Fuel Cells Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2025(Trending Report)

Japan, Japan, Fri, 07 Jan 2022 01:01:42 / Comserve Inc. / -- The global fuel cells market size is projected to reach USD 848 million by 2025 from an estimated market size of USD 263 million in 2020, at a CAGR of 26.4%.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The global fuel cells market size is projected to reach USD 848 million by 2025 from an estimated market size of USD 263 million in 2020, at a CAGR of 26.4%. The market has been analyzed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.

"The transport segment is expected to be the fastest-growing market during the forecast period."
The fuel cells market, by application, is segmented into transport, portable, and stationary applications. Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water. In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.

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"The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2020 to 2025. "
Fuel cells market, by type, is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Alkaline Fuel Cell (AFC), and Microbial Fuel Cell (MFC). Proton Exchange Membrane Fuel Cell (PEMFC accounted for the majority of the advances in fuel cell technology market share in 2019 and is expected to grow at the highest CAGR during 2020 to 2025 owing to their application in fuel cell-based vehicle operations.

"Asia Pacific is expected to lead in the global fuel cells market."
Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe. The Asia Pacific market is driven by 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 industry in the region. It is projected to grow at the fastest rate, with China dominating the regional market.

With the demand for electrical power, and an increasing need for a reduction in carbon emissions, the need for high-efficiency power generation methods has increased considerably. The rising demand for clean power generation methods is consequently leading to the growing demand for fuel cells. Apart from the China, the advances in fuel cell technology markets in countries such as Japan, and South Korea are also growing at healthy rates.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Stakeholders: Manufacturers:55.0%, Associations: 30.0%, Operators: 15.0%
By Designation: Managers:60.0%, CXOs: 20.0%, and Executives: 20.0%
By Region: Europe: 72.7%, North America: 18.2%, and Asia Pacific: 9.1%

Research Coverage:
The report defines, describes, and forecasts the global fuel cells market and the advances in fuel cell technology market by type, end-user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the advances in fuel cell technology market.

Key benefits of Buying a Report:
1. The report identifies and addresses the key markets for fuel cell , which would help equipment manufacturers and raw material providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.

1 INTRODUCTION 30
1.1 STUDY OBJECTIVES 30
1.2 DEFINITION 30
1.2.1 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY TYPE 31
1.3 INCLUSIONS & EXCLUSIONS 32
1.3.1 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY APPLICATION: INCLUSIONS & EXCLUSIONS 32
1.3.2 ADVANCES IN FUEL CELL TECHNOLOGY MARKET, BY END USER: INCLUSIONS & EXCLUSIONS 32
1.4 MARKET SCOPE 33
1.4.1 MARKET SEGMENTATION 33
1.4.2 REGIONAL SCOPE 33
1.5 YEARS CONSIDERED FOR STUDY 34
1.6 CURRENCY 34
1.7 LIMITATIONS 34
1.8 STAKEHOLDERS 35
1.9 SUMMARY OF CHANGES 35
2 RESEARCH METHODOLOGY 36
2.1 RESEARCH DATA 36
FIGURE 1 ADVANCES IN FUEL CELL TECHNOLOGY MARKET: RESEARCH DESIGN 36
2.1.1 SECONDARY DATA 37
2.1.1.1 Key data from secondary sources 37
2.1.2 PRIMARY DATA 37
2.1.2.1 Key data from primary sources 38
2.1.2.2 Break-up of primaries 39
2.2 SCOPE 39
FIGURE 2 MAIN METRICS CONSIDERED WHILE CONSTRUCTING AND ASSESSING DEMAND FOR ADVANCES IN FUEL CELL TECHNOLOGY MARKET 40
2.3 MARKET SIZE ESTIMATION 41
2.3.1 DEMAND-SIDE ANALYSIS 41
FIGURE 3 YEAR-ON-YEAR CAPACITY ADDITION OF VARIOUS FUEL CELL TECHNOLOGIES IS MAJOR CAPACITY DETERMINING FACTOR FOR MARKET 41
2.3.1.1 Key assumptions 41
2.3.1.2 Calculations 42
2.3.2 FORECAST 42
2.3.3 SUPPLY-SIDE ANALYSIS 43
FIGURE 4 INCREASE IN NUMBER OF NEW FUEL CELL PROJECTS IS KEY FACTOR DRIVING GROWTH OF GLOBAL ADVANCES IN FUEL CELL TECHNOLOGY MARKET 43
2.3.3.1 Assumptions and calculations 43
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 44
FIGURE 5 DATA TRIANGULATION METHODOLOGY 44

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