Global Fuel Cell Market study is providing you with the up-to-date,
actionable market information and projections with the latest impact of the
Covid 19 outbreak. It offers all the requisite data to support tactical
business decisions and come up with strategic growth plans. This study also
proposes a comprehensive insight into the development policies and plans in
addition to manufacturing processes and cost structures.
Industry Insights
The global fuel cell market
was valued at USD 3.21 billion in 2016. The product’s ability to power various
portable device and machines running on batteries, as well as high benefits
over the conventional technologies concerning emission, is most likely to
propel the fuel cell industry in the upcoming years.
Owing to the strict
government regulations in the developed economies such as Europe and U.S., to
reduce the emissions coupled with the technological advancements to support the
existing electric grids is expected to boost the growth over the forecast
period.
High price can be a
hindering factor for the market growth. However, rapid technical advancements
are being made to cut down the overall cost of the product. Improving
durability and reducing cost are the two principal challenges to the product
commercialization. Companies are mostly focused on developing new materials to
reduce cost and increase efficiency.
The fuel cell market is
expected to experience the growth in the number of private-public relationships
to provide cost efficiency and facilitate a suitable platform for a
technological shift. Reorganizing the businesses along with the mergers &
acquisitions are the key strategies adopted by industry players to develop the
end users.
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Application Insights
Stationary hydrogen power
plants are designed to power banks, hospitals, airports, schools, military
bases, and homes, and is anticipated to capture more than 70% of the overall
shipments and thereby to emerge as the leading application segment of the
industry. Its ability to use various fuels and use of direct current are the
significant factors likely to increase the demand for the sector.
The fuel cell can help
power the cars with hydrogen replacing the traditional petroleum fuel. Thus,
increasing the demand for hydrogen-powered forklifts in the transportation
segment. Research and development activities are actively being carried out by
manufacturers to bring advancement in the transportation using the fuel cell
technologies. However, Hydrogen-powered vehicles are still not so popular among
the masses due to high cost and lack of infrastructure. However, growing
technological shift and continues advancement in technology is expected to
drive the growth of hydrogen powered vehicle industry over the forecast period.
The portable power plant is
used in portable products, APU, personal products & consumer goods like
mobile phones, laptops, and other portable devices. The demand for this segment
is expected to rise mostly for remote power applications.
Regional Insights
Due to the strict
government regulations in the developed region such as North America, it is
most likely to develop as the leading market for fuel cells regarding installed
capacity. In 2015, it accounted for about 50% of the global installed capacity
and was also predicted to continue the trend over the next six years on account
of rapid commercialization and technology adoption of hydrogen-powered
commercial vehicles. North America is projected to grow at an estimated CAGR of
25% between 2016 to 2025.
In terms of unit shipment,
Asia-Pacific is likely to emerge as the leading sector. Japan is the major
participant dealing fuel cells followed by South Korea. Owing to the enormous
demand for combined heat and power systems in Japan and many other countries in
the region, the segment is expected to register a rapid growth.
European region to provide
a slicker technological shift will result in encouraging public-private
partnership. This will facilitate Europe to reach their target of emerging low
carbon economy and also keep a competitive edge over the fast-growing regions
such as Japan, China, etc.
Competitive Insights
The market is highly
consolidated with the top companies accounting for more than 80% of the total
market share. Increase in the budget for the research and development as well
as continues stimulant for the product, the hydrogen energy is likely to
maintain a secure spot in the market.
Mergers and acquisition,
strategic alliances, and business reorganizations are some of the key
strategies adopted by market players to increase the end-user product in
different segments. Samsung, Honda, Toyota, and General Motors are the largest
companies in the industry with highest fuel cell patents.
Other enterprises in the
segment include Ballard Power Systems, Plug power, Hydrogenics Corporation, SFC
Energy AG, Ceramic Fuel Cells, Ltd., etc.
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