Fuel Cells Market Outlook 2020 – Huge Growth, Trends, Revenue And In-Depth Analysis 2025

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. 

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.

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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 market has been segmented as follows:

• PEMFC
• PAFC
• AFC
• MFC

Based on Application, the market has been segmented as follows:

• Portable
• Stationary
• Transport

Based on End User, the market has been segmented as follows:

• Fuel Cell Vehicles
• Utilities
• Defense

Based on Region, the market has been segmented as follows:

• North America
• Asia Pacific
• Europe
• 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 cells 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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Direct Methanol Fuel Cells (DMFC) Market: Leading Players – SFC Energy AG (Germany), Ballard Power Systems Inc. (Canada), and Oorja Protonics (U.S.)

The Direct Methanol Fuel Cells (DMFC) market is expected to reach a size of USD 188.82 million by 2020, at a CAGR of 15.3% from 2015 to 2020.  The demand for DMFCs is being spurred by continuous investments for R&D programs, along with government initiatives in the form of public–private partnerships. Furthermore, methanol is relatively easier to transport and store as compared to hydrogen since it is stable and denser at all environmental conditions. These factors are fueling the growth of the DMFC market.

Asia-Pacific is the largest market for Direct Methanol Fuel Cells (DMFC). Countries, such as Japan and South Korea, are the largest markets and have increased their investments in fuel cell technology in the recent past and DMFC is one such technology. The Japanese government is investing in fuel cell technology that will power the 2020 Olympics in Tokyo. It plans to spend nearly USD 300 million for the construction of hydrogen-refueling infrastructure. Governments of countries, such as Japan and South Korea, have also been undertaking initiatives to reduce dependence on nuclear energy and fossil fuel and move toward renewable energy. In addition, North American market is also one of the major revenue pockets. North America consumes almost a quarter of the world’s primary energy. Despite its abundant fossil fuel and renewable energy sources, the region imports significant volumes of crude oil to manage its transportation fuel requirements.

Browse 90 market data Tables and 40 Figures spread through 152 Pages and in-depth TOC on "Direct Methanol Fuel Cells Market by Application (Portable, Stationary, & Transportation), by Component (Electrode, Membrane, Balance of System, & Balance of Stack), & by Region -Global Forecast to 2020"

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Europe and Rest of the World (RoW) are the other regions where DMFC market is projected to experience growth. European countries impose stringent environment regulations, and the European Union (EU) is a staunch supporter of renewable energy and fuel cell technology. Several energy storage and Power-to-Gas (P2G) projects have been developed in Europe. The United Nations World Forum for Harmonization of Vehicle Regulations has recently adopted the United Nations Global Technical Regulation (UN GTR) policy, which governs the safety of hydrogen and internal combustion engines. The UN GTR ensures that fuel cell vehicles meet the same safety standards as conventional gasoline vehicles. These environment-friendly regulations would help the DMFC market to grow in the near future. The RoW comprises regions such as the Middle East, Africa, and South America. In recent years, companies such as Oorja Protonics (U.S.) have installed DMFC in telecommunication towers in South Africa. The United States Trade and Development Agency (U.S.) sanctioned a grant of USD 872,000 to Oorja Protonics in 2014 for a feasibility study involving the use of DMFC to power telecommunication towers in South Africa. These developments are bound to help the DMFC market to grow during the forecast period.

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The DMFC market, on the basis of component, has been segmented into four categories, namely, electrode, membrane, balance of stack, and balance of system. The electrode component segment refers to electrodes used in Direct Methanol Fuel Cells (DMFC) Market, which consists of an anode and a cathode containing a catalyst layer and a diffusion layer. A polymer electrolyte membrane is sandwiched between the anode and the cathode. The membrane allows selective passage of hydrogen ions, which act as an oxidant for the cathode, resulting in electricity generation. The polymer electrolyte membrane has been covered under the membrane component segment. The DMFC balance of stack segment includes fuel cell components excluding electrodes and membranes. Out of all, balance of system is expected to grow at the highest rate during the forecast period. Electrode holds the largest market share in terms of the USD million and expected to grow at the third highest CAGR during the forecast period from 2015 to 2020.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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