Fuel Cell Market share will be driven by Increasing investments toward development of hydrogen refueling station coupled with rising demand for space heating across commercial and residential establishments. Upsurge in installation of portable charging sources owing to increasing recreation activities will further stimulate the industry outlook. In 2017, the Government of UK granted a funding of USD 30.6 million toward the development of hydrogen vehicles and infrastructure. —
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Favorable government policies pertaining to sustainable energy technologies along with increasing demand for FCEV’s will drive the fuel cell market share. Upsurge in funding by private institutions and government organizations including DOE, DAG Ventures and Credit Suisse toward technological advancement and innovations will stimulate the business landscape. In 2015, Credit Suisse funded USD 130 million in the Bloom Energy toward the development of SOFC technology in the U.S.
SOFC in 2016, accounted for over 40% of the global fuel cell market share. Ongoing adoption of fuel cells across small and large stationary power generation systems will stimulate the industry growth. These cells operate at high temperatures ranging between 8000C to 1,0000C and have an efficiency of over 60% when converted from fuel to electricity. High efficiency, stability, comparatively low cost, fuel flexibility and low emissions are some of the key features that will enhance the product penetration.
Fuel cell industry growth is driven by three main application segments, namely stationary power, transportation and portable power. It is imperative to state that stationary applications among these would emerge as one of the most profitable segments of fuel cell market, driven by the demand for heating in commercial, residential and industrial spaces.
Furthermore, the requirement of backup power sources in schools, hotels, hospitals, telecommunication base stations, and data centers will also propel the stationary fuel cell market. Portable fuel cell market size on the other hand, will be augmented by the product’s widespread usage as a power source for laptops, torches, radios, MP3 players, cameras etc. Subject to the product’s rapid rechargeability, reliability, longer run time and low operating cost, portable fuel cell industry is projected to generate significant revenue in the forecast period.
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The U.S. and Europe are undeniably the expansion hubs for fuel cell market in the years ahead, primarily on account of the rising number of government initiatives and increased commercialization of the fuel cell technology. While the Department of Energy of the USA has announced the investment of $130 million towards developing hydrogen fueling infrastructure in the country in 2015, the UK government invested $30.6 million towards developing hydrogen fuel vehicle infrastructure in 2017.
China has emerged as a major revenue contributor of APAC fuel cell market with a target CAGR estimation of 20% over 2017-2024, driven by the country’s widespread manufacturing of fuel cell driven buses, trucks and light vehicles and the favorable policy support provided by the Chinese government.
Key industry players across fuel cell market includes Ceres Power, Hydrogenics Corporation, SFC, Ballard, Horizon, Bloom Energy, Plug Power, FuelCell Energy, Arcola, Toshiba, AFC Energy, UTC Power, Doosan and Panasonic. The industry has witnessed numerous mergers and acquisitions by industry players to expand their regional presence.
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Table of Contents (ToC) of the report:
Chapter 4 Fuel Cell Market, By Product
4.1 Fuel cell market share by product, 2016 & 2024
4.2.1 Global market from PEMFC, 2013 - 2024
4.2.2 Global market from PEMFC, by region, 2013 – 2024
4.3.1 Global market from DMFC, 2013 - 2024
4.3.2 Global market from DMFC, by region, 2013 – 2024
4.4.1 Global market from SOFC, 2013 - 2024
4.4.2 Global market from SOFC, by region, 2013 – 2024
4.5.1 Global market from others, 2013 - 2024
4.5.2 Global market from others, by region, 2013 – 2024
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