According to a report by Grand View Research, Inc., global fuel cell market is predicted to value USD 24.81 billion by 2025. Growing need for alternative yet efficient resources of energy generation is likely to impel demand for fuel cells. These fuel cells are expected to be environment-friendly source of electricity using different types of fuels.
Rising demand for environment-friendly methods to generate energy is anticipated to impel growth of market. Increasing number of partnerships among public and private organizations to technologically improve fuel cells can augment market growth. Continual positive changes in fuel cells in terms of working cost and efficiency are estimated to propel growth of market during the forecast period (2014 to 2025).
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The fuel cell market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into SOFC, PAFC, MCFC, PEMFC, and others. Molten carbonate fuel cells (MCFCs) segment is estimated to dominate the market and account for highest market share. These kind of fuel cells can be used in coal and natural gas based power plants. Cost of such fuel cells is expected to be low owing to absence of precious metals. Low durability of MCFCs attributed to corrosion can be considered as major disadvantage. However, growing adoption of MCFCs in numerous end-use sectors and increasing investments can drive demand in coming years.
Similarly, continual technological advancements by manufacturing companies to reduce cost of fuel cell electrical vehicles (FCEVs) can augment growth. In addition, growing production of hydrogen storage tanks can reduce cost of FCEVs.
In 2016, proton exchange membrane fuel cell (PEMFC) segment contributed for highest global market share. Increase use of such fuel cells in numerous sectors including telecommunications, automobiles, primary systems, and data centers can fuel growth.
Moreover, solid oxide fuel cell (SOFC) segment is estimated to grow at CAGR of 39.3% over the forecast period in United States (U.S.) region. Growing demand from power and heat generation sectors can augment growth of segment in coming years.
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Based on application, the market can be classified into transportation, stationary, and portable. Stationary hydrogen power plant is likely to be an important application for fuel cell. It is expected to account for 70% market share. Ease of using various fuels, high efficiency, and use of direct current can drive demand for fuel cells in power plants.
Similarly, portable segment is expected to contribute well to global market share over the forecast period. Increasing use of fuel cells in personal electronics, auxiliary power unit (APU), and portable products can fuel growth of segment. Strict government regulations to reduce harmful greenhouse emissions can surge demand for fuel cells in power generation. Increasing use of fossil fuels in power plants to generate energy can fuel demand for solid oxide fuel cell. In addition, growing adoption of innovative systems to generate power can stimulate market growth.
Regional segmentation includes Europe, Asia Pacific, North America, Central & South America, and Middle East & Africa. North America is predicted to dominate the market and account for highest market share over the forecast period. Increasing number of partnerships between manufacturing companies of solid fuel cell and end-use consumers can fuel growth. Market players from various sectors including automobile, shale gas, and pharmaceutical are expected to acquire companies dealing in fuel cell. In addition, continual technological advancements in fuel cell technology in United States owing to collaborations among government entities can stimulate market growth in the region. Moreover, growing adoption of fuel cell as rich energy resource by major companies including Google, eBay, and Walmart can influence growth.
In Asia Pacific, the market is estimated to grow well during the forecast period. The region is expected to account for 51% of global market share. Rising demand for fuel cell in Japan is projected to influence growth of market in coming years. Growing adoption of fuel cell in power plants to generate energy can boost market growth in the region. In addition, increasing need of solid oxide fuel cell (SOFC) in telecom and automotive sector can further stimulate growth of market during the forecast period.
Some of the leading companies offering fuel cell are Ballard Power Systems, Hydrogenics Corporation, SFC Group, Ceramic Fuel Cells, Ltd, and UTC Power Corporation.
Grand View Research has segmented the global fuel cell market on the basis of product, application, and region:
Fuel Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 – 2025)
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PEMFC
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PAFC
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SOFC
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MCFC
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Others
Fuel Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 – 2025)
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Stationary
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Transportation
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Portable
Fuel Cell Regional Outlook (Volume, Kilo Tons; Capacity, Mega Watt; Revenue, USD Million, 2014 – 2025)
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North America
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U.S.
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Europe
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Germany
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U.K.
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France
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Asia Pacific
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China
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Japan
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South Korea
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Central & South America
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Brazil
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Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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