The Fuel Cell Market is set to grow from its current market value of more than $3.5 billion to over $9 billion by 2026; as reported in the latest study by Global Market Insights, Inc.

The Fuel Cell Market is set to grow from its current market value of more than $3.5 billion to over $9 billion by 2026; as reported in the latest study by Global Market Insights, Inc.

The global fuel cell market is poised for stellar growth on the back of burgeoning manufacturing of next-generation electric vehicles. Of late, the demand for fuel cells has significantly increased across the transport sector due to their high efficiency, longer operational life, and compact size.

Increasing demand for electric vehicles has encouraged private and public organizations to invest in developing next-generation EVs. Moreover, favorable regulatory initiatives to aid the development of sustainable energy technologies have further created lucrative growth opportunities for industry participants.

Growing demand for space heating across residential and commercial establishments coupled with increasing investments for development of hydrogen infrastructure will foster the fuel cell market growth. Upsurge in demand for fuel cell electric vehicles along with ongoing funding by private and public organizations toward research & development activities will augment the business outlook. Favorable regulatory initiatives to enhance the development of sustainable energy technologies will further provide opportunities to industry players for expansion.

Wide usage across auxiliary power units, radios, torches, laptops, cameras, skid-mounted generators, vine-trimmers, printers and portable soldier power units will boost the fuel cell deployment across portable applications. Longer run time, rapid-recharging, reliability, reduced weight and low operating cost are some of the key features which will stimulate the product demand. In addition, ongoing innovations in product design and development in order to reduce the overall cost will propel the business outlook.

Based on the product, solid oxide fuel cells (SOFCs) are gaining traction across numerous applications of late. The product is widely used in small as well as large stationary power generation applications. With over 60% efficiency, SOFCs can operate at a very high temperature ranging from 8000C to 1,0000C. Moreover, the product is used across several transport applications. Offered features like low emissions, high efficiency, low cost, fuel flexibility, and stability could accelerate the demand for solid oxide fuel cells in the forthcoming years.

On a regional front, Japan is expected to offer lucrative growth opportunities to companies operating in the fuel cell market. The region has been significantly deploying fuel cell electric vehicles from the past few years. Increasing concern towards offering electric supply across remote areas coupled with favorable government regulatory strategies to rapidly develop hydrogen infrastructure is driving fuel cell demand.

North America fuel cell industry is projected to witness a growth of over 13% by 2026. Increasing investments toward development of hydrogen infrastructure along with favorable government policies to curb emissions will positively influence the business outlook. Shifting focus to replace conventional power sources with clean energy systems will further propel the industry growth. For instance, the DOE in 2018, invested over USD 39 Million to develop hydrogen infrastructure and fuel cells across the region.

Key players operating across the fuel cell industry includes Hydrogenics, Ballard Power Systems, Plug Power, Bloom Energy, Toshiba, AFC Energy, Panasonic, Horizon, Arcola, Fuel Cell Energy and Doosan amongst other.

Source: https://www.gminsights.com/industry-analysis/fuel-cell-market