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Insights on the Fuel Cells Market to 2025 – Featuring Ballard Power, Cummins, SFC Energy, Plug Power, Fuel Cell Energy, Bloom Energy

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Insights on the Fuel Cells Market to 2025 – Featuring Ballard Power, Cummins, SFC Energy, Plug Power, Fuel Cell Energy, Bloom Energy

February 05
20:08 2021
Insights on the Fuel Cells Market to 2025 - Featuring Ballard Power, Cummins, SFC Energy, Plug Power, Fuel Cell Energy, Bloom Energy

Ballard Power Systems (Canada), Cummins (US), SFC Energy (Germany), Bloom Energy (US), Plug Power (US), and Fuel Cell Energy (US), Horizon Fuel Cells, Mitsubishi Hitachi Power Systems, Intelligent Energy, Fuel Cell Energy, Toshiba Energy Systems, and Solution Corporation
The leading players are trying to establish themselves in the markets in developing economies and are adopting various strategies to increase their respective market share.

The global fuel cells market with focus on advcens in fuel cell technology market size is expected to grow from estimated revenue of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4% during the forecast period. The market has been analysed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The growing demand for clean power generation in developed regions and the increased use of fuel cell-powered vehicles are some of the factors driving the growth of the  in fuel cell technology industry. 

Browse 187 market data Tables and 40 Figures spread through 217 Pages and in-depth TOC on “Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region – Global Forecast to 2025”

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Asia Pacific is estimated to be the largest market during the forecast period. Increasing emphasis on fuel cell-powered vehicles and electricity generation, coupled with numerous contracts and agreements for developing low-cost fuel cells, are driving the growth of the Asia Pacific in fuel cells market.

In the fuel cells market, the key focus on advances in fuel cell technology is segmented by type, into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). The PEMFC segment is accounted for the major share of the market in 2019. This growth can be attributed to the increasing need for fuel cell-powered vehicles ranging from small passenger cars to heavy-duty trucks to minimize the carbon emissions from them, specifically in regions such as Asia Pacific and Europe. Collectively, all these factors offer lucrative business opportunities in the intelligent  in Fuel Cell Technology segment.

Competitors identified in this market include, among others:

  • Ballard Power Systems (Canada),
  • Cummins (US),
  • SFC Energy (Germany),
  • Bloom Energy (US),
  • Plug Power (US),
  • Fuel Cell Energy (US),
  • Horizon Fuel Cells,
  • Mitsubishi Hitachi Power Systems,
  • Intelligent Energy,
  • Fuel Cell Energy,
  • Toshiba Energy Systems,
  • and Solution Corporation

By application, the market is segmented into transport, portable, and stationary. The transport segment is expected to be the largest and fastest-growing market. Transport  in fuel cell technology mainly include fuel cell cars, heavy-duty vehicles such as trucks, buses, trains, unmanned ariel vehicles (UAVs) for commercial usage, and marine vehicles such as vessels and boats powered by fuel cells. The increasing use of  in Fuel Cell Technology is these industries is likely to drive the transport  in Fuel Cell Technology market.

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The fuel cells market, based on end-user, have been categorized into fuel cell vehicles, utilities, and defense. Utilities and defense segments are divided further into primary power generation and back-up power, and for powering communication equipment during remote military operations, respectively. The fuel cell vehicles segment is expected to be the fastest-growing in fuel cells market, by end-user, during the forecast period. The growth of the segment is influenced by the increasing focus on fuel cell-powered vehicles. This is expected to create new revenue pockets for the in fuel cell industry during the forecast period.

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