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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Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Fuel Cells Market growing popularity emerging trends | Ballard Power, Cummins, SFC Energy, Plug Power, Fuel Cell Energy, Bloom Energy

The global fuel cells market size is expected to grow from an estimated value of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4%, from 2020 to 2025. The market has been analyzed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The global market is set to witness significant growth owing to the rising demand for clean energy generation methods in developed regions and the emphasis on reducing carbon emissions from vehicles across all the major countries over the next few years.

Covid-19 Impact on Fuel Cells Market:

According to IEA, the COVID-19 crisis has significantly impacted the addition of renewable power capacity. According to IEA estimates, the number of new renewable power installations worldwide is set to fall in 2020 due to the unprecedented COVID-19 crisis globally. This marks the first annual decline in 20 years since 2000 for renewable energy capacity addition. The net expansion of renewable electricity capacity in 2020 is projected to decline by 13% compared to 2019.

The impact of the outbreak on global supply chains will affect hydrogen-based technologies, for which a coordinated supply chain and significant capital are required for the demonstration. According to IEA, current hydrogen demand from oil refining, steel manufacturing, and the chemicals sector has been impacted by the COVID-19 outbreak. According to IEA, gasoline consumption will reduce by 9%, diesel by 6%, and jet fuel by 26% in 2020, while the demand for key chemicals produced using hydrogen (such as methanol) has dropped by 7%. In 2019, the sales of hydrogen-based fuel-cell vehicle had accelerated, and it was projected that early 2020 would have the highest sales record.

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The transport segment is expected to hold the largest share of the fuel cells market, by application, during the forecast period

The transport segment includes fuel cell-powered cars, heavy-duty trucks, buses, and trains in vehicles operated on land in fuel cell technology. This segment is expected to hold the major share in 2020 owing to the widespread adoption of low carbon-emitting transportation modes, such as fuel cell-powered cars, fuel cell-based public transport, and heavy-duty trucks & buses.

Advances in fuel cell technology in the transport sector is used mainly in end-users, such as marine vehicles, fuel cell cars, and Unmanned Aerial Vehicles (UAVs). The Asia Pacific is the largest transport advance in fuel cell technology market because of the rapid adoption of fuel cell-based transportation in countries such as China, Japan, and South Korea. All these factors are expected to boost the low voltage market growth.

Fuel cell vehicles to account for the largest advances in fuel cell technology market share, by the end-user, during the forecast period

The fuel cell vehicles segment held the largest share of the market in 2018. A fuel cell is the most important component of a fuel cell-powered vehicle that offers the primary propulsion power or acts as a range extender for battery-operated vehicles. The increase in the flexibility, efficiency, and reliability of fuel cells, and the need for reducing carbon emissions from heavy-duty vehicles has led to the rising demand for fuel cells in the advances in fuel cell technology industry.

Proton Exchange Membrane Fuel Cell (PEMFC) is expected to be the fastest-growing type of the fuel cells market

Fuel cell-powered vehicles are majorly dependent on proton membrane exchange fuel cells (PEMFC). The fuel cell vehicles market is likely to increase exponentially during the forecast duration, and an increase in this market directly corresponds to the enhanced need for PEMFCT during the forecast period in regions such as Asia Pacific, Europe, and North America.

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Asia Pacific is expected to dominate the global fuel cells market

Asia Pacific is expected to dominate the global market owing to the increasing focus on reducing carbon emissions by generating electrical energy and propulsion power by clean sources such as fuel cells in the region. China is expected to dominate the Asia Pacific advances in fuel cell technology industry. The market in countries such as China, South Korea, and Japan are expected to grow at high rates. Increasing renewable power generation and cleaner operating vehicles in these countries are the main reasons for spurring the growth of the market.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the fuel cells market. These include Ballard Power (Canada), Cummins (US), SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.

About MarketsandMarkets™

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.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com

 

Fuel Cells Market Analysis Of Opportunities Offered By High Growth Economies

According to the new market research report "Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Fuel Cells Market size is expected to grow from an estimated value of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4%, from 2020 to 2025. The market has been analyzed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The global market is set to witness significant growth owing to the rising demand for clean energy generation methods in developed regions and the emphasis on reducing carbon emissions from vehicles across all the major countries over the next few years.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=348

The transport segment is expected to hold the largest share of the Fuel Cells Market, by application, during the forecast period

The transport segment includes fuel cell-powered cars, heavy-duty trucks, buses, and trains in vehicles operated on land in fuel cell technology. This segment is expected to hold the major share in 2020 owing to the widespread adoption of low carbon-emitting transportation modes, such as fuel cell-powered cars, fuel cell-based public transport, and heavy-duty trucks & buses.

Advances in fuel cell technology in the transport sector is used mainly in end-users, such as marine vehicles, fuel cell cars, and Unmanned Aerial Vehicles (UAVs). The Asia Pacific is the largest transport advance in fuel cell technology market because of the rapid adoption of fuel cell-based transportation in countries such as China, Japan, and South Korea. All these factors are expected to boost the low voltage market growth.

Fuel cell vehicles to account for the largest advances in fuel cell technology market share, by the end-user, during the forecast period

The fuel cell vehicles segment held the largest share of the market in 2018. A fuel cell is the most important component of a fuel cell-powered vehicle that offers the primary propulsion power or acts as a range extender for battery-operated vehicles. The increase in the flexibility, efficiency, and reliability of fuel cells, and the need for reducing carbon emissions from heavy-duty vehicles has led to the rising demand for fuel cells in the advances in fuel cell technology industry.

Browse in-depth TOC on "Fuel Cells Market"

187 – Tables 
40 – Figures
217 – Pages

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Proton Exchange Membrane Fuel Cell (PEMFC) is expected to be the fastest-growing type of the Fuel Cells Market

Fuel cell-powered vehicles are majorly dependent on proton membrane exchange fuel cells (PEMFC). The fuel cell vehicles market is likely to increase exponentially during the forecast duration, and an increase in this market directly corresponds to the enhanced need for PEMFCT during the forecast period in regions such as Asia Pacific, Europe, and North America.

Asia Pacific is expected to dominate the global Fuel Cells Market

Asia Pacific is expected to dominate the global market owing to the increasing focus on reducing carbon emissions by generating electrical energy and propulsion power by clean sources such as fuel cells in the region. China is expected to dominate the Asia Pacific advances in fuel cell technology industry. The market in countries such as China, South Korea, and Japan are expected to grow at high rates. Increasing renewable power generation and cleaner operating vehicles in these countries are the main reasons for spurring the growth of the market.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=348 

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Fuel Cells Market. These include Ballard Power (Canada), Cummins (US), SFC Energy (Germany), Plug Power (US), Fuel Cell Energy (US), and Bloom Energy (US). The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Browse Related Reports:

Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025

https://www.marketsandmarkets.com/Market-Reports/solid-oxide-fuel-cell-market-39365796.html

About MarketsandMarkets™ 

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.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: newsletter@marketsandmarkets.com