Global fuel cell market is showing healthy growth as clean technology becomes more accepted
Grand View Research has released a new report concerning the global fuel cell market. The report highlights the continued adoption of fuel cells throughout various industries, showcasing trends that are affecting adoption around the world. Fuel cells continue to show strong performance in the transportation sector, but are also beginning to expand to other sector due to the strong support they are receiving. As fuel cells continue to gain popularity, global fuel cell capacity is reaching new heights.
Report estimates that global fuel cell capacity will hit 664 MW by 2020
The report predicts that global fuel cell capacity will reach 664.5 megawatts by 2020, representing a compound annual growth rate of 22.6% from 2014 to 2020. Government support will be vital to this growth. Many of the world’s governments have been showing more interest in fuel cells due to their efficient nature and their capabilities in transportation. New policies in these countries are supporting the use of hydrogen fuel cells for transportation purposes, both public and private. Fuel cell vehicles are being considered a powerful tool in emissions mitigation.
PEM fuel cells continue to outperform their counterparts
Global fuel cell shipments are expected to reach 790,450 units by 2020. Proton exchange membrane (PEM) fuel cells are likely to remain the leading product in the global fuel cell market. These energy systems currently represent 88% of all fuel cell units shipped and 42% of the world’s total fuel cell capacity. PEM fuel cells are acclaimed for their portability and energy production potential. These fuel cells have become particularly popular in the transportation field.
Four companies represent 70% of the global fuel cell market in terms of accommodating demand
The Asian Pacific market has proven to be quite active when it comes to fuel cells, but North America is expected to become the leading fuel cell market by 2020. Currently, the global market is concentrated on four major fuel cell developers, whom account for more than 70% of global demand. These companies are FuelCell Energy, Clearedge, Toshiba, and Ballard Power Systems.