Global fuel cells market is expected to reach USD 6.54 billion by 2022, growing at a CAGR of 10.5% between 2017 and 2022
Sarasota, FL -- (SBWIRE) -- 01/16/2018 -- Global fuel cells market is expected to witness positive growth within the forecast period on account of increasing government incentives for the adoption of fuel cells. Fuel cells are devices that electrochemically combine hydrogen and oxygen to produce electricity, water, and heat. Unlike batteries, fuel cells continuously generate electricity as long as a source of fuel is supplied. Fuel cells do not burn fuel, helping to make the process quiet, pollution-free and around two to three times more efficient than combustion technologies.
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A fuel cell system can be a truly zero-emission source of electricity when hydrogen is produced from nonpolluting sources. Growing government incentives and favorable policies for the adoption and application of fuel cells is expected to be the major driving factor of the global fuel cells market. Moreover, the technological innovations coupled with the commercialization of fuel cells have also been aiding the growth of the fuel cells market. Rising awareness about the benefits of fuel cells and depletion of fossil fuels is expected to surge the demand for fuel cells in the years to come. However, the lack of fuel cell infrastructure and the high cost of the fuel cell is expected to be a major restraint for the global fuel cells market. Technological advancements and favorable government policies to construct hydrogen power stations are expected to provide growth opportunities for the key players in the market over the coming years.
The fuel cells market can be segmented into categories by types such as proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others. PEMFC accounted for the largest share of the global fuel cells market in 2016. This can be attributed to the wide range of applications of PEMFCs such as forklifts, automobiles, telecommunications, data centers and primary & backup power systems. SOFC segment is expected to register remarkable growth within the forecast period owing to their ability to operate at high temperatures that reduce the requirement of costly catalysts.
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Stationary, transport, and portable are the application segments of the global fuel cells market. Among applications, stationary accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization of direct current, flexibility in the choice of fuels etc. Transport segment is expected to witness significant growth during the forecast period due to the increasing research and development activities to produce hybrid vehicles that are not completely reliant on fossil fuels.
North America accounted for most of the global market share in 2016 and is expected to grow in light of the government regulations in the region that promotes the adoption of fuel cells. Moreover, the technological developments in the region are expected to further drive the growth of the North America fuel cells market within the forecast period. Asia Pacific is expected to witness significant growth owing to the large demand for a sustainable source of energy in order to meet the demands of the enormously expanding population in the region.
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The key players in the global fuel cells market are AFC Energy, Aisin Seiki Co. Ltd., Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Horizon Fuel Cell Technologies and Hydrogenics Corporation among others.