Global Fuel Cell Market to Hit more than USD 9 Billion by 2024

The global market of fuel cells accounted for USD 2.5 billion in 2015 and further the market is estimated to reach USD 9.4 billion by the end 2024. Global fuel cells market is expected to expand at a CAGR of 18% over the forecast period i.e. 2016-2024. Geographically, North-America dominates the fuel cell market with more than 50% revenue share in global market. North-America is closely followed by the Asia-Pacific region, with around 35% revenue share in the global fuel cell market. Rising shipments of fuel cell vehicles of Toyota and Hyundai, coupled with growing shipments of stationary fuel cell systems from Korea and Japan is propelling the demand of fuel cell market all across the globe. Transportation applications of fuel cell include motive power for material handling equipments, buses, passenger cars and other fuel cell powered electric vehicles.

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Market Segmentation

• By Fuel Cell Type
o Alkaline Fuel Cell
o Phosphoric Acid Fuel Cell
o Molten Carbonate Fuel Cell
o Solid Oxide Fuel Cell
o Proton Exchange Membrane Fuel Cell
o Direct Methanol Fuel Cell

• By Fuel Cell Application
o Stationary Power Generation
o Portable Power Generation
o Power Generation for Transportation

• By Geography
o North America (US, Canada)
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
o Latin America (Brazil, Mexico and Rest of Latin America)
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
o Rest of the World

Global Fuel cell Market Outlook 2024 contains detailed overview of the global fuel cell market in terms of market segmentation by application, by fuel cell types. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global fuel cell market which includes profiling of companies such as Toshiba, SFC Energy, SolidPower GmbH, Hydrogenic Corporation, Nuvera Fuel Cells, United Technologies, AFC Energy PlC, Fuel Cell Energy, Ballard Power Systems etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global fuel cell market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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