High-Performance Fuel Cells Market Size Highlights
High-Performance Fuel Cells Market Size share is projected to grow with 24% CAGR during the forecast period.
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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Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, Application and End-Use
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
In 2019, North America dominated the High-Performance Fuel Cells Market Size in terms of share: MRFR
The global High-Performance Fuel Cells Market Size 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 Size 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 Size 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 Size.
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The key players operating in the global high-performance fuel cells market 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).
Scope of the Report
This report offers an in-depth analysis of the global High-Performance Fuel Cells Market Size, 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 Size by type, application, end-use, and region.
- Proton exchange membrane fuel cell
- Phosphoric acid fuel cell
- Alkaline fuel cell
- Microbial fuel cell
- Fuel cell vehicles
- North America
- Middle East Africa
- South America
Table Of Contents
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Landscape
5 Market Dynamics