Fuel Cells Market Developing Rapidly To Cross USD 6.54 Billion by 2022

10-Oct-2018 | Zion Market Research

Some of the major players active in the Global fuel cells market are Aisin Seiki Co. Ltd., AFC Energy, Bloom Energy, Ballard Power Systems Inc., Ceres Power Holdings PLC, Ceramic Fuel Cells Limited, FuelCell Energy, Doosan Corporation, Hydrogenics Corporation, and Horizon Fuel Cell Technologies among others. These players are set to fuel the global fuel cells market.

According to the experts at Zion Market Research, the global fuel cells market added up for USD 3.6 Billion in 2016. The fuel cells market is likely to cross USD 6.54 Billion by end 2022, developing at a CAGR of 10.5% from 2017 to 2022.

Browse the full "Fuel Cells Market (PEMFC, MCFC, SOFC, DMFC, PAFC and Others) for Stationary, Transport, and Portable Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/fuel-cells-market

Rising Government Programs For The Acceptance Of Sustainable Energy Options For Power Generation To Power Global Fuel Cells Market

Global fuel cells market within the forecast period is likely to see positive development due to rising government programs for the acceptance of sustainable energy options for power generation. Favorable policies and increasing government incentives for the application and adoption of fuel cells is likely to be the major boosting factor of the global fuel cells market. In addition to this, the technological innovations paired with the commercialization of fuel cells have also been helping the development of the fuel cells market. Depletion of fossil fuels and increasing awareness about the advantages of fuel cells are likely to increase the growth of fuel cells market in the coming years.

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Favorable Government Policies And Technological Advancements To Tower The Global Fuel Cells Market

On the other hand, the high cost of the fuel cell and the shortage of fuel cell infrastructure are likely to be a major hindering factor for the global fuel cells market. Favorable government policies and technological advancements for construction of hydrogen power stations are likely to offer growth avenues for the major players over the coming years in the fuel cells market. For example, in November 2017, Toyota and FuelCell Energy declared renewable transportation fuel project, boosting the fuel cells market. In addition to this, in September 2016, FuelCell Energy (with Korea Southern Power Company) declared a 20 Megawatt Fuel Cell Project, powering the fuel cells market.

SOFC Sector Likely To Register Extraordinary Development In Global Fuel Cells Market In The Forecast Period

The fuel cells market can be divided into sectors by types such as MCFC (molten carbonate fuel cells), PEMFC (proton exchange membrane fuel cells), DMFC (direct methanol fuel cells), SOFC (solid oxide fuel cells), and PAFC (phosphoric acid fuel cells) among others. PEMFC in 2016 ruled the global fuel cells market due to the wide series of applications of PEMFCs. SOFC sector is likely to register extraordinary development in the forecast period owing to their capability of operating at high temperatures that lowers the need of pricy catalysts.

The global fuel cells market is segmented as follows:

By Type 

  • Proton Exchange Membrane Fuel Cells (PEMFC)
  • Molten Carbonate Fuel Cells (MCFC)
  • Solid Oxide Fuel Cells (SOFC)
  • Direct Methanol Fuel Cells (DMFC)
  • Phosphoric Acid Fuel Cells (PAFC) 
  • Others

By Application 

  • Stationary
  • Transport
  • Portable

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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