Global Fuel Cells Market to be Worth US$910.3 Million by 2018. By Transparency Market Research

ALBANY, New York, September 23, 2014 – Based on a recent report by Transparency Market Research, the global fuel cells market was valued at US$355.3 million in 2011 and is projected to grow to US$910.3 million by 2018. The report, ‘Fuel Cells Market (PEMFC, MCFC, PAFC, SOFC, DMFC & Others) - Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2012 - 2018’, also states that the fuel cells market will grow at a compound annual growth rate of 15% during the forecast period.

The report categorizes the global fuel cells market on the basis of type, fuel, application, and geography. The main types of fuel cells are solid oxide fuel cell (SOFC), direct methanol fuel cell (DMFC), phosphoric acid fuel cell (PAFC), molten carbonate fuel cell (MCFC), proton exchange membrane fuel cell (PEMFC), and alkaline fuel cell (AFC). The three major fuels included in fuel cells are hydrogen, methanol, and natural gas. On the basis of applications, fuel cells can be segmented as portable (remote monitoring, consumer electronics, and external battery chargers), stationary (uninterruptible power supply systems, heat and power systems, and backup power systems), and transportation (specialty vehicles, heavy vehicles, light vehicles, auxiliary power units, and forklifts). The key regions that fall under the global fuel cells market are North America, Europe, Asia-Pacific, and Rest of the World.

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Among the product types, PEMFC led the overall fuel cells market in terms of revenue, growing at a CAGR of 11.5% from 2013 to 2018 and accounting for 46.3% of the total demand in 2011 in terms of power volume (MW). MCFC followed next with a CAGR of 17.8% and 39.2% share of the global fuel cells demand. In terms of fuel, while hydrogen accounted for a majority of the fuel cells market and will continue to hold maximum share till 2018, methanol and natural gas are also expected to witness significant growth in the forecast period. By application, the stationary fuel cells segment is projected to grow at a 24.4% CAGR in terms of power volume, while the transportation fuel cells segment will grow at a 15.4% CAGR during 2013-2018.

Geographically, in terms of demand, North America and Asia-Pacific dominated the global fuel cells market. Technological innovations and extensive regulatory support makes the U.S. the strongest regional segment for fuel cells vehicles by the end of 2018. A thriving fuel cells market in Japan and South Korea (in terms of revenue generation) has spurred the growth of the Asia-Pacific fuel cells market, projecting a growth of 12% CAGR during the forecast period.

Factors that aid the fuel cells market are eco-friendly nature of fuel cells, higher density of fuel cells compared to batteries, improved alternative to current back-up power options, growing support from government and regulatory bodies, a developing fuel cells vehicle market, and shift towards green technology. On the other hand, lack of proper infrastructure and high cost is expected to hinder the growth of the fuel cells market.

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The fuel cells market is a highly competitive one with numerous companies vying for the top spot. Some of the key participants in the fuel cells market are Bloom Energy, Hydrogenics Corporation, Ballard Power Systems Inc., NedStack Fuel Cell Technology, FuelCell Energy, Inc., AFC Energy PLC, Panasonic Corporation, and Toshiba Corporation.

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