The Asia Pacific market of the fuel cell is estimated to record at a CAGR of 18.07% during the projected period, 2020-2028. The growth of the market is propelled mainly by the presence of many large fuel cell manufacturers like Fuji Electric and others that are focused on development in the region. Another factor is the increased adoption of fuel cell vehicles in the overall region.
The fuel cell market growth in the Asia Pacific is analyzed further by segregating the region into South Korea, China, Thailand, Vietnam, Japan, India, Vietnam, Indonesia, Australia & New Zealand, and the rest of Asia Pacific that includes countries like the Philippines, Taiwan, Sri Lanka, etc. Indonesia’s fuel cell market is still in the earliest stages of development. Indonesia’s Electricity Power Supply Business Plan (RUPTL) intends to increase the capacity of renewable energy facilities from 12.52% in 2017 to 23% by 2025.There is also a growing demand for a distributed generation system since people live on isolated islands, thereby driving the demand for fuel cells.
In Thailand, private companies are taking initiatives for implementing fuel cell technologies. The Electricity Generating Authority of Thailand, along with its partners, is taking steps to deploy green hydrogen as a carbon-free energy carrier in Thailand. Australia’s fuel cell market is primarily influenced by the growing demand for an unconventional energy source. New Zealand is developing the infrastructure for the hydrogen economy. The Philippines is vulnerable to weather conditions like earthquakes and cyclones, and fuel cells can provide a game-changing alternative to power sources that are easily damaged by weather or polluting backup sources used today, like battery rooms and diesel generators. In Taiwan, the hydrogen fuel cell electric scooter with zero-emission is the first choice to reduce air pollution.
Aisin Seiki Co. Ltd., Toshiba Corporation, Panasonic Corporation, Hitachi, Ltd., Toyota Motor Corporation, etc. are some of the major companies operating in the market.
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