Fuel Cell Market is Anticipated To Witness Significant Growth By 2025

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Fuel Cell Market to exceed 7bn by 2025
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Key Insights from Fuel Cell Market

• Fuel Cell Market is expected to exceed USD 7
  billion by 2025. Increasing investments toward
  development of hydrogen infrastructure along with
  accelerating demand for space heating across
  commercial and residential sector will boost the
  industry growth. Development of sustainable
  energy technologies owing to favorable government
  policies and regulations will propel the business
  outlook. The government of China in 2019, has
  planned to construct 20 hydrogen station by 2020
  across Hubei Province.
• The UK industry is predicted to grow over 50 MW
  by 2025. Stringent emission reduction targets
  along with increasing investments toward research
  development activities will complement the
  business landscape. In addition, growing demand
  for FCEV?s on account of incentives subsidies
  provided by government authorities will
  positively influence the product penetration.
  Ballard Power Systems in 2019, inaugurated its
  8th generation zero emission FC module for heavy
  duty vehicles.
• Upsurge in demand for forklifts, two three
  vehicles, trams, ferries, goods handling vehicles
  and small boats will foster the industry growth.
  In addition, high reliability and efficiency when
  compared with available counterparts coupled with
  accelerating investments toward innovations will
  strengthen the business outlook. According to
  DOE, the sale of on road FC vehicle accounted for
  6,500 in 2019 when compared with 4,000 in 2015.

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Continued
SOFC product will exceed over 30 thousand units
by 2025. Increasing adoption across small and
large scale electricity generating sources to
provide power to off-grid areas will propel the
fuel cell market growth. These cells are widely
used across application base which require high
temperature range between 8000C to 10000C and
have an efficiency of over 60 when converted
from fuel to electricity. High efficiency, low
cost, low emissions, stability and fuel
flexibility are some of the key features which
make its adoption preferable over other
alternatives. Increasing adoption of portable
charging devices owing to growing tourism
industry and urban area development coupled with
increasing demand for FCVs will propel the fuel
cell market. Extensive government backed
investments toward hydrogen economy along with
increasing demand for stationary backup power
sources will positively influence the business
outlook. In 2018, the DOE invested over USD 39
million toward development of hydrogen fueling
infrastructure. Increasing concerns pertaining
to energy security along with growing adoption of
sustainable energy technology will stimulate the
fuel cell market growth. Robust growth in
hydrogen infrastructure coupled with ongoing
research development activities by both
government and private organization will fuel the
industry growth. The government of South Korea in
2018, planned to invest USD 2.38 billion over the
next five years to develop hydrogen
infrastructure across the nations.
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Japan Fuel Cell Market Size, By Application, 2014
- 2025 (USD Million)

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Major Companies in Fuel Cell Market

• Horizon
• SFC
• AFC Energy
• Toshiba
• Doosan
• Panasonic
• Ballard Power Systems
• Fuel Cell Energy
• Aisin Seiki
• Ceres Power Holdings
• Hydrogenics
• Nuvera
• Plug Power
• Bloom Energy and Arcola

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Industry Coverage

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Regional Insights in Fuel Cell Market

• Driven by the rising consumer preference toward
  fuel cell electric vehicles, United Kingdom fuel
  cell market size has been forecast to surpass 50
  megawatts by 2025. The progressive
  commercialization of hydrogen technology on an
  expansive scale will provide tremendous growth
  opportunities to market contenders, aiding the
  surge in the industry size. Additionally, strict
  laws addressing the carbon emission reduction
  would foster the business development.
• Concurrently, an upsurge in the demands for
  stationary power sources across the remote areas
  backed with stringent government policies are
  likely to drive the market growth globally. Say
  for instance, the Department of Energy in 2018
  declared investing nearly 39 million on the
  development of the fuel cells alongside the
  hydrogen fueling infrastructure across North
  America.

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