Fuel Cell Market Poised for Consistent Growth

by | Dec 23, 2014

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market report general energy manageThe fuel cell market is expected to grow at a compound annual growth rate of 20 percent during 2015–2020, according to a research study published by business consultancy company RNCOS.

According to the study, “Fuel Cell Market Outlook 2020,” the efficiency of fuel cells has created demand in applications including military, electronic devices, transportation, traffic signaling, security and remote monitoring. Declining fuel cell prices and advanced R&D activities are also propelling the growth of the fuel cell market.

The report segments the fuel cell market by region, type and application.

Because the fuel cell market has been showing significant growth in developed economies, the report also provides country level analysis of the fuel cell markets in Japan, the United States, South Korea, China, Germany, UK, Canada, Denmark, India and South Africa.

Key industry players include FuelCell Energy, Ballard Power Systems, Hydrogenics, SFC Energy, Ceramic Fuel Cells Limited, ITM Power, Plug Power, Doosan Fuel Cell, Horizon Fuel Cell Technologies and Intelligent Energy.

The market for fuel cells exceeded $1.3 billion in worldwide sales during 2013, according to a recently released report from the US Fuel Cell Technologies Office (FCTO).

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