Fuel Cell Market to Grow at 18% until 2023

Rising government initiatives, partnership between companies towards development and adoption of fuel cell and growing concerns regarding rising carbon emissions to fuel global fuel cell market through 2023

According to TechSci Research report, “Global Fuel Cell Market By Application, By Type, By Region, Competition, Forecast & Opportunities, 2013-2023”, the global fuel cell market is projected to grow at a CAGR of 18% during 2018 – 2023, on account of increasing collaboration between public & private organizations to encourage deployment and adoption of fuel cells along with increasing deployment of fuel cell for power generation and power back-up in data-center, retail, etc. On the basis of application, global fuel cell market is segmented into stationary, transport and portable. Of all, transport fuel cell is projected to witness the fastest growth during forecast period owing to increasing investment in development of FCEV (Fuel Cell Electric Vehicles) with companies, such as Toyota, Hyundai, Honda, etc., offering FCEVs and a growing number of fuel cell powered buses, forklifts, etc. Moreover, fuel cell offerings for boats, unmanned vehicles, etc., is also rising, thereby further uplifting market potential of transport fuel cells, globally. Among types, Proton Exchange Membrane (PEM) Fuel Cells are dominating the market on the back of rising demand for stationary power generation and powering heavy duty vehicle.

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Bloom Energy Corporation, Ballard Power Systems Inc., Plug Power Inc., FuelCell Energy, Inc., SFC Energy AG, Hydrogenics Corporation, Doosan Fuel Cell America, Inc., Toshiba Energy Systems & Solutions Corporation, Intelligent Energy Limited, Nedstack fuel cell technology BV, etc., are the major companies operating in global fuel cell market. Asia-Pacific accounts for the largest share in the global fuel cell market due to rising government initiatives to boost adoption of FCEVs in the region. Countries such as Japan, South Korea and China are actively encouraging adoption of fuel cells, with Japan targeting over 40,000 FCEVs by 2020.

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“Rising awareness towards reducing carbon emissions and increasing focus on deploying environment friendly source of power generation is leading to growing adoption of fuel cells across the world. In addition, popularity of eco-friendly is rising at a significant pace globally, with companies such as Riversimple, TATA Motors, Siemens Alstom, Daimler AG, etc., introducing fuel cell powered vehicles. Moreover, fuel cell powered forklifts are rapidly gaining traction, with over 16,000 fuel cell powered forklift in the United States, over 400 in Canada and 77 in Japan. Additionally, growing focus on establishing hydrogen infrastructure would further steer growth in the global fuel cell market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Fuel Cell Market By Application, By Type, By Region, Competition, Forecast & Opportunities, 2013-2023” has evaluated the future growth potential of fuel cell market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global fuel cell market.

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