Fuel Cell Market Report 2021 To Showcase Remarkable Growth Based On Rising Focus On Development Of Unconventional Energy Sources To Reduce Carbon Emission | Million Insights
FELTON, Calif., March 3, 2021 /PRNewswire/ -- The global fuel cell market size is anticipated to touch USD 33.09 billion by 2027. The market is likely to exhibit 15.5% CAGR from 2020 to 2027, as per a report published by Million Insights.
What are the Driving Factors for the Fuel Cell Market?
Increasing focus on the development of unconventional energy sources to reduce the carbon emission is attributing to the growth of the market. In 2019, North America held the largest share in the market. Further, the country is anticipated to continue its steady growth over the forecast duration. Increasing penetration of electric vehicles is a key factor attributing to the growth of the regional market. On the other hand, Asia Pacific is an emerging market, and the growth of the region is expected to be bolstered by rising combined heat & power systems' demand.
With the growing pollution across the globe, governments are focusing on encouraging the use of the renewable source of energy, which in turn, bode well for the growth of the fuel-cell market. Ongoing research & development in fuel cell technology is projected to play a key role in the development of the market.
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Increasing use of fuel-cell will help minimize the over-dependency on natural gas, coal and other fossil fuels. Technological developments have paved the way for use of fuel-cell in hybrid vehicles, which offers a lucrative growth opportunity for the market participants.
Key Questions Answers in The Report:
What are the growth factors of the market?
Rising demand for unconventional energy source is fueling the product demand. Increasing focus by governments to curb the carbon emission is attributing to the growth of the market.
Who are the key players in the market?
Key players operating in the market include Bloom Energy, Plug Power, Inc., SFC Energy AG, Fuel Cell Energy, Inc. and Hydrogenics Corporation among others.
Which key player are leading the market share?
The market is consolidated in nature with few leading companies are holding the majority of the share in the market. Get Sample Report to know more.
What are the Application Insights of the Market?
On the basis of application, the stationary fuel cells held the largest share in the market in 2019. In the same year, the segment accounted for USD 6.9 billion of share in the market. Factors such as high efficiency and Product versatility are driving the growth of the segment. It is predicted that the segment would continue to lead the market over the next seven years.