LONDON--(BUSINESS WIRE)--The fuel cell market is expected to grow by 2280.21 MW during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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As per Technavio, the rising incentives to increase adoption of fuel cell vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
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Fuel Cell Market: Rising Incentives to Increase the Adoption of Fuel Cell Vehicles
The growing incentives to boost the adoption of fuel cell vehicles is one of the critical reasons that will drive fuel cell market growth. Increasing concerns over the rising air pollution have necessitated the reduction of overall GHG emissions by decarbonizing various sectors such as power and transport. This has resulted in increased demand and use of alternative technologies such as fuel cells. These cells eliminate the issues related to range anxiety associated with electric vehicles (EVs) as it can produce electricity as long as hydrogen is available. As a result, governments across the globe are ensuring the availability of hydrogen infrastructure to promote the use of FCEVs. To increase the adoption of fuel cells, governments are also focusing on making them cost-effective and convenient by providing incentives in the form of tax credits and subsidies.
“Other factors such as the increasing R&D activities, and increasing adoption of microgrids will have a significant impact on the growth of the fuel cells market value during the forecast period,” says a senior analyst at Technavio.
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Additionally, the development of zero-energy buildings will also drive the growth of the fuel cell market. The concept of the zero-energy building is gaining popularity as it improves the overall efficiency by minimizing the consumption of energy and using special materials such as well-insulated building structures. They help in reducing carbon emissions by using renewable energy sources such as fuel cells, solar PV panels, and other energy storage technologies. As fuel cell-based systems have high efficiencies and provide economic benefits to consumers, they are greatly used in the residential sector to construct zero-energy buildings. Such factors will drive fuel cell market growth at a CAGR of almost 25% during the forecast period.
Fuel Cell Market: Segmentation Analysis
This market research report segments the fuel cell market by Product (PEMFC, PAFC, SOFC, and Others), Geography (APAC, Americas, and EMEA), and Application (transport, stationary, and portable).
APAC was the largest fuel cell market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Favorable regulations and initiatives from government agencies and rising focus on reducing carbon emissions will significantly drive fuel cell market growth in this region over the forecast period.
Japan, South Korea (Republic of Korea), and China are the key markets for fuel cells in APAC. Market growth in this region will be faster than the growth of the market in EMEA.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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