Fuel Cells Market Volume and Revenue Anticipated to Reach 1504,005 Units and US$ 27.25 Billion by 2024, Government Policies Against Carbon Emissions Driving Demand: Transparency Market Research

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Transparency Market Research

10 Oct, 2016, 12:30 BST

ALBANY, New York, October 10, 2016 /PRNewswire/ --

Global fuel cells market comprises only five manufacturers who hold 99.5% of the revenue share, finds Transparency Market Research (TMR) in a new study. The industry is dominated by FuelCell Energy, Inc. and Plug Power, Inc. who collectively hold 51.9% of the revenue share while Ballard Power Systems Inc., SFC Energy AG, and Hydrogenics Corporation are the other leading manufacturers. With wide distribution networks, manufacturers are leveraging their brand name and focusing mergers and acquisitions to gain additional market share. A case in point would be FuelCell Energy, Inc. The company recently announced its 20-year long-term contract with Pfizer Inc., one of the world's largest biopharmaceutical companies, for the development of 5.6 mega-watt fuel cell project in Connecticut, U.S.

The revenue of the global fuel cells market stood at US$3.59 bn in 2015 and is expected to reach US$27.25 bn by 2024 at a CAGR of 23.64%.

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By Application, Stationary Applications of Fuel Cells Have Strong Demand 

By application, the market for fuel cells has been segmented into stationary, portable, and transport. Out of these, stationary application of fuel cells, such as CHP and backup power systems, dominate the market for fuel cells. Stationary fuel cells alone had a market share of 64.82% in 2015. Portable applications include electronic goods such as laptops, tablets, mobiles, and cameras. The report states that the use of fuel cells in the transportation sector is very moderate.

Geographically, North America forms the key market for fuel cells with a revenue share of 21.69% in 2015 but rapid population growth in emerging regions, especially Asia Pacific, is expected to create fresh opportunities for the market in the East.

On the flip side, the demand for fuel cells is affected by the prevailing prices of fossil fuels such as coal, crude oil, and natural gas. However, harmful emissions caused by the usage of fossil fuels make fuel cells a very promising technology for the future.

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Government Policies against Carbon Emissions Opening up Opportunities for Fuel Cells 

Environmental concerns associated with the soaring levels of carbon emissions, to which conventional batteries contribute, have forced governments to make policies and regulations that are encouraging the take up of fuel cells. Fuels cells are now gaining popularity as the preferred choice for back-up power in commercial organizations and homes. Rapid population growth, high dependence on fossil fuels, increasing electricity demand, and high awareness about clean energy across different countries are other main drivers for the market for fuel cells. Moreover, fuel cells also have high energy density than conventional batteries which is expected to attract future buyers.

High Switching Costs Hindering Growth of Fuel Cells Market 

Fuel cells come at a high initial cost that not all potential buyers are willing to invest in. Moreover, a very high degree of research and development is required as the market is still in its initial phase. Due to these factors, only companies with large funds and relevant knowledge can enter this market. These factors will likely stand in the way of the overall growth of the global fuel cells market, the report further states.

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The information presented in this review is based on a Transparency Market Research report, titled, The information presented in this review is based on a Transparency Market Research report, titled, "Fuel Cells Market (Type - Proton Exchange Membrane Fuel Cells (PEMFC), Direct Methanol Fuel Cells (DMFC), and Solid Oxide Fuel Cells (SOFC); Application - Stationary, Portable, and Transport) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2024."

Key Segments of the Fuel Cells Market 

Fuel Cells Market: By Type 

  • Proton Exchange Membrane Fuel Cells (PEMFC)
  • Direct Methanol Fuel Cells (DMFC)
  • Solid Oxide Fuel Cells (SOFC)
  • Others

Fuel Cells Market: By Application 

  • Stationary
  • Portable
  • Transport

Fuel Cells Market: By Region 

North America 

  • U.S.
  • Canada

Europe 

  • Germany
  • U.K.
  • Rest of Europe

Asia Pacific 

  • Japan
  • South Korea
  • China
  • Rest of Asia Pacific

Rest of the World 

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research