Global Fuel Cells Market is Expected to Reach USD 910.3 Million in 2018: Transparency Market Research
Albany, New York (PRWEB) January 25, 2013
Asia-Pacific and North America dominate the global market in terms of demand, and Europe is estimated to be the most promising market in the near future.
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The fuel cells market by product type is majorly covered by PEMFC (Proton Exchange Membrane Fuel Cell) in terms of revenue followed by MCFC (Molten Carbonate Fuel Cell). PEMFC and MCFC are expected to grow at a CAGR of 11.5% and 17.8% respectively from 2013 to 2018. In terms of power (MW), PEMFC and MCFC again dominated the market, accounting for 46.3% and 39.2% of total demand in 2011 respectively. However, by 2018, MCFC is likely to overtake PEMFC market owing to the increasing market of stationary fuel cell systems. PEMFC is used in a wide variety of applications including forklifts, automobiles, telecommunications, data centers, primary and backup power systems owing to its relatively low operating temperature and high power density. MCFC fuel cells are mainly used for stationary power generation and CHP applications, and are available as commercial products.
Fuel cells are currently more dominant in the North America due to regulatory support and technological innovation push in recent times. U.S. is expected to emerge as one of the biggest markets for fuel cell vehicles by 2018. Asia-Pacific is the other major region where the fuel cells market is very strong with demand expected to grow at a CAGR of about 12% from 2013 to 2018. In Asia-Pacific, Japan and South Korea dominate the market revenue for fuel cells. Europe is expected to grow at the highest rate among these three major regions, driven primarily by regulatory policies pushing for sustainability and is expected to cover a substantial part of the market by 2018. With regional coverage, the study also provides comprehensive market data on key countries such as U.S., Canada, Japan, South Korea, Germany, UK, Norway, Sweden and Denmark.
Key participants in the fuel cells market include Fuel Cell Energy, Ballard, Clearedge, Toshiba, Panasonic, Plug Power Inc. and Hydrogenics Corporation.
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This research analyzes and estimates the performance and demand of fuel cells in the global scenario. The research provides detailed trend analysis of the fuel cells market, demand by geography and detailed analysis of companies that are dealing in fuel cells. The report covers all the major segment types of the fuel cells market and provides statistically refined forecast and historical data for the segments covered.