Sellbyville, DE -- (SBWire) -- 10/26/2018 --China fuel cell market growth will be drive by increasing investments across the development of transport and stationary application along with rise in power consumption. The ongoing investments by major industry players including Hyundai toward the development of H2 infrastructure will complement the industry outlook. In 2017 Hyundai, unveiled its plans to launch the second-generation hydrogen fuel cell vehicle, which will further enhance the properties of technology.
UK fuel cell market is set to witness growth owing to growing investment toward development of hydrogen infrastructure along with favourable government regulations to reduce carbon emissions. Growing demand for development and deployment of the renewable energy technologies will further complement the business landscape. The Government of UK announced to inaugurate 1,150 hydrogen refuelling station by 2030.
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Japan fuel cell market is predicted to exceed 70 MW by 2024. Increasing government expenditure toward development of hydrogen infrastructure coupled with extensive research and development projects will fuel the business growth. Rising energy security concern coupled with favourable measures to promote the adoption of renewable energy technologies will further complement the industry outlook.
Fuel Cell Market is set to exceed USD 6 billion by 2024.Government measures to promote the development of sustainable technologies coupled with escalating demand for FCEV's will drive the industry growth. Growing spending by government organizations and private institutions including Credit Suisse, DOE and DAG Ventures toward innovation and technological advancement will further complement the industry landscape. In 2015, Credit Suisse invested USD 130 million for development of SOFC technology in the U.S.
Increasing demand for space heating across residential and commercial sector along with growing investment toward development of hydrogen refuelling station will stimulate the fuel cell market. Growing installation of portable charging sources on account of increasing recreation activities will positively impact the business outlook. In 2017, government of UK funded over USD 30 million to promote the development of hydrogen infrastructure and vehicle.
Fuel cell market from transport segment is set to witness growth owing to its ongoing deployment in commercial vehicles, UAVs and e- bikes. Increasing cell demand from two & three wheelers, trams, small boats, FCEV's, light vehicles, ferries, goods handling vehicles and forklift trucks will further complement the business growth. In 2016, the FCV sales growth increase from 400 units in 2015 to 5000 units.
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SOFC fuel cell market share is predicted to witness growth owing to growing demand for fuel cell across large and small stationary power generation systems. Ability to possess over 60% efficiency and operate at high temperate ranges from 8000C to 1,0000C over other alternates make its adoption preferable over other alternates. Cost effectiveness, low emissions, stability, fuel flexibility and high efficiency are some of key parameters which will impede the fuel cell market.
Major participants across fuel cell market includes Hydrogenics Corporation, Horizon, FuelCell Energy, Toshiba, UTC Power, Panasonic, Ceres Power, Plug Power, AFC Energy, Doosan, SFC, Arcola, Bloom Energy and Ballard. The industry has witnessed several M&A to expand its regional presence.
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Global Fuel Cell Market in China to Witness 20% CAGR Till 2024 : Ballard, Bloom Energy, FuelCell Energy, Toshiba, UTC Power and 12 Other Companies Profile
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