The global fuel cell market is expected to witness an incremental growth of 1,584.77 MW during 2021-2025. However, the growth momentum is expected to decelerate at a CAGR of over 23%. The growth can be mainly attributed to the growing demand for efficient and clean energy sources.
The fuel cell market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
With the continuing spread of the novel coronavirus pandemic, organizations across the globe are gradually flattening their recessionary curve by leveraging technology. Many businesses will go through response, recovery, and renewal phases. Building business resilience and enabling agility will aid organizations to move forward in their journey out of the COVID-19 crisis towards the Next Normal.
This post-pandemic business planning research will aid clients to:
Adjust their strategic planning to move ahead once business stability kicks in.
Build Resilience by making effective resource and investment choices for individual business units, products, and service lines.
Conceptualize scenario-based planning to mitigate future crisis situations.
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Key Market Participants Analysis
Aisin Corp: The company offers ENE-FARM Type S fuel cell cogeneration system.
Ballard Power Systems Inc.: The company offers a wide range of fuel cells such as FCveloCity, FCmove, FCwave, etc.
Bloom Energy Corp.
The company offers Solid Oxide Fuel Cells (SOFC) that can be deployed in various applications across healthcare, data centers, critical manufacturing, retailers, and more.
The fuel cell market is driven by the growing demand for efficient and clean energy sources. In addition, supportive government policies for adoption of fuel cells are expected to have a positive impact on the growth of the global fuel cell market during the forecast period.
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