Increasing concerns pertaining to energy security along with growing adoption of sustainable energy technology will stimulate the fuel cell market growth

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Fuel Cell Market to exceed $7bn by 2025

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Fuel Cell Market is expected to exceed USD 7 billion by 2025. 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 favorable government policies and regulations will propel the business outlook.
The government of China in 2019, has planned to construct 20 hydrogen station by 2020 across Hubei
Province.
The UK industry is predicted to grow over 50 MW by 2025. Stringent emission reduction targets along
with increasing investments toward research & development activities will complement the business
landscape. In addition, growing demand for FCEV?s on account of incentives & subsidies provided by
government authorities will positively influence the product penetration. Ballard Power Systems in 2019,
inaugurated its 8th generation zero emission FC module for heavy duty vehicles.
Upsurge in demand for forklifts, two & 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. According to DOE, the sale of on road FC vehicle accounted for 6,500 in 2019 when
compared with 4,000 in 2015.
Key Insights from Fuel Cell Market:

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Continued…
SOFC product will exceed over 30 thousand 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 8000C to 10000C 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 FCVs 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 USD 39 million toward development of hydrogen fueling 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 & development activities by both government and private organization
will fuel the industry growth. The government of South Korea in 2018, planned to invest USD 2.38
billion over the next five years to develop hydrogen infrastructure across the nations.

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Japan Fuel Cell Market Size, By Application, 2014 - 2025 (USD Million)

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• Horizon
• SFC
• AFC Energy
• Toshiba
• Doosan
• Panasonic
• Ballard Power Systems
• Fuel Cell Energy
• Aisin Seiki
• Ceres Power Holdings
• Hydrogenics
• Nuvera
• Plug Power
• Bloom Energy and Arcola
Major Companies in Fuel Cell Market:

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Industry Coverage

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Driven by the rising consumer preference toward fuel cell electric vehicles, United Kingdom
fuel cell market size has been forecast to surpass 50 megawatts by 2025. The progressive
commercialization of hydrogen technology on an expansive scale will provide tremendous
growth opportunities to market contenders, aiding the surge in the industry size. Additionally,
strict laws addressing the carbon emission reduction would foster the business development.
Concurrently, an upsurge in the demands for stationary power sources across the remote
areas backed with stringent government policies are likely to drive the market growth globally.
Say for instance, the Department of Energy in 2018 declared investing nearly 39 million on the
development of the fuel cells alongside the hydrogen fueling infrastructure across North
America.
Regional Insights in Fuel Cell Market:

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