Triton Market Research presents the Global fuel cell Market report segmented by Technology (Solid Oxide Fuel Cell (SOFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), Polymer/Proton Exchange Membrane Fuel Cell (PEMFC) and Direct Methanol Fuel Cell (DMFC)), by applications (Stationary, Portable and Transportation), by geography (North America, Europe, Asia Pacific and rest of world), discussing Industry Value Chain Analysis, Porter's 5 Force Analysis, Drivers, Restraints, Vendor Profiles, Global Market Size, Forecasts & Analysis (2019-2027).
Triton Market Research depicts that the Global Fuel Cell Market is increasing at a compound annual growth rate of 16.08% during the forecast period 2019-2027. Rise in the public-private partnership is one of the key reasons supporting the growth of the fuel cell market. In addition, development of hydrogen infrastructure, innovation in technology, adoption of green concept and benefits of fuel cells over other storage technologies are also contributing to the growth of the market globally. However, lack of infrastructure and high expenditure of fuel cell technologies are the major factors restraining the development of the market across the world.
The Asia Pacific region is anticipated to lead the global fuel cell market by contributing the highest share during the estimated period. The APAC market is progressing at a rapid pace, owing to the rise in funding in fuel cell devices and technological advancement. Furthermore, the rise in the strive to diminish the utilization of energy across diverse segments is also proliferating the market growth across the region. The major economies such as Japan, China, Taiwan, and South Korea are pacing the quantity of fuel cell installations to accomplish the demand for definite power sources. Also, Japan together with sponsorships, an alternative to local producers of fuel is rising the market demand in the country. The automotive manufacturing business in the country are adapting eminent partnership with global players to mutually utilize the expertise and effectively equip the emerging technology.
The top players in the global fuel cell market are General Electric Company, HITACHI LTD, AFC Energy Plc, Aisin Seiki Co Ltd, Exxon Mobil Corporation, Hydrogenics Corporation, Fuel Cell Energy Inc. Plug Power Inc., Ballard Power Systems, Panasonic, SFC Energy Ag, Bloom Energy Corporation, Toyota Motor Corporation, Ceres Power Holdings Plc, and Toshiba.
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