Global Fuel Cell Market by Product Type, Distribution Channel, End User 2019-2024
The global fuel cell market has witnessed robust growth over the past few years. This can be attributed to the introduction of several government initiatives to promote the use of clean energy coupled with the growing research and development in the field
(EMAILWIRE.COM, June 27, 2019 ) According to the latest report by IMARC Group, titled “Global Fuel Cell Market Research Report and Forecast 2019-2024”, the global fuel cell market size was US$ 4.5 Billion in 2018. Fuel cells are electrochemical devices that convert chemical energy into electrical power. They are clean, energy efficient, scalable, reliable, durable and can be combined with other energy technologies, such as wind turbines, solar panels, and super-capacitors. As modern fuel cells work on pure hydrogen, they emit a negligible amount of pollutants in comparison to diesel- or gas-based fuel cells. Over the years, fuel cell technology has gained wider acceptance as these cells act as an alternative to conventional and unconventional energy sources. They help to lower environmental pollution as well as reduce the economic dependence on diesel and crude oil imports.
Get a PDF Sample for more detailed market: https://www.imarcgroup.com/fuel-cell-market/requestsample
Market Trends:
In recent years, a rise in the number of fuel cell vehicles and buses in China, Japan and Korea has broadened the growth prospects of the market in these countries. Apart from this, the depletion of fossil fuels has encouraged the governments of various nations to implement numerous policies and initiatives and promote the use of sustainable energy alternatives. For instance, the Australian government has proposed to convert the gas distribution system to clean hydrogen by 2030. Similarly, the German government aims to reduce greenhouse gas emissions by 40% until 2020. Moreover, the Fuel Cell Technologies Office (FCTO) in the United States provide funds for research and development (R&D) activities to reduce the cost and improve the processes for fuel cell systems. On account of these factors, the market value is projected to exceed US$ 9.5 Billion by 2024, expanding at a CAGR of 13.2% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/fuel-cell-market
Insights on Market Segmentation:
Market Breakup by Type:
1. Proton Exchange Membrane Fuel Cells (PEMFC)
2. Solid Oxide Fuel Cells (SOFC)
3. Molten Carbonate Fuel Cells (MCFC)
4. Direct Methanol Fuel Cells (DMFC)
5. Phosphoric Acid Fuel Cells (PAFC)
6. Others
Based on types, the market has been segmented into Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Molten Carbonate Fuel Cells (MCFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and others. Amongst these, PEMFC represents the most popular product type.
Market Breakup by Application:
1. Stationary
2. Transportation
3. Portable
4. Others
On the basis of applications, stationary applications account for the majority of the market share, representing the largest segment. They are followed by transportation and portable applications.
Market Breakup by Region:
1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific enjoys the leading position in the fuel cell market. The other major regions are North America, Europe, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, Fuel Cell Energy Inc., Plug Power Inc., Nuvera Fuel Cells Inc., AFC Energy PLC, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.
Browse similar reports by IMARC Group:
Global Electric Insulator Market Research Report and Forecast: https://www.imarcgroup.com/electric-insulator-market
Global Incinerator Market Research Report and Forecast: https://www.imarcgroup.com/incinerator-market
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Get a PDF Sample for more detailed market: https://www.imarcgroup.com/fuel-cell-market/requestsample
Market Trends:
In recent years, a rise in the number of fuel cell vehicles and buses in China, Japan and Korea has broadened the growth prospects of the market in these countries. Apart from this, the depletion of fossil fuels has encouraged the governments of various nations to implement numerous policies and initiatives and promote the use of sustainable energy alternatives. For instance, the Australian government has proposed to convert the gas distribution system to clean hydrogen by 2030. Similarly, the German government aims to reduce greenhouse gas emissions by 40% until 2020. Moreover, the Fuel Cell Technologies Office (FCTO) in the United States provide funds for research and development (R&D) activities to reduce the cost and improve the processes for fuel cell systems. On account of these factors, the market value is projected to exceed US$ 9.5 Billion by 2024, expanding at a CAGR of 13.2% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/fuel-cell-market
Insights on Market Segmentation:
Market Breakup by Type:
1. Proton Exchange Membrane Fuel Cells (PEMFC)
2. Solid Oxide Fuel Cells (SOFC)
3. Molten Carbonate Fuel Cells (MCFC)
4. Direct Methanol Fuel Cells (DMFC)
5. Phosphoric Acid Fuel Cells (PAFC)
6. Others
Based on types, the market has been segmented into Proton Exchange Membrane Fuel Cells (PEMFC), Solid Oxide Fuel Cells (SOFC), Molten Carbonate Fuel Cells (MCFC), Direct Methanol Fuel Cells (DMFC), Phosphoric Acid Fuel Cells (PAFC) and others. Amongst these, PEMFC represents the most popular product type.
Market Breakup by Application:
1. Stationary
2. Transportation
3. Portable
4. Others
On the basis of applications, stationary applications account for the majority of the market share, representing the largest segment. They are followed by transportation and portable applications.
Market Breakup by Region:
1. Asia Pacific
2. North America
3. Europe
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific enjoys the leading position in the fuel cell market. The other major regions are North America, Europe, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, Fuel Cell Energy Inc., Plug Power Inc., Nuvera Fuel Cells Inc., AFC Energy PLC, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.
Browse similar reports by IMARC Group:
Global Electric Insulator Market Research Report and Forecast: https://www.imarcgroup.com/electric-insulator-market
Global Incinerator Market Research Report and Forecast: https://www.imarcgroup.com/incinerator-market
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Information:
IMARC Services Pvt. Ltd.
Richard Lewis
Tel: 6317911145
Email us
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IMARC Services Pvt. Ltd.
Richard Lewis
Tel: 6317911145
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results