Global Fuel Cell Market to Exceed US $13 Billion by 2026

SELBYVILLE, Del. , November 27, 2019 (Newswire.com) - ​According to the recent study titled "Fuel Cell Market Share, Size, Trends, & Industry Analysis Report By Type (Solid Oxide Fuel Cells, Phosphoric Acid Fuel Cells, Proton Exchange Membrane Fuel Cells, Molten Carbonate Fuel Cells); By Application; By Region: Segment Forecast, 2019 – 2026", available with Market Study Report LLC, the global fuel cell market is anticipated to accumulate U.S. $13.71 billion by the year 2026.

Fuel cells are known to offer higher efficiency, which makes them ideal to be applied in a distributed power system, hence propelling the growth of the fuel cell market. Increasing environmental concerns leading to the demand for unconventional energy sources, in tandem with governmental directives and voluntary public initiatives towards energy consumption, will further encourage the adoption of fuel cells, thereby boosting the market growth.

As per the study, the fuel cell market is presumed to expand with a CAGR of 17.5% through the year 2026. This significant growth can be attributed to widespread adoption of fuel cell vehicles, rising awareness towards green technologies and its adoption, technological advancements, along with vendors' investments for developing advanced hydrogen storage.

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Based on type, the fuel cell industry is categorized into phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), and others. While in terms of the application spectrum the market is segmented as portable, stationary, and transport, the stationary segment dominated the fuel cell market in 2018.

Considering the geographical landscape, the Asia-Pacific fuel cell market generated maximum revenue in 2018 and is expected to maintain this trend throughout the analysis period, owing to surging concerns and improved awareness among the regional population regarding the environment. Rising investments by the government towards encouraging the adoption of fuel cells, in consort with the growing usage of fuel cells across commercial and transportation applications, and the overall rise in power consumption, will further augment the regional market growth.

Main contenders in the fuel cell market include Ceres Power Holdings PLC, Aisin Seiki Co. Ltd., Ballard Power Systems, Inc., Panasonic Corporation, Horizon Fuel Cell Technologies, Nedstack Fuel Cell Technology, Intelligent Energy Limited, Toshiba Fuel Cell Power Systems Corporation, and Mitsubishi Hitachi Power Systems Ltd. among others.

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Question & Answer: Fuel Cell Market

Question 1: Why is the fuel cell market registering unhindered growth?

Answer: Fuel cells are known to offer a higher efficiency, which makes it ideal to be applied in a distributed power system, hence propelling the growth of the fuel cell market. Increasing environmental concerns leading to the demand for unconventional energy sources, in tandem with governmental directives and voluntary public initiatives towards energy consumption, will further encourage the adoption of fuel cells, thereby boosting the market growth.

Question 2: How will the fuel cell market expand in the upcoming years?

Answer: The global fuel cell market is presumed to expand with a CAGR of 17.5% through the year 2026 and is anticipated to accumulate US $13.71 billion.

Question 3: Which region has been witnessing significant growth in the fuel cell market?

Answer: The Asia-Pacific fuel cell market generated maximum revenue in 2018 and is expected to maintain this trend through 2026, owing to surging concerns and improved awareness among the regional population regarding the environment. Rising investments by the government towards encouraging the adoption of fuel cells, in consort with the growing usage of fuel cells across commercial and transportation applications and the overall rise in power consumption, will further augment the regional market growth.

Question 3: What companies form the competitive landscape of the fuel cell market?

Answer: The main contenders of fuel cell market include Ceres Power Holdings PLC, Aisin Seiki Co. Ltd., Ballard Power Systems, Inc., Panasonic Corporation, Horizon Fuel Cell Technologies, Nedstack Fuel Cell Technology, Intelligent Energy Limited, Toshiba Fuel Cell Power Systems Corporation, and Mitsubishi Hitachi Power Systems Ltd. among others.

Related Report:

Fuel Card Market Research Report 2019 to 2027

The global fuel card market is estimated to account to US $6.29 billion in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period of 2019 to 2027 and account to US $10.39 billion by 2027. The increasing penetration of digitization in various industries, including logistics and transportation, is driving the demand for efficient and transparent payment solutions. In addition to this, changing consumer preferences and increasing technological shifts are the two major factors that are driving the paradigm shift in global payments and the card industry. The rising penetration of mobile phones has led customers to embrace mobile and in-app payment methods over traditional payment methods. This trend of using alternative payment methods over traditional ones is anticipated to drive the adoption of fuel cards in North America.

Various governments in this region are formulating policies to attract foreign direct investments (FDIs) in the technology sector with the increasing demand for enhanced digital services from customers. For instance, China’s government relaxed the restrictions on new entries with an objective to encourage overseas and private capital investments in their economy. In the digital landscape, the Chinese government is very keen to maintain its stronghold and competitiveness through initiatives such as Industry 4.0, Made in China 2025, and Internet Plus. Australia has also taken initiatives to promote the digital transformation of various industries with the announcement of the Digital Transformation Strategy. Over the past three years, Australia had delivered some transformational new services, such as Airport SmartGates, myTax and Medicare, which focus on transforming traditional services into digital services. This strategy lays a roadmap to 2025. An increasingly tech-savvy population, rising investments in digital solutions by enterprises and favorable government policies to promote digitization are some of the major factors that are expected to drive the demand of fuel cards in the Asia-Pacific region.

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