Fuel Cell Technology Market worth $5.20 Billion by 2019, According to a New Study on ASDReports

Thursday 16 October 2014, Amsterdam

The new report now available on ASDReports, defines and segments the global fuel cell market, with an analysis and forecast of the market size. The fuel cell market is expected to grow from an estimated $2.61 billion in 2014 to $5.20 billion by 2019, with a CAGR of 14.7% from 2014 to 2019.

Asia-Pacific: Largest market for fuel cell technology market

Asia-Pacific is estimated to be the largest value generating region for fuel cells, with Japan and South Korea being the major countries driving the market. The demand for fuel cells is also increasing rapidly in regions like Europe and North America. In ROW, the market is growing at a slower rate due to lesser awareness, although these regions comprise the future markets for fuel cells along with, some regions in Asia-Pacific.

PEMFC (Proton exchange membrane fuel cell): Biggest market by type

PEMFC is the largest fuel cell type used across the globe and due to higher associated installation costs; it has a higher power to area ratio than the other types. With its high electrical efficiency and ability to be used in sub mega watt and mega watt applications, it is one of the most widely used fuel cell systems.

Stationary Use:

The application of fuel cells is growing rapidly in the stationary segment because of their smaller size and ability to run on various fuels. This application is expected to reach a market size of $4.17 billion by 2019, with a CAGR of 14.9% between 2014 and 2019.