Theleading players in the global fuel cellsmarket are focusing more on strategic partnerships toexpand their bases in emerging regions, find a new study by Transparency MarketResearch (TMR), a leading market intelligence firm. The report assesses theglobal fuel cells market based on the prominent trends and the growth prospectsof companies operating in this market. A large number of companies with astrong presence across the world make for a high degree of competition in thismarket. Ballard Power Systems Inc., Doosan Fuel Cell America Inc., Toshiba Corp.,Hydrogenics Corp., Nedstack Fuel Cell Technology B.V., FuelCell Energy Inc.,Panasonic Corp., and Plug Power Inc. are some of the leading companies in thismarket.
Up tillnow, these companies were mostly relying upon product innovation and advancementsof their current portfolio for the development of their business. However,researchers at TMR expect a shift in their focus towards strategic alliancesand mergers and acquisitions in the years to come. To remain relevant in theglobal fuel cells market, these companies are projected to diversify theirproduct portfolios in the near future, notes the research study.
Accordingto TMR, the global fuel cells market is anticipated to expand at an exceptionalCAGR of 23.64% during the period from 2016 to 2024. The opportunity in thismarket is likely to rise from US$3.59 bn in 2015 to a whopping sum of US$27.25bn by the end of 2024.
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PEMFC Continues to Attract StrongDemand
Theresearch report evaluates the global fuel cells market mainly on two fronts:Type and application. Based on the type of fuel cell, the market is categorizedinto direct methanol fuel cell (DMFC), proton exchange membrane fuel cell(PEMFC), and solid oxide fuel cell (SOFC). Among the three, PEMFC is witnessinga stronger demand, especially from the transport market to power vans andbuses. The continuous technological advancements targeted towards increasingthe efficacy of PEMFC are supporting the growth of this segment to a greatextent. Going forward, PEMFC will gain significant popularity in small-scaleresidential applications, which is expected to boost this segment in the yearsto come.
Byapplication, the worldwide fuel cells market is classified into portable,stationary, and transport. At present, the demand for fuel cells is relativelyhigher in stationary applications. Although this segment is projected tocontinue its dominance, other applications will also experience considerableinvestments in research and development activities by leading players, statesthe market report.
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Increasing Preference forEco-Friendly Technologies to Boost Demand for Fuel Cells in Asia Pacific
The reportalso offers a geographical analysis of the global fuel cells market. NorthAmerica, Asia Pacific, the Middle East and Africa, Europe, AND Latin Americaare the main geographical segments of this market. In 2015, Asia Pacific letthe worldwide market with a share of nearly 60% and the regional market isexpected to remain on the top over the next few years. The steady growth inAsia Pacific fuel cell market is a result of the increased uptake of greenenergy technology, decreasing dependence on fossil fuels, and augmenting demandfor electricity demand in various Asian countries. In addition to this, therapid industrialization in this region is likely to drive the demand for fuelcells substantially. The implementation of strict government regulations tominimize carbon emissions will also support the growth of the Asia Pacific fuelcells market over the next few years, reports the study.
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