March 28, 2020
Stationary Fuel Cells

Stationary Fuel Cells Market: Asia Pacific will be the fastest-growing region during the forecast period

The latest market report issued by Credence Research, Inc. “Stationary Fuel Cells Market: Growth, Future Prospects and Competitive Analysis, 2019-2027″ is estimated to have a global market value of US$ 3.41 billion in 2018 and is expected to grow at a CAGR of 11.1% over the forecast period from 2019 to 2027.

Market Insights

The global increase in energy consumption and the adoption of distributed energy generation by many industries around the world is boosting demand for stationary fuel cells. In addition, with the commitment to the Paris Agreement, most countries are moving towards cleaner energy sources by mixing their primary energy source with renewable sources such as fuel cells, wind and solar, among others. Favorable government clean energy initiatives such as the United States Environmental Protection Agency (USEPA) Combined Heat & Power Partnership and the Green Power Partnership promote the use of stationary fuel cells in various industries. This, in turn, influenced demand for stationary fuel cells across the region, increasing the market size to US$ 3.41 billion in 2018.

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In contrast to the above, the high cost of fuel cells is supposed to reduce market growth for the first few years of the forecast period. However, in the second half of the forecast period, the cost of fuel cells is expected to be lower than its current value, which will help the market to flourish in the longer term. Overall, the global market for stationary fuel cells is projected to grow with a CAGR of 11.1 per cent from 2019 to 2027.

The overall market for stationary fuel cells is of a fairly competitive nature. Market players are more focused on partnering with other industry players in order to increase their customer base and improve their geographic presence.

• In June 2019, FuelCell Energy, Inc. signed a contract with the UK-based Drax Power Station. for supplying its carbon capture solutions. With this partnership, the company is likely to increase its market share in Europe.

• In July 2018, Altergy joined forces with Faith Technologies to build its microgrid. Altergy deployed its fuel cell solutions in Wisconsin as part of this partnership. Microgrid will help the company reduce its energy costs and act as a reliable source of back-up power. With this partnership, Altergy has extended its customer base, which is projected to increase its market share.

Key Market Movements:

• Globally, the market for stationary fuel cells is rising at CAGR by 11.1 per cent between 2019 and 2027.
• The technology-based segment of Proton Exchange Membrane Fuel Cell (PEMFC) captured the largest market share in 2018 due to its wider user base. Compatible with other conventional and renewable energy sources, this helps the user to create an optimal energy system.
• Geographically, Asia Pacific is the fastest-growing regional market for stationary fuel cells in 2018. The region is dominated by Japan, South Korea, and China. Japan’s Ene-Farm Program to develop and deploy fuel cell micro-cogeneration technology and extensive cooperation between the government and the cogeneration industry, with steady financial support, have boosted market growth.

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List of Companies Covered:

• Altergy

• Bloom Energy

• Doosan Fuel Cell America, Inc.

• FuelCell Energy, Inc.

• Ballard Power Systems.

• POSCO Energy

• Plug Power, Inc.

• SOLIDpower

• SFC Energy AG

• Hydrogenics

• Others

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