Fuel Cell Market is Booming Worldwide Scrutinized in New Research Forecasts 2027
According to the latest market study on “Fuel Cell Market to 2027 – COVID-19 Impact and Analysis and Forecast by – By Type (Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC), and Others); Application (Transport, Portable, Stationary); and End-User (Fuel Cell Vehicles, Utilities, Defense, Others),”the marketwas valued at US$ 709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027, growing at a CAGR of 26.8%.The report highlights the factorsdriving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.
Rising Growth Potential for EVsProvide Growth Opportunitiesto Fuel Cell Market Players
The fuel cell market is broadly segmented into five major regions North America, Europe, APAC, MEA, and SAM. In terms of market share, the APACregion dominated the fuel cell market in 2019.The Asian countries are witnessing huge steps by the auto makers that is contributing toward fuel cell. Yamaha, Toyota, Tata Motors, are some of the companies taking steps for encouraging fuel cell. For instance, Toyota has deployed their SimpleFuelTMrefueling station in Motomachi Plant in Toyota City.
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Fuel Cell Market –Companies Profiles
- Hydrogenics Corp.
- FuelCell Energy, Inc.
- Plug Power Inc.
- Bloom Energy
- Ballard Power Systems
- SFC Energy AG
- Intelligent Energy Limited
- Doosan Fuel Cell Co., Ltd.
- TW Horizon Fuel Cell Technologies
- Toshiba Energy Systems & Solutions Corporation
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
COVID-19 Impact Analysis -
The COVID-19 outbreak has been affecting every business globally since December 2019. The rapid spread of the virus has urged governments across the world to impose strict restrictions on the movement of humans and vehicles. Earlier, in the first quarter, the global automotive industry was suffering serious disruptions due to supply chain breaks, technology events cancellations, and factory and office shutdowns, as a result of COVID-19 outbreak. The automotive industry is facing the biggest existential crisis, with 97% of the light vehicle manufacturing plants in North America and Europe are temporarily shut down. In addition to this, the global travel bans imposed by countries in Europe, Asia,North America, and others are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to negatively affect the automotive industry and hamper the market growth in the coming 6–9 months; however, the overall growth is anticipated to be positive during the forecast period.
Rising Growth Potential for EVs is Anticipated to Provide Growth Opportunities for Fuel Cell Providers
Fuel Cell Market Regional and Country-wise Analysis:
- North America (U.S., Canada, Mexico)
- Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS)
- Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)
- Latin America (Brazil, Rest of Latin America)
- The Middle East and Africa (Turkey, GCC, Rest of the Middle East and Africa)
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The purposes of this analysis are:
1. To characterize, portray, and check the Fuel Cell market based on product type, application, and region.
2. To estimate and inspect the size of the Fuel Cell market (in terms of value) in six key regions, specifically, North and South America, Western Europe, Central & Eastern Europe, the Middle East, Africa, and the Asia-Pacific.
3. To estimate and inspect the Fuel Cell markets at country-level in every region.
4. To strategically investigate every sub-market about personal development trends and its contribution to the Fuel Cell market.
5. To look at possibilities in the Fuel Cell market for shareholder by recognizing excessive-growth segments of the market.
Our report offers:
- Market share assessments for the regional and country-level segments.
- Inventory network patterns planning the most recent innovative progressions.
Key suggestions for the new participants.
- Piece of the pie examination of the top business players.
- Market conjectures for at least 9 years of the relative multitude of referenced fragments, sub-portions, and the local business sectors.
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and suggestions).
- Organization profiling with point by point techniques, financials, and ongoing turns of events.
- Serious arranging planning the key regular patterns.
- Key suggestions in key business portions dependent on market assessments.
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