The global fuel cell market size is projected to reach USD 24.81 billion by 2025
LONDON, August 27, 2018 /PRNewswire/ -- Fuel Cell Market Size, Share & Trends Analysis Report By Product (PEMFC, PAFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), By Region, And Segment Forecasts, 2018 - 2025
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The global fuel cell market size is projected to reach USD 24.81 billion by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 20.9% over the forecast period. International pressure on energy diversification is advocating positive investment environment for alternative energy.
Fuel cell is closing in to be the most efficient form of alternative energy generation.Fuel cell shipments have witnessed rise over the past three years, compelling manufacturers to increase operations.
Fuel cell systems cost has also seen a decline owing to significant innovations in terms of efficiency and working cost.
Low gas prices will remain a specific concern for this market as natural gas based power generation is showing a radical decrease in operating cost and significant increase in output. Rapid rise in efforts to capitalize on the potential of fuel cells will drive this market at an estimated 20.9% CAGR over the forecast period.
The fuel cell market is likely to witness aggressive strategic alliances with market players looking to expand their end-user segments in emerging markets. Progressive private-public partnerships are predicted to be essential for attaining an economically viable technological shift. Japan's vision of Hydrogen Society is anticipated to bode well for market growth by 2020
Stationary hydrogen power plants is expected to emerge as the largest application segment and account for over 70% of market in terms of shipped units. Factors such as high efficiency, flexibility to use different fuels, and utilization of direct current are the key demand drivers..
Further key findings from the report suggest:
• Fuel cell units shipped at a global level in 2016 were estimated to be 78,000 and the U.S. market size was estimated to be 8,205 units
• Proton exchange membrane fuel cell (PEMFC) dominated the fuel cell market and accounted for over 76% of U.S. units shipped in 2016
• Solid oxide fuel cell (SOFC) is likely to emerge as the fastest growing segment and is expected to register an estimated CAGR of 39.3% during the forecast period in U.S. alone
• North America is witnessing several strategic partnerships with companies such as Coca-Cola, Walmart, and other prominent players partnering up with manufacturers to use fuel cells for internal energy consumption
• Hyundai is powering its test cars with fuel cells to deliver better efficiency in Japan and Latin America. These cars are likely to earn commercial status by the end of the forecast period.
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