Asia Pacific Fuel Cell Market size crossed USD 731 Million in 2019 and is expected to record a CAGR of 16.2% between 2020 and 2026.

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The market growth is owing to the adoption of renewable energy technologies along with increasing demand for electricity from remote areas. Ongoing investments by various public and private organizations toward development of hydrogen infrastructure will complement the industry outlook. The government of China in line with its five years plan is actively promoting hydrogen-based vehicles and backup power generators.

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Accelerating demand for continuous and uninterrupted power supply across remote and off-grid areas coupled with strict government norms toward emission reduction will foster the PEMFC technology growth. In addition, growing investments toward development and expansion of fuel cell vehicles on account of favorable government policies and norms will boost the industry growth. Light weight, high power density, excellent dynamic and high efficiency are some of the prominent features which will boost the product demand.

Increasing investments toward development and advancement of stationery and transportation applications will propel the China fuel cell market growth. In addition, extensive investments toward research and development activities along with development of sustainable infrastructure will propel the industry dynamics. The government of China in accordance with its five year plans has invested USD 14.1 Billion toward development of hydrogen infrastructure across the nation.

Increasing demand for space heating across residential and commercial establishments coupled with ongoing investments toward development of hydrogen fueling infrastructure will stimulate the industry outlook. In addition, paradigm shift toward portable charging devices owing to growing leisure industry and improvements in standard of living will positively influence the business outlook.

Stationary application will witness a strong growth owing to increasing demand for fuel cells for heating and power generation applications across residential and commercial establishments. Furthermore, accelerating use as a backup power source across hotels, telecommunication base stations, data centers, hotels, shopping complexes and hospitals will propel the industry growth. In addition, the accelerating demand for multi-megawatt units to provide electricity to remote and off-grid areas will complement the business outlook.

Favorable government subsidies and norms toward adoption of sustainable energy technologies along with ongoing adoption of fuel cell vehicles will foster the industry growth. The government of South Korea has introduced plan to develop three hydrogen powered cities by 2022. The strategy is a part a wider vision to power 10% of the nation cities, counties and towns with hydrogen by 2030 and increasing it to 30% by 2040.

Key industry players operating across the fuel cell market includes SFC, Panasonic, Toshiba, Plug Power, Doosan, Ballard Power Systems, Hydrogenics, Nedstack, AFC Energy, Plug Power, Fuel Cell Energy, Nuvera, Ceres Power, Aisin Seiki, Arcola and Horizon Fuel Cell. The companies are focusing toward public private partnerships to enhance the industry presence across the region. Furthermore, extensive R&D activities along with continuous innovations has been a key strategic inference by leading players.