The global fuel-cell market size is projected to reach $24.81 billion by 2025 and grow at a CAGR of 20.9%. According to a report by Grand View Research, the market is being encouraged by international pressure on energy diversification, which is bringing about a positive investment environment for alternative energy.
The fuel cell is becoming a highly efficient form of alternative energy generation. Fuel-cell shipments have risen during the past three years, compelling manufacturers to increase operations. Fuel-cell systems cost has also seen a decline due to significant innovations in terms of efficiency and working cost.
Low gas prices will remain a concern for this market as natural gas-based power generation is showing a radical decrease in operating cost and significant increase in output. Rapid rise in efforts to capitalize on the potential of fuel cells will drive the growth of this market over the forecast period.
The fuel-cell market is likely to witness aggressive strategic alliances with market players looking to expand their end-user segments in emerging markets. Progressive private-public partnerships are predicted to be essential for attaining an economically viable technological shift. Japan's vision of a Hydrogen Society is anticipated to bode well for market growth by 2020
Stationary hydrogen power plants are expected to emerge as the largest application segment and account for more than 70% of the market in terms of shipped units. Factors such as high efficiency, flexibility to use different fuels, and utilization of direct current are the key demand drivers.
The report noted that fuel-cell units shipped at a global level in 2016 were estimated to be 78,000, and the U.S. market size was estimated to be 8205 units. The proton exchange membrane fuel cell (PEMFC) dominated the fuel-cell market and accounted for more than 76% of U.S. units shipped in 2016. The solid oxide fuel cell (SOFC) is likely to emerge as the fastest growing segment and is expected to register an estimated CAGR of 39.3% during the forecast period in the U.S. alone.
North America is witnessing several strategic partnerships with companies such as Coca-Cola, Walmart, and other prominent players partnering with manufacturers to use fuel cells for internal energy consumption. In addition, Hyundai is powering its test cars with fuel cells to deliver better efficiency in Japan and Latin America. These cars are likely to earn commercial status by the end of the forecast period.
Browse the full research report with TOC on "Fuel Cell Market Size, Share & Trends Analysis Report By Product (PEMFC, PAFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), By Region, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/fuel-cell-market.