Fuel Cell Technology Market: Opportunities and Forecast Assessment, 2028
A recent market intelligence report that is published by Data Insights Partner on the global Fuel Cell Technology Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Fuel Cell Technology Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Fuel Cell Technology Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Fuel Cell Technology Market is offered. In accordance with the report, the global Fuel Cell Technology Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Definition
An electrochemical cell that assists the conversion of a fuel’s chemical energy, the fuel is most often hydrogen, and an oxidizer, especially oxygen into electricity is called a fuel cell. This conversion is made possible by a twin of redox reaction. Poles apart from conventional batteries, fuel cells require an uninterrupted source of oxygen (generally air) and fuel for the sustainment of chemical reaction. In case of Batteries the chemical reactions generate from the metals and their oxides. In 1838, Sir William Grove invented the first fuel cell.
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Market Drivers
- The spurring demand for generating clean label power source is the primary drive in the fuel cell technology market.
- The environmental concerns of the people coupled with the incentives provided by the government for the development of this sector is fueling the growth of this market. Governments across the globe are providing incentives by way sponsoring research activities and capitalizing various programs. Development of hard and fast norms for environmental sustainability by the governments of different countries is providing the impetus to this market. The integration of hydrogen with oxygen in the production of electricity in fuel cells does not led to carbon footprint and hence leads to lesser air pollution.
- The availability and development in hydrogen and its storage has raised the supply of the chemical energy in the fuel cells and charged up the growth of this market.
- The partnership agreements signed by the private and public enterprises of the fuel cell technology market in the presence of the government has empowered the growth of this market. For example, a Memorandum of understanding was signed by Bloom Energy with GAIL Ltd in order to establish the usage of natural gas in fuel cell technology in India.
- The surging preference of consumer to purchase vehicles incorporated with fuel cell technology and the constantly broadening base of the transport and communication sector is empowering the growth of the fuel cell technology market
Market Restraints
- The high cost of catalyst and insufficient infrastructural facilities needed for the production of fuel cell technology are blocking the growth of this market.
- The production of fuel cell technology is significantly based on the availability of hydrogen. The lack of infrastructural facilities for the delivery of hydrogen is hindering the growth of this market.
- Fuel cell technologies are facing cut-throat competition with batteries in the context of pricing. With the constant cutting back of prices of Lithium-ion batteries (LIB) at a sheer pace, the comparatively premium priced fuel cell technology market is being paralyzed.
Opportunities
- The growing transportation and communication sector and the expanding application of fuel cell technology in automobiles is likely to provide great scope for sustaining the fuel cell technology market.
- Constant research and development in order to improve the product portfolio of the fuel cell technology and its application in the automotive sector coupled with the skyrocketing demand for fuel cell automobiles is a lucrative opportunity for this market.
- The benefits provided by the fuel cell technology as backup power source and the call for a resilient power equipment is likely to provide bankable opportunities to the fuel cell technology market.
Trends
Asia-Pacific can be projected as the fastest growing market for fuel cell technology in the forecast period. This is assumed to be the result of surging generation of power from sources of clean label energy, the booming automotive sector, the widening demand for fuel cell automotive. The presence of China, Japan, and South Korea have positive influence to this market. China, Japan and South Korea accounts to 42% of the total production of automotive around the globe. The market in North America is also projected to grow because of the government’s incentives of funding the corporations. The market in Europe is likely to grow because of its inclination and adoption of partnership, collaborations and merging between private and public enterprises. Also, the target of Europeans to become a low carbon economy may assist in the development of fuel cell technology in this region.
Segment Covered:
This market intelligence report on the global Fuel Cell Technology Market encompasses market segments based on application, type, end user and country.
By Application the global Fuel Cell Technology Market has been divided into:
q Portable
q Stationery
q Transport
By Type the global Fuel Cell Technology Market has been divided into:
q DMFC
q MCFC
q PAFC
q PEMFC
q SOFC
By End User the global Fuel Cell Technology Market has been divided into:
q Defense
q Utilities
q Fuel Cell Vehicles
By country/region, the global Fuel Cell Technology Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Hydrogenics
q Plug Power
q Ballard Power Systems
q SFC Energy
q Bloom Energy
q Fuel Cell Energy
q Solution Corporation
q Toshiba Energy Systems
q Mitsubishi Hitachi Power Systems
q Horizon Fuel Cells
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Fuel Cell Technology Market related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
Hydrogenics
In October 2018, a new facility was established by Hydrogenics in Carlsbad, California. The objective of this facility was the amalgamation of hydrogen fuel cells technology in heavyweight trucks and bus platforms for the convenience of customers.
Ballard Power Systems
In October 2019, a contract was signed between Ballard Power Systems and BEHALA. According to the contract, 3 FCveloCity 100 Kw Fuel Cell modules was to be supplied by Ballard Power Systems. These fuel cells are supposed to be installed in Elektra, the globe’s first Zero-emission push boat.
SFC Energy
In October 2019, a contract was signed between SFC Energy and Aurorahut. According to the agreement, Aurorahut’s EFOY Cell was integrated in brand-new rain-or-shine igloo houseboats. EFOY is an automated, eco-friendly, zero-noise source of power in all igloos.
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Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Fuel Cell Technology Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Fuel Cell Technology Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities Beypazarı escort and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Fuel Cell Technology caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Fuel Cell Technology Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
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