Vancouver, B.C., September 14, 2020 – The global Fuel Cells Market is expected to reach USD 16.58 Billion by 2027, according to a new report by Emergen Research. The growth of this market can be attributed due to the growing environmental awareness among consumers and increasing government initiatives regarding the adoption of fuel cells to reduce the emission levels in the environment. Increasing research and development for the technological advancement of the products is augmenting the demand for the industry.
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The pandemic has severely affected the automotive & transportation industry and disrupted the supply chain, raw material supplies, and demand for the product in the automotive industry. As people are facing a financial crisis, there are changes in consumer buying behavior, which can adversely affect the industry. The liquidity shortfall and the cash crisis have already affected the sales of the product. Additionally, many companies are withdrawing their investments, and the government of several countries is cutting down the incentives provided by them earlier, which are hampering the growth of the market.
The latest market intelligence report, titled ‘Global Fuel Cells Market’, is intended to provide the target audience with the necessary information about the global Fuel Cells industry.
Key Highlights of the Fuel Cells Market Report:
- The Proton Exchange Membrane Fuel Cell (PEMFC) segment dominated the market with a share of 53.5% in 2019 due to its higher efficiencies, lower emission rate, and can operate at a lower temperature.
- The transportation segment is expected to register the highest CAGR of 26.0% over the forecast period as the government of the developing countries is replacing the gasoline-based bus with fuel cells based buses in order to reduce the CO2 emission.
- Key participants include Ballard Power Systems, Hydrogenics Corporation, FuelCell Energy, Inc., Bloom Energy, Plug Power, Inc., SFC Energy AG, Ceres Power Holdings PLC, Doosan Fuel Cell America, Intelligent Energy, and Toshiba Energy Systems & Solutions Corporation, among others.
The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Fuel Cells market players.
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The research study presents an industry-wide summary of the Fuel Cells market, including drivers, constraints, technological advancements, product developments, limitations, growth strategies, growth prospects, etc. among others. The Fuel Cells7 report analyzes the market based on different categories, such as product types, end-user applications, and leading geographical regions.
The Fuel Cells market report provides an in-depth analysis of the key competitors operating in the industry. The report offers insights into their product portfolio, business overview, financial standing, market position, revenue generation, market share and market size, and production and manufacturing capacity along with pricing analysis.
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Asia-Pacific has the highest adoption rate in the market due to the favorable policies and initiatives of the government in countries such as Japan, China, and South Korea.
The Fuel Cells industry report mainly focuses on the key market regions where the market is spread, including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report further focuses on the key segments of the market, such as product types, application spectrum, technology, end-user industries, among others.
Major Geographies Analyzed in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered in the Report:
- What is the growth rate of the Fuel Cells market? What is the anticipated market valuation of the Fuel Cells industry by 2027?
- What are the key growth driving and restraining factors of the Fuel Cells market?
- Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
- What are the key opportunities and growth prospects of the Fuel Cells industry over the forecast period?
- Which region is expected to show significant growth in the coming years?
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