2016 Global Fuel Cells Market Report: Industry to Reach USD 6.54 Billion by 2022

New York, NY, April 03, 2018 -- Zion Market Research has published a new report titled “Fuel Cells Market (PEMFC, MCFC, SOFC, DMFC, PAFC, and Others) for Stationary, Transport and Portable Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”. According to the report, the global fuel cells market accounted for USD 3.6 billion in 2016 and is expected to reach USD 6.54 billion by 2022, growing at a CAGR of 10.5% between 2017 and 2022. 

Global fuel cells market is expected to witness positive growth within the forecast period on account of increasing government incentives for the adoption of sustainable energy alternatives for power generation. A fuel cell uses the chemical energy of hydrogen or another fuel to cleanly and efficiently produce electricity. If hydrogen is the fuel, electricity, water, and heat are the only products. Fuel cells are unique in terms of the variety of their potential applications; they can provide power for systems as large as a utility power station and as small as a laptop computer. Growing government incentives and favorable policies for the adoption and application of fuel cells is expected to be the major driving factor of the global fuel cells market. Moreover, the technological innovations coupled with the commercialization of fuel cells have also been aiding the growth of the fuel cells market. Rising awareness about the benefits of fuel cells and depletion of fossil fuels is expected to surge the demand for fuel cells in the years to come. However, the lack of fuel cell infrastructure and the high cost of the fuel cell is expected to be a major restraint for the global fuel cells market. Technological advancements and favorable government policies to construct hydrogen power stations are expected to provide growth opportunities for the key players in the market over the coming years.

Browse through 23 Tables & 26 Figures spread over 110 Pages and in-depth TOC on "Fuel Cells Market (PEMFC, MCFC, SOFC, DMFC, PAFC and Others) for Stationary, Transport, and Portable Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”.

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The fuel cells market can be segmented into categories by types such as proton exchange membrane fuel cells (PEMFC), molten carbonate fuel cells (MCFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others. Proton Exchange Membrane Fuel Cells (PEMFC) dominated the global fuel cells market in 2016 owing to the wide range of applications of PEMFCs. The SOFC segment is expected to register remarkable growth within the forecast period due to their ability to operate at high temperatures that reduce the requirement of costly catalysts.

Stationary application accounted for the largest market share in 2016 owing to factors such as high efficiency & utilization of direct current, flexibility in the choice of fuels etc. Transport segment is expected to witness significant growth during the forecast period due to the increasing research and development activities to produce hybrid vehicles that are not completely reliant on fossil fuels.

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North America witnessed substantial growth and accounted for most of the global market share in 2016. This trend is expected to continue within the forecast period owing to the government regulations in the region that promotes the adoption of fuel cells. In the U.S., the federal government provides funding for a range of fuel cell and hydrogen research, development and demonstration (RD&D) activities at U.S. universities and conducted by private industry. 

Europe fuel cells market is expected to witness steady growth owing to increased clean energy demand and large investments related to hydrogen infrastructure development, especially in Germany and U.K. Furthermore, the presence of several key players in the region is expected to further propel the demand for fuel cells in Europe. Moreover, the penetration of major manufacturers in the electric cars market is expected to further propel the demand for fuel cells in the coming years.

Browse the full "Fuel Cells Market (PEMFC, MCFC, SOFC, DMFC, PAFC, and Others) for Stationary, Transport, and Portable Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022" report at https://www.zionmarketresearch.com/report/fuel-cells-market

Asia Pacific is expected to be the fastest growing regional segment for the fuel cells market within the forecast period. The growing urbanization and population explosion especially in countries like China and India are expected to augment the demand for energy generation and construction activities in the region. In addition, the rising investment in clean energy research & development in the emerging economies is expected to further increase the demand for fuel cells. Furthermore, demand for hybrid vehicles to control the high pollution levels is expected to augment the market growth within the forecast period.   

Latin America fuel cells market is expected to witness moderate growth over the forecast period. Brazil is the major consumer of fuel cells in the region owing to the large automotive industry in the region. In 2009, Brazil launched the first fuel cell powered bus in Latin America. In addition, the rising population levels coupled with the tourism activities are expected to increase the demand for clean energy.

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Middle East and Africa have witnessed moderate growth as compared to the other regions. The major markets for fuel cell in the region are UAE and South Africa. These countries have targeted fuel cells to be the solution for the projected energy shortfall. Moreover, globalization and heavy influx of expatriates in the Middle East, especially in countries such as UAE, Qatar, and Oman have increased the demand for infrastructural development to aid the tourist activities. These developments are expected to drive the demand for clean energy, subsequently aiding the growth of the fuel cells market within the forecast period.

Some of the key players operating in the global fuel cells market are AFC Energy, Aisin Seiki Co. Ltd., Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Horizon Fuel Cell Technologies and Hydrogenics Corporation among others. 

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This report segments the global fuel cells market as follows:

Global Fuel Cells Market: Type Analysis

• Proton Exchange Membrane Fuel Cells (PEMFC)
• Molten Carbonate Fuel Cells (MCFC)
• Solic Oxide Fuel Cells (SOFC)
• Direct Methanol Fuel Cells (DMFC)
• Phosphoric Acid Fuel Cells (PAFC) 
• Others

Global Fuel Cells Market: Application Analysis

• Stationary
• Transport
• Portable

Global Fuel Cells Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

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