DUBLIN--(BUSINESS WIRE)--The "Fuel Cell Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Phosphoric Acid Fuel Cell, Solid Oxide Fuel Cell, and Others); Application; and End-User" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US $709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027, growing at a CAGR of 26.8%. The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.

At present, automotive manufacturers are inclined toward making automotive mobility more sustainable to reduce their impact on the environment. The major players in the automotive sector are focusing on investing in the production of electric vehicles. There have been notable collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles. With the changes in business strategies to introduce innovative technologies, the market is moving toward EV adaptation, which has compelled ICE vehicle manufacturers to shift their focus toward EVs with high voltage operating devices. With the rapid growth in the automotive sector, car manufacturers are also becoming careful while selecting energy distribution technologies to avoid battery-related accidents.

At present, there is increase in demand for an energy-efficient electric vehicle to reduce pollution worldwide. Also, it is stated in the International Council on Clean Transportation (ICCT) that auto manufacturers have announced more than US$ 150 billion investments to achieve the production of 13 million electric vehicles by 2025. The shifting trend of vehicles from old conventional automotive vehicles to electric vehicles demands for electric circuit system, which drives the adoption of fuel cell. Thus, rapid growth in the automotive industry and increasing investment in the production of electric vehicles are the major factors offering opportunity for the global market players to expand their businesses.

The global fuel cell market is broadly segmented into type, application, end user, and geography upon extensive analysis of business offerings of considerable market players and selected end users. In terms of type, the proton exchange membrane fuel cell segment dominated the market in 2019. In terms of application, the stationary segment held the largest market share in 2019. In terms of end user, utilities segment held the highest share across the globe.

Hydrogenics Corp.; FuelCell Energy, Inc.; Plug Power Inc.; Bloom Energy; Ballard Power Systems; SFC Energy AG; Intelligent Energy Limited; Doosan Fuel Cell Co., Ltd.; TW Horizon Fuel Cell Technologies; and Toshiba Energy Systems & Solutions Corporation are among the major companies offering products in fuel cell market.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global fuel cell market
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the global fuel cell market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth India market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Market Drivers

• Rising Need to Diminish the Reliance on Oil And Fuel
• Increasing Government Support

Market Restraint

• High Raw Class Cost

Market Opportunity

• Rising Growth Potential for EVs

Market Trend

• Advanced Technological Developments

Companies Mentioned

• Hydrogenics Corp.
• FuelCell Energy, Inc.
• Plug Power Inc.
• Bloom Energy
• Ballard Power Systems
• SFC Energy AG
• Intelligent Energy Limited
• Doosan Fuel Cell Co., Ltd.
• TW Horizon Fuel Cell Technologies
• Toshiba Energy Systems & Solutions Corporation

For more information about this report visit https://www.researchandmarkets.com/r/mqdr0h

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