As per the report by Grand View Research, Inc., the Fuel Cell Market is poised to rise to a valuation of USD 24.81 billion and is estimated to witness a CAGR of 20.9 % by 2025. Stringent government regulations to decrease carbon emission in established economies and increasing demand for fuel cell from the automotive industry are the major factors propelling the growth of the market in the forecast period.

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Furthermore, government incentives for fuel cell vehicles, rising use of these cell in several industries, and technological advancements are foremost factors anticipated to drive the growth of market. Similarly, acceptance of fuel cell in tablets, portable devices, and smartphones is anticipated to drive the growth of the global market over the forthcoming period.
On the other hand, high price of fuel cell is a key factor anticipated to hamper the growth of market in the forecast period. In addition, lack of proper infrastructure for the refueling of fuel cell vehicles (FCVs) and durability of a fuel cell are anticipated to hamper the growth of the market over the years to come.
In the past few years, the emerging trend in the market is increase in the number of fuel cell in buses and vehicles in Korea, Japan, and China, which has broadened the fuel cell development prospects in these countries. Similarly, reduction of fossil fuels has encouraged the governments of several nations to implement various initiatives and policies to promote the use of sustainable energy alternatives. For example, government of Australia has planned to change the gas distribution system to clean hydrogen by 2030. Also, government of German has decided to decrease greenhouse gas releases by 40% until 2020. Furthermore, the Fuel Cell Technologies Office (FCTO) in the United States offer funds for R&D activities to improve the procedures and decrease the cost of fuel cell systems.
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Geographically, North America is one of the prominent regions in the fuel cell industry and is observing a range of forward-moving associations of solid oxide fuel cell manufacturers with end-user clients. Manufacturing companies from automobile, pharmaceutical, shale gas, and heavy industries along with technology and data service players are gradually acquiring companies leading solid oxide fuel cell technology.
Key players effective in the fuel cell market include Ballard; Dominion Resources Inc; Clearedge; Nedstack Fuel Cell Technologies; UTC Power Plug Power Inc.; SFC Energy AG; Panasonic; and Toshiba.
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. Grand View Research database is used by the world's renowned academic institutions and Fortune 500 companies to understand the global and regional business environment. Our database features thousands of statistics and in-depth analysis on 46 industries in 25 major countries worldwide.
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