Fuel Cell Technology Market Demand and Upcoming Trends

1. Market Analysis The fuel cell technology market will touch USD 10.25 billion at a stellar 20.15% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. A fuel cell, put simply, is a device that generates electricity through electrochemical reactions, not combustion. In the fuel cell, oxygen and hydrogen are combined for generating water, heat, and electricity. Various factors are fuelling the global fuel cell technology market growth. As per the recent MRFR market estimates, such factors include the increasing application in electric cars, hybrid electric cars, and plug-in hybrid cars, burgeoning need for electric cars, growing carbon emissions, demand for clean energy generation, growing use of cars which are fuel-based, booming power sector, improved power generation capacities across the globe, increasing need for unconventional energy sources, growing public-private partnerships, reduced environmental impact, strict government regulation for reducing the growing pollution levels, improved efficiency of fuel cells, and increasing adoption in portable devices such as smartphones, PCs, power backup batteries, and tablets. On the contrary, high catalyst cost and lack of adequate fuel infrastructure may limit the fuel cell technology market growth in the forecast period. Request free sample PDF @ https://www.marketresearchfuture.com/sample_request/786 Segmental Analysis The segmental investigation of the fuel cell technology market has been conducted based on method, application, fuel type, and region. On the basis of fuel types, the fuel cell technology market is segmented into methane, hydrogen, and others. On the basis of the methods, the fuel cell technology market is segmented into DMFC, PAFC, PEM, SOFC, AFC, MCFC, and others. By the applications, the fuel cell technology market is segmented into transportation, stationary, and portable power. Based on the regions, the fuel cell technology market consists of Asia Pacific, Africa, Europe, the Middle East, South America, and North America. COVID-19 Analysis Almost every industry has fallen prey to the COVID-19 outbreak which also includes the fuel cell technology market. The government imposed lockdowns the world over has resulted in the global economic crisis which has unfortunately pushed the automotive industry to near collapse, thus shutting down factories and emptying showrooms. The auto sector has been profoundly impacted by the pandemic. The key players are in the initial levels of committing to electrification. Companies are experiencing immense revenue losses along with a slowdown in the production of passenger and commercial cars due to the unavailability of workers. Disruptions in supply chains along with the halt in the release, distribution, and final assembly of fuel cells for vehicles have impeded the market growth. Besides, the pause in the supply of raw materials from China resulted in a gap between demand and supply. The delay in the capacity deployment of the electrolyzer resulted in immense revenue losses thus hindering the growth of the market. Further, the current need for hydrogen from various industries such as oil refining sector, steel manufacturing, and chemicals has also been impacted by the outbreak. Following the release of the lockdown, there has been resumption in several manufacturing operations yet at reduced capacities that are anticipated to increase the production and sales of hydrogen fuel-cell cars that in turn may boost the market growth.

2. Key Players The prominent players in the global fuel cell technology market report include Intelligent Energy Holdings PLC (UK), Ceres Power Holdings PLC (UK), FuelCell Energy, Inc (US), SFC Energy (Germany), Doosan Fuel Cell (US), Ballard Power Systems (Canada), Kyocera (Japan), Hydrogenics Corporation (US), Acal Energy Ltd (UK), FuelCell Energy, Inc (US), AFC Energy (UK), Ceramic Fuel Cells Limited (Australia), Plug Power Inc (US), Toshiba Corporation (Japan), and Panasonic Corporation (Japan). Browse Complete Report @ https://www.marketresearchfuture.com/reports/global-fuel-cell-technology-market-786 About Market Research Future: Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects. Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions. Our Forte            Contact Us: Strong industry focus Robust methodology Tailor-made solutions Disruptive research Cutting-edge detailed reports Competitive pricing Domain expert researchers Timely delivery Ground-breaking approach Advanced and transparent research methodology Cover latest trends and innovations Market Research Future Office No. 524/528, Amanora Chambers Magarpatta Road, Hadapsar Pune - 411028 Maharashtra, India +1 646 845 9312 Email: sales@marketresearchfuture.com