FELTON, California, January 22, 2018 /PRNewswire/ --
The global fuel cell market was valued at USD 3.21 billion in 2015. The product's ability to power various portable device and machines running on batteries, as well as high benefits over the conventional technologies concerning emission, is most likely to propel the fuel cell industry in the upcoming years. Owing to the strict government regulations in the developed economies such as Europe and U.S., to reduce the emissions coupled with the technological advancements to support the existing electric grids is expected to boost the growth over the forecast period.
High price can be a hindering factor for the market growth. However, rapid technical advancements are being made to cut down the overall cost of the product. Improving durability and reducing cost are the two principal challenges to the product commercialization. Companies are mostly focused on developing new materials to reduce cost and increase efficiency. The fuel cell market is expected to experience the growth in the number of private-public relationships to provide cost efficiency and facilitate a suitable platform for a technological shift. Reorganizing the businesses along with the mergers & acquisitions are the key strategies adopted by industry players to develop the end users.
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Based on the type, the global air ambulance market is segmented into fixed wing services and rotary wing services. The rotary wing services, involving helicopter based air medical transport, held more than 68.0% of market share in 2016. These services are used for medical transfer of patients for shorter distances. Additionally, helicopters can easily land on streets, rooftops, and ground thereby increasing the accessibility of these services.
Although the configurations of the fuel cells are the same, it is classified primarily by electrolyte used which also determines the most suitable application for them. In 2015, PEMFC product segment dominated the global market and accounted for approximately 65% of the total shipments. Broad scope in varied applications such as telecommunications, forklifts, automobile, data centers, backup systems and primary centers has led to the growth of the product in the market.
Stationary hydrogen power plants are designed to power banks, hospitals, airports, schools, military bases, and homes, and is anticipated to capture more than 70% of the overall shipments and thereby to emerge as the leading application segment of the industry. Its ability to use various fuels and use of direct current are the significant factors likely to increase the demand for the sector.
Due to the strict government regulations in the developed region such as North America, it is most likely to develop as the leading market for fuel cells regarding installed capacity. In 2015, it accounted for about 50% of the global installed capacity and was also predicted to continue the trend over the next six years on account of rapid commercialization and technology adoption of hydrogen-powered commercial vehicles. North America is projected to grow at an estimated CAGR of 25% between 2016 to 2025.
The market is highly consolidated with the top companies accounting for more than 80% of the total market share. Increase in the budget for the research and development as well as continues stimulant for the product, the hydrogen energy is likely to maintain a secure spot in the market.
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Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
Regional Outlook (Volume, Kilo Tons; Capacity, Mega Watt; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Middle East and Africa
- Central & South America
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