Fuel Cell Market At > 20% CAGR From 2019-2026
Global fuel cell market size has been undergoing a speedy development and is likely to reach USD 11.54 billion by 2026. Increasing demand from stationary applications such as backup power systems, telecommunications network, utilities, and others is expected to drive the market growth over the coming years. Fuel cells generate only water and heat as byproducts thus lowering the adverse impact on the surroundings. These cells produce low noise levels, which is another important performance attribute.
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The report on “Global Fuel Cell Market” comprises market estimation with 2018 as the base year, 2016 & 2017 as the historical years, and 2019 to 2026 as the forecast period. The market size for each product, type, and application is provided in terms of revenue (USD Billion). The global fuel cell market report lays emphasis on the market competition among important manufacturers located in North America, Europe, Asia Pacific, Central & South America, Middle East & Africa.
Key trends such as market drivers, restraints, opportunities, and threats have been assessed to understand the impact on the global fuel cell industry size. Furthermore, the report comprises of Porters Five Forces Analysis and strategy framework on technological trends, agreements, partnerships, collaborations and joint ventures, acquisitions & mergers, new product launches, expansions, and others.
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Low-temperature fuel cells (LTFC) constituted over 40% of the global fuel cell market with proton-exchange membrane fuel cell (PEMFC) and direct methanol fuel cell (DMFC) sub-categories collectively accounting the largest revenue share in the year 2018. Key factors driving the demand of these fuel cell types include quick start up, lower operating temperature, and lower corrosion and electrolyte management problems. However, expensive range of catalysts and its sensitivity to fuel impurities is considered as a market growth hindrance.
Key factors driving the demand of High-temperature fuel cells (HTFC) category is its suitability for combined heat and power (CHP) and increased tolerance to fuel impurities. Nonetheless, their sensitivity to sulphur, long start-up time, and expensive catalyst is restricting its application in distributed generation systems. Molten carbonate fuel cell (MCFC) dominated the global High-temperature fuel cells market size in 2018.
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Global Fuel Cell Industry to Attract Automotive Sector in 2019
- Hyundai is all set to make the sale of its new Nexo-fuel-cell vehicle. The model is available in Blue and Limited edition with the Blue edition costing USD 59,345 and edition Limited USD 62,845. Furthermore, buyers will also get hydrogen fueling cards of worth USD 13,000.
- Toyota introduced semi-trucks operating on hydrogen fuel cell in a CES show organized by Consumer Technology Association
- PACCAR’s Kenworth and Toyota have entered into a joint project to build Class 8 hydrogen fuel-cell semi tractors.
Key players in this market include Panasonic, Toshiba, Hydrogenics Corporation, Ballard Power Systems, Horizon Fuel Cell Technologies, Nedstack Fuel Cell Technology BV., Aisin Seiki Co., Ltd., FuelCell Energy, Inc., NUVERA FUEL CELLS, LLC, SFC Energy AG, Ceramic Fuel Cells, Ltd, Plug Power Inc., Bloom Energy, UTC Power Corporation, Doosan Fuel Cell America, and Arcola Energy.
Key segments of the global fuel cell market
Product Overview, 2015-2026 (USD Million)
- Low Temperature Fuel Cells (LTFC)
- Proton-exchange membrane fuel cell (PEMFC)
- Direct methanol fuel cell (DMFC)
- Alkaline Fuel Cell (AFC)
- High Temperature Fuel Cells (HTFC)
- Phosphoric acid fuel cell (PAFC)
- Molten carbonate fuel cell (MCFC)
- Solid oxide fuel cell (SOFC))
Application Overview, 2015-2026 (USD Million)
Regional Overview, 2015-2026 (USD Million)
- North America
- Asia Pacific
- New Zealand
- Latin America
- Middle East & Africa
- Saudi Arabia