Global Fuel Cell Market Forecast 2020-2028
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The global fuel cell market is estimated to record a CAGR of 17.74% during the projected period, 2020-2028. The factors influencing the market growth huge investments in the development of hydrogen infrastructure and production of hydrogen, the growing government and private partnership in manufacture and infrastructure development, innovations in fuel cell technology, technological development in cost reduction, and rising demand for power generation.
The fuel cells have competitive advantages like enhanced efficiency, eco-friendly, and longer life span, and the market is expected to grow during the period. The growing demand for portable devices, strict government rules and regulations to reduce pollution levels, and enhanced effectiveness of fuel cells are the other drivers propelling the market growth. The development of technology is expected to reduce the cost of fuel cells in the future.
The fuel cells used in transportation allow speedy operation and reduce noise pollution. DMFC devices use methanol as fuel, which is available in all weather conditions, lighter than water, and delivers 10 times more charge than lithium-ion cells. Several fuel manufacturing companies in the US are reducing the amount of platinum used in fuel cells, thereby reducing the cost of fuel cells up to 40%. The solid oxide fuel cells (SOFC) category in the product segment is expected to exhibit the highest CAGR. High capital investment is one of the biggest factors restricting the growth of the market. The fuel cell system entails the use of platinum in the anode. Platinum is an expensive material. The utilization of platinum increases the overall expenditure of the fuel cell systems. The major companies in the market are involved in the research and development activities for developing new products.
The global fuel cell market is analyzed by studying the markets in the region of North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region garnered the largest market share as of 2019, and is set to record the highest CAGR during the forecasted period. This is attributed to the large presence of fuel cell manufacturers, strict regulations on CO2 emission, and the contribution of the major economies of the regions towards the market growth.
The global fuel cell market's competitive nature is fueled by the large presence of big industry players. Some of the prominent companies in the market include, Fuel Cell Energy, Inc., General Electric Company, Ceres Power Holdings plc, Aisin Seiki Co. Ltd., Toyota Motor Corporation, etc.
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Explore key findings of the overall market
Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
Market Segmentation cater to a thorough assessment of key segments with their market estimations
Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments