuel cells (MCFC) occupied approximately two-fifths of the total share.

• Solid oxide fuel cell market is anticipated to expand with a CAGR of 18.54% during 2016-2022.

• LAMEA is projected to be the fastest growing market in proton exchange membrane fuel cells market with a CAGR of 24.74% during the forecast period.

• Stationary fuel cells dominated the market occupying approximately three fourths of the total share in terms of application.

• The transport fuel cell market in Asia-Pacific is anticipated to grow with a CAGR of 30.13%

• Asia-Pacific dominated the fuel cell market occupying more than three fifths of the total share in terms of geography.

• With a CAGR of 26.62% during the forecast period, India is projected to be the fastest growing market in fuel cells.

Get detailed COVID-19 impact analysis on the Fuel Cell Market: https://www.alliedmarketresearch.com/request-for-customization/137?reqfor=covid

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research

About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.