Global Fuel Cell for Prime Power Market Value to Increase by 767.42 MW During 2021-2025 | 38% Growth to Originate from APAC | Technavio
NEW YORK, March 9, 2021 -- The global fuel cell for prime power market is set to grow by USD 767.42 MW during 2021-2025. Technavio segments the fuel cell for prime power market by product (PEMFC, PAFC, SOFC, and Others) and geography (APAC, North America, Europe, South America, and MEA). The report identifies supportive government policies for adoption of fuel cells as one of the major factors propelling the market growth.
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The growing focus on reducing the dependence on fossil fuels and cutting down GHG emissions has increased the demand for clean energy technologies. Fuel cells generate electricity and thermal heat efficiently and can partially supplement the grid needs and reduce the load on the grid. Many such benefits are encouraging governments across the world to provide funding and incentives to increase the adoption of fuel cell technology. For instance, in 2018, the government of South Korea provided an 80% subsidy on the purchase and installation of fuel cells in the residential sector. The availability of such supportive government policies is expected to propel the growth of the market during the forecast period.
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Fuel Cell for Prime Power Market: Segmentation Analysis
Segmentation by Product
The PEMFC segment will witness lucrative growth during the forecast period. The advantages of PEMFC fuel cells such as fast start-up time, low operating temperature, compactness, sustainable operations in high energy density, and low emissions will be crucial in driving the market demand. In addition, the development of zero energy buildings will contribute to the growth of the segment during the forecast period.
Segmentation by Geography
APAC emerged as the largest market for fuel cell for prime power in 2020 with a 32% market share. Factors such as advances in technology and increasing investment in fuel cell technology are driving the growth of the market in the region. During the forecast period, increasing emphasis on curbing GHG emissions is expected to offer significant opportunities for vendors operating in the market.
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Major Vendors Covered in the Fuel Cell for Prime Power Market
The report provides information on the production, sustainability, and prospects of several leading companies, including:
- Ballard Power Systems Inc.
- Bloom Energy
- Ceres Power Holdings plc
- Doosan Corp.
- FuelCell Energy Inc.
- Fuji Electric Co. Ltd.
- Linde AG
- Mitsubishi Hitachi Power Systems Ltd.
- Plug Power Inc.
- Solid Power Inc.
Fuel Cell for Prime Power Market Report: Reasons to Purchase
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2020, 2021, until 2025
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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