Pune, India -- (SBWIRE) -- 04/09/2019 -- The report on Fuel Cell Market by type (Polymer/ Proton Exchange Membrane, Solid Oxide, Molten Carbonate, Phosphoric Acid, Direct Methanol), by Application (Stationery Applications Market, Transportation Applications Market, Portable Power) trends, analysis, Industry Analysis, Trends, Market Size, forecasts up to 2023 studies the market sizes, key trends and opportunities in the main geographies such as North America, Europe, Asia-Pacific, Rest of the World. According to the report the Global Fuel Cell Market is projected to grow at a CAGR in terms of value over the period of 2017-2023. The growth in the world market is primarily driven by a significant contribution by North America (Leading region) region to this market. The global fuel cell market is projected to surpass USD 6.60 billion by the end of 2023, growing at a CAGR of 14.5% from 2017 to 2023.

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Fuel Cell Market: Industry Insights

The fuel cell is an electrochemical device, used to get electrical energy from the chemical energy. The fuel cell consists of an electrolyte layer in contact with cathode and anode on either side. It is used to power several devices as car, mobile, and space vehicle. Additionally, the fuel cell is different from the batteries such as the fuel cell supply power for a longer period, whereas battery supplies for a limited period. The fuel cell is an open system, whereas a battery is a closed system.

Fuel Cell Market: Drivers and Restraints

The continuous growth of the automobile industry is driving the demand for the fuel cell market. The growing demand for the modern hybrid vehicle, electric vehicle, and fuel cell operated a vehicle is helping to boost the growth of the fuel cell market. These vehicles need a different type of fuel cell products as per the different specification of the vehicle, hence, the demand of different fuel cell product is expected to increase for the automobile sector in near future. Additionally, continuous advancement in the fuel cell technology and government support for the adaptation of hybrid and the electric vehicle are helping to increase the demand for the fuel cell products. Further, the increasing use of the fuel cell in the portable device as smartphones, tablets for long term power supply, is boosting the demand for fuel cell products.

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Fuel Cell Market: Segmentation

The fuel cell market is divided into type and application. On the basis of type, the market is segmented into polymer/ proton exchange membrane fuel cells (PEM), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), direct methanol fuel cells (DMFC), and others. By application, stationary applications market, transportation applications market, and portable power. The phosphoric acid fuel cells(PAFC) hold a significant share in the fuel cell market by type in 2018. The growing demand for phosphoric acid-based fuel cells is helping to grow the demand for phosphoric acid fuel cells.

Fuel Cell Market: Regional Insights

Among the geographic region, North America dominates the global fuel cell market, owing to continue growing government regulatory framework to reduce the carbon emission in this region. Additionally, the presence of numerous fuel cell manufacturing companies in this region is helping to grow this market. Asia-Pacific is the second largest market for the fuel cell market. Japan is one of the major markets in the Asia-Pacific region. Owing to the huge demand of the CHP system in Japan, China and India the market for fuel cells is growing in Asia-Pacific.

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Fuel Cell Market: Competitive Analysis

The global fuel cell market is a competitive market. The prominent players in the global creatinine market are AFC Energ, Aisin Seiki Co. Ltd, Ballard Power Systems Inc., Bloom Energy, Ceramic Fuel Cells Limited, Ceres Power Holdings PLC, Doosan Corporation, Fuelcell Energy, Hydrogenics Corporation, Kyocera, Panasonic Corporation, Plug Power Inc., and Toshiba Corporation. Product innovation and acquisitions & mergers are the key parameters to remain competitive and to gain greater market share.