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Growing Demand for Cleaner Technologies to Push Global Fuel Cell Market to Expand at 23.0% CAGR 2016–2020

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Published on : Nov 28, 2016

ALBANY, NY, Nov 28, 2016: The research study, titled “Global Fuel Cell Market 2016–2020,” offers an in-depth analysis, focusing on growth prospects and promising opportunities in the market. As per the study, the global market for fuel cells is expected to register a 23.0% CAGR between 2016 and 2020. The growing demand for cleaner and efficient technologies and the rising focus on research and development activities are some of the primary factors estimated to augment the global fuel cell market in the next few years. However, the rising competition from alternative technologies is anticipated to restrict the growth of the overall market in the next few years.

On the basis of product type, the global fuel cell market has been categorized into solid oxide fuel cell, direct-methanol fuel cell, polymer electrolyte membrane fuel cell, and molten-carbonate fuel cells. Among these, the polymer electrolyte membrane fuel cell segment is projected to lead the global fuel cell market and account for a massive share in the forecast period. With a large number of advantages, including low operating temperature, fast start-up time, and low emissions, the polymer electrolyte membrane fuel cells are expected to encourage witness increased demand. In addition, the rising number of applications, such as automotive manufacturing, distributed power generation, and portable applications are anticipated to drive the overall market.

The global fuel cell market has been classified on the basis of application into transport, stationary, and portable. In 2015, the stationary segment led the global fuel cell market and is estimated to remain in the lead position throughout the forecast period. The high growth of this segment can be ascribed to the rising adoption of stationary fuel cell systems in power plants. In addition, the deployment of stationary fuel cells for producing prime power and the growing demand from residential and telecommunications micro-CHP sectors are likely to augment the growth of this segment in the coming years.

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The global fuel cell market is extremely fragmented in nature with the presence of a large number of medium and small organizations operating in it. The competitive environment of the market is expected to get intense with the rising number of players entering the global market. Key players in the market are emphasizing on research and development activities and technological advancements in order to gain a competitive edge and attain a dominant place in the global fuel cell market. Additionally, the increasing number of mergers and acquisitions and strategic collaborations are predicted to contribute towards the development of the market.

The prominent players operating in the global fuel cell market include Bloom Energy, Nuvera Fuel Cells, Ballard Power Systems, and SFC Energy. Some of the other players mentioned in the research study are Altergy Systems, Doosan Fuel Cell, LG Fuel Cell Systems, GE, Symbio FCell, Toshiba, Acumentrics, Ceres Power, Oorja Protonics, H2 Logic, Enocell, EnergyOr Technologies, ElectroChem, and Panasonic. Detailed profiles of these players have been provided in the report to offer readers a clear understanding.

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