IMARC Group’s latest study, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global fuel cell market reached a value of US$ 4.5 Billion in 2018. A fuel cell refers to an electrochemical energy conversion device which contains two electrodes. It also includes an electrolyte which carries ions between the electrodes and a catalyst to speed up the reaction. Owing to the advantages offered by fuel cells, such as easy maintenance, high operating time and better efficiency, they find applications in automobiles, data centres, forklifts, telecommunications, etc. Moreover, as modern fuel cells work on pure hydrogen, they emit negligible amount of greenhouse gases in comparison to diesel- or gas-based fuel cells which makes them environment-friendly in nature.
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Constant depletion of fossil fuels has led governments across the world to implement numerous policies and initiatives, and use sustainable energy alternatives. For instance, the Australian government has proposed to convert gas distribution system to clean hydrogen by 2030. Similarly, the German government aims to reduce greenhouse gas emissions by 40% till 2020 and has invested in hydrogen fuel cells for trains. Along with this, an increase in the number of fuel cell vehicles and buses in China, Japan and Korea has further broaden the growth prospects of the market. Additionally, employment of fuel cells reduces economic dependence on crude oil imports, thereby being financially beneficial to the countries. Looking forward, the market value is projected to reach US$ 9.5 Billion by 2024, expanding at a CAGR of 13.2% during 2019-2024.
Market Summary:
- Based on type, proton exchange membrane fuel cells dominate the market, holding the largest share. Other types of fuel cells include solid oxide, molten carbonate, direct methanol and phosphoric acid.
- On the basis of application, the market has been segregated into stationery, transportation and portable. Currently, stationery applications account for the majority of the total market share, representing the largest segment.
- Region-wise, the market has been classified into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Panasonic Corporation, Ballard Power Systems Inc., FuelCell Energy Inc., Plug Power Inc., Nuvera Fuel Cells Inc., AFC Energy PLC, SFC Energy AG, Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, Mitsubishi Hitachi Power Systems, Ltd., Intelligent Energy Limited and Doosan Fuel Cell America Inc.
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