Fuel Cell Market to cross $6bn by 2024

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Global Fuel Cell Market to cross 6bn by 2024
Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Fuel Cell Market

• Fuel Cell Market size will exceed USD 6 billion
  by 2024, as reported in the latest study by
  Global Market Insights, Inc. Increasing
  investments toward development of hydrogen
  refueling station coupled with rising demand for
  space heating across commercial and residential
  establishments will drive the fuel cell market
  share. Upsurge in installation of portable
  charging sources owing to increasing recreation
  activities will further stimulate the industry
  outlook. In 2017, the Government of UK granted a
  funding of USD 30.6 million toward the
  development of hydrogen vehicles and
  infrastructure.
• Favorable government policies pertaining to
  sustainable energy technologies along with
  increasing demand for FCEVs will drive the fuel
  cell market share. Upsurge in funding by private
  institutions and government organizations
  including DOE, DAG Ventures and Credit Suisse
  toward technological advancement and innovations
  will stimulate the business landscape. In 2015,
  Credit Suisse funded USD 130 million in the Bloom
  Energy toward the development of SOFC technology
  in the U.S.

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Continued...

• Japan fuel cell market is set to exceed 70 MW by
  2024. Increasing concerns pertaining to security
  of supply along with growing adoption of clean
  energy technologies will propel the industry
  growth. Government backed extensive research and
  development projects along with development of
  hydrogen infrastructure across the nation will
  complement the industry outlook. In 2017, Hyundai
  unveiled its plan to launch second-generation
  hydrogen fuel cell vehicles, which will enhance
  the properties of the technology.
• Wide applications area including FCEVs, forklift
  trucks, two and three wheelers, light vehicles,
  trams, ferries, small boats and goods handling
  vehicles will boost the product adoption across
  transport sector. Ongoing deployment in e-bikes,
  UAVs, and in numerous commercial vehicles will
  further complement the fuel cell market growth.
  In 2016, the fuel cell vehicle sales in the U.S.
  grew to 5,000 units when compared to 4,000 units
  in 2015.

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Europe Fuel Cell Market Size, By Product, 2016
2024 (USD Million)

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ights.com/request-sample/detail/621
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Continued...

• SOFC in 2016, accounted for over 40 of the
  global fuel cell market share. Ongoing adoption
  of fuel cells across small and large stationary
  power generation systems will stimulate the
  industry growth. These cells operate at high
  temperatures ranging between 8000C to 1,0000C and
  have an efficiency of over 60 when converted
  from fuel to electricity. High efficiency,
  stability, comparatively low cost, fuel
  flexibility and low emissions are some of the key
  features that will enhance the product
  penetration.
• Regulatory policies pertaining to emissions along
  with increasing investments toward development of
  hydrogen infrastructure will drive the UK fuel
  cell market share. Increasing focus to replace
  the conventional power sources with the
  sustainable energy systems will further stimulate
  the industry growth. The Government of UK has
  planned to open 65 hydrogen refueling station by
  2020 and 1,150 by 2030.

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Companies

• Ceres Power
• Hydrogenics Corporation
• SFC
• Ballard
• Horizon
• Bloom Energy
• Plug Power
• FuelCell Energy
• Arcola
• Toshiba

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