Fuel Cell Technology Market is anticipated to grow at a CAGR of 25.09% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Fuel Cell Technology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global fuel cell technology market accounted forUS$1,031.63million in 2018. It is anticipated to grow at a CAGR of 25.09% from2019 to 2030.
The fuel cell technology is based on clean energy sources. Thus, regional governments have been promoting it for a wide range of applications, such as stationary applications, automotive applications, and others, to reduce carbon emissions. For instance, in October 2019, the German Ministry for Transport and Digital Infrastructure awarded US$ 13.37 million to Siemens, Ballard Power Systems, and RWTH Aachen University for developing more efficient fuel cells for their trains.Such favorable government initiatives across the globe areamong the pivotal factors driving the fuel cell technology marketgrowth worldwide.
Additionally, the growing demand for power generation in residential &commercial areas is supplementing the growth of the fuel cell technology market owing to its advantages.For instance, Japan has installed approximately 20,000 stationary combined heat & power fuel cell systems incommercial & residential spaces. Moreover, the increasing utilization of fuel cells in vehicles is another factor contributing to the overall market growth. For instance, the Chinese government announced itsplan to construct hydrogen infrastructure to support about 50,000 fuel cell vehicles by 2025.
Rising R&D activities to overcome market challenges, new investments to produce hydrogen and new product launches are the primary factors that are expected to create new opportunities in the fuel cell technology market. However, the high operating cost of fuel cells, the presence of other clean energy alternatives and huge initial investment in the manufacture of fuel cells are among the several factors that will restrain market growth.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, 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. in detail along with the table of contents:https://www.marketindustryreports.com/fuel-cell-technology-market/303
The Asia Pacific region is expected to grow at the highest CAGR owing to the presence of high potential countries such as China, India, Japan, and South Korea. Additionally, the increasing number of government initiatives in this region and the growing adoption of fuel cell electric vehiclesare expected to propel growth of the fuel cell technology market in the region.
Some of the prominent players in the fuel cell market include Bloom Energy, Ballard Power Systems, Doosan 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.
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