Global Fuel Cells Market to Value USD910.3 million by 2018
Albany, New York (PRWEB) July 23, 2014
According to the report, the Global Fuel Cells Market, which had an estimated market value worth nearly USD 355.3 million in 2011, is expected to grow year-on-year at a CAGR of 15.0% during 2013 to 2018 and reach market heights of value worth nearly USD 910.3 million by 2018.
Title: Fuel Cells Market (PEMFC, MCFC, PAFC, SOFC, DMFC & Others)
Published: 16 January 2014
Price: US$ 4,595.00 (Single User)
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In terms of demand, the current market space is dominated by the Asia Pacific and North America. But in future, Europe is estimated to be the most promising growth juncture for this market. Today’s critically energy dependent world has already exhausted much of its power sources. It is thus a global necessity to move towards environmentally sustainable sources of energy. The use of fuel cells presents one such excellent energy source that can be adapted in both mobile and stationary power applications and can offer significant advantages to the energy sector. Benefits of fuel cells include reliability, efficiency, economy, future development potentials and planning flexibility.
Looking at the enormous possibilities of adapting fuel cells for various application areas due to the very few raw materials required for its working (most of which are naturally occurring elements such as hydrogen and oxygen), its unique method of power generation (without combustion of fuel) and the cleanest form of energy produced from it, it is easy to estimate that fuel cells are the future of the energy sector.
According to the report, fuel cells are currently most prominently used in application areas such as automobiles, forklifts, data centers, telecommunication sector and many primary as well as backup power systems.
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Product-wise, the global fuel cells market is majorly governed by the Proton Exchange Membrane Fuel Cell (PEMFC) segment, the highest revenue generator of this market. This is followed by the Molten Carbonate Fuel Cell (MCFC) segment. The report estimates that the PEMFC and MCFC segments could grow a CAGR of 11.5% and 17.8% respectively during the forecast period.
The PEMFC segment also amassed the major shares in the application area of power generation, with nearly 46.3% of the market shares. This was followed by the MCFC segment that held nearly 39.2% shares of the market. However, the MCFC segment could achieve a larger market share than the PEMFC segment by 2018 owing to the rising demands of stationary fuel cell systems.
Geography-wise, North America is the dominant market segment of the global fuel cell industry due to factors such as technological innovations and regulatory support. Demand for fuel cell operated automobiles is expected to rise in the U.S, leading to market growth of the fuel cell industry. The current demands as well as future growth opportunities also seem bright in the Asia Pacific region. Demand from European countries for sustainable fuel cells is also on a significant rise.
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