Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC) Report 2023: Increasing Demand for Clean Power Generation Methods Fuels Growth
DUBLIN, March 16, 2023 /PRNewswire/ -- The "Global Fuel Cell Market (PEMFC, PAFC, MCFC & SOFC): Insights & Forecast with Potential Impact of COVID-19 (2023-2027)" report has been added to ResearchAndMarkets.com's offering.
Factors such as growing applications in electric and hybrid vehicles, rising unconventional oil and gas distribution activities, increasing demand for clean power generation methods, enlarging wireless surveillance industry, mounting environmental concerns and expanding urbanization.
However, the market growth would be challenged by high maintenance cost of fuel cells, absence of supporting infrastructure and extremely competitive market environment. A few notable trends include, rapid expansion of HVAC industry, surging adoption of fuel cell in defence sector, escalating preference for hydrogen based fuel cells and growing government initiatives on fuel cell programs.
The global fuel cell market has been segmented on the basis of type, applications and end-user. Depending on type, the market can be divided into Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC) and other types such as Alkaline Fuel Cell (AFC), Microbial Fuel Cell (MFC), etc. Based on the end-users, the global fuel cell market can be bifurcated into Fuel cell vehicle, utilities, defense and others. Whereas, the global fuel cell market is split stationary, transport and portable, in terms of application.
The fastest growing regional market is Asia Pacific due to increasing popularity of fuel cell electric vehicles, surging adoption of renewable enery technologies and growing investments by various public and private organizations toward development of hydrogen infrastructure in the region. Further, the COVID-19 pandemic had negatively influenced the market growth of fuel cells due to supply chain disruptions and halted various manufacturing activities of key end users, affecting the sales of fuel-cells and associated products.
Scope of the report
Key Target Audience
Key Topics Covered:
1. Market Overview
For more information about this report visit https://www.researchandmarkets.com/r/rj1jjl
Research and Markets
View original content:https://www.prnewswire.com/news-releases/global-fuel-cell-market-pemfc-pafc-mcfc--sofc-report-2023-increasing-demand-for-clean-power-generation-methods-fuels-growth-301774248.html
SOURCE Research and Markets