Pune, India, April 22, 2021 (GLOBE NEWSWIRE) -- Fuel Cell Market: Key Insights
According to our new research study on “Fuel Cell Market to 2027 – COVID-19 Impact and Global Analysis and Forecast – by Type, and End User,” the Fuel Cell Market Size was valued at US$ 709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027; it is expected to grow at a CAGR of 26.8% during 2019–2027. The market growth is mainly attributed to rising need to diminish the reliance on oil and other conventional fuel sources.
Fuel Cell Market: Competition Landscape and Key Developments
FuelCell Energy, Inc.; Plug Power Inc., Ballard Power Systems; Bloom Energy; and Intelligent Energy Limited are the five key players in the global fuel cell market. The listing of key players is based on parameters such as overall revenue; brand image; current automatic tire inflation system solutions portfolio; technology integration and product enhancements; geographic reach; and new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. Further, Hydrogenics Corp., SFC Energy AG, Doosan Fuel Cell Co., Ltd., TW Horizon Fuel Cell Technologies, and Toshiba Energy Systems & Solutions Corporation are among the other notable fuel cell market players studied and analyzed during this the market study.
In 2020, Bloom Energy partnered with SK Engineering and Construction to deploy two new clean energy facilities with fuel cell technology in Gyeonggi-do Province in South Korea.
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In 2019, FuelCell Energy Inc. collaborated with ExxonMobil Research and Engineering Company to continue R&D to develop/improve carbonate fuel cells to reduce carbon dioxide emissions from industrial and power sources.
Petroleum and conventional fuels are increasingly creating severe ecological concerns owing to excessive emissions of CO, CO2, NOx, and SOx. Fuel cells serve as an energy source that is alternative to the conventional energy sources such as oil and diesel. In terms of application, the transport segment is anticipated to witness a CAGR in the fuel cells market during 2020–2027. This is mainly attributed to the escalating demand for eco-friendly vehicles worldwide. Additionally, the increasing support from governments in many of the countries to reduce carbon emissions has steered the need for fuel cells in vehicles, including cars, busses, and trucks. The flourishing trend of globalization also contributes to the demand for stationary fuel cells in buildings, schools, and malls, among others. Further, rising adoption of fuel cells in the portable devices including smartphones and PCs/tablets, as a power backup is noted as one of the lucrative target segments for investment in the fuel cell market.
APAC led the fuel cell market, by region, in 2019. The market growth in this region is mainly attributed to the well performing economy of the region due to numerous technological and infrastructural developments. APAC has a strong automotive sector that is supported by the growing automotive manufacturing industry in countries such as India, China, and South Korea. India, China, South Korea, and Japan are among the leading vehicle manufacturing countries worldwide. Significant disposable income among the populations of Japan and Australia, among others, is contributing to the rapid growth of this industry. In addition to the presence of a strong automotive sector, the surging number of passenger car manufacturers is contributing to the fuel cell market growth in APAC.
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The global automotive industry amongst the major industries was suffering serious disruptions due to supply chain breaks, technology events cancellations, factory & office shutdowns, and more, as a result of this outbreak. The automotive industry is facing biggest existential crisis with 97% of the light vehicle manufacturing plants in North America and Europe are temporarily shut down. In addition to this, the global travel bans imposed by countries in Europe, Asia, North America, and others are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to negatively affect the automotive industry on a whole and fuel cell market in specific in the short term. This outbreak may act as restraining factor for the growth of fuel cell market in the coming 6 to 9 months, however, the overall growth is anticipated to be positive over the forecast period. However, after resume of automotive business will gradually impact the penetration of fuel cell.
Increasing Government Support Augments Fuel Cell Market Growth:
Burning fossil fuel is the widespread and highly utilized method for power generation and vehicle propulsion globally. However, these resources are increasingly contributing toward pollution across the world. As a result, the preference for clean energy is continuously increasing, with the rising need for electrical energy and transportation systems. Many countries are striving to reduce the overall carbon footprint to ensure that the global warming stabilizes without the need to compromise on the demand for electricity. In the countries including China, Japan, and the US, the governments are offering distinct subsidies to consumers buying vehicles that are powered by fuel cells, thereby emphasizing the targets that need to be achieved based on the number of cars that is likely to operate on roads.
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Fuel Cell Market: Segmental Overview
Based on type, the fuel cell market is segmented into fuel cell (PEMFC), phosphoric acid fuel cell (PAFC), solid oxide fuel cell (SOFC), and others. The PEMFCs are also known as polymer electrolyte membrane fuel cells. These fuel cells are majorly used for transport applications, portable fuel-cell applications, and stationary fuel-cell applications. Horizon Fuel Cell is one of the companies focused on developing larger fuel cell systems. It has announced the high-volume production of the highest-power, single stack PEMFC 300 kW, especially for trains, heavy vehicles, port equipment, and ships. In addition, a HySeas III project in Scotland is preparing the drivetrain test phase of a hybrid passenger ferry, which is powered by Ballard HD100 100 kW PEMFC and Leclanché batteries.
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