“The global fuel cells market is projected to reach USD 1,059 million by 2024, at a CAGR of 25.4% from 2019 to 2024”
The global fuel cells market size is projected to reach USD 1,059 million by 2024 from an estimated market size of USD 342 million in 2019, at a CAGR of 25.4% during the forecast period with major focus on the advances in the fuel cell technologies. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.
“The transport segment is expected to be the fastest-growing market during the forecast period.”
The fuel cells market, by application, is segmented into transport, portable, and stationary applications. Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water. In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.
“The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2019 to 2024. “
Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2018 and is expected to grow at the highest CAGR during 2019 to 2024 owing to their application in fuel cell-based vehicle operations.
“Asia Pacific is expected to lead in the global fuel cells market.”
Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. The Asia Pacific market is driven by the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.
With the demand for electrical power, and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably. The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells. Apart from the China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier I: 52%, Tier II: 27%, and Tier III: 21%
- By Designation: C-Level Executives: 31%, Directors: 34%, and Others: 35%
- By Region: North America: 48%, Europe: 11%, Asia Pacific: 32%, Rest of the World (RoW): 9%
Note: Others include sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue, as of 2017; Tier 1: USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:
- The report defines, describes, and forecasts the global fuel cells market and the advances in fuel cell technology market by type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the advances in fuel cell technology market.