The Fuel Cell Technology Market will grow at a CAGR of 32.2% in the next five years
According to research firm MarketsandMarkets, the Fuel Cell Technology Market will grow from an estimated $629.8 million in 2013 to $2,543.1 million by 2018, with a CAGR of 32.2% from 2013 to 2018.
Asia is the biggest market for green technologies and governments there are fixing renewable energy targets backed by favorable policies such as the Kyoto Protocol. The potential markets in Asia are Japan and South Korea. The Asian region is the largest end user market for stationary fuel cells and is expected to continue with the same trend. The revenue trend estimates Asia dominating followed by North America and Europe.
Stationary Market: Biggest Market by Applications
In the current Global Fuel Cell Technology Market, the stationary applications are the key application on the basis of market size and revenues. The demand is projected to increase heavily due to the increased power backup and household demand. Telecom, automobile and power backup industry acts as the parent market of fuel cell industry. Its growth and demand is highly influenced by the parent market. Off grid applications like providing backup power for telecommunication infrastructure is provided by the fuel cells. For stationary applications use of Solid Oxide Fuel Cell (SOFC) and Molten Carbonate Fuel Cell (MCFC) will grow more than PEMFC.
Hydrogen leads as a Primary Fuel for Fuel Cell Technology
Hydrogen is the largest primary fuel source for the fuel cells across the globe with more than half of the market share. On the other hand, Natural gas/Methane and Methanol are gaining a sharp focus as a renewable energy generation source. North America and Asia represents a huge potential in terms of hydrogen as a fuel. Fuel cell companies are continuously trying to develop technologies in order to provide a more cost effective catalyst, which in turn helps them to commercialize and launch products in market. On account of hydrogen & Fuel Cell Technology Market infrastructure development for storage & distribution, the fuel cell market will experience a tremendous increase in demand in the years to come.