The global fuel cell market is projected to surpass USD 6.60 billion by the end of 2023, growing at a CAGR of 14.5% from 2017 to 2023. Fuel cells are electro-chemical devices that transform the chemical energy into heat and electricity by the oxidation of fuel (hydrogen, natural gas and methanol) contained in the fuel cell. The fuel cells usually comprise electrodes and electrolytes between which the oxidation reaction takes place. Electrolytes used in fuel cells are materials that contain many ions (atoms or molecules that have a net electrical charge), making it easy for an electric current to flow through them. Basic fuel cell components include electrodes, membranes, catalysts, polymers, and ceramics. These components are procured from the suppliers along with the components such as valves subsystem, membrane electrode assembly (MEA), which are then forwarded to the system integrators. Catalysts (platinum, nickel, and conductive ceramics) are used to speed up the reaction at the electrodes
Figure: Global Fuel Cell Market by Value
The report segments the global fuel cell market by type, application, and region. The types include polymer/proton exchange membrane (PEM) fuel cell, direct methanol fuel cell, phosphoric acid fuel cell, solid oxide fuel cell, and molten carbonate fuel cell, among others. On the basis of application, the market is segmented into portable, transportation, and stationary applications.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. North America was the largest market for fuel cells in terms of installed capacity and unit shipment owing to the regulatory scenario in the region and advancements in technology. Asia Pacific was the second largest market in 2015. Japan is the major market in the Asia-Pacific region that deals in fuel cells followed by South Korea. Due to the large demand of CHP systems in Japan and other countries, the market for fuel cells is growing in Asia Pacific. In the coming years, markets in other countries such as China and India are also likely to increase as technological capabilities, and government support in these countries is expected to increase.
The report provides profiles of the companies in the global fuel cell market, AFC Energ, Aisin Seiki Co. Ltd, Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Hydrogenics Corporation, Kyocera, Panasonic Corporation, Plug Power Inc., and Toshiba Corporation.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the demand of fuel cell globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of fuel cell.
Moreover, the study highlights current market trends and provides forecast from 2017 to 2023. We also have highlighted future trends in the fuel cell market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers and distributors of the fuel cell market to understand the present and future trends in this market and formulate their strategies accordingly.
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