BANGALORE, India, June 16, 2020 /PRNewswire/ -- A fuel cell refers to an electrochemical cell that transforms the chemical energy into electricity. A fuel cell 's principal components include an anode, cathode, and electrolyte. Compared with conventional combustion-based technologies currently used in many power plants and passenger vehicles, fuel cells have several benefits. The different types of fuel cells analyzed in this report are PEMFCs, SOFC, MCFC, PAFC and SOEC.
The global Fuel Cell market size is valued at 5.057 Billion USD in 2020 and is expected to reach 40.030 Billion USD by the end of 2026, growing at a CAGR of 34.0% during 2021-2026.
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TRENDS INFLUENCING THE FUEL CELL MARKET SIZE
Due to favorable regulatory policies and increasing emphasis on renewable energy technologies, the rapid implementation of the FCV's (Fuel Cell Vehicles) is stimulating the growth of 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
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 growth of the DMFC segment will be driven by accelerating demand for portable power sources in military applications, forklifts, commercial warehouses, consumer electronics and mobile battery chargers DMFC uses polymer sheath as an anode catalyst for electrolyte, and platinum-ruthenium. Their reaction separates hydrogen from liquid methanol and reduces fuel reformer usage.
The generation of power-based electricity is efficient in reducing carbon dioxide emissions or any other harmful pollutants. Fuel cell technology therefore plays a vital role in addressing environmental issues, as well as in encouraging the use of renewable energy carriers. Ongoing product innovations and innovation are expected to offer emerging players new opportunities.
Two of the constraints associated with the fuel cell industry and market are the catalyst's high price, which increases the fuel cell price and the lack of fuel cell infrastructure.
Increasing demand for reliable and uninterrupted supply of electricity across remote and off-grid areas along with growing sales of fuel cell electric vehicles (FCEVs) will increase demand on the market.
FUEL CELL MARKET SHARE ANALYSIS
- North America accounted for the largest market share in 2019, with the promotion and acceptance of electric vehicles expected to continue to lead over the forecast period. However, in terms of shipments
- By region, the Asia-Pacific region has the highest share of income, with more than 36 percent in 2019. Asia Increasing demand for combined heat and power systems is expected to boost the region 's market for fuel cells.
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
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The high cost is a big constraint in purchasing fuel cells. However, recent innovations such as the incorporation of portable high-efficiency technologies are likely to reach a broader audience segment. With new goods, multiple players enter the market. Emerging technology, such as a new type of fuel cells, is expected to boost competition in the coming years. The industry's leading producers are Bloom Energy, Panasonic, and Toshiba ESS, which together account for 50.10% of revenues. Other top companies in the fuel cell market are:
- Ballard Power System
- Ceramic Fuel Cells Limited
- FuelCell Energy
- Hydrogenics Corporation
- AFC Energy PLC
- Ceres Power Holdings PLC
- Doosan Corporation
- Plug Power
- POSCO ENERGY
- Horizon Fuel Cell Technologies
- Quantum Fuel Systems Technologies Worldwide
- Panasonic Corporation
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SIMILAR REPORTS :
- Solid Oxide Fuel Cell (SOFC) Market Report
The Solid Oxide Fuel Cell (SOFC) market was valued at USD 529.5 Million in 2019 and is projected to reach USD 1281 Million by 2026, at a CAGR of 13.3% during the forecast period. In this study, 2019 has been considered as the base year and 2020 to 2026 as the forecast period to estimate the market size for Solid Oxide Fuel Cell (SOFC).
A solid oxide fuel cell (or SOFC) is an electrochemical conversion device that produces electricity directly from oxidizing a fuel.
The portability of these fuel cells and their compact design are the main SOFC features that are expected to increase the SOFC market size.
The SOFC market growth over the forecast period is expected to be hampered by high marketing and catalyst costs and uncertainty in infrastructure establishment. Planar SOFC has the highest electrical efficiency that allows great potential for applications in the military, leading to higher demand.
- Hydrogen Fuel Cells Market Report
The global Hydrogen Fuel Cells Market size was USD 1686 Million in 2019.
Japan was the largest consumer market with a market share of 27.31% in 2011 and 30.12% in 2015, with an increase of 10.28%. North America ranked second with a market share of 25.34% in 2015.
This report presents the Hydrogen Fuel Cells Market size (value, production, and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type, and application.
- Microbial Fuel Cell Market Report
The Global Microbial Fuel Cell Market size is expected to grow from USD 210.68 Million in 2018 to USD 635.68 Million by the end of 2025 at a CAGR of 17.08%.
The factors attributable to the market growth are Increasing energy demand and increasing environmental awareness, and increased use in applications such as water treatment, commercial waste treatment, and hydrogen generation.
- Direct Methanol Fuel Cell (DMFC) Market Report
The Direct Methanol fuel cell market size was valued at 100 Million USD in 2018 and is projected to reach 160 Million USD by 2025, at a CAGR of 7.1% during the forecast period.
This report presents the worldwide Direct Methanol Fuel Cell (DMFC) market size (value, production, and consumption), splits the breakdown (data status 2014-2019 and forecast to 2025), by manufacturers, region, type, and application.
- Proton Exchange Membrane Fuel Cell (PEMFC) Market Report
The Global Proton Exchange Membrane Fuel Cell Market size will increase to USD 1573.1 Million USD by 2025, from 604.5 Million USD in 2018, at a CAGR of 14.6% during the forecast period.
Proton-exchange membrane fuel cells, also known as polymer electrolyte membrane (PEM) fuel cells (PEMFC), are a type of fuel cell being developed mainly for transport applications, as well as for stationary fuel-cell applications and portable fuel-cell applications.
Top companies manufacturing membrane fuel cells are Ballard, Plug Power, Freudenberg Sealing Technologies, Hydrogenics, and Sunrise Power. Ballard is the largest manufacturer; its revenue of the global market exceeds 17% in 2018.
- Fuel Cell Electric Vehicle Market Report
The Global Fuel Cell Electric Vehicle Market size will reach 90,000 Million USD by 2025, from 820 Million USD in 2018, at a CAGR of 79.8% during the forecast period
This industry analysis presents market size, historical breakdown data (2014-2019), and forecast (2019-2025) for global Electric Vehicles Fuel Cell. Output, revenue, and market share of the electric vehicles fuel cell by manufacturers, key regions, and type.
- Hydrogen Fuel Cell Vehicle Market Report
The Global Hydrogen Fuel Cell Vehicle Market size was valued at USD 651.9 Million in 2018 and is projected to reach USD 42,038.9 Million by 2026, growing at a CAGR of 66.9% from 2019 to 2026.
Key factors impacting the global market growth include a surge in environmental issues, increased policy efforts to build hydrogen fuel cell infrastructure, strong initial infrastructure investment, and technical innovation and future potential.
- Automotive Fuel-Cell Market Report
This report studies the global market size of Automotive Fuel-Cell especially focuses on key regions like the United States, European Union, China, and other regions (Japan, Korea, India, and Southeast Asia).
Furthermore, it analyses the Automotive Fuel-Cell production, revenue, market share, and growth rate for each key company, and also covers the breakdown data (production, consumption, revenue, and market share) by regions, types, and applications. history breakdown data from 2014 to 2019, and forecast to 2025.
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