Fuel Cell Market by Type, by Application and Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026
The Global fuel Cell Market was estimated at USD 11.5 billion in 2019, exhibiting a CAGR of 16.4% over the forecast period 2020-2026. Key factors driving the market being growing demand to decarbonize energy end-use, increasing demand for unconventional sources of energy, utilization of direct current and government regulations for desulphurization of refinery activities.
Get Sample Report: Fuel Cell Market
In 2017, the market for fuel cell was around 25% which at the moment it is around 44-50% which is still showing optimistic growth. As car companies are significantly investing more money on battery electric vehicles, the market is slightly competitive for fuel cell vehicles as the magnitude of consumer demand for fuel cells is comparatively moderate as compared with battery operated vehicles. For instance, auto industry in China witnesses reduction in subsidies for BEV and is encouraging the use of fuel cell vehicles.
In addition, demand for a carbon-free society raises the expectations from the automotive industry in the global scenario. And to leverage this, fuel cells are transitioning the industry phase at a rapid pace thanks to ongoing innovations, investments and constant research and development. Japan and South Korea are pivotal in deploying fuel cell cars attributing to the presence of key vendors such as Hyundai and Toyota.
Fuel Cell Market Trends, Drivers and Opportunities:
The fuel cell market is highly driven by change in approach of manufacturers, government policies and high awareness in consumers pertaining to environment. Increase in demand for HFC vehicles in the automotive and transportation sector is more likely to pump a high revenue share in the global market. Trends such as government subsidy on fuel cell vehicles and flexibility in tax regulations are highly witnessed in the global market. On contrary, fuel cells suffer from contaminants such as sulphur and carbon compounds. In addition, fuel cells tend to freeze in presence of water due to irreversible reaction. In addition, low number of charging points also disturbs the market demand therein, these factors are thus anticipated to confine the market growth in the forecast period.