IMARC Group’s latest study, titled “Fuel Cell Market Report: 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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The Global Fuel Cell Vehicle Market Size is expected to expand by recording an impressive value of USD xx.xx Billion by the end of 2025, touching the positive CAGR of x.x% in the next couple of years.

There is upward graph of global fuel cell vehicle industry as the fuel cell technology offers efficiency to power airport tugs, passenger vehicles and heavy duty vehicles. This technology has set foot in the market with its rapid advancement. Additionally, the leading automobile manufacturers are investing heavily and moving towards this technology. These vehicles shows immaculate durability which indicates positive growth towards the main motive set by U.S. Department of Energy. Sale is slated to have steady and stable growth in the forthcoming years owing to advent of transit buses and hydrogen fuel cell vehicle market.

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The expansion of global hydrogen fuel cell vehicle size is slated to create higher job and business opportunities mainly in the R&D department. With help of hydrogen fuel cell vehicle, there is commendable decline in air pollutants and greenhouse gas emissions. Acceptance of hydrogen vehicles and proliferating implementation will up surge the industry demand over forecast period.

The region which owns the major global fuel cell vehicle share is North America. The factors that have major contribution is higher rate of development of fuel cell infrastructure like hydrogen filling stations. The market is projected to exhibit a CAGR of x.x% in the forthcoming years to retain its leading position. The United States Department of Energy have invested considerably in development of fuel cells so as to encourage higher adoption of FCVs. Additionally, states of U.S. such as California, Connecticut, New York and Nebraska have introduced launched rebate programs that is inclusive of incentives for FCVs.

In Europe, fuel cell vehicle market is predicted to expand at the highest CAGR of xx.x in the next couple of years. This substantial growth is due to the announcement of European Commission to invest USD 106 million in the next upcoming years. Asia-Pacific aggressive growth is contributed to promotion and subsequent adoption of FCEVs in Japan. Huge investments coming from Chinese and South Korean government is expected to contribute positively in the regional growth.

The global fuel cell vehicle market is segmented on the basis of vehicle type, which includes Commercial Vehicles and Passenger Cars. Further segmentation based on the fuel cell technology type includes Proton Exchange Membrane Fuel Cell, Modern-Day Fuel Cells, Fuel Cells and Batteries, Platinum as a Catalyst, Durability of Fuel Cell Systems and Others.

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The global players who operate the global fuel cell vehicle market are Cellkraft AB, Ballard Power Systems, Altergy Systems, Ceramic Fuel Cells Ltd., BIC Consumer Products, Automotive Fuel Cell Cooperation CorpAFC Energy and Acumentrics SOFC Corporation. The companies who use fuel cell in vehicles are Nissan Motor Company Ltd., BMW AG, Toyota Motor Corporation, Daimler AG and Audi AG.

Key segments of ‘Global Fuel Cell Vehicle Market’

Based on vehicle type, the market has been segmented into,

Passenger Cars

Commercial Vehicles

Based on technology type, the market has been segmented into,

Proton Exchange Membrane Fuel Cell

Modern-Day Fuel Cells

Fuel Cells and Batteries

Platinum as a Catalyst

Durability of Fuel Cell Systems

Others

Based on region, the market has been segmented into,

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Rest of Europe

Asia-Pacific

India

Australia

South Korea

Taiwan

Japan

China

What to expect from the upcoming report on ‘Global Fuel Cell Vehicle Market’:

- Future prospects and current trends of the global fuel cell vehicle market by the end of forecast period (2018-2025)

- Information regarding technological progressions as well as innovations taking place in developing economies

- Supportive initiatives by government likely to influence the market dynamics

- Trends, drivers, opportunities, restraints, challenges and key developments in the market

- In-depth analysis of different market segmentations including regional segmentations, and product types

- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market

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Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.

About Us:

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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