Fuel cell market growth is driven by enhanced automobile production

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Overview

Global Fuel Cell Market size contributed more than 1,81,000 units in 2015 and projected to record CAGR of higher than 24.1% by end of forecast timeline. Government assistance to set up hydrogen power stations is projected to be main reason promoting the product demand. Growing automobile production by automobile firms has favorably affected the industry growth. Furthermore, strict regulations to encourage zero emissions in automobiles coupled with rising public transport system specifically in Europe is projected to positively affect global fuel cell market trends during forecast timeframe.

Japan Fuel Cell Market Size, by application, 2013-2024 (‘000 units)

Japan Fuel Cell Market Size, by application, 2013-2024 (‘000 units)

Fuel cells are chosen over traditional power sources due to its low carbon emissions and lesser noise features. Average fuel cell items create 60 decibel sound during function which is low as compared to traditional power sources. All these factors are predicted to propel fuel cell industry demand globally.

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Product Insights

Global fuel cell industry is fragmented into proton exchange membrane fuel cell (PEMFC) product, direct methanol fuel cells (DMFC) product and solid oxide fuel cells (SOFC) product.

Proton exchange membrane fuel cell product segment produced revenue higher than $2.2 billion for 2015. Factors contributing to segment growth are its uses in transportation and stationery.

Direct methanol fuel cells product segment is predicted to record greater than 4.2% of CAGR. It finds its application in portable energy source. Growing demand for portable energy is projected to propel global fuel cell industry growth during forecast timeline.

Solid oxide fuel cells product segment is predicted to touch $3.1 billion mark by end of forecast timeline. It provides high efficacy, less emissions, flexibility and stability and is inexpensive. All these factors are predicted to fuel the segment demand.

Application Insights

Global fuel cell market is fragmented into transport application, stationary application and portable application.

Stationary application was evaluated at $2.1 billion in 2015. It leads the global industry due to its effective and environment friendly nature.

Portable application is predicted to record more than 7.1% of CAGR during forecast timeline. Rising demand for source of portable charging in consumer electronics like mobiles, laptops and tablets are predicted to fuel the segment expansion.

Transportation application is projected to record a revenue growth of more than $1.4 billion by end of forecast timeline with projected CAGR of more than 22.2%. Rise in research and development activities carried out by firms along with government initiatives to combine effective technology in automobiles like trucks, cars and buses is projected to promote segment growth.

Regional Insights

Global fuel cell industry is fragmented into geographical locations like Latin America, APAC, MEA, North America and Europe.

North America, led by U.S. fuel cell market, produced more than $891 million for 2015 in terms of revenue. The industry in the region is mainly promoted by constant monetary support from department of energy coming from American recovery act. Further, government assistance to encourage renewable energy to regulate carbon emissions in atmosphere is the main aspect driving regional industry development.

Europe fuel cell market is anticipated to record higher than 3.6% of CAGR. Sales promotion of fuel cell electric automobiles coupled with massive consumer base is projected to promote industry growth in the region during forecast period.

APAC fuel cell industry is anticipated to reach $14.2 billion by end of forecast timeframe and record a CAGR greater than 23.1%. Strict government rules and home powered methods can favorably affect APAC fuel cell market share.

Competitive Insights

Key participants profiled in report are Nedstack Fuel Cell Technology, Plug Power, Hydrogenics Corporation, SFC Energy AG, Clearedge Power, HES Energy Solutions, Ballard Power Systems Incorporation, Horizon Fuel Cell Technologies and Aisin Seiki Company Limited.

Author NameDhananjay Punekar

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