The global fuel cells market size is expected to grow at a CAGR of 25.4% from 2019 to 2024, to reach a market size of USD 1,059 million by 2024. The growing demand for clean power generation in developed regions and the increased use of fuel cell-powered vehicles are some of the factors driving the growth of the in fuel cell technology industry.
Leading Market Key Players:
- Ballard Power (Canada),
- Hydrogenics (Canada),
- SFC Energy (Germany),
- Plug Power (US),
- Fuel Cell Energy (US),
- Bloom Energy (US) and many more…
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Asia Pacific is estimated to be the largest market during the forecast period. Increasing emphasis on fuel cell-powered vehicles and electricity generation, coupled with numerous contracts and agreements for developing low-cost fuel cells, are driving the growth of the Asia Pacific in fuel cells market.
In the fuel cells market, the key focus on advances in fuel cell technology is segmented by type, into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). The PEMFC segment accounted for the major share of the market in 2018. This growth can be attributed to the increasing need for fuel cell-powered vehicles ranging from small passenger cars to heavy-duty trucks to minimize the carbon emissions from them, specifically in regions such as Asia Pacific and Europe. Collectively, all these factors offer lucrative business opportunities in the intelligent in Fuel Cell Technology segment.
By application, the market is segmented into transport, portable, and stationary. The transport segment is expected to be the largest and fastest-growing market. Transport in fuel cell technology mainly include fuel cell cars, heavy-duty vehicles such as trucks, buses, trains, unmanned ariel vehicles (UAVs) for commercial usage, and marine vehicles such as vessels and boats powered by fuel cells. The increasing use of in Fuel Cell Technology is these industries is likely to drive the transport in Fuel Cell Technology market.
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The fuel cells market, based on end-user, have been categorized into fuel cell vehicles, utilities, and defense. Utilities and defense segments are divided further into primary power generation and back-up power, and for powering communication equipment during remote military operations, respectively.
The fuel cell vehicles segment is expected to be the fastest-growing in fuel cell market, by end-user, during the forecast period. The growth of the segment is influenced by the increasing focus on fuel cell-powered vehicles. This is expected to create new revenue pockets for the in fuel cell technology industry during the forecast period.