· Stationary Fuel Cell Market to record a stellar CAGR of nearly 12% from 2019 to 2027
· Growing demand for environment friendly options to drive market forward
· Asia Pacific to account for a major share in the stationary fuel cell market landscape
ALBANY, New York, March 19, 2020 /PRNewswire/ -- The global stationary fuel cell market is set to see an increase in its market worth. Over the forecast period of 2019 to 2027, the valuation would reach approximately USD 8.5 bn. It is worth mentioning here that the market valuation in 2018 stood at approximately USD 3 bn.
Transparency Market Research States, "Growing need to move beyond conventional energy generation products will boost the demand trajectory of stationary fuel cells, which can reduce fuel consumption by 50% when compared with the former. From 2019 to 2027, the market is set to witness a compound annual growth rate of ~12%".
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Key Findings of Global Stationary Fuel Cell Market Study:
- The solid oxide fuel cells segment to expand at a significant pace owing to being clean and eco-friendly; these are adaptable and efficient
- Proton exchange membrane fuel cells to lay claim to a sizeable market share owing to their use in a number of applications
- Asia Pacific (APAC) region to witness tremendous growth due to an increase in demand for electricity from industrial centers
For a detailed analysis of Stationary Fuel Cell Market by type, stacking, and end user, visit: https://www.transparencymarketresearch.com/stationary-fuel-cell-system-market.html
Key Drivers of Growth of Global Stationary Fuel Cell Market
Clean energy is the need of the hour and as businesses and governments across the globe take note, investments pour in massively, states Transparency Market Research. This helps the global stationary fuel cell market to grow at a notable pace over the forecast period. A synopsis of market's growth drivers and an overview of trends, sustaining buoyancy are:
- Low emissions to contribute to their growing demand over the period; these reduce fuel consumption by about half
- Increasing awareness regarding harmful impact of carbon emissions is driving up need for cleaner fuels, propelling demand for stationary fuel cells
- Reducing prices of stationary fuel cells, making them competitive, driving market onto a high growth curve
- Government push to help global stationary fuel cell market witness tremendous growth over the forecast period
- Rapid growth in population, along with an increasing demand for electricity contributing positively to the growth of global stationary fuel cell market
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Key Impediment of Growth in Global Stationary Fuel Cell Market
Despite positive growth projections, factors such as high costs of manufacturing stationary fuel cells are set to mar growth in the market to certain extent. Besides, switching from one cell type to another and associated infrastructure requirement is expensive.
Regional Analysis of Global Stationary Fuel Cell Market
- Asia Pacific to dominate global stationary fuel cell market owing to higher demand for electricity - emerging due to industrialization
- Countries such as China and South Korea to push market higher owing to installation subsidies offered by government
- Europe to present market players with lucrative opportunities of growth
Analyze stationary fuel cell market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Stationary Fuel Cell Market
- Prominent market players are Bloom Energy, FuelCell Energy, Inc., Plug Power, Inc., Ballard Power Systems Inc., Ceres Power Holdings plc, and Hydrogenics Corporation
- These account for 55% of the market share, making the vendor landscape consolidated
Global Stationary Fuel Cell: Segmentation
Stationary Fuel Cell Market by Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Phosphoric Acid Fuel Cells (PAFC)
- Molten Carbonate Fuel Cells (MCFC
- Solid Oxide Fuel Cells (SOFC)
- Direct Methanol Fuel Cells (DMFC)
- Others (including Alkaline Fuel Cells)
Stationary Fuel Cell Market by Stacking
- Planar Bipolar Stacking
- Stacks with Tubular Cells
Stationary Fuel Cell Market by End User
Stationary Fuel Cell Market by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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