Fuel Cell Market size forecast to exceed $25.5bn by 2024

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Fuel Cell Market forecast to grow at a CAGR of
24 during next seven years Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Fuel Cell Market

• Global Fuel Cell Market size contributed more
  than 1,81,000 units in 2015 and projected to
  record CAGR of higher than 24.1 by end of
  forecast timeline.
• Government assistance to set up hydrogen power
  stations is projected to be main reason promoting
  the product demand. Growing automobile production
  by automobile firms has favorably affected the
  industry growth.
• Fuel cells are chosen over traditional power
  sources due to its low carbon emissions and
  lesser noise features. Average fuel cell items
  create 60 decibel sound during function which is
  low as compared to traditional power sources. All
  these factors are predicted to propel fuel cell
  industry demand globally.
• Global fuel cell industry is fragmented into
  proton exchange membrane fuel cell (PEMFC)
  product, direct methanol fuel cells (DMFC)
  product and solid oxide fuel cells (SOFC)
  product.

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Continued...

• Proton exchange membrane fuel cell product
  segment produced revenue higher than 2.2 billion
  for 2015. Factors contributing to segment growth
  are its uses in transportation and stationery.
• Direct methanol fuel cells product segment is
  predicted to record greater than 4.2 of CAGR. It
  finds its application in portable energy source.
  Growing demand for portable energy is projected
  to propel global fuel cell industry growth during
  forecast timeline.
• Solid oxide fuel cells product segment is
  predicted to touch 3.1 billion mark by end of
  forecast timeline. It provides high efficacy,
  less emissions, flexibility and stability and is
  inexpensive. All these factors are predicted to
  fuel the segment demand.

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Japan Fuel Cell Market Size, by application,
2013-2024 (000 units)

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360 Analysis

• Application Analysis
• Stationary application segment market was valued
  at USD 2 billion in 2015. They are mainly used as
  backup power stations in hospital, residential,
  commercial building, schools and
  hotels.Transportation application is set to mark
  revenue over USD 1.3 billion by 2024, with an
  estimated gain at over 22.1 CAGR.
• Regional Analysis
• North America, driven by U.S. fuel cell market
  size generated revenue over USD 890 million in
  2015. The regional market is primarily driven by
  continuous financial support from the Department
  of Energy (DOE) coming from the American Recovery
  Act.
•  
• Europe fuel cell market forecast predicts
  moderate gains at over 3.5 CAGR. FCEV
  commercialization along with massive customer
  base in the region is anticipated to drive
  industry growth throughout the forecast
  timeframe.
• Competitive Market Share
• Global fuel cell market share is highly
  consolidated. Key industry participants include
  Hydrogenics Corporation, Toshiba, Panasonic, and
  Ballard. Other significant participants include
  UTC Power, AFC Energy PLC, SFC Energy AG, Plug
  Power Inc.

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