LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global fuel cell market since 2016 and the market is poised to grow by 1704.79 MW during 2019-2023, progressing at a CAGR of almost 26% during the forecast period. Request Free Sample Pages
Read the 145-page research report with TOC on "Fuel Cell Market Analysis Report by Application (transport, stationary, and portable), by Product (PEMFC, SOFC, PAFC, and others), by Geography (the Americas, APAC, and EMEA), and Segment Forecasts, 2019 - 2023"
The market is driven by the growing incentives to increase the adoption of fuel cell vehicles. In addition, the development of zero-energy buildings is anticipated to further boost the growth of the fuel cell market.
There is an increase in the demand for fuel cells to minimize the overall GHG emissions and decarbonize various sectors including the power and transport sectors. The use of fuel cells also eliminates the range anxiety associated with electric vehicles. The growing awareness of such benefits has encouraged governments around the globe to promote the use of FCEVs by offering several incentives. These incentives are in the form of tax credits and subsidies. This makes the adoption of fuel cells cost-effective and highly convenient. Thus, the growing number of incentives to boost the adoption of fuel cell vehicles are expected to drive market growth during the forecast period.
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Major Five Fuel Cell Market Companies:
AISIN SEIKI Co., Ltd.
AISIN SEIKI Co., Ltd. owns and operates businesses under various segments such as AISIN Seiki Group, AISIN Takaoka Group, AISIN AW Group, ADVICS Group, and others. The company offers ENE-FARM, which is a system that produces electricity and heat (hot water) from city gas, making it a home fuel cell cogeneration and energy farm with plenty of water and heat.
Ballard Power Systems
Ballard Power Systems offers product segments such as fuel cell stacks, heavy duty modules, and backup power systems.
Bloom Energy offers product such as integrated energy storage, microgrid, energy server platform, and mission critical solutions.
FuelCell Energy, Inc.
FuelCell Energy, Inc. has business operations under various segments such as fuel cell power plant production and research. Some of the products offered by the company are SureSource 1500, SureSource 3000, and SureSource 4000.
Panasonic Corporation offers products for various business segments such as appliances, eco solutions, connected solutions, automotive and industrial systems, and others. The company offers household fuel cells on a commercial scale. It is also working to develop and commercialize pure hydrogen-type fuel cells.
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Fuel Cell Product Outlook (Revenue, USD Million, 2019 - 2023)
- Polymer exchange membrane fuel cell (PEMFC)
- Solid oxide fuel cell (SOFC)
- Phosphoric acid fuel cell (PAFC)
Fuel Cell Regional Outlook (Revenue, USD Million, 2019 - 2023)
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