SELBYVILLE, Del., Oct. 4, 2019 /PRNewswire/ -- The fuel cell market is set to reach a valuation of $7 billion by the end of 2025, according to a 2019 Global Market Insights, Inc. report. Growing demand for space heating across residential and commercial establishments along with ongoing investments toward development of hydrogen fueling stations will foster the fuel cell market. Favorable government policies pertaining to the development of sustainable energy technologies coupled with increasing funding from private and public organizations will stimulate industry growth.
Increasing demand for fuel cell electric vehicles along with accelerating installation of portable charging devices on account of growing recreational activities will propel the industry growth. Ongoing demand for stationary power sources primarily across off-grid and remote areas along with government-backed investments toward infrastructure development will complement the fuel cell market landscape.
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UK fuel cell market is anticipated to exceed 50 MW by 2025. Increasing consumer base toward FCEV's along with ongoing commercialization of hydrogen technology on a large scale will positively influence the product demand. In addition, strict emission reduction targets across the regions coupled with ongoing innovations by leading industry players will boost industry growth.
Growing investments toward innovation and R&D along with their high efficiency and reliability as an alternative to conventional automobiles will strengthen the fuel cell market adoption across the transport application. Increasing demand across forklift trucks, two & three wheelers, trams, light vehicles, ferries, goods handling vehicles and small boats will complement the business landscape.
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SOFC product will surpass 30 thousand units by 2025. Growing adoption across large and small stationary electricity generating systems to provide power across remote areas will boost industry growth. These cells are used in applications which require high temperature ranging between 8000C to 1,0000C and have an efficiency of around 60% when transformed from fuel to electricity. Comparative low cost, high efficiency, fuel flexibility, low emissions and stability are some of the prominent features which will boost the fuel cell market penetration.
Growing concerns pertaining to energy security coupled with increasing adoption of sustainable energy sources will complement the South Korea fuel cell market size. Extensive government-backed research & development activities and product innovations along with robust growth of hydrogen infrastructure will fuel the business growth.
Key industry participants operating across the industry include SFC, Panasonic, Toshiba, Hydrogenics, Doosan, Ballard Power Systems, Aisin Seiki, Nedstack, Ceres Power Holding, Bloom Energy, Arcola, Plug Power, Nuvera, Fuel Cell Energy, Horizon and AFC Energy.
Browse key industry insights spread across 300 pages with 470 market data tables & 29 figures & charts from the report, "Fuel Cell Market By Product (PEMFC, DMFC, SOFC), Application (Stationary, Portable, Transport), Regional Outlook, Competitive Market Share & Forecast 2025" in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 3 Fuel Cell Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2014 – 2025 (USD Million)
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Regulatory landscape
3.6 Industry impact forces
3.7 Growth potential analysis
3.8 Hydrogen station installed across key countries
3.9 Announced hydrogen stations across key countries
3.10 Orders and installations, 2015
3.11 Announced Hydrogen Stations Plans, Upgrades, 2015
3.12 Commercially available hydrogen generation systems, 2015
3.13 Hydrogen energy storage project, 2015
3.14 Porter's Analysis
3.15 Competitive landscape, 2018
3.16 PESTEL Analysis
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Fuel Cell Electric Vehicle (FCEV) Market 2019-2025: Asia Pacific is expected to dominate the fuel cell electric vehicles (FCEV) market. This share is attributed to the continuous investments in fuel cell vehicle technologies by automobile manufacturers to improve their market share. Prominent players in the FCEV market include Toyota, Hyundai, Honda, and SAIC. FCEV market participants are continuously engaged in the R&D for developing advanced and low-cost hydrogen fuel solutions for supporting industry growth over the projected timeframe.
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Fuel Cell Market to reach $7bn by 2025
Key industry participants operating across the fuel cell market include SFC, Panasonic, Toshiba, Hydrogenics, Doosan, Ballard Power Systems, Aisin Seiki, Nedstack, Ceres Power Holding, Bloom Energy, Arcola, Plug Power, Nuvera, Fuel Cell Energy, Horizon and AFC Energy.
SOURCE Global Market Insights, Inc.