Fuel Cells Market Study 2019: World Market Projected to Register a CAGR of 25.4% During 2019-2024 - Transport Segment Expected to Be the Fastest-Growing Market

News provided by

Nov 26, 2019, 11:00 ET

DUBLIN, Nov. 26, 2019 /PRNewswire/ -- The "Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global fuel cells market size is projected to reach USD 1,059 million by 2024 from an estimated market size of USD 342 million in 2019, at a CAGR of 25.4% during the forecast period with major focus on the advances in the fuel cell technologies.

The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.

The global fuel cells market and the advances in fuel cell technology market is dominated by a few major players that have an extensive global and regional presence. The leading players in the advances in fuel cell technology industry are Ballard Power (Canada), Hydrogenics (Canada), SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US).

The transport segment is expected to be the fastest-growing market during the forecast period

The fuel cells market, by application, is segmented into transport, portable, and stationary applications. Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water. In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.

The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2019 to 2024

Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2018 and is expected to grow at the highest CAGR during 2019 to 2024 owing to their application in fuel cell-based vehicle operations.

Asia Pacific is expected to lead in the global fuel cells market

Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. The Asia Pacific market is driven by the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.

With the demand for electrical power and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably. The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells. Apart from China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.

Report Coverage

This report defines, describes, and forecasts the global fuel cells market and the advances in fuel cell technology market by type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.
It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the advances in fuel cell technology market.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Fuel Cells Market During the Forecast Period
4.2 Fuel Cells Market, By Region
4.3 Asia Pacific Fuel Cells Market, By Country and Application
4.4 Fuel Cells Market, By End Use
4.5 Fuel Cells Market, By Application

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Government Subsidies for Fuel Cell Programs
5.2.1.2 Growing Investments in R&D Activities of Fuel Cell Technology
5.2.1.3 Increasing Focus on Clean Energy Generation for Transportation & Power Generation
5.2.2 Restraints
5.2.2.1 Expensive Catalyst
5.2.2.2 Lack of Hydrogen Infrastructure
5.2.3 Opportunities
5.2.3.1 The Growth Potential for the Fuel Cells Market Lies in Distributed Generation Applications
5.2.3.2 Fuel Flexibility
5.2.4 Challenges
5.2.4.1 Increasing Investment in Battery & Renewable Technology Integration
5.2.4.2 Onboard Storage of Hydrogen

6 Fuel Cells Market, By End-user
6.1 Introduction
6.2 Fuel Cell Vehicles
6.2.1 Increasing Focus on Reducing Pollution From Heavy-Duty Vehicles to Drive the Growth of the Fuel Cell Vehicles Segment
6.3 Utilities
6.3.1 Increasing Need for Clean Energy Generation Solutions is Projected to Drive the Growth of the Fuel Cell Segment
6.4 Defense
6.4.1 Increasing Need for Portable and Reliable Power Sources is A Key Factor Driving the Growth of the Defense Segment

7 Fuel Cells Market, By Application
7.1 Introduction
7.2 Portable
7.2.1 The Need for Electricity to Power Equipment in the Defense Sector and for Recreational Activities is Driving the Growth of the Portable Segment
7.3 Stationary
7.3.1 Focus on Hydrogen-Powered Fuel Cells for Backup Power is Projected to Drive the Market for Stationary Fuel Cells
7.4 Transport
7.4.1 Increasing Use of Fuel Cells for Operating Heavy-Duty Vehicles is Projected to Drive the Market Growth

8 Fuel Cells Market, By Type
8.1 Introduction
8.2 Proton Exchange Membrane Fuel Cell (PEMFC)
8.2.1 Increasing Demand for Fuel Cell Vehicles is Projected to Drive the Growth of the PEMFC Segment
8.3 Phosphoric Acid Fuel Cell (PAFC)
8.3.1 Enhanced Stationary Applications is A Key Factor Contributing to the Growth of the PAFC Segment
8.4 Alkaline Fuel Cell (AFC)
8.4.1 Increasing Dependence on Fuel Cells for Transport and Aerospace Applications is Projected to Drive the Market for AFC
8.5 Microbial Fuel Cell (MFC)
8.5.1 Increasing Use of Microbes for Fuel Cell Operations in Water and Wastewater Treatment Industries to Drive the Growth of the MFC Segment
8.6 Key Upcoming Technologies
8.6.1 Direct Carbon Fuel Cell (DCFC)
8.6.2 Proton Ceramic Fuel Cell (PCFC)

9 Fuel Cells Market, By Region
9.1 Introduction
9.2 North America
9.2.1 Increasing Demand for Fuel Cell Vehicles and Clean Energy Generation is Projected to Drive the Market Growth in North America
9.2.2 US
9.2.2.1 Increasing Stationary Applications Fort Clean Power Generation is Projected to Drive the Growth of the Fuel Cells Market
9.2.3 Canada
9.2.3.1 Increasing Dependency on Fuel Cells for Transport is A Key Factor That is Projected Drive the Demand for Fuel Cells in the Region
9.3 Asia Pacific
9.3.1 Increasing Use of Microbes for Fuel Cells in Water and Wastewater Treatment Operations to Drive the Growth of the MFCs Segment
9.3.2 China
9.3.2.1 Increasing Investments in Fuel Cell-Based Public Transport is Projected to Drive the Demand for Fuel Cells
9.3.3 Japan
9.3.3.1 Increase in Fuel Cell-Based Portable Applications is Projected to Contribute to the Growth of the Fuel Cells Market in the Country
9.3.4 South Korea
9.3.4.1 Increasing Importance on Generating Electrical Power By Fuel Cell-Based Utilities is Projected to Drive the Demand for Fuel Cells
9.3.5 Rest of Asia Pacific
9.4 Europe
9.4.1 Stringent Emission Norms for Carbon Emission is Projected to Drive the Demand for Cleaner Alternatives Such as Fuel Cells
9.4.2 Germany
9.4.2.1 Increasing Reliance on Public Transport and Private Vehicles on Fuel Cells is A Key Factor That is Projected to Drive the Demand for Fuel Cells in the Country
9.4.3 UK
9.4.3.1 Growth of Fuel Cell-Based Distributed Generation Application is A Key Factor That is Projected to Drive the Adoption of Fuel Cell Technology in the Country
9.4.4 Italy
9.4.4.1 Increased Emphasis on Fuel Cell-Powered Transport is Driving the Market in the Country
9.4.5 Rest of Europe
9.5 Rest of the World

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping (Overall Market)
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic
10.2.4 Emerging
10.3 Market Share, 2018
10.4 Competitive Scenario
10.4.1 Contracts & Agreements
10.4.2 New Product Launches
10.4.3 Partnerships & Collaborations
10.4.4 Expansions & Investments

11 Company Profiles
11.1 Hydrogenics
11.2 Fuelcell Energy
11.3 Plug Power
11.4 Ballard Power Systems
11.5 SFC Energy
11.6 Bloom Energy
11.7 Intelligent Energy
11.8 Ceres Power
11.9 Toshiba Energy Systems & Solutions Corporation
11.1 Aisin Seiki Energy
11.11 Horizon Fuel Cell
11.12 Nuvera
11.13 Mitsubishi Hitachi Power System
11.14 Doosan Fuel Cell America
11.15 AFC Energy
11.16 Other Companies
11.17 Annexure

For more information about this report visit https://www.researchandmarkets.com/r/39d4qc

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets