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APAC Fuel Cell Market size to hit $2 Bn by 2026
Published Date: 2020-02-04
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APAC Fuel Cell Market size is estimated to surpass USD 2 billion by 2026 attributed to the, according to a latest forecast report by Graphical Research.
Asia Pacific Fuel Cell Market is projected to grow on account of ongoing adoption of sustainable energy technologies along with stringent regulatory policies toward emission reduction. The increasing demand for reliable and uninterrupted electricity supply from off-grid and remote areas has provided favorable opportunities for business expansion. In addition, upsurge in investments toward development of hydrogen fueling stations and related infrastructure will boost the industry growth.
Growing demand for space heating across residential and commercial establishments along with increasing use as a backup power source will positively influence the business outlook. The ongoing funding programs by both public and private companies in line with their long term hydrogen development programs will stimulate the Asia Pacific fuel cell market growth. The government of South Korea has introduced a program to increase the sale of FCEV’s to 10% by 2030.
Accelerating demand for power across military, portable products, large & small CHP units, trucks and other movable applications will boost the SOFC fuel cell market growth. These cells use polymer sheath as an electrolyte and platinum-ruthenium as catalyst on the anode. The reaction leads to extract of hydrogen from liquid methanol, thereby lowering the use of fuel reformer. Low cost, wide temperature range and high energy density are some of the key features which will stimulate the product adoption.
Increasing demand for small fuel cell across cameras, torches, auxiliary power units, vine-trimmers, movable soldier power and other electronic devices will boost the portable applications. These cells are developed in wide range between 5W to 500 W and are primarily based on consumer requirement. Longer run time, high reliability, reduced weight and low operational cost are some of the key features which will favor the product adoption.
Shifting consumer inclination toward efficient and low emission electricity generation devices along with increasing sale of FCEV’s will boost the Japan fuel cell market growth. Increasing funding toward research & development and innovations by both public and private companies toward development of sustainable infrastructure will boost the industry growth. As per the Sustainable Plans for 2020 Olympics, the Japan has planned to develop and install hydrogen stations and related services across the nation. The program also aims to support the use of fuel cell for vehicle, heating and power generation systems in the Olympics.
The key players operating across the industry includes Horizon Fuel Cell, Panasonic, SFC, Arcola, Toshiba, Doosan, Aisin Seiki, Plug Power, Ceres Power, Hydrogenics, AFC Power, Nuvera, Nedstack, Ceres Power, Ballard Power Systems and Fuel Cell Energy. The companies are focusing toward public private partnerships, and other strategic alliances to enhance the industry presence.
Asia Pacific Fuel Cell Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2020 to 2026, for the following segments:
Asia Pacific Fuel Cell Market Value, By Application
Asia Pacific Fuel Cell Market Growth, By Product