The global fuel cell market was valued at almost 340 MW in 2015 and is expected to reach almost 947 MW by 2020, says Technavio.
Technavio has announced its latest market research report on fuel cells for the forecast period, 2016-2020. This market analysis, under the power vertical, discusses the major drivers and key emerging trends that will influence the growth of the global fuel cell market during the forecast period. Some of the top vendors listed in this industry analysis include Ballard Power Systems, Bloom Energy, Nuvera Fuel Cells, and SFC Energy.
In terms of geographical analysis, APAC will account for the largest share of the global market and is expected to ship over 520 MW by 2020. China, Japan, South Korea, and Taiwan will emerge as the key revenue-generators.
“The introduction of several new techniques is resulting in the reduction of fuel cell prices. In the US, several fuel cell manufacturing companies are reducing the amount of platinum used in fuel cells, leading to an up to 30% reduction in fuel cell prices since 2008. Besides, rejected energy and waste heat can also be captured if fuel cells are established close to their point of use,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on fuel cells.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Need to control emissions in transportation sector
Auto regulators worldwide have been setting targets to control their emissions as the transportation sector accounts for around 23% of global energy-related GHG emissions. Fuel cells that are used in transportation allow speedy operation with fewer vibrations and less noise. They are also more efficient than gasoline vehicles. Hydrogen is the primary fuel used to power FCVs and hence, emissions from an FCV‘s tailpipe are water vapor and warm air.
Flexibility in use of fuels
SOFCs can run on almost any fuel to generate electricity owing to their high operating temperatures. Emerging fuels such as syngas, pure and impure hydrogen, and biofuels can be used to operate SOFCs. They can also bear fossil fuel impurities such as ammonia and chlorides, allowing these devices to have a wider application area. For instance, NASA has switched from using AFC to SOFC for its space missions, as the latter offers higher fuel flexibility.
Growing demand for efficient and cleaner technologies
An upsurge in the demand for electricity coupled with increasing awareness about using cleaner energy forms is propelling the adoption of energy storage applications such as fuel cells. Fuel cells are considered as an efficient and reliable technology that can generate power and supply heat. Fuel cells are scalable in nature as they can be used for both, backup and primary power in off-grid networks. The capacity range of fuel cells can range from kilowatts to megawatts to supply power to facilities such as warehouses and data centers.
Some of the other prominent vendors identified in this report are ACAL, Acumentrics, Aisin, Altergy Systems, Ceramic Fuel Cells, Ceres Power, Delphi Automotive Systems, DMFCC, Doosan Fuel Cell, ElectroChem, EnergyOr Technologies, Enocell, FuelCell Energy, GE, H2 Logic, Horizon Fuel Cell Technologies, Hydrogenics, Infintium Fuel Cell Systems, Intelligent Energy, Johnson Matthey Fuel Cells, Kyocera, LG Fuel Cell Systems, Mitsubishi Heavy Industries, Neah Power Systems, Oorja Protonics, Panasonic, Plug Power, Proton Motor Fuel Cell, Redox Power Systems, Shanghai Everpower Technologies, Symbio FCell, Toshiba, and Ultra Electronics AMI.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Fuel Cell Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Direct Methanol Fuel Cell Market 2016-2020
- Global Solid Oxide Fuel Cell Market 2016-2020
- Global Lithium Ion Battery Market 2016-2020
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