Fuel Cell Market to grow at 24% CAGR from 2016 to 2024.Report

Fuel Cell Market to grow at 24% CAGR from 2016 to 2024

http://www.h2fcsupergen.com/uncategorised/fuel-cell-market-grow-24-cagr-2016-2024/

Posted on 7th June 2017

According to the new research report by Global Market Insights the Fuel Cell Market  

size is expected to reach USD 25.5 billion by 2024; driven by environment friendly and better alternative than existing options.

Global Market Insights, Inc. says:

Global Fuel Cell Market size was more than 180,010 units for 2015 and is predicted to register more than 24.1% of CAGR by end of 2024. Government support to create hydrogen power stations is predicted to drive the demand for fuel cell technology. Rise in vehicle production by automakers has favorably influenced the industry and acquired focus of international bodies on fuel cell electric vehicles. Further, strict rules promoting zero emission automobiles along with growing public transport is projected to favorably affect global industry growth during forecast timeline.

https://www.gminsights.com/industry-analysis/fuel-cell-market

Fuel Cell Market Size By Application (Stationary, Portable, Transport), By Product (PEMFC, DMFC, SOFC), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, Japan, South Korea, South Africa, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024

Published Date: July 2016 | 70 Pages | Report ID: GMI621Report Format:  PDF

    Single User: $4,500     Multi User: $6,500    Enterprise User: $8,500                                     

 

Industry Trends

Fuel Cell Market size was over 180,000 units in 2015 and is forecast to experience gains at over 24% CAGR up to 2024.
 

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

Government support to develop hydrogen power stations is anticipated to be key reason driving demand. Increasing vehicle manufacturing by automakers has positively influenced and attained focus of international bodies on Fuel Cell Electric Vehicles (FCEVs). Denmark, Norway, and Finland have made massive investments on hydrogen stations for buses and forklifts. In addition, Japan has a vision to create hydrogen society with homes, businesses, and vehicles powered by this technology. In addition, stringent regulations to promote zero emission vehicles coupled with increasing public transport particularly in Europe is anticipated to positively impact global fuel cell market over the forecast timeframe.
 

In 2014, Clean Energy Partnership, Performing Energy, The National Organization Hydrogen Fuel Cell Technology, and H2 Mobility signed declaration to invest USD 2.6 billion in Germany hydrogen fueling infrastructure for the next 10 years. In the same year, UK has confirmed to provide USD 17.4 million for hydrogen fueled automotive and refueling station infrastructure which may positively impact industry growth.
 

The U.S. Department of Energy’s ARPA-E (Advanced Research Projects Agency-Energy) granted USD 33 million funding through Reliable Electricity Based on Electrochemical Systems (REBELS) program for 13 new projects to develop technologies focussing at less cost distributed power generation. Furthermore, Korea’s renewable portfolio standard (RPS) has made compulsion to generate renewable energy for producers to exceed 500 MW capacity.
 

These cells are desirable over conventional energy sources owing to its less carbon emission and lower noise properties. Average fuel cell products produce 60dB sound during operation which is low when compared to conventional energy sources. In addition, stationary systems occupy lesser space compared to other clean energy sources such as solar and wind. It is more eight times efficient when compared with batteries. For instance, Hydrogen fuel cell energy density is approximately 400 watt hours which is more than energy offered by lithium ion batteries. Moreover, researchers at the U.S. based Palo Alto Research Center have acknowledged that reformed hydrogen fuel utilization delivers high energy.
 

Fuel Cell Market, By Product

Proton exchange membrane fuel cell (PEMFC) product generated revenue over USD 2 billion in 2015. The product finds extensive application in transportation and stationary uses, delivering high electric efficiency, significant power to area ratio, and easy accessibility across different watts making it desirable option in transportation.
 

Direct methanol fuel cells (DMFC) is forecast to expand at over 4% CAGR. It is a sub segment of PEMFC which uses methanol. They find application in portable energy source where power density and energy is more important than efficiency. Increasing demand for portable energy source is likely to drive global fuel cell market from 2016 to 2024. SOFC is projected to reach USD 3 billion by 2024. It offers high efficiency, fuel flexibility, stability, low emissions, and comparatively low cost which is anticipated to propel demand.
 

Fuel Cell Market, By Application

Stationary application segment market was valued at USD 2 billion in 2015. They are mainly used as backup power stations in hospital, residential, commercial building, schools and hotels. Stationary application dominates the industry owing to its efficient and ecofriendly nature. Portable application is projected to expand at over 22% CAGR during the forecast period. Increasing demand for portable charging source in consumer electronic goods such as laptops, tablets, camera and cell phones is likely to drive portable fuel cell market trends.
 

Transportation application is set to mark revenue over USD 1.3 billion by 2024, with an estimated gain at over 22.1% CAGR. Increasing research and development by companies coupled with government initiative to integrate efficient technology in vehicles such as cars, buses, and truck will drive fuel cell market outlook in transportation.
 

Fuel Cell Market, By Region

North America, driven by U.S. fuel cell market size generated revenue over USD 890 million in 2015. The regional market is primarily driven by continuous financial support from the Department of Energy (DOE) coming from the American Recovery Act. In addition, government support to promote renewable energy to control greenhouse gas (GHG) emission is the main reason driving industry growth.
 

Europe fuel cell market forecast predicts moderate gains at over 22% CAGR. FCEV commercialization along with massive customer base in the region is anticipated to drive industry growth throughout the forecast timeframe. Drifting focus towards hydrogen as transport fuel in Denmark and Norway may compliment growth. Asia Pacific is projected to touch USD 14 billion by 2024 at over 23% CAGR. Stringent government regulations coupled with penetration to create hydrogen society with vehicles and home powered this technology may positively influence market share.

Competitive Market Share

Global fuel cell market share is highly consolidated. Key industry participants include Hydrogenics Corporation, Toshiba, Panasonic, and Ballard. Other significant participants include UTC Power, AFC Energy PLC, SFC Energy AG, Plug Power Inc., Nedstack fuel, Bloom Energy, and Clearedge Power. Industry has witness strategic plans such as mergers and acquisitions to expand their geographic presence in regions such as Africa and South America. For example, in 2014, Plug Power acquired assets of ReliOn.
 

Fuel Cell Industry Background

Fuel cell is a device that converts chemical energy to electricity by reaction of positive hydrogen ion with oxygen or oxidizing agent. The market is driven by favoring regulatory norms coupled with increasing awareness towards ecofriendly energy source. In addition, to minimize dependency on depleting nonrenewable energy source such as fossil fuel may boost market share. Increasing product application in transportation and portable energy source for consumer electronic goods is likely to drive the industry.
 

What Information does this report contain?

 

What was the historic market data from 2012 to 2015, what is the industry growth forecast from 2016 to 2024?

 

A detailed analysis of regulatory trends, drivers, industry pitfalls, challenges and growth opportunities for participants

 

Which are the leading market products, applications & regions and how will they perform by 2024?

 

What are the technology & innovation trends, how will they evolve by 2024?

 

Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?