Global Fuel Cell Market (2017-2023): Increasing Demand for Unconventional Energy Sources

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Dec 29, 2017, 06:30 ET

DUBLIN, Dec. 29, 2017 /PRNewswire/ --

The "Global Fuel Cell Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 - 2023" report has been added to Research and Markets' offering.

The global fuel cell market is expected to grow with the CAGR of approximately 17.5% during the forecast period (2016-2023).The market growth is primarily driven due to increasing demand for unconventional energy sources, rising public-private partnership, increasing demand for combined heat & power systems and innovations in fuel cell technologies. Hydrogen and fuel cell technology is expected to play vital role in the energy supply and mobility. To ensure further advancement of such technologies, government, science and industry started a strategic alliance known as National Innovation Programme (NIP) for Hydrogen and Fuel Cell Technology. NIP is planned to accelerate the market preparation process of products which is based on the future-oriented technology.

Overall budget of NIP which has invested from a period of 2006 to 2016 was totaled to $1.58 billion and the Federal Ministry for Economic Affairs and Energy and the Federal Ministry of Transport and Digital Infrastructure offer half of this sum, though the balance is invested by the participating industry. In Japan, the government and various businesses have been focusing on the development of fuel cells since early 1980s. The fuel cells are presently being studied and developed in Japan and some of them are Phosphoric Acid Fuel Cell (PAFC), Polymer Electrolyte Fuel Cell (PEFC), Solid Oxide Fuel Cell (SOFC) and Molten Carbonate Fuel Cell (MCFC). The PEFCs are receiving the highest amount of attention as the technical benefits of PEFCs over other types comprise higher energy densityand lower operating temperature. Subsequently, it is possible to miniaturize PEFCs and utilize them for not just industrial objectives, but also a wide range of applications that comprise portable batteriesand fuel cell cars. However, high cost of fuel cell technologies and lack of infrastructure are acting as major restraining factors for the market. The major challenges faced by the players are high capital investment and lack of skilled professionals.

The global fuel cell market is segmented on the basis of application and technology. The application segment is further classified into transportation, stationary hydrogen power plants and portable power plant.The technology segment is further classified into solid oxide fuel cells (SOFC), phosphoric acid fuel cells (PAFC), molten carbonate fuel cells (MCFC), direct methanol fuel cells (DMFC) and polymer/proton exchange membrane fuel cells (PEMFC).

Companies Mentioned

AFC Energy Plc (Uk)
Aisin Seiki Co., Ltd. (Japan)
Ballard Power Systems Inc. (Canada)
Bloom Energy (U.S.)
Ceres Power Holdings Plc (Uk)
Exxonmobil Corporation (U.S.)
Fuelcell Energy, Inc. (U.S.)
General Electric Corporation (U.S.)
Hitachi, Ltd. (Japan)
Hydrogenics Corporation (Canada)
Panasonic Corporation (Japan)
Plug Power Inc. (U.S.)
SFC Energy Ag (Germany)
Toshiba Corporation (Japan)
Toyota Motor Corporation (Japan)

Key Topics Covered:

1. Introduction

2. Market Overview

3. Market Determinants

4. Market Segmentation

5. Competitive Landscape

6. Geographical Analysis

7. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/jxcfs9/global_fuel_cell

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