This Global Fuel Cell market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Global Fuel Cell market.
Fuel cells convert electrical energy sourced from chemical energy, through an electromechanical reaction with oxygen or other oxidizing agents. Primarily, a fuel cell functions as a battery, but is different in the way that in a fuel cell, fuel is supplied from an external source and fuel is converted to electricity without any involvement of a burning process. The demand for alternative energy sources is growing at a global level, which in turn propels the development of associated products. The first commercial application of fuel cells happened with NASA’s space programs. Fuel cells were used for application in probes, satellites and space capsules. Generally, fuel cells utilize oxygen and hydrogen during the electrochemical reaction process and generate electricity, heat and water. These cells are used where continuous flow of electricity is required. The cells provide continuous flow of electricity as long as source fuel is supplied. As fuel cells are carbon-free due to their non-burning nature, environmental norms support the development of this market.
At a global level, various fuel cell design modifications are available. This includes solid oxide fuel cell (SOFC), proton exchange membrane (PEM), molten carbonate fuel cell (MCFC) and a few others. Furthermore, the fuel cell market can be categorized on the basis of source type as hydrogen powered, methanol powered, biogas powered, natural gas powered and hydrocarbons powered. Fuel cell technology finds application in stationary power, portable power and transportation power, and specialty vehicles, fuel cell electric vehicles, auxiliary power units and material handling equipments. Fuel cell technology has become one of the dominant technologies in the power generation industry owing to its carbon-free, non-burning nature and safe energy source.
Rising environmental concerns along with stringent regulations, especially in North America and Europe to reduce carbon emission, is likely to fuel the demand for fuel cell systems over the forecast period. Furthermore, various other factors such as consistently declining fuel cell cost due to technological advancement and uncertainty of the source of fuel cell are likely to spur growth of the fuel cell market.. Such factors limit the application of fuel cells to a narrower spectrum. Depletion of global oil and gas reserves coupled with the demand for clean energy are fuelling the global fuel cell market. Moreover, companies and governments worldwide promote the shift in focus towards renewable energy generation options.
In the past few years, fuel cell market has witnessed different levels of developments, especially occurring in North American and European countries. FMI also analyzed MEA, Latin America and Asia Pacific as potential markets for the fuel cell technology. In addition, Asia Pacific has become hub for consumer electronics; where electronic goods are produced at relatively lesser cost. Fuel cell market is likely to take advantage of such factors and is expected to witness increment in the penetration in Asia Pacific.
Institutional organizations such as Sandia National Laboratories and the University of the Basque Country (UPV/EHV) are constantly conducting extensive research in order to improve the efficiency of fuel cells. Key players (manufacturers) in the industry adopt strategies such alliances and partnerships to expand their product lines. Furthermore, strategic alliances are helping market players to penetrate into relatively newer application areas. Fuel cell manufacturers are also involved in enhancement of product offerings. For example, Ballard Power Systems, Inc. and Plug Power, Inc. signed an agreement to supply fuel cell stacks to Plug Power, Inc. for three years to be used in forklift trucks. Fuel cell manufacturers are also involved in the operational expansion through the setting up of new plants. Recently, Daimler AG and The Linde Group entered into strategic alliance to build hydrogen fuelling stations in Germany. Such initiatives are helpful to commercialize fuel cell application in the transportation sector. Furthermore, fuel cell-powered vehicles require hydrogen filling stations, and with such initiatives, it is possible to commercialize fuel cell-powered automobiles.
Dominant market participants in the fuel cell market are Toshiba Corporation, Panasonic Corporation, Hydrogenics Corporation, Kyocera, AFC Energy, Ballard Power Systems, Inc., Ceres Power Holdings PLC, Aisin Seiki Co. Ltd., Ceramic Fuel Cells Limited and Doosan Corporation.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, geographies, types, technology and applications. The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply and Demand
- current Trends/Issues/Challenges
- Competition and Companies involved
- Value Chain
Regional analysis includes
- North America
- Latin America
- Asia Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Global Fuel Cell Market
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Global Fuel Cell Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Global Fuel Cell Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Global Fuel Cell Market report?
In addition to up-to-date market figures and customized of the Global Fuel Cell Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.