Dublin, Dec. 14, 2020 (GLOBE NEWSWIRE) -- The "Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Fuel Cells Market Size is Projected to Reach USD 848 Million by 2025 from an Estimated Market Size of USD 263 Million in 2020, at a CAGR of 26.4%.
The market has been analyzed with a key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.
The transport segment is expected to be the fastest-growing market during the forecast period.
The fuel cells market, by application, is segmented into transport, portable, and stationary applications. Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water. In regions such as the Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.
The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2020 to 2025.
Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2019 and is expected to grow at the highest CAGR during 2020 to 2025 owing to their application in fuel cell-based vehicle operations.
The Asia Pacific is expected to lead in the global fuel cells market.
The Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. The Asia Pacific market is driven by the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.
With the demand for electrical power and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably. The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells. Apart from China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.
The global fuel cells market and the advances in fuel cell technology market is dominated by a few major players that have an extensive global and regional presence. The leading players in the advances in fuel cell technology industry are Ballard Power (Canada), Cummins (US) SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US).
Market Dynamics
Drivers
- Government Subsidies for Fuel Cell Programs
- Significant Investments in R&D Activities Pertaining to Fuel Cell Technology
- High Focus on Clean Energy Generation for Transportation & Power Generation
Restraints
- High Cost of Catalysts Used in Fuel Cells
- Lack of Hydrogen Delivery Infrastructure
Opportunities
- Development of Clean Energy-Based Distributed Generation Solutions
- Use of Flexible Fuel Cells
Challenges
- Increasing Investments in Renewable Energy Generation
- Onboard Storage of Hydrogen
- Impact of COVID-19 on Renewable Energy Sector
Adjacent and Interconnected Markets
Companies Mentioned
- AFC Energy
- Aisin Seiki Energy
- Altergy
- Ballard Power Systems
- Bloom Energy
- Ceres Power
- Cummins
- Doosan Fuel Cell America
- Fuelcell Energy
- Horizon Fuel Cell
- Intelligent Energy
- Kyocera
- Microrganic Technologies
- Mitsubishi Hitachi Power System
- Nuvera
- Plug Power
- Sainergy
- SFC Energy
- Solid Power
- Toshiba Energy Systems & Solutions Corporation
For more information about this report visit https://www.researchandmarkets.com/r/wjhnh7
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