Global Fuel Cell Market Expected to Grow with a CAGR of 22% During the Forecast Period, 2019-2024 - ResearchAndMarkets.com

The "Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC): Insights, Trends and Forecast (2020-2024)" report has been added to ResearchAndMarkets.com's offering.

The global fuel cell market is forecasted to reach US$22.19 billion in 2024, growing at a CAGR of 22%, for the period spanning from 2019 to 2024.

The factors such as increasing unconventional oil and gas distribution activities, growing wireless surveillance industry, rapid urbanization, increasing carbon dioxide emissions and accelerating economic growth are expected to drive the market. However, the growth of the industry would be challenged by the high maintenance cost of fuel cells, competitive landscape and hydrogen storage and transportation issues. A few notable trends include increasing fuel cell vehicle sales, rising adoption of fuel cell in the defence sector, growing preference of hydrogen-based fuel cells and supportive government policies.

Typically, fuel cells are segmented on the basis of their electrolyte (alkaline, polymer, phosphoric acid & others) or temperature (low or high) for which they are designed to function. Commonly used fuel cell systems are Proton Exchange Membrane Fuel Cell (PEMFC), Direct Methanol Fuel Cell (DMFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) and Molten Carbonate Fuel Cell (MCFC).

Presently, owing to increasing environmental regulations, many industrialists are using fuel cell as hydrocarbon fuels emits 30-50% lower CO2 emissions than if combusted in engines due to 2-3x greater energy efficiency; electrochemical conversion of fuel to power results in much less temperature variability than combustion in engines, which results in much lower NOx, SOx particulate emissions; fuel cells have electrical energy efficiency of 40-60%, depending on chemistry and provide the primary energy needs of many users.

The fastest-growing regional market is Asia-Pacific due to the increasing number of PEMFC based vehicles as well as technological advancements in the manufacturing of fuel cell power grids in South Asian economies.

Scope of the report:

• The report provides a comprehensive analysis of the global fuel cell market, segmented on the basis of product types i.e. Proton Exchange Membrane Fuel Cell (PEMFC), Direct Methanol Fuel Cell (DMFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC) & Molten Carbonate Fuel Cell (MCFC) and Applications i.e. Stationary, Portable & Transport.
• The major regional markets (Asia-Pacific, North America, and Europe) have been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players i.e. FuelCell Energy, Inc., Ballard Power Systems Inc, Ceres Power Holdings Plc, Doosan Corporation, Plug Power Inc. and Kyocera Corporation are also presented in detail.

Key Topics Covered:

1. Market Overview

1.1 Introduction

1.2 Fuel Cell Components

1.3 Fuel Cell Classification

1.4 Fuel Cell End Users and Applications

1.5 Fuel Cell Supply Chain

2. Global Fuel Cell Market Analysis

2.1 Global Fuel Cell Market Value Forecast

2.2 Global Fuel Cell Market Value by Segments

2.2.1 Global PEMFC Market Value Forecast

2.2.2 Global PAFC Market Value Forecast

2.2.3 Global MCFC Market Value Forecast

2.3 Global Fuel Cell Market Value by Applications

2.4 Global Fuel Cell Market Value by Region

2.5 Global Fuel Cell Market Volume

2.6 Global Fuel Cell Market Volume Forecast

2.7 Global Fuel Cell Market Volume by Segment

2.8 Global Fuel Cell Market Volume by Application

2.9 Global Fuel Cell Market Volume by Region

2.10 Global Fuel Cell Shipments

2.11 Global Fuel Cell Shipments Forecast

2.12 Global Fuel Cell Shipments by Segments

2.13 Global Fuel Cell Shipments by Applications

2.14 Global Fuel Cell Shipments by Region

3. Regional Fuel Cell Market Analysis

3.1 Asia-Pacific

3.1.1 Asia-Pacific Fuel Cell Market Value Forecast

3.1.2 Asia-Pacific Fuel Cell Market Volume

3.1.3 Asia-Pacific Fuel Cell Market Volume Forecast

3.1.4 Asia-Pacific Fuel Cell Shipments

3.1.5 Asia-Pacific Fuel Cell Shipments Forecast

3.2 North America

3.3 Europe

4. Market Dynamics

4.1 Growth Drivers

4.1.1 Increasing Unconventional Oil and Gas Distribution Activities

4.1.2 Growing Wireless Surveillance Industry

4.1.3 Rapid Urbanization

4.1.4 Increasing Carbon Dioxide Emissions

4.1.5 Accelerating Economic Growth

4.2 Key Trends and Developments

4.2.1 Increasing Fuel Cell Vehicle Sales

4.2.2 Rising Adoption of Fuel Cell in the Defence Sector

4.2.3 Growing Preference for Hydrogen based Fuel Cells

4.2.4 Supportive Government Policies

4.3 Challenges

4.3.1 High Maintenance Cost of Fuel Cells

4.3.2 Competitive Landscape

4.3.3 Hydrogen Storage and Transportation Issues

5. Competitive Landscape

5.1 Global Fuel Cell Market

5.1.1 Key Players - Revenue Comparison

5.1.2 Key Players - Market Cap Comparison

5.1.3 Key Players - Research & Development Expenditure Comparison

6. Company Profiles

6.1 FuelCell Energy, Inc

6.2 Ballard Power Systems Inc

6.3 Ceres Power Holdings Plc

6.4 Doosan Corporation

6.5 Plug Power Inc.

6.6 Kyocera Corporation

For more information about this report visit https://www.researchandmarkets.com/r/9jmbsm

View source version on businesswire.com: https://www.businesswire.com/news/home/20200130005467/en/