SAN FRANCISCO, December 5, 2018
SAN FRANCISCO, December 5, 2018 /PRNewswire/ --
Global Fuel Cell Market is estimated to grow at a substantial CAGR of close to 22% by 2022 as the scope, product types, and its applications are increasing across the globe. Fuel cells are like battery units used to generate electricity from electrochemical reactions. The factors that propel the growth of the Fuel Cell Market include technical advancements, constant depletion of fossil fuels, and increasing consciousness about the advantages of fuel cells. Fuel Cell Market may be explored by product type, applications, and geography. Fuel Cell Market may be explored by product type as PAFC, PEMFC, MCFC, SOFC, and Others. The "MCFC" segment led the Fuel Cell Market in 2017 and is anticipated to maintain its dominance by 2022. Fuel Cell Market could be explored based on application as Stationary, Portable, and Transport. The "Transport" segment led the Fuel Cell Market in 2017 and is anticipated to maintain its dominance by 2022 owing to increasing deployment of fuel cell electric vehicles in the years to come.
Fuel Cell Market is categorized based on geography into North America, South America, Japan, Middle East and Africa, Western Europe, Asia Pacific, and Eastern Europe. North America accounted for the major share of the Fuel Cell Market Size in 2017 and will continue to lead in the forecast period. North America is followed by the APAC and anticipated to grow at substantial rate in the forecast period. The key players contributing to the robust growth of the Fuel Cell Market comprise Bloom Energy Corporation, Ballard Power Systems Inc., Fuel Cell Energy Inc, Nuvera Fuel Cells Inc, Toshiba Fuel Cell Power Systems Corporation, Plug Power Inc, AFC Energy plc, Doosan Fuel Cell America Inc., Mitsubishi Hitachi Power Systems Ltd., SFC Energy AG, Intelligent Energy Limited, and Panasonic Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry. This market research report presents a comprehensive analysis of the global fuel cell market based on application (transport, stationary, and portable) and product (PEMFC, SOFC, MCFC, and others). The report also provides an analysis of the market based on geographic regions such as the Americas, APAC, and EMEA.
Access 146 page research report with TOC on "Fuel Cell Market" available with Radiant Insights, Inc. @ https://www.radiantinsights.com/research/global-fuel-cell-market-2018-2022
During 2017, the transport segment accounted for the majority market share of fuel cell market. The rising deployment of fuel cell electric vehicles will drive the growth prospects for the fuel cell technology market in the transport segment for the next four years.
In terms of geography, the Americas contributed the majority of share toward the market during 2017. However, the APAC region is expected to lead the fuel cell technology market during the forecasted period.
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