Fuel Cell Market Forecast
Growing concerns regarding energy conservation to enhance global fuel cell market outlook over 2017-2024
The global fuel cell market is expected to witness a significant growth trajectory attributed to the burgeoning need for space heating across commercial and residential sectors coupled with persistent efforts towards hydrogen fueling station development.
Many private and public establishments are stepping up their investment activities towards energy conservation. This proliferating financial support in tandem with advantageous government initiatives facilitating the advancements of sustainable energy technologies will be a tremendous driving factor in fuel cell market growth over the forecast period.
For example, in 2019, the Chinese government has proposed the construction of 20 hydrogen fueling stations and upwards of 3000 vehicles in the Hubei Province, expected to become functional by 2020.
A research report by Global Market Insights, Inc. estimates that the fuel cell market share is expected to exceed $7 billion over 2025.
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The recent paradigm shift towards increasing financial interest in R&D and innovations coupled with the high efficacy and dependability of fuel cells as a substitute for traditional automobiles are likely to bolster fuel cell industry demand from the transport sector. As a matter of fact, in 2018, the Department of Energy or DOE announced their intention to spend $39 million for fuel cell and hydrogen fueling infrastructure development in North America.
Escalating demand for fuel cells across myriad automotive applications like trams, light vehicles, goods carrier vehicles, forklift trucks, two & three wheelers as well as small boats and ferries will contribute heavily to industry expansion. As per DOE reports in February 2019, fuel cell vehicles on road in the United States grew from 4000 in 2015 to an appreciable 6500.
Accelerating demand for fuel cell EVs and the subsequent rise in the installation of portable charging systems considering the proliferating number of recreational activities are set to add significant impetus to the fuel cell market outlook.
On the other hand, the need for stationary power stations, particularly in remote and off-grid locations is reinforced by several government-supported expenditures pertaining to infrastructure developments.
With respect to the product spectrum, the SOFC product segment is expected to exceed 30,000 units over 2025. Mounting fuel cell adoption across numerous small and large-scale stationary power generators, used to provide electricity access to remote locations is likely to present several lucrative growth opportunities to the market.
SOFC cells display commendable potential in high temperature applications, in the range of 800 degree Celsius to 1,000 degree Celsius and demonstrate efficiency levels of over 60% during their transition from fuel to energy.
Cost-effectiveness, high efficiency, reduced emissions, fuel flexibility and high stability are the key drivers propelling fuel cell market penetration over the projected timeframe.
Intensifying concerns regarding the security of energy and higher adoption of renewable energy sources is expected to foster South Korea fuel cell industry trends. Strong government support for R&D efforts towards development of innovative products alongside the steady expansion of hydrogen infrastructure will also enhance the business landscape in the region.
In fact, in 2018, the South Korean government revealed their plan of investing $2.33 billion towards the development of efficient hydrogen infrastructure nationwide, over the next five years.
Author Name :Saloni Walimbe