The need for robust sources of heat and electricity is estimated to aid the fuel cell technology market 2020. The energy & power industry reports are produced by Market Research Future, which highlights market options for expansion. A CAGR of 20.15% is projected to lead to income worth USD 10.25 Billion by 2025.
The demand for cleaner sources of energy is expected to favor the development of the fuel cell technology market in the coming period. The rising pace of the development of fuel cell vehicles is estimated to motivate the fuel cell technology market in the future.
The segmental investigation of the fuel cell technology market has been conducted based on method, application, fuel type, and region. On the basis of fuel types, the fuel cell technology market is segmented into methane, hydrogen, and others. On the basis of the methods, the fuel cell technology market is segmented into DMFC, PAFC, PEM, SOFC, AFC, MCFC, and others. By the applications, the fuel cell technology market is segmented into transportation, stationary, and portable power. Based on the regions, the fuel cell technology market consists of Asia Pacific, Africa, Europe, the Middle East, South America, and North America.
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Detailed Regional Analysis
The regional examination of the fuel cell technology market consists of Asia Pacific, Africa, Europe, the Middle East, South America, and North America. The Asia Pacific regional market controls the prime share in the fuel cell technology market owing to the escalating demand for fuel cell technology from the automotive sector, which consists of Japan, China, and South Korea of about 42 % of worldwide automotive production. Also, the strict government regulations connected to carbon emissions would urge the development of the fuel cell technology market in the Asia Pacific market. In addition, the regional market in North America is anticipated to be the second biggest market for fuel cell technology. The US is projected to govern the fuel cell technology market in North America, due to the augmentation of commercial fuel cell electric car over 3,800 units,
The establishment of robust distribution channels is estimated to define the development of the market in the future. The prospects for growth in the market have to be carefully sought out and examined to ensure that they will ensure the favorable development of the market in the coming period. The competitors present in the market are recalibrating their market share to open up new areas of development in the market. The state of the market is extremely indecisive due to the effect of the macro factors operating in the global economy. The road to the resurgence of the market is estimated to be extensive and arduous due to the degree of setbacks it has suffered. The stress on enhancing the production potential and upgradation of the workforce are the top priorities to reinvigorate the development potential of the market in the coming period. The investment in robotic elements in the supply chain is estimated to be seen in the future to reduce the impact of the human capital on the long term market expansion.
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The chief players functioning in the fuel cell technology market are FuelCell Energy, Inc (US), Toshiba Corporation (Japan), AFC Energy (UK), Hydrogenics Corporation (US), Kyocera (Japan), Panasonic Corporation (Japan), Ceramic Fuel Cells Limited (Australia), Doosan Fuel Cell (US), Plug Power Inc (US), Ballard Power Systems (Canada), SFC Energy (Germany), Intelligent Energy Holdings PLC (UK), Acal Energy Ltd (UK) and Ceres Power Holdings PLC (UK) to name a few.
Apr 2020 The Volvo Group and Daimler Truck have announced a strategy for a collaboration emphasizing on hydrogen fuel-cell technology, which is the newest example of leading transportation firms taking steps to move forward the technology into the mainstream markets. Both the firms stated they had established a 50/50 joint undertaking, looking to produce, develop, and commercialize fuel cell systems for heavy-duty vehicle other use cases.