High-Performance Fuel Cells Market growth Expected to Grow at a CAGR over 24% from 2020 to 2027 :
Market Research Future has published a Half-Cooked Research Report on the Global High-Performance Fuel Cells Market growth.
Market Highlights
Global High-Performance Fuel Cells Market growth is projected to be valued at USD 7.8 Billion by 2026, with 24.0% CAGR during the forecast period, 2020–2026. High-performance fuel cells utilize hydrogen and oxygen to generate electricity, heat, and water. Fuel cells are similar to batteries but with significant differences. It is also an energy storage device. The fuel cell produces electrical energy till the fuel and oxidant are supplied to the electrodes. Fuel cells are more reliable than heat engines as it does not have any moving parts during operation.
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High-Performance Fuel Cells Market growth Size Expected to Grow at a CAGR over 24% from 2020 to 2027 In 2019, North America dominated the High-Performance Fuel Cells Market growth in terms of share: MRFR
The global High-Performance Fuel Cells Market growth has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. North America is expected to hold the largest share of the market during the forecast period. This is primarily as countries in the region are extensively focused on developing renewable energy sources to reduce carbon emissions. In North America, the US held the largest share in the market and is expected to grow at the fastest CAGR during the forecast period, due to the policies that are framed to research and encourage the use of clean fuels for energy requirements. In Europe, Germany held the largest market share in 2019 and is expected to grow at the fastest rate during the study period, primarily due to the strategic partnerships and programs to encourage the role of hydrogen and fuel cell technology in the country. In Asia-Pacific, China held the largest market share in 2019 due to extensive government support to introduce renewable energy sources. While the High-Performance Fuel Cells Market growth is expected to grow at the fastest CAGR in Japan during the forecast period due to the increasing demand for fuel cell vehicles in the country. In the Middle East & Africa region, the UAE is expected to be one of the leading markets for fuel cell technology.
The global High-Performance Fuel Cells Market growth has been segmented based on type, application, and end-use. Based on type, the global market is divided into proton exchange membrane fuel cell (PEMFC), phosphoric acid fuel cell, alkaline fuel cell, and microbial fuel cell. The PEMFC segment is expected to hold the largest share of the market and grow at the fastest rate during the forecast period. Based on application, the global market is classified into portable, stationary, and transport. The transport segment is estimated to grow at the fastest rate during the forecast period due to the increasing sales of fuel cell vehicles. Countries such as Japan, South Korea, and China have proposed fuel cell-based vehicle implementation plans to reduce the dependency on gasoline fuel imports. Based on end-use, the global high-frequency fuel cell market has been divided into fuel cell vehicles, utilities, and defense. The fuel cell vehicle segment is expected to hold the largest share within the global High-Performance Fuel Cells Market growth
Global High-Performance Fuel Cells Market growth is expected to grow at a 24.0% CAGR during the forecast period.
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Drivers
Scope of the Report
This report offers an in-depth analysis of the global High-Performance Fuel Cells Market growth, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global High-Performance Fuel Cells Market growth by type, application, end-use, and region.
Type
Phosphoric acid fuel cell
Alkaline fuel cell
Microbial fuel cell
Application
Stationary
Transport
End Use
Utilities
Defence
By Region
Asia-Pacific
Europe
Middle East & Africa
South America
Key Players
The key players operating in the global High-Performance Fuel Cells Market growth are Hydrogenics (Canada), Ballard Power Systems (Canada), Aisin Seiki Co. (Japan), Kyocera (Japan), Toshiba Energy Systems & Solutions Corporation (Japan), SFC Energy (Germany), Mitsubishi Hitachi Power Systems (Japan), Ceres Power (UK), Horizon Fuel Cell Technologies (Singapore), AFC Energy (UK), Altergy (US), and Nuvera Fuel Cells, LLC (US).
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