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) -- 10/11/2017 -- Zion Market Research has published a new report titled "Fuel Cells Market (PEMFC, MCFC, SOFC, DMFC, PAFC and Others) for Stationary, Transport and Portable Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022". According to the report, the global fuel cells market accounted for USD 3.6 billion in 2016 and is expected to reach USD 6.54 billion by 2022, growing at a CAGR of 10.5% between 2017 and 2022.
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Global fuel cells market is expected to witness positive growth within the forecast period on account of increasing government incentives for the adoption of sustainable energy alternatives for power generation. A fuel cell uses the chemical energy of hydrogen or another fuel to cleanly and efficiently produce electricity. If hydrogen is the fuel, electricity, water, and heat are the only products. Fuel cells are unique in terms of the variety of their potential applications; they can provide power for systems as large as a utility power station and as small as a laptop computer. 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. Proton Exchange Membrane Fuel Cells (PEMFC) dominated the global fuel cells market in 2016 owing to the wide range of applications of PEMFCs. SOFC segment is expected to register remarkable growth within the forecast period due to their ability to operate at high temperatures that reduce the requirement of costly catalysts.
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Stationary application 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.
In terms of geography, North America was the largest market for fuel cells in 2016 due to the government regulations in the region that promotes the adoption of fuel cells. 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.
Some of the key players operating 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.
Browse the full "Fuel Cells Market" report at https://www.zionmarketresearch.com/report/fuel-cells-market
This report segments the global fuel cells market as follows:
Global Fuel Cells Market: Type Analysis
Proton Exchange Membrane Fuel Cells (PEMFC)
Molten Carbonate Fuel Cells (MCFC)
Solic Oxide Fuel Cells (SOFC)
Direct Methanol Fuel Cells (DMFC)
Phosphoric Acid Fuel Cells (PAFC)
Global Fuel Cells Market: Application Analysis
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Global Fuel Cells Market: Regional Segment Analysis
The Middle East and Africa