One of the major elements likely to drive the growth of the global fuel cell market is the growing need for alternative energy sources. Other variables that are expected to drive demand in the market include lower impact on the environment and growing private-public cooperation. Worldwide, governments are anticipated to assist these advancements by providing financial support for research and development activities and appropriate financial schemes. The development of a strong regulatory as well as policy framework is particularly crucial since government firms must create an investment-friendly setting.
Various factors including the use of direct current (DC), high efficiency, and ability to utilize multiple fuels are all likely to drive the demand for stationary fuel-cell systems in the forthcoming years. Besides, the demand for hydrogen power plants is expected to be supported by government restrictions in developed countries and environment friendly initiatives to reduce emissions. The substitution of electric grids is anticipated to be further bolstered by technical developments and governments of developed countries, such as the US and Europe.
FuelCell Energy Inc., Doosan Fuel Cell America Inc., Ballard Power Systems Inc., Nedstack Fuel Cell Technology B.V., Plug Power Inc, and Toshiba Corporation are a few of the leading players in the in the global fuel cell market.
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As per a research study conducted by Transparency Market Research (TMR), the global fuel cell market is predicted to grow at an outstanding growth rate of 23.64 % over the forecast period, from 2016 and 2024. By the end of 2024, the market is expected to reach a value of around US$ 27.25 Bn.
Reduced Dependence on Fossil fuels is Estimated to Propel Asia Pacific Market Forward
In terms of region, the global fuel cell market is classified into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. A greater understanding of market dynamics at the regional level is expected to come from regional classifications, according to the authors of this report.
The Asia Pacific fuel cell market has been steadily growing due to reduced reliance on fossil fuels, greater adoption of green energy technologies, and rising demand for more power in several Asian nations. In addition to that, the growing industrialization of this region is expected to significantly increase demand for fuel cells. According to the report, the adoption of tough government rules to reduce greenhouse gas emissions is likely to drive growth in the Asia Pacific fuel cell market in the coming years.
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Increasing Demand for Use as a Heating Source in Commercial Buildings to Drive Market Growth in Near Future
Fuel cells are basically electrochemical devices that have become more useful as well as popular as a clean source of electricity during the last decade. They are naturally more effective than many of the other combustion engines available today, making them an excellent provider of alternative green energy technology. different electric appliances, uninterrupted power supply systems (UPS), combined heat and power (CHP) systems, submarines, automobiles, and military power units, all are examples of fuel cell uses. Fuel cell technology is becoming increasingly popular as a heating source in commercial buildings, as it produces no emissions, which is likely to work in favor of the global fuel cell market in the forthcoming years.
The global fuel cell market is changing as a result of rising demand for a range of stationary applications for fuel cells, as well as the eventual replacement of traditional batteries in few of the sites. Hydrogen fuel cells and proton exchange membrane fuel cells are likely to gain traction in the next years as reliable power sources in a variety of sectors.
The information shared in this review is based on a TMR report, bearing the title, “Fuel Cells Market (Type – Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), and Solid Oxide Fuel Cells (SOFC); Application – Stationary, Portable, and Transport) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024.”
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The global Fuel Cell market is segmented based on:
Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
Application
- Stationary, Portable
- Transport
Region
- North America
- US
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- U.K.
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
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