Market – Overview
The latest trend which will be followed by the fuel cell technology market is the expected reduction in the price of fuel cell systems. Technological advancements are leading to the development of new techniques of manufacturing of fuel cells, which is further supporting the reduction of the fuel cells being used in the automotive industry. Furthermore, the original equipment manufacturers are focusing extensively on the cost reduction and the deployment of the adequate refueling infrastructures.
The fuel cell electric vehicles primarily require the establishment of hydrogen refueling stations. This is expected to be initially deployed by the focus on government fleet and the high end consumer car market with a minimum required infrastructure set-up. The market is further expected to gain traction with widespread consumer acceptance and adoption of electric vehicles, which will further reduce the cost of the production of fuel cell electric vehicles.
The Global fuel cell technology market is growing with the rapid pace; mainly due to the increasing applications of fuel cells in power suppliers, automobile, residential builders and electronic companies. According to a recent study report published by the Market Research Future, The global fuel cell technology market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Fuel Cell Technology Market – Competitive Analysis
The Market is witnessing increased competition and is expected to further intensify during the forecast period. The players in the market incorporate acquisition, collaboration, partnership and expansion in order to gain competitive advantage in this market and to maintain their market position. For instance, Ballard Power Systems and Toyota Tsusho Corp. entered into collaboration. Toyota Tsusho Corporation will be a distributor of Ballard fuel cell products in Japan through 2020.
The government of countries such as European Union (EU), United States, Japan and Korea among others have developed plans to deploy hydrogen refueling infrastructure to support the early market introduction of hydrogen fuel cell vehicles.
Technological advancements in the manufacturing of the fuel cells and the increasing research and development expenditure by the key players is expected to increase the level of competition in the fuel cell technology market.
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Industry/ Innovation/ Related News:
September 2017 – Ballard Power Systems has accepted a Letter of Intent to provide FCveloCity-HD 100-kilowatt fuel cell engines with the objective to power 8 ExquiCity tram-buses which are being built by Van Hool NV. The fuel cells would be used by these clean energy hybrid tram-buses for providing primary power. In case of need of the additional power, lithium batteries would be used and the only emission is water vapour. These hybrid fuel cell tram-buses offer a wide variety of benefits such as high levels of passenger comfort and safety, the highest level of operational flexibility and productivity and lower cost than a traditional tram.
August 2017 – Nuvera Fuel Cells deployed a zero-emissions fuel cell bus and hydrogen refueling station in Boston. The National Fuel Cell Bus Program will help to bring the fuel cell and hydrogen technology into everyday use and expand clean transportation. The Fuel cells increase fuel economy, reduce the use of petroleum, and advances the U.S. energy independence, since hydrogen is produced domestically.
Top Key Players:-
Ballard Power Systems Inc. (Canada), Hydrogenics (Canada), Nuvera Fuel Cells (U.S.), Oorja Fuel Cells (U.S.), AFC Energy PLC (U.K.), Air Products and Chemicals, Inc. (U.S.), Automotive Fuel Cell Cooperation (Canada), Cellkraft AB (Sweden), EnergyOR Technologies Inc. (Canada), H2 Logic A/S (Denmark), Intelligent Energy (U.K.) and Proton Motor Fuel Cell GmbH (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Fuel Cell Technology Market.
Global Fuel Cell Technology Market: Regional Analysis
Europe has created a roadmap of reducing XX% CO2 emission by 2050. The EU2020 (Europe 2020 – a strategy proposed by EU) focuses on improving the demand for the fuel cell by improving the infrastructure and decreasing the cost of the fuel cells. Germany has a strong value chain with a number of small and large companies like Siemens Westinghouse, Heliocentirs and SFC Energy, and represents around 75% of all European demonstration activities. Increasing awareness among European Individuals has also increased the demand for Fuel Cell Technology the European region provides a big scope for the Fuel Cell Technology to grow.
The Asia Pacific region is one of the leading revenue generation for Fuel Cell Technology with Japan and South Korea being the major chunk of the revenue generation regions. Increase awareness among individuals in the Asia Pacific region has also induced a significant amount of demand for the Fuel Cell Technology. Favorable government policies and regulations is another factor that the Fuel Cell Technology market is expected to have tremendous growth in this region.
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Major Points of TOC:-
1 Report Excerpts
2 Market Definition
3 Research Methodology
4 Forecast Indicators
5 Market Analysis
6 U.S.& Global Fuel Cell Technology, Market Value & Volume Forecast (2011-2027)
6.2 Fuel Cell Technology (USD $Million) (2011-2015)
6.3 Fuel Cell Technology (USD $Million) (2016-2027)
6.4 Fuel Cell TechnologyMarket Sahre Analsysis By Price (2011-2015)
6.5 Fuel Cell Technology Market Units (2011-2015)
6.6 Fuel Cell Technology Market Units (2016-2027)
6.7 Fuel Cell Technology Cost Analysis (2011-2015)
6.8 Fuel Cell Technology Gross Margin Analysis (2011-2015)
7 Fuel Cell Technology, by Industry market Value & Volume Forecast (2011-2027) 7.1 Introduction
7.2 Oil And Gas
7.2.1 Oil And Gas Market (USD $Million) (2011-2015)
7.2.2 Oil And Gas Market (USD $Million) (2016-2027)
7.3.1 Chemicals Market (USD $Million) (2011-2015)
7.3.2 Chemicals Market (USD $Million) (2016-2027)
7.4.1 HVAC Market (USD $Million) (2011-2015)
7.4.2 HVAC Market (USD $Million) (2016-2027)
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