The Global Fuel Cells Market is Projected to Reach US$17.6 Billion by 2024

Need for Sustainable, Green, Efficient and Reliable Alternatives to Conventional Petroleum Fuels to Drive Growth in the Global Fuel Cells Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Fuel Cells market. The global Fuel Cells market is projected to reach US$17.6 billion by 2024, driven by the increasing focus of reducing energy consumption and alleviating concerns over climate change and pollution attributed to conventional fuels. Further, increasing R&D activity and investments in the development of eco-friendly technologies also augur well for the market.

In an increasingly energy hungry world, poised to gain are technologies which are efficient and environmentally sustainable. Against this backdrop and given the many environmentally friendly credentials, fuel cell technologies are positioned to score the maximum gains. Fuel cells are electrochemical cells that can convert energy into electricity, without the need for combustion. This is achieved through a chemical reaction where hydrogen and oxygen or any other oxidizing agents are combined, leading to the production of electricity, water and heat. Given the numerous advantages, fuel cells are gaining prominence as green alternatives to traditional pollution-causing fossil fuel combustion technologies. Fuel cell technology has evoked significant interest and garnered global support over the past decade due to its wide market potential and positive impact on the environment.

The increasing demand for alternative energy sources and expanding range of applications in areas such as electric vehicles, power generation, portable power systems and cogeneration are expected to drive growth in the market. Factors such as the rising demand for unconventional and renewable energy sources, increasing need for combined heat & power systems, growth in public-private partnerships to promote fuel cell adoption, and constant innovations aimed at improving fuel cell technologies are also fueling growth in the fuel cells market. The urgent need to reduce harmful emissions and increasing adoption of renewable energy sources for producing electricity and for transport industry are also stimulating sales of fuel cells. The market also benefits from the rising demand for backup power facilities in off-grid or remote areas, increasing use of fuel cells in large-scale power projects and CHP applications, and the growing production of fuel cell-powered cars. The commencement of several development projects related to fuel cell-based light commuter trains, and focus on fuel cell powered buses and trams as replacements for combustion engine public bus fleet also favors market growth.

The adoption of strict environmental regulations is likely to fuel shift towards eco-friendly technologies such as fuel cells in power generation and transport applications. Regulations with significant implications for the fuel cell industry include the U.S. EPA regulation, which is aimed at reducing greenhouse gas emissions, and the Clean Air Act amendments, which are aimed at driving focus onto FCEVs as a means to cut down CO2 emissions. Such regulations have led the automotive industry players to replace conventional fuels with fuel cells technology as the energy source. Government mandates to reduce emissions, and technological advancements are also offering support for the use of fuel cells in existing power grids will present growth opportunities for the fuel cells market.

As stated by the new market research report on Fuel Cells, Japan represents the largest regional market, worldwide. Growing concerns over supply security associated with petroleum fuels is driving a shift towards clean energy technologies, thus fueling growth in the fuel cells market. Japan’s strong position in fuel cells market is also due to the high demand for CHP systems in the country. The government’s focus on establishing a hydrogen society is expected to drive growth in the fuel cells market. Asia-Pacific is forecast to register the fastest CAGR of 26.9% over the analysis period, supported by the escalating need to reduce energy consumption in various end-use sectors, rising demand for clean energy solutions, and persistent increase in investments and technology advancements associated with fuel cell technology. Market growth is also supported by the rising investments being made into fuel cell devices specifically targeting stationary and transport applications. Further, the past pace of industrialization being seen in the region is expected to stimulate use of fuel cells in a range of industrial applications.

Major players in the market include Atrex Energy Inc., AFC Energy Plc, Air Liquide S.A., Apollo Energy Systems Inc., Ballard Power Systems Inc., Bloom Energy Corporation, Ceres Power Holdings plc, Doosan Fuel Cell America Inc., FuelCell Energy Inc., Horizon Fuel Cell Technologies Pte Ltd., Hydrogenics Corporation, ITM Power Plc, Mitsubishi Heavy Industries Ltd., Nuvera Fuel Cells LLC, Plug Power Inc., Proton OnSite, SFC Energy AG, Siemens Industry Inc., Teledyne Energy Systems Inc., and UltraCell LLC, among others.

The research report titled “Fuel Cells: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, South Korea and Rest of Asia-Pacific) and Rest of World. The fuel cells market is analyzed by the Cell Types - Phosphoric Acid Fuel Cells, Molten Carbonate Fuel Cells, Alkaline Fuel Cells, Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cells and Others.

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