According to the new market research report, the global fuel cell market size is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. Stringent emission norms across the globe is a driving factor for the market growth. Moreover, increase adoption of clean and green technologies in public and private transport to boost the market in near future.
Key Market Players:
The fuel cell market is dominated by a few globally established players such as Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), and Plug Power Inc. (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=348
Increasing urge for cleaner transportation system by various government is contributing to the development of fuel cell for transportation purposes. Currently PEMFC is majorly employed for transportation application as it has a advantage of operating in low temperature. Major focus is shifting toward marine transportation. Fuel cell can be a good option as it is easy to carry liquid electrolyte than hydrogen in a marine vessel. Also railway locomotives are gaining attraction in European countries based on fuel cell technologies. Japan is already using fuel cell based public transport and has pledged to increase the use of fuel cells. Additionaly, the rise in the development of hydrogen refueling stations is supporting the adoption of fuel cells. Major automobile manufacturers like as Honda (Japan), Toyota (Japan), and Nissan (Japan) are forming joint agreements with gas companies to develop a 100-station hydrogen highway within Japan
SOFC segment is the fasted growing segment by fuel cell type in the forecast period from 2022-2027. Companies like Cummins Inc. (US), Robert Bosch GmbH (Germany), WEICHAI POWER CO., LTD. (China), Doosan Fuel Cell Co., Ltd. (South Korea), FuelCell Energy (US), Posco Energy (South Korea), and Clara Venture Labs (Norway) are extensively developing SOFC technology for mass production. Moreover, SOFC’s utilization for combined heat & power applications in industries is gaining momentum and is expected to drive the market growth of this segment.
Commerical & Industrial segment is the fastest growing segment by fuel cell end user in the forecast period. Countries like Japan has made it mandatory for commercial sectors, power generators to reduce their carbon footprint either by adopting the renewable and green technologies or by purchasing the carbon credit. Hence, adoption of fuel cells in malls, hospitals, office buildings, sports centers can result in reliable electricity, decarbonisation, and long term cost savings.
As adoption of fuel cells rise in data centers, space programs, hydrogen refueling statoons, and distributed power generation, major players have an extensive end user pool to grow their busineses. As more and more governments are issuing decarbonisation mandates, major players can tap into these initatives and grow their fuel cell businesses. Governments are also offering grants to conduct research in fuel cells for making them more cost effective & efficient, which opens up an opportunity for major players to accelerate their growth.
Ask Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=348
Asia Pacific is likely to emerge as the largest fuel cell market
Asia Pacific is estimated to be the largest market for fuel cell during the forecast period. The Asia Pacific market is principally driven by government regulations on energy and climate, strict laws on emission of GHG. The increasing production of vehicles in China, Japan, and South Korea and the growing demand for electric vehicles, especially in China and Japan, are also expected to drive the fuel cell market in the region.
About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/fuel-cell-market-348.html