Fuel Cell Market Overview:
The global fuel cell market size is expected to reach $8,643 million by 2022 from $2,894 million in 2015 at a CAGR of 17.36% from 2016 to 2022.
Fuel cells are devices that produce energy by the chemical reaction within it, which is expected to witness notable growth in the coming years. This is due to the competitive advantages of the fuel cell such as enhanced efficiency, eco-friendliness, and longer life span compared to others. Increasing applications of fuel cells in the transport sector such as in cars and buses is expected in the coming years. Moreover, growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cells are some other driving factors of this market. The impact of these drivers is expected to increase significantly due to increasing awareness about the benefits of the fuel cell. Some of the restraints associated with the fuel cell industry and market are high price of the catalyst, which raises the price of fuel cell and lack of fuel cell infrastructure. With advancement in the technology, the cost of a fuel cell is expected to reduce in the coming years.
Primary Respondents Breakdown
The fuel cell market holds a substantial scope for growth globally. The market is in its maturity stage; however, its contribution to the global market is expected to increase significantly in the next six years. High cost is a major limitation for purchasing fuel cells. However, recent innovations such as embedding high efficiency portable technologies are likely to reach a wider segment of audience. Numerous players are entering the fuel cell industry with innovative products. Emerging technology such as new type of fuel cells is expected to increase the competition in the years to come.
The global fuel cell market is segmented on the basis of application, type, and geography. On the basis of application, the market is segmented into stationary, portable, and transport. Based on type, the market is divided into solid oxide fuel cell (SOFC), Hydrogen fuel cell, polymer exchange membrane fuel cell (PEMFC), molten carbonate fuel cell (MCFC), phosphoric acid fuel cell (PAFC), and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Automotive and portable applications have always been the prominent drivers of the fuel cell in the European market. However, due to rising usage in industrial activities, fuel cells are gaining traction in the market. Economic slowdown in the Euro-zone has affected fuel cell adoption to a considerable extent. In addition, medical, military, and energy storage segments are the most specific markets, which are expected to contribute to the growth.
Top Impacting Factor:
1. Increasing demand for electrical vehicle/hybrid electric vehicle/plug-in hybrid vehicle (EV/HEV/PHV)
Increasing application of fuel cells in (EV/HEV/PHV) is one of the driving factors of the fuel cell market. The electric vehicles market is increasing at a rapid pace, resulting in a high demand for fuel cell. In addition, increasing carbon emissions has elevated government attention towards the use of electric vehicles and plug-in hybrid vehicles.
2. Reduce the dependency on oil, diesel, and other non-conventional energy source.
There has been a global increase in the demand for fuel cells. The conventional petroleum products and fuels have created ecological concerns owing to excessive C02, CO, NOx, SOx emissions. Fuel cells serve as an alternative to conventional and unconventional energy sources by reducing the dependency on oil, diesel, and others.
Top Investment Pockets:
The transport segment has a high adoption rate of fuel cells due to the increasing demand for eco-friendly vehicles. Moreover, increasing government support to reduce carbon emission has fostered the need for fuel cell cars, busses, and trucks. Increase in globalization has escalated the demand for stationary fuel cells in buildings, schools, and recreation malls. Increasing adoption of fuel cells in portable devices such as smartphones, tablet/PCs, and as power backup batteries are expected to rise and are identified as one of the lucrative target segment for investment.
Top winning strategies:
To withstand the competition, key players in the global fuel cell market have adopted different key business strategies, such as acquisitions, agreement and partnership, product launch, mergers, and expansion. The key market players profiled in this report are manufacturers and suppliers. Data pertaining the market players and their strategic moves are gathered through press releases of respective companies, various blogs available on the website, and primary calls made to the experts in the fuel cell market.
Fuel Cells Market, Top Winning Strategies, 2012-2016* (%)
The fuel cell market in Norway is expected to grow at a CAGR of 19.82% during the forecast period.
Norway Fuel Cell Market Size, 2014-2022 ($Million)
Top fuel cell industry players in this sector include Ballard Power Systems Inc., Plug Power Inc., Proton Power Systems PLC, ITM Power Plc, AFC Energy Plc, Fuel Cell Energy Inc., SFC Energy, United Technologies, Hydrogenics, and Fuji Electric India Pvt. Ltd.
Other prominent fuel cell industry players (not included in this report) are Thameswey Energy Ltd, SEC Industrial Battery Co., Logan Energy Ltd, EnerFuel Inc., Dantherm, Fronius International GmbH, Greenlight Innovation, Hero Future Energies, Acta S.p.A., Powercell Sweden AB, and SGL Group.
KEY BENEFITS FOR STAKEHOLDERS:
- This report gives a detailed analysis about dynamic changes in the global fuel cell market along with fuel cell market share from various perspectives.
- This report provides deep insights about the various opportunities present in the global fuel cell market.
- Report provides details about the positioning of the global fuel cell market in different geographical segments.
- This report entails the detailed quantitative analysis of current fuel cell market share and estimations through 2016-2022 that assist in identifying the prevailing market opportunities to capitalize on the global fuel cell market.
- Comprehensive analysis of the factors that are driving and restraining the global fuel cell market growth are included.
- Competitive intelligence of leading manufacturers and distributors of fuel cells mentioned in report helps in understanding the competitive scenario across the geographies.
FUEL CELL MARKET KEY SEGMENTS:
By Product Type
- Solid Oxide Fuel Cells (SOFC)
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Molten Carbonate Fuel Cells
- Phosphoric Acid Fuel Cells
- Others (Direct Methanol Fuel Cells, Alkaline Fuel Cells, Direct Carbon Fuel Cells)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East