Fuel Cells Market to Expand at 22.76% CAGR 2016-2020, Driven by Government Initiatives for Reduction in Emissions


Published Date : Dec 05, 2016

Albany, NY, Dec 05, 2016: The report examines the market by focusing on the trends, future prospects, growth drivers, and factors limiting the growth of the market. The report, titled ‘Global Fuel Cell Market 2016-2020,’ is available for sale on the official website of MarketResearchReports.biz. According to the report, the global fuel cell market is expected to expand at a 22.76% between 2016 and 2020. The growth of the market can be attributed to several initiatives taken by governments across the globe. The rising awareness among people about the concept of clean energy will also help fuel the demand for fuel cells. The regulations laid by the Environmental Protection Agency (EPA) for reduction in emissions of greenhouse gases will fuel the demand for electric vehicles in the near future and this is expected to drive the global fuel cell market consequently. 

Today, an increasing number of automotive manufacturers are shifting towards fuel cell technology as opposed to conventional energy so as to reduce carbon dioxide emissions. This trend is likely to penetrate across the world and boost the market for fuel cell over the coming years. Fuel cells are expected to be in demand as they emit lower noise than conventional energy source. They are being used extensively in the transportation sector and also finds use as backup power stations at homes, commercial buildings, hospitals, and schools. The development of hydrogen infrastructure, which is the primary fuel used in fuel cell electric vehicles (FCEVs) will also help the market to grow. All these factors will ensure a significant growth of the market. However, the cost of switching the technology is high and this will hamper the growth of the fuel cell market. In addition to this, a lack of infrastructure will also hinder the market’s growth. 

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On the basis of type of vehicle, the market is segmented into light-duty vehicles, fuel cell buses, and material handling. The light-duty vehicles segment is anticipated to lead in the coming years, driven by the high demand for energy-efficient passenger cars. By geography, Asia Pacific is expected to lead in the coming years owing to rising investments in fuel cell devices and advancements in technology. 

Players in the global fuel cell market are fiercely competing with each other to gain their prominence in the market. Heavy investments are being made to ensure enhancement of technology and to a gain a stronger foothold in the market. Introduction of new technologies is intensifying competition in the market. Some of the players mentioned in the report are Ballard Power Systems, Bosch Thermo-technology, ACAL, DDI Energy, Nuvera Fuel Cells, Symbio FCell, Plug Power, Proton Motor, and Hydrogenics. The report profiles key players in the market and offers answers important questions such as recent developments by players, tactics and strategies adopted by them, and information on their mergers, collaborations, and partnerships. 

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