Pune, April 07, 2021 (GLOBE NEWSWIRE) -- The global fuel cell technology market is anticipated to grow at a stellar 14.5% CAGR over the forecast period (2020- 2027), reveals the current Market Research Future (MRFR) report. The energy produced by a device after conversion to electrical from chemical due to chemical reaction of hydrogen ions that are positively charged with the oxidizing agent is called a fuel cell. These cells need constant feeding of air or fuel to retain the reaction.
Enhancing Features that Boost Fuel Cell Technology Market
As per the MRFR report, there are numerous factors that are propelling the fuel cell technology market share. Some of these include increased demand for reliable alternative energy, growing concerns over growing ecology issues that are prompting the requirement for alternative energy generation sources, the evolving population, increasing industrialization and urbanization, the emergence of electric cars, growing need for clean energy generation in developed regions, growing use of fuel cell-based cars, augmented power generation capacities and booming power sector. The additional factors adding market growth include growing need for unconventional energy sources, increasing private-public partnerships, reduced environmental impact, increasing applications of fuel cells in the transport sector like buses and cars, growing demand for portable devices, strict government regulations aimed to reduce the rising pollution levels, enhanced efficiency of the fuel cell, rise in crude oil, and increasing need from electronic companies, residential builders, power suppliers, and automobiles.
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On the contrary, the high cost of catalyst coupled with lack of fuel cell infrastructure may limit the global fuel cell technology market growth over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak had a negative effect on the global fuel cell technology market owing to a lack of finances for research & development activities, project delays, and supply chain disruptions. The current demand for hydrogen from the chemical sector, steel manufacturing, and oil refining has been affected by the outbreak.
Market Segmentation
The MRFR report throws light on an inclusive analysis of the fuel cell technology market based on application and type.
By type, the global fuel cell technology market is segmented into PAFC, DMFC, SOFC, MCFC, PEMFC, and others. Of these, the PEMFC segment will lead the market over the forecast period for the advances in technology.
By application, the fuel cell technology market is bifurcated into transportation, portable, and stationary. Of these, transportation will dominate the market over the forecast period.
Browse In-depth Market Research Report (111 pages) on Fuel Cell Technology
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Regional Takeaway
APAC to Remain at Forefront in Fuel Cell Technology Market
Geographically, the fuel cell technology market is bifurcated into Europe, the Asia Pacific (APAC), North America, the Middle East & Africa (MEA), & South America. Of these, the APAC region will remain at the forefront over the forecast period. The surging demand for Combined Heat and Power systems in Japan, increasing use of fuel cell-powered vehicles, rising power generation from cleaner energy sources, favorable government policies in South Korea, Japan, and China that is driving the clean energy use, and wide use of PEMFC fuel cell are adding to the fuel cell technology market growth in this region. Besides, growing demand in China as the government is increasingly focusing on ways of using clean energy technology for switching to a low-carbon economy, hydrogen fuel cell industry gaining traction on the back of favorable provincial and national government subsidies and incentive programs from local authorities to encourage the uptake of hydrogen cars to curb pollution, a large number of unit shipment, favorable government policies in South Korea, Japan, and China which push clean energy use, and increasing need for combined heat and power systems are also adding market growth.
North America to Have Promising Growth in Fuel Cell Technology Market
The global fuel cell technology market in North America is predicted to have promising growth over the forecast period. High utilization of fuel cell technology, technological advancement, the promotion and acceptance of electric cars, federal governments offering funds to fuel cell companies and organizations in Canada, investments for innovation in clean technology to support clean energy projects in the pre-commercialization stage, and funding initiatives by the government in Canada and the US that has driven the development and deployment of fuel cell technology adds to the fuel cell technology market growth in the region.
Europe to Have Significant Growth in Fuel Cell Technology Market
In Europe, the global fuel cell technology market is predicted to have significant growth over the forecast period. The shift in focus on public-private partnerships to accomplish the target of turning a low carbon economy and maintaining a higher competitive edge, focus on improving the infrastructure, decreasing cost of fuel cells, and the presence of several large and small companies in Germany adds to the fuel cell technology market growth in the region.
In the MEA and South America, the global fuel cell technology market is predicted to have steady growth over the forecast period.
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Key Players
List of the prominent players profiled in the global fuel cell market report include.
- Ned stack fuel cell Technology
- TOPSOE Fuel cell
- SFC Energy AG
- Genport SRL
- Ceres power Holdings PLC
- AFC Energy PLC, among others.
The global fuel cell technology market is fragmented and competitive due to presence of different international & domestic industry players. They have encompassed a couple of strategies to stay ahead and also suffice to the customers burgeoning needs, such as collaborations, contracts, partnerships, and others. Besides, they are also making huge investments in research and development activities to strengthen their portfolios and also create a hold in the market.
Industry Updates
- March 2021- A consortium in the US is working to create breakthrough materials for strengthening manufacturing in the fuel cell sector and bringing HT-PEM (high-temperature proton exchange membrane) fuel cells to market.
- March 2021- Insitu, a subsidiary of The Boeing Company, lately announced the latest details regarding its latest efforts for advancing hydrogen fuel-cell propulsion for UAVs (Unmanned Aerial Vehicles).
- March 2021- FEV, a global leader in powertrain development and vehicle, has entered an agreement with Green Corp Konnection, a French firm, an ecosystem of industrial companies ahead of the energy revolution in green energy supply and mobility for supporting fuel cell system development in its GCK Motorsport “e-Blast H2” Dakar Rally race car.
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