Report Description
A recent market
intelligence report that is published by Data Insights Partner on the
global Fuel Cell Market makes an
offering of in-depth analysis of segments and sub-segments in the regional and
international Fuel Cell Market. The research
also emphasizes on the impact of restraints, drivers, and macro indicators on
the regional and global Fuel Cell Market over the short as well as long period of time. A detailed
presentation of forecast, trends, and dollar values of global Fuel
Cell Market is offered. In
accordance with the report, the global Fuel Cell Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints,
Opportunity & Trends of the Market:
Definition
An
electrochemical cell that assists the conversion of a fuel’s chemical energy,
the fuel is most often hydrogen, and an oxidizer, especially oxygen into
electricity is called a fuel cell. This conversion is made possible by a twin
of redox reaction. Poles apart from conventional batteries, fuel cells require
an uninterrupted source of oxygen (generally air) and fuel for the sustainment
of chemical reaction. In case of Batteries the chemical reactions generate from
the metals and their oxides. In 1838, Sir William Grove invented the first fuel
cell.
Market Drivers
The
primary drive for the fuel cell market is coming from the surging environmental
concern. The favorable government initiatives in the adoption of renewable
sources of energy and hard and fast directives of the government to keep a
check on the pollution levels and reduce carbon emissions is positively
affecting this market. In fact, fuel cells have very lower levels of carbon
emissions and also the functioning of fuel cells produces lower levels of
harmful substances. The government incentives to adhere and adopt to cleaner
sources of power generation is a bolstering the growth of this market.
Apart
from the environmental regulations, the direct interference of the government
in this market is fueling the growth of this market. Government funding and
subsidies are one such activity of the governments of different nations. For
instance, in 2018, an investment worth $39 million was made by the US
Department of Energy in fuel cell technology. Further, the public-private
partnerships undertakings by the governments on a worldwide basis is empowering
the growth of this market. For example, a contract has been signed in between
Doosan Fuel Cell, Korea Hydro & Nuclear Power and Samsung C&T Group
with the aim of delivering 70 fuel cells to a residential complex in Busan.
Fuel
Cells are basically made out of hydrogen. The widespread availability of
hydrogen and the raising units of hydrogen refueling stations and hydrogen
power plants that are being open to be accessible by the firms and public
globally is propelling fuel cell market growth.
Technological
advancement coupled with the establishment of larger number of smart grids in
the developing countries and the replacement of aging grids with new
technologically advanced smart grids are augmenting the growth of the fuel cell
market.
Market Restraints
Fuel
cells are basically dependent on hydrogen. The inadequacy of supporting
infrastructure for producing, storing, transporting and distributing hydrogen
take a toll on the fuel cell market even after considering the recent
development in hydrogen power plants and hydrogen refueling station.
Fuel cells
are of premium price owing to the immoderate cost of FCEV which is hindering
the growth of this market.
Investment
in the fuel cell market comprises of high-risk as a result of the association
of capital, operational and maintenance cost. Moreover, the probability of
underutilization of various manufacturing facilities in case of FCEV is
threatening the market growth.
Fuel
cell technologies are facing cut-throat competition from Lithium-ion batteries
because the latter is cheaply priced while the former is immoderately priced
and hindering the fuel cell market growth.
Opportunities
The
flourishing transportation and automotive sector are likely to provide
lucrative opportunities to the fuel cell market. in addition, the gaining
momentum and adoption of electric vehicles across the globe is a good scope for
this market.
Fuel
cells enjoy the properties of fuel flexibility. Fuel flexibility refers to the
fact that these are easily obtainable from conventional and non-conventional
fuels which is a good set of circumstances for the market growth.
Trends
Asia
Pacific is expected to witness the fastest growing market for fuel cells owning
to the advancement of fuel cells in a lightening pace, gaining adoption of
battery and fuel cell powered vehicles and automotive and the consumers
transition to the use of cleaner sources of energy. The rising demand for CHPs
in Japan is also augmenting the growth in the expected period. The market at
Europe is estimated to show progress owing to the surging importance of
public-private partnerships, to remain at the competition edge and to be
acknowledged as a region of low carbon emission. North America is also expected
to show positive growth because of the significant support of the government in
the development of the fuel cell market.
Segment Covered:
This market
intelligence report on the global Fuel Cell Market encompasses market segments based on product type,
application, end use and country.
By
Product Type the global Fuel Cell Market has been divided into:
q DMFC
q MCFC
q PAFC
q PEMFC
q SOFC
By Application the global Fuel Cell
Market has been divided into:
q Portable
q Stationery
q Transport
By End
Use the global Fuel Cell Market has been divided into:
q Defense
q Utilities
q Fuel Cell Vehicles
By country/region,
the global Fuel Cell Market has been divided into:
q North
America (the U.S., Canada),
q Latin
America (Brazil, Mexico, Argentina and other countries),
q Europe
(Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia
Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle
East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market
Players:
This business
intelligence report offers profiling of reputed companies that are operating in
the market. Companies such as:
q Toshiba
Energy Solutions
q Ballard
Power Systems
q SFC Energy
q Intelligent
Energy
q Hydrogenics
q Plug
Power
q Horizontal
Fuel Cells
q Bloom
Energy
q Mitsubishi
Hitachi Power Stations
q Cummins
others have been
profiled into detail so as to offer a glimpse of the market leaders. Moreover,
parameters such as Fuel Cell Market related investment & spending and developments by
major players of the market are tracked in this global report.
Report Highlights:
In-depth
analysis of the micro and macro indicators, market trends, and forecasts of
demand is offered by this business intelligence report. Furthermore, the report
offers a vivid picture of the factors that are steering and restraining the
growth of this market across all geographical segments. In addition to that, IGR-Growth
Matrix analysis is also provided in the report so as to share insight of the
investment areas that new or existing market players can take into consideration.
Various analytical tools such as DRO analysis, Porter's five forces analysis
has been used in this report to present a clear picture of the market. The
study focuses on the present market trends and provides market forecast from
the year 2020-2028. Emerging trends that would shape the market demand in the
years to come have been highlighted in this report. A competitive analysis in
each of the geographical segments gives an insight into market share of the
global players.
Few Recent Developments
Hydrogenics
In October 2018,
a new facility was established by Hydrogenics in Carlsbad, California. The
objective of this facility was the amalgamation of hydrogen fuel cells
technology in heavyweight trucks and bus platforms for the convenience of
customers.
Ballard Power Systems
In October 2019,
a contract was signed between Ballard Power Systems and BEHALA. According to
the contract, 3 FCveloCity 100 Kw Fuel Cell modules was to be supplied by
Ballard Power Systems. These fuel cells are supposed to be installed in
Elektra, the globe’s first Zero-emission push boat.
SFC Energy
In October 2019,
a contract was signed between SFC Energy and Aurorahut. According to the
agreement, Aurorahut’s EFOY Cell was integrated in brand-new rain-or-shine
igloo houseboats. EFOY is an automated, eco-friendly, zero-noise source of
power in all igloos.
Salient Features:
Ø
This study offers
comprehensive yet detailed analysis of the Fuel Cell
Market, size of the market (US$ Mn), and Compound
Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking
into account 2019 as the base year
Ø
It explains upcoming
revenue opportunities across various market segments and attractive matrix of
investment proposition for the said market
Ø
This market
intelligence report also offers pivotal insights about various market opportunities,
restraints, drivers, competitive market strategies of leading market players,
emerging market trends, and regional outlook
Ø
Profiling of
key market players in the world Fuel Cell Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø
The data of
this report would allow management authorities and marketers of companies alike
to take informed decision when it comes to launch of Type of models, government
initiatives, marketing tactics and expansion, and technical up gradation
Ø
The world
market for Fuel Cell caters to the needs
of various stakeholders pertaining to this industry, namely suppliers, manufacturers,
investors, and distributors for Fuel Cell Market. The research also caters to the rising needs of consulting
and research firms, financial analysts, and new market entrants
Ø
Research
methodologies that have been adopted for the purpose of this study have been
clearly elaborated so as to facilitate better understanding of the reports
Ø
Reports have
been made based on the guidelines as mandated by General Data Protection
Regulation
Ø
Ample number
of examples and case studies have been taken into consideration before coming
to a conclusion
Reasons to buy:
v
Identify
opportunities and plan strategies by having a strong understanding of the investment
opportunities in the Fuel Cell Market
v
Identification
of key factors driving investment opportunities in the Fuel Cell
Market
v
Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants