Fuel Cells Market Scenario
Government subsidies for fuel cell programs coupled with growing investments in R&D activities of fuel cell technology are some of the major factors propelling the fuel cells market globally. Furthermore, increasing focus on clean energy generation for transportation & power generation is also one of the factor propelling the growth of fuel cells market. However, expensive catalyst is one of the major factor expected to hamper the global growth of the market.
Fuel Cells Market Segmentation
The Fuel cells Market is segmented by Type, Application, End User and Geography. The Types studied in the fuel cells market are Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), Microbial Fuel Cell (MFC) and Key Upcoming Technologies (Direct Carbon Fuel Cell (DCFC) and Proton Ceramic Fuel Cell (PCFC)). Furthermore, the Application segment comprises of Portable, Stationary and Transport. Likewise, various End Users of this market are Fuel Cell Vehicles, Utilities and Defense. Based on Geography, the Fuel cells Market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and RoW.
Fuel Cells Market by Geography
Based on geography, the fuel cells market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and RoW. Among all the regions, Asia Pacific is estimated to be the largest market, owing to the growing use of fuel cell-powered vehicles in the region. Also, the increasing power generation from cleaner energy sources is further expected to boost the advances in fuel cell technology market in the region.
Fuel Cells Market Key Players
Some of the major players operating in the global fuel cells market includes Hydrogenic, Fuel cell Energy, Plug Power, Ballard Power Systems, SFC Energy, Bloom Energy, Intelligent Energy, Ceres Power, Toshiba Energy Systems & Solutions Corporation, Aisin Seiki Energy, Horizon Fuel Cell, Nuvera, Mitsubishi Hitachi Power System, Doosan Fuel Cell America and AFC Energy. Many companies in this market implement initiatives such as mergers and acquisitions, product developments, and geographic penetration to compete in the market.
Fuel Cells Market Report Key Benefits