The global advanced fuel cell market include surge in environmental concerns, in government initiatives for development of hydrogen based advanced fuel cell infrastructure, technological advancement and future potential are the prominent factors attributed to the growth of advanced fuel cell market. The rise in concerns of environment degradation and depletion of natural resources, various technologies are being launched in the market that support the eco-friendly concept to sustain the environment. Moreover, increase in awareness toward the consequences of air pollution and rise in levels of traffic & greenhouse gas emission drive the adoption of advanced fuel cell vehicles which is further fueling the market growth.
MARKET SCOPE
The "Global Advanced Fuel Cell Market Analysis to 2028" is a specialized and in-depth study of the fuel cell with a special focus on the global market trend analysis. The report aims to provide an overview of the advanced fuel cell market with detailed market segmentation by type, application and geography. The report provides key statistics on the market status of the leading advanced fuel cell market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
-On the basis of type the market is segmented into Proton Exchange Membrane Fuel Cells(PEMFC), Alkaline (AFC), Phosphoric acid (PAFC), Molten carbonate (MCFC), and Others
-On the basis of application, the market is segmented as Transportation, Stationary, and Others
Drivers
-The growing demand for clean power generation fuels the market growth
-Advancements in research & development on fuel cells and government rebates is propelling the market growth
-High initial investments in fueling infrastructure restraint the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The advanced fuel cell market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the advanced fuel cell market in these regions.
IMPACT OF COVID-19 ON ADVANCED FUEL CELL MARKET
The outbreak of the COVID-19 pandemic has severely impacted the advanced fuel cell market, which resulted decline in the sale of advanced fuel cell in the year 2020. The government bodies played a crucial role in the growth of the market such as funding for research & development of the fuel cells. However, the emergence of the pandemic has shifted the focus from R&D capabilities to develop initiatives for curbing the panmdeic crisis. The pandemic has resulted the lockdown which led to halt the business activities that hampered the market growth. The lockdowns initiated by governments across the globe have resulted in a global economic crisis, which has pushed the automotive industry, to a near-collapse condition, shutting down production facilities. The unavailability in the supply of raw materials from China has resulted in a gap between demand and supply. Besides, the delays caused in the deployment of electrolyzer capacity owing to the canceled or delayed low-carbon production projects have led to revenue losses for the electrolyzer manufacturers, which is also hindering the growth of the market. However, with ease in restrictions and masss vaccination program across the globe from 2022 the demand for fuel cell vehicles is increasing which is likely to rise in coming years which helps propel the growth of market size during the pandemic recovery period.
MARKET PLAYERS
The report covers key developments in the advanced fuel cell market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. For instance, in February 2022, Renault Group and Plug Power Inc. entered into a joint venture with formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells. The market players in the advanced fuel cell market are anticipated to provide lucrative growth opportunities in the future owing to rise in demand from renewable energy sources.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the advanced fuel cell market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Plug Power Inc.
-Ballard Power Systems
-NUVERA FUEL CELLS, LLC,
-Panasonic Corporation
-Nedstack Fuel Cell Technology BV
-Shanghai Shenli Technology Co., Ltd
-Altergy
-TW Horizon Fuel Cell Technologies
-Sunrise Power Co., Ltd
-Vision Group