Fuel Cell: Challenges and Opportunities by 2025
As per the report by Grand View Research,
Inc., the Fuel
Cell Market is poised to rise to a valuation of USD 24.81 billion and
is estimated to witness a CAGR of 20.9 % by 2025. Stringent government
regulations to decrease carbon emission in established economies and increasing
demand for fuel cell from the automotive industry are the major factors
propelling the growth of the market in the forecast period.
Furthermore, government incentives for fuel
cell vehicles, rising use of these cell in several industries, and
technological advancements are foremost factors anticipated to drive the growth
of market. Similarly, acceptance of fuel cell in tablets, portable devices, and
smartphones is anticipated to drive the growth of the global market over the
forthcoming period.
On the other hand, high price of fuel cell is
a key factor anticipated to hamper the growth of market in the forecast period.
In addition, lack of proper infrastructure for the refueling of fuel cell
vehicles (FCVs) and durability of a fuel cell are anticipated to hamper the
growth of the market over the years to come.
In the past few years, the emerging trend in
the market is increase in the number of fuel cell in buses and vehicles in
Korea, Japan, and China, which has broadened the fuel cell development
prospects in these countries. Similarly, reduction of fossil fuels has
encouraged the governments of several nations to implement various initiatives
and policies to promote the use of sustainable energy alternatives. For
example, government of Australia has planned to change the gas distribution
system to clean hydrogen by 2030. Also, government of German has decided to
decrease greenhouse gas releases by 40% until 2020. Furthermore, the Fuel Cell
Technologies Office (FCTO) in the United States offer funds for R&D
activities to improve the procedures and decrease the cost of fuel cell
systems.
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Geographically, North America is one of the
prominent regions in the fuel cell industry and is observing a range of
forward-moving associations of solid oxide fuel cell manufacturers with
end-user clients. Manufacturing companies from automobile, pharmaceutical,
shale gas, and heavy industries along with technology and data service players
are gradually acquiring companies leading solid oxide fuel cell technology.
Key players effective in the fuel cell market
include Ballard; Dominion Resources Inc; Clearedge; Nedstack Fuel Cell
Technologies; UTC Power Plug Power Inc.; SFC Energy AG; Panasonic; and Toshiba.
About Grand
View Research:
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based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
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and Fortune 500 companies to understand the global and regional business
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analysis on 46 industries in 25 major countries worldwide.
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