Fuel Cell Market is set to grow from US$3 billion in 2018 to US$7 billion by 2025, according to a new research report by Global Market Insights.
Increasing investments toward development of hydrogen infrastructure along with accelerating demand for space heating across commercial and residential sector will boost the industry growth. Development of sustainable energy technologies owing to favourable government policies and regulations will propel the business outlook. The government of China has planned to construct 20 hydrogen station by 2020 across Hubei Province.
The UK Fuel Cell Market is predicted to grow over 50 MW by 2025. Stringent emission reduction targets along with increasing investments toward research and development activities will complement the business landscape. In addition, growing demand for fuel cell electric vehicles (FCEV), on account of incentives and subsidies provided by government authorities, will positively influence the product penetration. Ballard Power Systems in 2019, inaugurated its 8th generation zero emission fuel cell module for heavy duty vehicles.
Upsurge in demand for forklifts, two and three vehicles, trams, ferries, goods handling vehicles and small boats will foster the industry growth. In addition, high reliability and efficiency when compared with available counterparts coupled with accelerating investments toward innovations will strengthen the business outlook.
Solid oxide fuel cell products will exceed over 30 000 units by 2025. Increasing adoption across small and large-scale electricity generating sources to provide power to off-grid areas will propel the fuel cell market growth. These cells are widely used across application base which require high temperature range between 8000°C to 10000°C and have an efficiency of over 60% when converted from fuel to electricity. High efficiency, low cost, low emissions, stability and fuel flexibility are some of the key features which make its adoption preferable over other alternatives.
Increasing adoption of portable charging devices owing to growing tourism industry and urban area development coupled with increasing demand for FCEVs will propel the fuel cell market. Extensive government-backed investments toward hydrogen economy along with increasing demand for stationary backup power sources will positively influence the business outlook. In 2018, the DOE invested over US$39 million toward development of hydrogen fuelling infrastructure.
Increasing concerns pertaining to energy security along with growing adoption of sustainable energy technology will stimulate the fuel cell market growth. Robust growth in hydrogen infrastructure coupled with ongoing research and development activities by both government and private organisations will fuel the industry growth. In 2018, the government of South Korea planned to invest US$2.38 billion over the next five years to develop hydrogen infrastructure across the nations.
Read the article online at: https://www.energyglobal.com/electric-hybrid/17102019/fuel-cell-market-to-reach-us7-billion-by-2025/