SOURCE: Grand View Research, Inc.

Grand View Research, Inc.

November 16, 2015 07:30 ET

Fuel Cell Market to Grow at CAGR of 22.6% Till 2020: Grand View Research, Inc.

SAN FRANCISCO, CA--(Marketwired - Nov 16, 2015) - Global fuel cell market capacity is expected to reach 664.5 MW by 2020, growing at a CAGR of 22.6% from 2014 to 2020. Government support across various nations to develop hydrogen fuel station is expected to remain a major driving factor for the market over the next six years. In addition, favorable regulatory scenario owing to shift in focus towards developing renewable energy is also expected to boost the global fuel cell market over the forecast period. However, high switching cost and lack of infrastructure in developing countries are identified as major restraints to the market.

Browse full research report with TOC on "Fuel Cell Market Analysis By Product (PEMFC, DMFC, PAFC, SOFC, MCFC, AFC) And Segment Forecasts To 2020" at: http://www.grandviewresearch.com/industry-analysis/fuel-cell-market                                     

Further key findings from the report suggest:

  • Global fuel cell shipments were 50,050 units in 2013 and are expected to reach 790,450 units by 2020, growing at a CAGR of 49.1% from 2014 to 2020.
  • PEMFC emerged as the leading product segment in the overall market and accounted for 88.6% of total units shipped and 42.8% of total capacity in 2013. However, MCFC is expected to be the fastest growing product segment for fuel cell at an estimated CAGR of 56.6% from 2014 to 2020.
  • Portable applications dominated the global application market for fuel cells, accounting for 71.2% of total unit shipments in 2013. However, in terms of capacity, stationary applications emerged as the leading application market and accounted for 58.1% of total capacity installed in 2013.
  • North America emerged as the leading consumer for fuel cell in terms of installed capacity and accounted for 42.5% of total capacity in 2013. In terms of total unit shipments, Asia Pacific emerged as the leading consumer and accounted for 36.9% of total market in 2013. However, North America is expected to surpass Asia Pacific to become the largest market for fuel cell both in terms of unit shipments and capacity by 2020.
  • The global market is highly concentrated with top four participants catering to over 70% of global demand. The market is dominated by companies such as Fuel Cell Energy, Ballard, Clearedge and Toshiba. Some of other companies operating in the global market include, Panasonic, Plug Power Inc. and Hydrogenics Corporation.

Grand View Research has segmented the global fuel cell market on the basis of product, application and region:

  • Fuel Cell Product Outlook (Unit Shipment; Revenue, USD Million; Capacity, MW; 2012-2020)
    PEMFC
    DMFC
    PAFC
    SOFC
    MCFC
    AFC
    Others
  • Fuel Cell Application Outlook (Unit Shipment; Capacity, MW; 2012-2020)
    Stationary
    Portable
    Transportation
  • Regional coverage of the database includes:
    North America 
    Europe
    Asia-Pacific
    RoW

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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