Publication Month: Oct 2020 | Report Code: TIPTE100000720 | No. of Pages: 215 | Category: Electronics and Semiconductor | Status: Published
The fuel cell market is broadly segmented into five major regions North America, Europe, APAC, MEA, and SAM. In terms of market share, the APACregion dominated the fuel cell market in 2019.The Asian countries are witnessing huge steps by the auto makers that is contributing toward fuel cell. Yamaha, Toyota, Tata Motors, are some of the companies taking steps for encouraging fuel cell. For instance, Toyota has deployed their SimpleFuelTMrefueling station in Motomachi Plant in Toyota City. Similarly, Railway Technology Institute of Japan has created a hybrid train with a 540 kW Li-ion battery and two 90 kW fuel cells. Such initiatives from companies play a major role in propelling the market growth.
The COVID-19 outbreak has been affecting every business globally since December 2019. The rapid spread of the virus has urged governments across the world to impose strict restrictions on the movement of humans and vehicles. Earlier, in the first quarter, the global automotive industry was suffering serious disruptions due to supply chain breaks, technology events cancellations, and factory and office shutdowns, as a result of COVID-19 outbreak. The automotive industry is facing the biggest existential crisis, with 97% of the light vehicle manufacturing plants in North America and Europe are temporarily shut down. In addition to this, the global travel bans imposed by countries in Europe, Asia,North America, and others are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to negatively affect the automotive industry and hamper the market growth in the coming 6–9 months; however, the overall growth is anticipated to be positive during the forecast period.
Over the recent years, there has been a global augmentation in the demand of fuel cell technology. Conventional petroleum and fuels have incrementally created severe ecological concerns owing to excessive emissions of CO, CO2, NOx, and SOx. Fuel cells serve as an alternative energy source to the conventional energy source, and thereby reduce the dependency on oil, diesel, and other sources. Therefore, the transport segment is anticipated to witness a high growth rate of fuel cells owing to the increasing demand for eco-friendly vehicles across the world and need to lower impact of harmful gases released in the environment.
Based on type, the fuel cell market is dominated by the proton exchange membrane fuel cell segment.These fuel cells are majorly used for transport applications, portable fuel-cell applications, and stationary fuel-cell applications. In addition, it is also used for mobile applications. Companiessuch as Horizon Fuel Cellare focused on developing larger fuel cell systems.
Based on application, the fuel cell market is dominated by the stationary segment. Solid oxide fuel cells are heavily adopted for stationary purpose. Companies such as Bosch and Ceres are collaborating for the development of fuel cell stacks for stationary power applications. Such contractual alliances will promote the market growth.
Based on end user, the fuel cell market is dominated by the utilities segment. Fuel cells have huge potential of generating power, thereby ensuring further reduction of carbon footprints. As a vital environmental solution, hydrogen fuel cells can be used as one of the major resources for power generation across the world.
|Market Size Value in||US$ 709.00 Million in 2019|
|Market Size Value by||US$ 4,570.68 Million by 2027|
|Growth rate||CAGR of 26.8% from 2020-2027|
|No. of Pages||215|
|No. of Tables||149|
|No. of Charts & Figures||90|
|Historical data available||Yes|
|Segments covered||Type ; Application ; and End-User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
The List of Companies - Fuel Cell Market