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ALBANY, NY, April 25, 2019 (GLOBE NEWSWIRE) -- The global fuel cells market is likely to witness high growth in the coming years, observes Transparency Market Research (TMR). The players in market are focusing on using different combinations of organic and inorganic business development strategies. They are concentrating on building strategic alliance with smaller companies operating in the same or associated area. This will expand the geographical presence of the players and help them acquiring higher share in the global market. Moreover, one can also see a rise in private-public partnerships, which will further fuel growth in the global fuel cells market.
In the TMR report, analysts considered some of the prominent players including Doosan Fuel Cell America, Inc., Ballard Power Systems Inc., Toshiba Corporation, Nedstack Fuel Cell Technology B.V., Hydrogenics Corporation, and FuelCell Energy, Inc. Additionally, players producing solid oxide fuel cells (SOFC) are receiving additional financial support that will enhance their capacity. Venture capitalists and over-the-counter investments have further increased the funds received by companies.
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According to TMR statistics, the global fuel cells market is projected to rise at staggering CAGR of 24.58% over the forecast period between 2016 and 2024. During this period, the market is likely to reach US$27.25 bn by 2024. In 2015, the market earned US$3.59 bn. A significant rise in green energy technologies will be accelerating growth in the global fuel cells market and reach this revenue figure.
Moreover, the demand for proton exchange membrane fuel cells (PEMFC) is high as compared to other types of fuel cells. Increasing application of PEMFC in the transportation industry to enhance cars and buses and technological advancements has led the growth in this segment. Additionally, this technology is largely preferred by several small-scale residential. With respect to geography, developing regions in Asia Pacific are expected to lead the global fuel cells market. Growing emphasis to reduce reliance of fossil fuel and high electricity needs has boosted growth of fuel cells in this region. North America is also expected to hold substantial share in the global fuel cells market during the projected period.
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Supportive Government Policies to Bolster Market Performance
The major factor driving growth in the global fuel cells market involves increasing efforts to reduce dependency on diesel, oil, and other non-conventional energy sources. People are now favoring use of environment friendly fuel cells that will reduce the burden on conventional petroleum products. Adding further to growth drivers, various government supportive policies to reduce carbon emissions have boosted demand for fuel cells cars, buses, and trucks.
Globalization is also playing a crucial role in expanding growth in the global fuel cells market, as there is high demand for fuel cells in schools, buildings, and recreational malls. Growing demand for portable devices like tablets, laptops, smartphones, and others require power backup batteries are also estimated to drive demand in the global fuel cells market. Use of these devices boosts demand for electricity, which also acting as a driving factor in this market.
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High Cost of Fuel Cells Might Deterring Growth in Fuel Cells Market
Despite the high demand for fuel cells, few restraining factors might obstruct growth in the global market. High cost of fuel cells is one of the major impediments that might restrict growth of fuel cells. Moreover, high prices of catalyst that increases the costs of fuel cells and limited infrastructure of fuel cells are also projected to deter demand in this market.
However, several players are using innovative technologies that will reduce the cost of fuel cell in the forthcoming years. Growing application of fuel cells in the medical, energy, and military sectors for storage is also expected to fuel growth in the global fuel cells market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Fuel Cells Market (Type - Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), Solid Oxide Fuel Cells (SOFC); Application - Stationary, Portable, Transport) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024”.
The global fuel cells market is segmented based on:
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