The global fuel cells market with focus on advcens in fuel cell technology market size is expected to grow from estimated revenue of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4% during the forecast period. The market has been analysed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. 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.
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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 is accounted for the major share of the market in 2019. 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.
This research report categorizes the Fuel Cells market based on type, application, End user and region
Based on Type, the fuel cells market has been segmented as follows:
Based on Application, the fuel cells market has been segmented as follows:
Based on End User, the fuel cells market has been segmented as follows:
- Fuel Cell Vehicles
Based on Region, the fuel cells market has been segmented as follows:
- North America
- Asia Pacific
- Rest of World
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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.
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 technology 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.
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Recent Developments :
- In October 2018, Hydrogenics opened a new facility in Carlsbad, California. The facility would majorly aim at the integration of hydrogen fuel cell systems into heavy-duty truck and bus platforms for customers in California. The inception of this manufacturing facility helped Hydrogenics in strengthening its position in the US market.
- In March 2019, Plug Power launched a new product to enhance its line-up for hydrogen-based fuel cells. ProGen 30kW engine provides a cost-effective solution to meet the needs of today’s electric vehicle (EV) use-case, including high utilization, extended runtimes, and reliable performance in harsh environments, rapid fueling, and zero emissions. ProGen industry-leading products make it simple for original equipment manufacturers (OEMs) to adopt sustainable fuel cell power.
- In October 2019, Ballard Power signed a contract with Berlin-based BEHALA. Under the contract, Ballard Power will be supplying three FCveloCity 100 kilowatt (kW) fuel cell modules. The fuel cells would be installed on the world’s first zero-emission push boat, named Elektra. The push boat will be used primarily to transport goods between Berlin and Hamburg and within Berlin.
- In October 2019, SFC Energy signed a contract with Aurorahut, a Finnish company. Under the agreement, AuroraHut integrates the EFOY fuel cell into its new all-season igloo houseboats for highly personalized vacations. The fuel cell is a fully automatic, silent, and environmentally friendly power source in all igloos.