Albany, NY -- (SBWIRE) -- 04/21/2014 -- According to a new market report published by Transparency Market Research “Fuel Cells Market (PEMFC, MCFC, PAFC, SOFC, DMFC & Others) - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast, 2012 - 2018,” the global fuel cells demand was worth USD 355.3 million in 2011 and is estimated to reach USD 910.3 million in 2018, growing at a CAGR of 15.0% from 2013 to 2018. Asia-Pacific and North America dominate the global market in terms of demand, and Europe is estimated to be the most promising market in the near future.
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The fuel cells market by product type is majorly covered by PEMFC (Proton Exchange Membrane Fuel Cell) in terms of revenue followed by MCFC (Molten Carbonate Fuel Cell). PEMFC and MCFC are expected to grow at a CAGR of 11.5% and 17.8% respectively from 2013 to 2018. In terms of power (MW), PEMFC and MCFC again dominated the market, accounting for 46.3% and 39.2% of total demand in 2011 respectively. However, by 2018, MCFC is likely to overtake PEMFC market owing to the increasing market of stationary fuel cell systems.Transparency Market Research
PEMFC is used in a wide variety of applications including forklifts, automobiles, telecommunications, data centers, primary and backup power systems owing to its relatively low operating temperature and high power density. MCFC fuel cells are mainly used for stationary power generation and CHP applications, and are available as commercial products.
Fuel cells are currently more dominant in the North America due to regulatory support and technological innovation push in recent times. U.S. is expected to emerge as one of the biggest markets for fuel cell vehicles by 2018. Asia-Pacific is the other major region where the fuel cells market is very strong with demand expected to grow at a CAGR of about 12% from 2013 to 2018. In Asia-Pacific, Japan and South Korea dominate the market revenue for fuel cells.
Europe is expected to grow at the highest rate among these three major regions, driven primarily by regulatory policies pushing for sustainability and is expected to cover a substantial part of the market by 2018. With regional coverage, the study also provides comprehensive market data on key countries such as U.S., Canada, Japan, South Korea, Germany, UK, Norway, Sweden and Denmark.
This report analyzes and estimates the demand for fuel cells in the global scenario. The fuel cell market is segmented on the basis of application, type, fuel and geography. Regional and product-based market data is given in terms of both volumes and revenues for the period from 2010 to 2018. Various fuel cell products analyzed in this study include direct methanol fuel cell (DMFC), proton exchange membrane fuel cell (PEMFC), molten carbonate fuel cell (MCFC), alkaline fuel cell (AFC), phosphoric acid fuel cell (PAFC) and solid oxide fuel cell (SOFC).
The fuel cells market by applications is majorly divided into stationary, transportation and portable. The economies covered in this report are Asia-Pacific, Europe, North America, and Rest of the World (ROW). Regional data has also been provided for key countries such as U.S., Canada, Japan, South Korea, Germany, UK, Norway, Denmark and Sweden. The fuel cells market by various fuels such as hydrogen, natural gas and methane has also been analyzed in this report along with type, application and geography.
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This report also includes market share of major companies in 2011, value chain analysis and porters five forces model. Some of the key players profiled in this study include Fuel Cell Energy, Ballard, Clearedge, Toshiba, Panasonic, Plug Power Inc. and Hydrogenics Corporation. The report gives a brief overview of the major companies that are dealing in fuel cells followed by their business strategies, financial revenue and recent developments.