ID: MRFR/E&P/0302-CR | July 2019 | Region: Global | 111 pages
Global Fuel Cell Technology Industry is predicted to touch USD 10.25 Billion at a stellar 20.15% CAGR between 2019- 2025, reveals the current Market Research Future’s (MRFR) fuel technology market report. The strong fuel cell technology market value is due to the growing need for cleaner energy sources.
The on-going COVID-19 outbreak has already cast its shadow on various industries, with the fuel cell market being no exception. The lockdowns imposed by the government across the globe led to a global economic crisis that has unfortunately pushed the auto industry to a condition that is near-collapse, emptying showrooms and shutting down factories. This pandemic has profoundly impacted the auto sector. The top players are in the initial levels of committing to electrification. Organizations are facing immense revenue losses as well as a slowdown in the commercial car and passenger car production owing to the unavailability of workers. Supply chain disruptions coupled with the halt in the distribution, release, and final assembly of fuel cells for cars has hindered the global fuel cell technology market size. The pause in raw material supply from China led to a demand-supply gap. Also, a delay in the electrolyzer capacity deployment caused a loss in revenue, thus impacting the market growth. Also, the current demand for hydrogen from the chemicals, steel manufacturing, and oil refining sector has also been affected by the pandemic.
Following the lifting of lockdowns gradually, has led to the resumption of several manufacturing operations, but at reduced capacities that is predicted to boost the sales and production of hydrogen fuel-cell cars and boost the market growth. Further, the booming e-commerce sectors during the crisis are likely to fuel market penetration for online shopping that is likely to cause a rise in demand for commercial trucks for supporting deliveries of online purchases. This, in turn, is likely to possess a positive impact on the fuel cell technology market outlook.
Growing Demand for EV/PHV/HEV Vehicles to Bolster Market Growth
Increasing application of fuel cells in electric vehicles, plug-in hybrid vehicles, and hybrid electric vehicles are likely to bolster fuel cell technology market growth over the forecast period. The increase in demand for electric cars at a rapid pace is pushing the demand for fuel cells. Besides, growing carbon emissions has elevated the attention of the government to use PHV and EV.
Additional factors adding to the global fuel cell technology market share include the growing need for clean energy generation, increased use of cars that are fuel cell-based, developing power sector, global improved power generation capacities, growing need for unconventional energy sources, reduced environmental impact, growing public-private partnerships, improved efficiency of fuel cells, and strict government regulation to reduce the growing pollution levels.
Increasing Adoption in Portable Devices to Offer Robust Opportunities
The increasing adoption of fuel cells in portable devices like power backup batteries, tablets, PCs, and smartphones are likely to offer robust opportunities to market players in the future.
Soaring Price to Act as a Market Restraint
The high catalyst cost may act as a market restraint over the forecast period.
Lack of Adequate Fuel Infrastructure to Act as a Market Challenge
The lack of adequate fuel infrastructure may act as a major market challenge for industry players in the future.
Fuel Cell Technology Market has been bifurcated based on Application, Method, and Fuel Type.
Methane Segment to Lead Fuel Cell Technology Market
By fuel type, the global fuel cell technology market has been segmented into methane, hydrogen, and others. Of these, the methane segment will lead the market over the forecast period for its significant system efficiency, durability, and higher reliability.
PEM Segment to Dominate Fuel Cell Technology Market
By method, the global fuel cell technology market is segmented into AFC, MCFC, SOFC, PAFC, DMFC, PEM, and others. Of these, the PEM segment will dominate the market over the forecast period for its wide applications like specialty vehicles, transportation, distributed generation, portable power, and backup power.
Transportation Segment to Spearhead Fuel Cell Technology Market
By application, the global fuel cell technology market is segmented into portable power, transportation, and stationary. Of these, the transportation segment will spearhead the market over the forecast period.
APAC to Have Lions Share in Fuel Cell Technology Market
Geographically, the global fuel cell technology market is segmented into the Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Of these, the APAC region will have the lions share in the market over the forecast period. Growing demand from the auto sector in South Korea, Japan, and China, strict government regulations associated with carbon emissions, growing use in fuel cell-powered vehicles, rising power generation from cleaner sources of energy, high demand for combined heat and power or CHP systems in Japan, and favorable government policies in South Korea, Japan, and China are adding to the global fuel cell technology market growth in the region. Besides, demand for electrical power, the need to reduce carbon emissions, the growing need for high-efficiency power generation methods, and advances in fuel cell technology are also adding market growth. Japan, China, and South Korea hold the utmost market share.
North America to Have Healthy Growth in Fuel Cell Technology Market
In North America, the global fuel cell technology market is predicted to have healthy growth over the forecast period. High utilization of fuel cell technology, constant technological advancements, promotion and acceptance of electric vehicles on the rise, and increasing R&D investments by different players are adding to the global fuel cell technology market growth in the region. Besides, a huge allotment of federal research and development budget and national & state governances in the US has put forward their plans of deploying a huge number of commercial and personal vehicles on roads are also adding market growth.
The global fuel cell technology market is highly fragmented and competitive in nature for the presence of several key players. These key players have adopted several strategies to widen their portfolio and also strengthen their position in the market, including research and development activities, geographic expansions, mergers and acquisitions, and others.
Key players profiled in the global fuel cell technology market report include Ceres Power Holdings PLC (UK), Acal Energy Ltd (UK), SFC Energy (Germany), Ceramic Fuel Cells Limited (Australia), Kyocera (Japan), AFC Energy (UK), Doosan Fuel Cell (US), Toshiba Corporation (Japan), Intelligent Energy Holdings PLC (UK), Hydrogenics Corporation (US), Ballard Power Systems (Canada), Plug Power Inc (US), FuelCell Energy, Inc (US), and Panasonic Corporation (Japan).
The global fuel cell technology market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
By Fuel Type
Frequently Asked Questions (FAQ) :
The fuel cell technology market is anticipated to thrive at 20.15% between 2019 and 2025.
The global market is anticipated to earn USD 10.25 Bn by 2025.
The segmental assessment of the fuel cell technology market, on the basis of fuel type, covers hydrogen, methane, and others.
By fuel type, the methane segment has been assessed to hold the largest share of the market.
Asia Pacific is estimated to account for the largest share of the fuel cell technology market during the forecast period.