Fuel Cell Market to Witness an Outstanding Growth by 2024
The leading players in the global fuel cells market are focusing more on strategic partnerships to expand their bases in emerging regions, find a new study by Transparency Market Research (TMR), a leading market intelligence firm. The report assesses the global fuel cells market based on the prominent trends and the growth prospects of companies operating in this market. A large number of companies with a strong presence across the world make for a high degree of competition in this market. Ballard Power Systems Inc., Doosan Fuel Cell America Inc., Toshiba Corp., Hydrogenics Corp., Nedstack Fuel Cell Technology B.V., FuelCell Energy Inc., Panasonic Corp., and Plug Power Inc. are some of the leading companies in this market.
Up till now, these companies were mostly relying upon product innovation and advancements of their current portfolio for the development of their business. However, researchers at TMR expect a shift in their focus towards strategic alliances and mergers and acquisitions in the years to come. To remain relevant in the global fuel cells market, these companies are projected to diversify their product portfolios in the near future, notes the research study.
According to TMR, the global fuel cells market is anticipated to expand at an exceptional CAGR of 23.64% during the period from 2016 to 2024. The opportunity in this market is likely to rise from US$3.59 bn in 2015 to a whopping sum of US$27.25 bn by the end of 2024.
PEMFC Continues to Attract Strong Demand
The research report evaluates the global fuel cells market mainly on two fronts: Type and application. Based on the type of fuel cell, the market is categorized into direct methanol fuel cell (DMFC), proton exchange membrane fuel cell (PEMFC), and solid oxide fuel cell (SOFC). Among the three, PEMFC is witnessing a stronger demand, especially from the transport market to power vans and buses. The continuous technological advancements targeted towards increasing the efficacy of PEMFC are supporting the growth of this segment to a great extent. Going forward, PEMFC will gain significant popularity in small-scale residential applications, which is expected to boost this segment in the years to come.
By application, the worldwide fuel cells market is classified into portable, stationary, and transport. At present, the demand for fuel cells is relatively higher in stationary applications. Although this segment is projected to continue its dominance, other applications will also experience considerable investments in research and development activities by leading players, states the market report.
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Increasing Preference for Eco-Friendly Technologies to Boost Demand for Fuel Cells in Asia Pacific
The report also offers a geographical analysis of the global fuel cells market. North America, Asia Pacific, the Middle East and Africa, Europe, AND Latin America are the main geographical segments of this market. In 2015, Asia Pacific let the worldwide market with a share of nearly 60% and the regional market is expected to remain on the top over the next few years. The steady growth in Asia Pacific fuel cell market is a result of the increased uptake of green energy technology, decreasing dependence on fossil fuels, and augmenting demand for electricity demand in various Asian countries. In addition to this, the rapid industrialization in this region is likely to drive the demand for fuel cells substantially. The implementation of strict government regulations to minimize carbon emissions will also support the growth of the Asia Pacific fuel cells market over the next few years, reports the study.
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