Fuel Cell Power System Market (By Product Type - Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cell, Molten Carbonate Fuel Cell, Phosphoric Acid Fuel Cells , Market By Application - Portable, Stationary, Transport) - Global Industry Size, Share, Trends, and Forecast, 2018 - 2026

Introduction

Fuel cells are mostly the devices that generates the energy by the chemical reaction inside it. The fuel cell stack is the one of the major component of a fuel cell power system. It is used to generate the electricity in the form of direct current (DC) from electro chemical reactions that occurs in the fuel cell. Moreover, the one fuel cell generates less than 1V, which is not sufficient for the most of the applications. Furthermore, the quantity of power produced is dependent on several different factors such as fuel cell type, cell size, the temperature at which it operates, and others.

Market Dynamics

Rising application of fuel cells in the transportation sector such as in cars and buses is expected to drive the global fuel cell power system market. The other factors propelling the growth of the market includes rising demand for portable devices, enhanced efficiency of fuel cells, and strict government rules aimed at reducing the rising pollution levels. Moreover, the rising awareness of the fuel cell power systems is also likely to fuel the growth of the market.

More price of catalyst, which thereby increases the price of fuel cell, and lack of fuel cell infrastructure are some of the restraining factors hampering the growth of the market.

Market Classification and Overview

The global fuel cell power system market is segmented into product type, application, and region.

On the basis of product type, the market is segmented into solid oxide fuel cells, proton exchange membrane fuel cell, molten carbonate fuel cell, phosphoric acid fuel cells, and others.

Based on the application, the market is segmented into portable, stationary, transport, and others.

Regional Overview

Geographically, the global fuel cell power system market is bifurcated into four regions such as North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa (LAMEA).

North America is expected to witness a strong growth during the forecast period 2018-2026 owing to the presence of players from heavy industries, shale gas, automobile, and pharmaceuticals. Moreover, in U.S. the key businesses are increasing adopting the fuel cell for internal consumption which may therefore boost the growth of the market.

Asia Pacific is expected to drive the global fuel cell power system market during the forecasted period owing to the increasing demand for the fuel cell mainly from the stationary segment. Furthermore, the demand for the product is also increasing from different sectors such as commercial, residential, and industrial.

Europe is expected to witness a considerable growth owing to the strong government support and industrial base. Additionally, LAMEA is expecting a slow growth rate due to the less presence of industrial sector.

Report Coverage

Market Participants

The fuel cell power system market comprises of some of the major players such as

• Ballard Power Systems Inc.
• Plug Power Inc.
• Proton Power Systems PLC
• ITM Power Plc
• AFC Energy Plc
• Fuel Cell Energy Inc.
• SFC Energy
• United Technologies
• Hydrogenics
• Fuji Electric India Pvt. Ltd.

Market Segmentation

Market By Product Type

• Solid Oxide Fuel Cells (SOFC)
• Proton Exchange Membrane Fuel Cells (PEMFC)
• Molten Carbonate Fuel Cells
• Phosphoric Acid Fuel Cells
• Others

Market By Application

• Portable
• Stationary
• Transport
• Others

Market By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • Rest of MEA