Fuel Cells Market To Attain A Revenue Of Us$ 27.25 Bn By 2024

Global Fuel Cells Market: Snapshot

This research study analyzes the market for fuel cells in terms of volume (Units) and revenue (US$ Mn). The fuel cells market has been segmented on the basis of type, application, and geography. For the research, 2015 has been taken as the base year, while all forecasts have been given for the period from 2016 to 2024. Market data for the segments including type, application, and regional have been provided from 2014 to 2024. The report provides a broad competitive analysis of companies engaged in the fuel cells business.

The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the fuel cells market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the fuel cells market with the help of Porter’s Five Forces model.

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The high-level analysis in the report provides detailed insights into the fuel cells business globally. There are currently numerous drivers of the market. Some of the most prominent drivers are high electricity demand and strict government regulations to minimize carbon emissions. Market attractiveness analysis was carried out for the fuel cells market on the basis different regions. Market attractiveness was estimated on the basis of common parameters that directly impact the fuel cells market.

Increasing demand for energy and rising cost of fossil fuels are likely to propel the demand for fuel cells. Rise in adoption of fuel cells in stationary, portable, and transport applications are anticipated to drive growth of the fuel cells market. Research and development activities in demonstration and adoption of improved and efficient fuel cell technology would reduce carbon dioxide emissions and enhance the efficiency of power delivered.

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High energy density and better backup power systems as compared to other batteries are also augmenting the fuel cells market. Rapid population growth followed by high electricity demand has resulted in a paradigm shift towards alternate sources of electricity generation such as fuel cells. Rapid rise in the industrial applications of hydrogen gas is expected to boost the demand for fuel cells globally. However, distribution and transportation challenges associated with hydrogen coupled with the high cost of fuel used in fuel cells such as hydrogen or other gas as against fossil fuels may restrain growth of the fuel cells market.

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Globally, investment influx in the fuel cells markt is anticipated to grow during the forecast period. Power, portable charging requirements, CHP, and backup power systems are the primary drivers for the demand for fuel cells. The fuel cells market has been segmented in terms of type, application, and geography. By type, the fuel cell market has been segmented into proton exchange membrane fuel cells (PEMFC), direct methanol fuel cells (DMFC), solid oxide fuel cells (SOFC), and others. By Application, the market has been segmented into stationary, portable, and transport In terms of geography, the fuel cells market has been segmented into four regions: North America, Europe, Asia Pacific, and Rest of the World.

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