Report : Fuel Cell Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), and Others); Application (Transport, Portable, Stationary); and End-User (Fuel Cell Vehicles, Utilities, Defense, Others)
Rising Growth Potential for EVsProvide Growth Opportunitiesto Fuel Cell Market Players
According to the latest market study on “Fuel Cell Market to 2027 – COVID-19 Impact and Analysis and Forecast by – By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), and Others); Application (Transport, Portable, Stationary); and End-User (Fuel Cell Vehicles, Utilities, Defense, Others),”the marketwas valued at US$ 709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027, growing at a CAGR of 26.8%.The report highlights the factorsdriving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.
Rising Growth Potential for EVs is Anticipated to Provide Growth Opportunities for Fuel Cell Providers
At present, automotive manufacturers are inclined toward making automotive mobility more sustainable to reduce their impact on the environment. The major players in the automotive sector are focusing on investing in the production of electric vehicles. There have been notable collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles. With the changes in business strategies to introduce innovative technologies, the market is moving toward EV adaptation, which has compelled ICE vehicle manufacturers to shift their focus toward EVs with high voltage operating devices. With the rapid growth in the automotive sector, car manufacturers are also becoming careful while selecting energy distribution technologies to avoid battery-related accidents.
At present, there is increase in demand for an energy-efficient electric vehicle to reduce pollutions worldwide. Also, it is stated in the International Council on Clean Transportation (ICCT) that auto manufacturers have announced more than US$ 150 billion investments to achieve the production of 13 million electric vehicles by 2025. The shifting trend of vehicles from old conventional automotive vehicles to electric vehicles demands for electric circuit system, which drives the adoption of fuel cell. Thus, rapid growth in the automotive industry and increasing investment in the production of electric vehicles are the major factors offering opportunity for the global market players to expand their businesses.
The global fuel cell market is broadly segmented into type, application, end user, and geography upon extensive analysis of business offerings of considerable market players and selected end users. In terms of type, the proton exchange membrane fuel cell segment dominated the market in 2019. In terms of application, the stationary segment held the largest market share in 2019. In terms of end user, utilities segment held the highest share across the globe.
Hydrogenics Corp.;FuelCell Energy, Inc.; Plug Power Inc.; Bloom Energy; Ballard Power Systems; SFC Energy AG; Intelligent Energy Limited; Doosan Fuel Cell Co., Ltd.; TW Horizon Fuel Cell Technologies; and Toshiba Energy Systems & Solutions Corporation are among the major companies offering products in fuel cell market.
The report segments the global fuel cell marketas follows: