The Fuel Cell Technology Market is expected to grow from an estimated $2.61 Billion in 2014 to $5.20 Billion by 2019, with a CAGR of 14.7 percent, through 2014 – 2019, reports Markets and Markets.
Asia-Pacific is expected to grow as the largest market with high value generating region for fuel cells.
However, Japan and South Korea will be the major countries exhibiting driving potential for the market.
Regions like Europe and North America are not far behind, with demand for fuel cells rapidly increasing.
In ROW, the market growth has recorded a slower rate due to unpopularity and less awareness. However, these regions have the potential to develop as future markets for fuel cells along with some Asia-Pacific regions.
Proton Exchange Membrane Fuel Cell (PEMFC) is the popular fuel cell type used all over the world and due to higher installation costs it has a higher power to area ratio compared to other types.
PEMFC is widely used, due to the high electrical efficiency and ability to be used in sub mega -watt and mega- watt applications.
The application of fuel cells is growing fast in the stationary segment because of their smaller size and ability to run on various fuels.
This application is expected to reach a market size of $4.17 Billion by 2019, with a CAGR of 14.9 percent between 2014 and 2019.
editor@greentechlead.com