Fuel Cell Market was valued at USD 3.21 billion in 2016. The product’s ability to power various portable device and machines running on batteries, as well as high benefits over the conventional technologies concerning emission, is most likely to propel the fuel cell industry in the upcoming years.
Owing to the strict government regulations in the developed economies such as Europe and U.S., to reduce the emissions coupled with the technological advancements to support the existing electric grids is expected to boost the growth over the forecast period.
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The fuel cell market is expected to experience the growth in the number of private-public relationships to provide cost efficiency and facilitate a suitable platform for a technological shift. Reorganizing the businesses along with the mergers & acquisitions are the key strategies adopted by industry players to develop the end users.
Product Insights
Although the configurations of the fuel cells are the same, it is classified primarily by electrolyte used which also determines the most suitable application for them. In 2015, PEMFC product segment dominated the global market and accounted for approximately 65% of the total shipments. Broad scope in varied applications such as telecommunications, forklifts, automobile, data centers, backup systems and primary centers has led to the growth of the product in the market.
SOFC does not lose electrolyte owing to its all solid components, which gives it the ability to operate at high temperatures and reduces the need for expensive catalysts. Regarding revenue, the product is most likely to witness the fastest growth rate with the estimated CAGR of over 20% over the forecast period.
Stationary fuel cells such MCFC are the largest and most popular fuel cells. They are designed to supply reliable and clean on-site power. The products are installed in big stationary power plants, which makes them possess thus making them the second largest for installed capacity.
Due to the strict government regulations in the developed region such as North America, it is most likely to develop as the leading market for fuel cells regarding installed capacity. In 2015, it accounted for about 50% of the global installed capacity and was also predicted to continue the trend over the next six years on account of rapid commercialization and technology adoption of hydrogen-powered commercial vehicles. North America is projected to grow at an estimated CAGR of 25% between 2016 to 2025.
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Market Segment:
Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
- PEMFC
- PAFC
- SOFC
- MCFC
- Others
Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
- Stationary
- Transportation
- Portable
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