FELTON, Calif., March 3, 2021 /PRNewswire/ -- The global fuel cell market size is anticipated to touch USD 33.09 billion by 2027. The market is likely to exhibit 15.5% CAGR from 2020 to 2027, as per a report published by Million Insights.
What are the Driving Factors for the Fuel Cell Market?
Increasing focus on the development of unconventional energy sources to reduce the carbon emission is attributing to the growth of the market. In 2019, North America held the largest share in the market. Further, the country is anticipated to continue its steady growth over the forecast duration. Increasing penetration of electric vehicles is a key factor attributing to the growth of the regional market. On the other hand, Asia Pacific is an emerging market, and the growth of the region is expected to be bolstered by rising combined heat & power systems' demand.
With the growing pollution across the globe, governments are focusing on encouraging the use of the renewable source of energy, which in turn, bode well for the growth of the fuel-cell market. Ongoing research & development in fuel cell technology is projected to play a key role in the development of the market.
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Increasing use of fuel-cell will help minimize the over-dependency on natural gas, coal and other fossil fuels. Technological developments have paved the way for use of fuel-cell in hybrid vehicles, which offers a lucrative growth opportunity for the market participants.
Key Questions Answers in The Report:
What are the growth factors of the market?
Rising demand for unconventional energy source is fueling the product demand. Increasing focus by governments to curb the carbon emission is attributing to the growth of the market.
Who are the key players in the market?
Key players operating in the market include Bloom Energy, Plug Power, Inc., SFC Energy AG, Fuel Cell Energy, Inc. and Hydrogenics Corporation among others.
Which key player are leading the market share?
The market is consolidated in nature with few leading companies are holding the majority of the share in the market. Get Sample Report to know more.
What are the Application Insights of the Market?
On the basis of application, the stationary fuel cells held the largest share in the market in 2019. In the same year, the segment accounted for USD 6.9 billion of share in the market. Factors such as high efficiency and Product versatility are driving the growth of the segment. It is predicted that the segment would continue to lead the market over the next seven years.
On the other hand, the transportation division is anticipated to witness the highest growth over the forecast duration. The high growth is attributed to the increasing demand for forklifts powered by the fuel cell and rising expenditure in research and development. Besides, portable fuel cells are used in various consumer electronics such as laptops, APU, mobile phones and consumer electronics.
What are the Regional Insights of the Fuel Cell Market?
Governments across the globe are providing funds to several organizations engaged in the development of fuel-cell technology. For example, the government of Canada allocated USD 43 million in 2017 to innovate in the field of clean energy. Such funding initiatives are anticipated to drive the fuel cell market in North America. On the other hand, governments across Europe are aiming to accomplish low carbon emission through PPP.
APAC is anticipated to hold a significant share in the market from 2020 to 2027. Japan is one of the leading shareholders in the region seconded by South Korea. Increasing growth for Combined Heat and Power (CHP) is driving the growth for the market in the region.
Browse 95 page research report with TOC on "Global Fuel Cell Market" at: https://www.millioninsights.com/industry-reports/fuel-cell-market
Million Insights segmented the global fuel cell market on the basis of product, application and region:
- Fuel Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
- Fuel Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
- Fuel Cell Regional Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- South Africa
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