New York, NY -- (SBWIRE) -- 05/13/2020 -- Fuel cell is an electricity generating device with the help of an electrochemical reaction and not combustion. In the fuel cell, oxygen and hydrogen are combined for the generation of heat, electricity, and water. Hence, these cells are today used in multiple applications starting from offering power to residences to the corporate offices, and keeping the essential services running smoothly, such as grocery centers, hospitals, data centers, and different types of vehicles like forklifts, buses, trains, trucks, and cars. Fuel cells technology is an efficient, reliable and a clean power source and do not need to be charged from time to time like batteries. Rather, they produce electricity until the fuel source is provided. A normal fuel cell comprises cathode, anode, and an electrolyte membrane. It works by passing hydrogen via fuel cell's anode and oxygen via cathode.

According to the report, the global fuel cell technology market accounted forUS$1,031.63million in 2018. It is anticipated to grow at a CAGR of 25.09% from2019 to 2030.

Top Players are:

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.

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Growing Trends

The emergence of COVID-19 in China impacted the power sector initially across the globe, spreading slowly to other domains as well. In addition, the growing demand for zero-emission cars is also increasing the demand for fuel cells. But, this smooth and steady demand is hampered by the emergence of Coronavirus, affecting various major sectors like healthcare, automotive, logistics and others. Also, lockdown in emerging economies and few foreign courtiers, technological improvements in the said domain is restricted, resulting in delays of electronic components run by fuel cells. Moreover, cheaper electricity prices and lower demand for electricity are few other impacts on the power sector.

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.

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.

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The Research Provides Answers To The Following Key Questions:

-What is the estimated growth rate and market share and size of the Fuel Cell Technology Market for the forecast period 2019 - 2030?
-What are the driving forces in the sodium sulfate market for the forecast period 2019- 2030?
-Who are the prominent market players and how have they gained a competitive edge over other competitors?
-What are the market trends influencing the progress of Fuel Cell Technology Market industry worldwide?
-What are the major challenges and threats restricting the progress of the industry?
-What opportunities does the market hold for the prominent market players?

Table of Contents

INTRODUCTION
Market Definition
Market Classification
Geographic Scope
Years Considered for the Study: Historical Years – 2016& 2017; Base Year – 2018; Forecasted Years – 2019 to 2030
Currency Used

RESEARCH METHODOLOGY
Research Framework
Data Collection Technique
Data Sources
Secondary Sources
Primary Sources
Market Estimation Methodology
Bottom Up Approach
Top Down Approach
Data Validation and Triangulation
Market Forecasting Model
Limitations/Assumptions of the Study

ABSTRACT OF THE STUDY

MARKET DYNAMICS ASSESSMENT
Overview
Drivers
Threats/Restraints
Opportunities
Application Analysis
Future Market Scenario
Emerging Markets

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