Fuel Cell Technology Market 2020 Global Industry Trends, Statistics, Size, Share, Growth Factors and Comprehensive Research Study till 2025
Global Fuel Cell Technology Market Scenario:
A fuel cell is defined as a gadget that can convert the chemical energy from a fuel into electricity via a chemical reaction of positively charged hydrogen particles of oxygen or another oxidizing agent. Market Research Future (MRFR) has published a research report about the global fuel cell technology market that predicts great economic prospects for this market between 2017 and 2027.
The primary market driver for the global fuel cell technology market growth is the increasing demand for clean and green energy due to the rapid depletion of renewable resources such as oil and gas. Due to the demand for clean energy, the market for fuel cells is increasing. Increasing awareness about clean energy among individuals is also boosting the market growth. A detailed analysis report of COVID-19 impact on Fuel Cell Technology Market is provided with the report.
The rising prices of crude oil along with the increasing demand for fuel cells from power suppliers, automobile, residential builders and electronic companies attributing to the increasing consumer awareness towards advantages of Fuel Cell are some of the major driving forces substantiating the growth of the global fuel cell technology market.
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Fuel Cell Technology offers more applicability and reliability than other alternatives such as wind and sun. This allows the technology to garner an extensive uptake across industries leading to generate an augmented demand which then results in increasing its marker size. Additional factors that contribute to the market growth include a growing population, urbanization & industrialization across the globe. The emergence of Electric Vehicles has brought about the largest scope for the market to expand globally.
Global Fuel Cell Technology Market Segmentation:
The global fuel cell technology market segmentation covers application and types. MRFR is exploring the features of these segments to understand market trends.
As per the application-based segmentation, this market covers stationary application, portable application, and transportation application. By type, the market has been segmented into direct-methanol fuel cells (DMFC), molten-carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), polymer electrolyte membrane fuel cells (PEMFC), solid oxide fuel cell (SOFC), and others.
Prominent Players
Major players in the global fuel cell technology market include Ballard (Canada), Ceramic Fuel Cell (Australia), FuelCell Energy (USA), Hydrogenics (Canada), and Plug Power (USA).
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Regional Segmentation
The regional segmentation of the global fuel cell technology market covers Europe, the Americas (North America & South America), Asia Pacific, and the Middle East & Africa (MEA).
In the Americas region, North America is a bigger market than South America due to developed infrastructure, heavy industrialization, and the presence of many key market players. The major country-specific markets in this region are the USA, Canada, and Mexico. In South America, the market is limited due to limited technological advancement. The two most important economies that can emerge as suitable markets in this region in the future are Argentina and Brazil.
Europe has decided to cut down maximum carbon emission via the EU2020 program by 2050. This program focuses on increasing the demand for the fuel cell by improving the infrastructure, encouraging the use of fuel cells, and decreasing the cost of the fuel cells. Germany is the biggest country-specific market in Europe. Increasing awareness among European individuals has contributed to market growth.
In terms of high revenue, Asia Pacific region is one of the leading regional markets due to the increasing awareness among individuals, demand for fuel cell technology, and favorable government policies. Japan and South Korea form the major chunk of revenue generation in this region. Other important country-specific markets are Australia, China, India, and New Zealand. In the MEA region, the market growth is slow due to limited availability of technology.
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