Fuel Cell Market Worth $15820 Million by 2027 | Valuates Reports

The global Fuel Cell market size is projected to reach US$ 15820 million by 2027, from US$ 4331 million in 2020, at a CAGR of 20.4% during 2021-2027. Strict government regulations aimed at reducing the increasing levels of pollution, and enhanced fuel cell efficiency are other factors that are expected to propel the growth of fuel cell market size.

The major players in global Fuel Cell market include Bloom Energy, Panasonic, Toshiba ESS, etc. The top 3 players occupy about 50% shares of the global market. Asia-Pacific and Europe are main markets, they occupy about 60% of the global market. PEMFCs is the main type, with a share about 70%. Stationary is the main application, which holds a share about 70%.

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Due to favorable regulatory policies and increasing emphasis on renewable energy technologies, the rapid implementation of the FCVs (Fuel Cell Vehicles) is stimulating the growth of the Fuel Cell market size. Furthermore, extensive R&D activities and innovations along with shifting preference towards low-emission fuels will boost the outlook for the industry.

Continuous deployment through small and large power generation systems to provide electricity to remote and off-grid areas would significantly accelerate the growth of fuel cells market size. This growing demand for electricity is fostering the deployment of SOFC fuel cells.

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Fuel Cell Market Regional Analysis
Asia-Pacific and Europe are the main markets, they occupy about 60% of the global market. Asia-Pacific is one of the promising regional fuel cell markets in the coming years, owing to favorable government policies in countries like China, Japan, and South Korea that push clean energy use. Among the technologies available for fuel cells, the PEMFC is the most used fuel cell in the region

By the product type, the market is primarily split into

o PEMFCs
o SOFC
o MCFC
o PAFC
o Others

By the end users/application, this report covers the following segments

o Transport
o Stationary
o Portable

The Fuel Cell key manufacturers in this market include:

o Bloom Energy
o Panasonic
o Toshiba ESS
o Aisin Seiki
o Plug Power
o Ballard Power Systems
o Mitsubishi
o Doosan
o FuelCell Energy
o POSCO Energy
o Hydrogenics
o SOLIDpower
o Ceres Power
o Horizon Fuel Cell Technologies
o Convion

Similar Reports :

Hydrogen Fuel Cell Market: https://reports.valuates.com/market-reports/QYRE-Auto-26E44/global-hydrogen-fuel-cells

Solid Oxide Fuel Cell (SOFC) Market: https://reports.valuates.com/market-reports/QYRE-Auto-10131/global-solid-oxide-fuel-cell-sofc

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This release was published on openPR.