LONDON--(BUSINESS WIRE)--Technavio projects the global stationary fuel cell market to post a CAGR of over 22% during the forecast period. The rapid increase in power consumption has led various countries across the world to decarbonize the power system thereby increasing the demand for a clean and efficient power source. The adoption of fuel cells is gradually increasing owing to its higher efficiency, and environmental benefits.
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In this report, Technavio highlights the growing preference for self-generation as one of the key emerging trends in the global stationary fuel cell market:
Growing preference for self-generation
The adoption of distributed energy generation is primarily driven by the growing need for uninterrupted and reliable power supplies in developed countries to increase the electrification rate. Instances of natural calamities disrupting continuous flow of power have led customers to seek increased reliability and resilience. Residential users are increasingly opting for self-generation of power as it enables freedom from power grid failure and offers cost-saving on energy costs.
According to a senior analyst at Technavio for power research, “Although renewable hybrid systems, energy storage, and diesel generators have been the most common technologies used as distributed energy source, fuel cells offer greater advantages. Fuel cells enable silent operation making them ideal for residential use. Moreover, this technology is not affected by and can provide both power and heat, thus, saves on heating and electricity bills.”
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Market segmentation - prime power segment to dominate the market
This market research report segments the global stationary fuel cell market into the following applications (prime power, CHP, and others), and key regions (the Americas, APAC, and EMEA).
The prime power segment dominated the market in terms of MW shipments with over 67% market share. This segment is also expected to have the highest market share during the forecast period. This dominance is attributed to the development of multi-MW scaled fuel cells parks and its installation in power critical buildings. The prime power segment was followed by the CHP segment and the others segment.
In 2017, the Americas dominated the stationary fuel cell market in terms of MW shipments accounting for a market share of more than 38%, followed by APAC and EMEA. However, the market share of the Americas is expected to reduce by close to 4% while that of APAC will increase by over 5% to surpass the Americas as the largest region by 2022.
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