Fuel Cell Technology Market By Type (Alkaline Fuel Cells (AFC), Direct Methanol Fuel Cells (DMFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Proton-Exchange Membrane Fuel Cells (PEMFC), and Solid Oxide Fuel Cells (SOFC)), By Fuel Type(Hydrogen, Methanol, and Natural Gas) -Analysis & Forecast 2019-2030.
Report ID : 303 | Published Date : Jul 2020 | Pages : 180 | Region : Global | Report Code : ER-5
Fuel Cell Technology Market Overview and Introduction
Fuel cells are electrochemical devices that generate electricity with the help of chemical reactions. Fuel cells offer a wide range of benefits such as high energy efficiency, lightweight, compact sizes, low noise as compared to conventional energy production, and zero-emission, among others. There are various types of fuel cells available in the market including alkaline fuel cells, direct methanol fuel cells, proton-exchange membrane fuel cells and molten carbonate fuel cells, among others. Out of this proton-exchange membrane fuel cells are the most commonly utilized fuel cells in the operating market.
The increasing utilization of fuel cells in the automotive industry is one of the major driving factors. Also, the increasing number of government initiatives to promote clean energy due to environmental concerns is fueling market growth. For instance, in California, the Clean Vehicle Rebate Project (CVRP) is offering rebates up to US$7,000 for buying or renting eligible zero-emission vehicles. Moreover, the growing demand for power generation in residential &commercial areas has been supplementing the fuel cell technology market growth. This is due to advantages offered by fuel cells, such as high efficiency when compared to diesel or gas engine, zero-emission, stable power supply, and low noise, among others, over their counterparts.
Growing investments in R&D activities aimed toward overcoming market challenges are likely to create new growth opportunities for the fuel cell technology market. However, the high costs associated with fuel cell technology and the presence of alternative clean energy in the market is the major factors limiting market growth.
The global fuel cell technology market can be segmented into type, fuel type and region.
Fuel Cell Technology Market By Type
Based on type, the market can be segmented into Alkaline Fuel Cells (AFC), Direct Methanol Fuel Cells (DMFC), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Proton-Exchange Membrane Fuel Cells (PEMFC), and Solid Oxide Fuel Cells (SOFC), among others. Proton-Exchange Membrane Fuel Cells (PEMFC)accounted for the largest market share in 2018 and are expected to continue their dominance during the forecast period owing to heavy utilization in transportation and portable as well as stationary applications such as telecom, data centers, and residential.
Fuel Cell Technology Market By Fuel Type
Based on fuel type, the market can be segmented into hydrogen, methanol, natural gas and others. The hydrogen segment accounts for the largest market share followed by methanol. The growth of the hydrogen segment can be attributed to advantages that make it a better fuel option for transportation and electricity generation applications.
Fuel Cell Technology Market By Region
Based on region the global fuel cell market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). The Asia Pacific region is expected to grow at the highest CAGR owing to the increasing demand for fuel cells for portable &stationary applications. Moreover, the increasing adoption of fuel cells in the automotive industry is supplementing market growth in this region. For instance, the Chinese government announced its plan to construct hydrogen infrastructure to support about 50,000 fuel cell vehicles by 2025.
Fuel Cell Technology Market Prominent Players
Some of the prominent players in the fuel cell market include Bloom Energy, Ballard Power Systems, Doos an Fuel Cell America, Inc., Fuel Cell Energy, Inc., Hydrogenise, KYOCERA Corporation, Panasonic Corporation, PLUG POWER INC., Toshiba Energy Systems & Solutions Corporation, and Mitsubishi Hitachi Power Systems, Ltd., among others.