New York, NY -- (SBWIRE) -- 10/22/2020 -- Fuel cell is basically a device that is used to generate electricity using electrochemical reaction and not combustion. Here, the oxygen and hydrogen are combined to generate to produce electricity, water, and heat. Today, fuel cells are used in wide range of applications starting from providing electricity to homes, companies, maintaining critical facilities, such as hospitals, data centers, grocery stores, and also helping the automotives like cars, buses, trains, and more for transport facility. Fuel systems are efficient, clean, quiet, and the most reliable power source. Fuel cells do not require to be charged periodically like batteries; rather they continue to generate electricity until the fuel source is provided.

The fuel cell technology is based on clean energy sources. Thus, regional governments have been promoting it for a wide range of applications, such as stationary applications, automotive applications, and others, to reduce carbon emissions. For instance, in October 2019, the German Ministry for Transport and Digital Infrastructure awarded US$ 13.37 million to Siemens, Ballard Power Systems, and RWTH Aachen University for developing more efficient fuel cells for their trains.Such favorable government initiatives across the globe areamong the pivotal factors driving the fuel cell technology marketgrowth worldwide.\

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Top Players:

Some of the prominent players in the fuel cell market include Bloom Energy, Ballard Power Systems, Doosan Fuel Cell America, Inc., Fuel Cell Energy, Inc., Hydrogenise, KYOCERA Corporation, Panasonic Corporation, PLUG POWER INC., Toshiba Energy Systems & Solutions Corporation, and Mitsubishi Hitachi Power Systems, Ltd., among others.

Growing Demands:

Additionally, the growing demand for power generation in residential &commercial areas is supplementing the growth of the fuel cell technology market owing to its advantages.For instance, Japan has installed approximately 20,000 stationary combined heat & power fuel cell systems incommercial & residential spaces. Moreover, the increasing utilization of fuel cells in vehicles is another factor contributing to the overall market growth. For instance, the Chinese government announced itsplan to construct hydrogen infrastructure to support about 50,000 fuel cell vehicles by 2025.

Rising R&D activities to overcome market challenges, new investments to produce hydrogen and new product launches are the primary factors that are expected to create new opportunities in the fuel cell technology market. However, the high operating cost of fuel cells, the presence of other clean energy alternatives and huge initial investment in the manufacture of fuel cells are among the several factors that will restrain market growth.

By Type -
Alkaline Fuel Cells (AFC)
Direct Methanol Fuel Cells (DMFC)
Molten Carbonate Fuel Cells (MCFC)
Phosphoric Acid Fuel Cells (PAFC)
Proton-Exchange Membrane Fuel Cells (PEMFC)
and Solid Oxide Fuel Cells (SOFC)

By Fuel Type -

Hydrogen,
Methanol,
and Natural Gas

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Regional Analysis:

The Asia Pacific region is expected to grow at the highest CAGR owing to the presence of high potential countries such as China, India, Japan, and South Korea. Additionally, the increasing number of government initiatives in this region and the growing adoption of fuel cell electric vehiclesare expected to propel growth of the fuel cell technology market in the region.

Table of Contents

1.INTRODUCTION
1.Market Definition
2.Market Ecosystem
1.Market Classification
2.Geographic Scope
3.Years Considered for the Study
1.Historical Years – 2016 & 2017
2.Base Year – 2018
3.Forecasted Years – 2019 to 2030
3.Currency Used for the Study
4.Report Beneficiary List

2.RESEARCH METHODOLOGY
1.Research Framework
2.Data Collection Technique
3.Data Sources
1.Secondary Sources
2.Primary Sources
4.Market Estimation Methodology
1.Bottoms Up Approach
2.Top Down Approach
5.Data Validation and Triangulation
1.Market Forecasting Model
2.Limitations of the Study
3.Assumptions of the Study

3.ABSTRACT OF THE STUDY

4.MARKET DYNAMICS ASSESMENT
1.Overview
2.Drivers
3.Barriers/Challenges
4.Opportunities

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In the end, Fuel Cell Technology Market industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.

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