Fuel Cell Market outlook with industry review and forecasts
Category: #business  By Rahul Varpe  Date: 2021-11-25
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Fuel Cell Market outlook with industry review and forecasts

Japan fuel cell market to record significant proceeds between 2020-2026

The global fuel cell market is poised for stellar growth on the back of burgeoning manufacturing of next-generation electric vehicles. Of late, the demand for fuel cells has significantly increased across the transport sector due to their high efficiency, longer operational life, and compact size.

Increasing demand for electric vehicles has encouraged private and public organizations to invest in developing next-generation EVs. Moreover, favorable regulatory initiatives to aid the development of sustainable energy technologies have further created lucrative growth opportunities for industry participants.

Citing an instance to highlight the same, in 2018, the U.S. Department of Energy (DOE) invested more than USD 39 million to develop fuel cells and hydrogen infrastructure across the North America. Government authorities in the region have also aligned their focus towards clean energy systems. This has led to the development of hydrogen infrastructure, thereby lowering the region’s dependency on conventional fuels, as well as lowering carbon emissions.

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On this note, it is expected that North America fuel cell market may record 13% CAGR by 2026. MeanwhileGlobal Market Insights, Inc., predicts that the global fuel cell market could surpass annual installation of 400 thousand units by the year 2026.

In addition to the automobile sector, fuel cells are extensively used in radios, printers, portable soldier power units, cameras, skid-mounted generators, vine-trimmers, torches, laptops, and auxiliary power units. The products offer enhanced features like rapid-recharging, reliability, low operating cost, and reduced weight to these equipment. Moreover, manufacturers are involved in product design and development to reduce the cost of fuel cells, which may improve fuel cell business outlook.

Based on the product, solid oxide fuel cells (SOFCs) are gaining traction across numerous applications of late. The product is widely used in small as well as large stationary power generation applications. With over 60% efficiency, SOFCs can operate at a very high-temperature ranging from 8000C to 1,0000C. Moreover, the product is used across several transport applications. Offered features like low emissions, high efficiency, low cost, fuel flexibility, and stability could accelerate the demand for solid oxide fuel cells in the forthcoming years.

On a regional front, Japan is expected to offer lucrative growth opportunities to companies operating in the fuel cell market. The region has been significantly deploying fuel cell electric vehicles from the past few years. Increasing concern towards offering electric supply across remote areas coupled with favorable government regulatory strategies to rapidly develop hydrogen infrastructure is driving fuel cell demand.

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Moreover, government-backed research & development activities coupled with surging investments by private firms toward product innovation and development may aid business outlook Japan fuel cell market in the forthcoming years.

Considering competitive landscape, Fuel Cell Energy, Doosan, Panasonic, Horizon, Arcola, Toshiba, AFC Energy, Plug Power, Bloom Energy, Hydrogenics, and Ballard Power Systems are the key companies currently operating in the global fuel cell industry.

Favorable regulatory policies for electrification of remote and off-grid areas coupled with shifting customer inclination toward clean sustainable energy technologies are expected to support these firms with new business opportunities. Moreover, rapid urbanization and burgeoning industrial activities across developing regions could boost fuel cell market size in the forecast period.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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