Growth | Trends And Future Market Analysis For Global Fuel Cell Market
According to Blackridge Research and Consulting, The fuel cell market has witnessed significant growth in the last two years, mainly due to the introduction of government initiatives in key markets, innovations in financing and business models.
By: Blackridge Research and Consulting
Many fuel cell manufacturers and automotive OEMs are investing in increasing manufacturing capacity to reduce costs and cater to demand in the coming years. In the long term, FCEV deployment is expected to be significant. However, currently, despite several benefits, FCEVs' mass-market adoption is limited by three major problems: high costs, technical challenges, and lack of distribution infrastructure and hydrogen production.
Fuel cells are making inroads into the stationary power generation market. In 2019, the stationary application was the largest segment of the fuel cell market. While the transportation segment is expected to pick up the pace during the forecast period owing to the increasing availability of hydrogen refueling stations across different nations, mass production at full scale globally is expected to come to fruition around 2021 and 2022.
With increasingly stringent emissions regulations, expectations regarding the future FCV market are growing, but the uptake is predicted to be significant only in the long term. This is because of the considerable barriers, including achievement of cost reductions by OEMs, development of infrastructure, and identification and standardization of the most efficient solution for hydrogen production. Despite the above constraints, various policy options could be put into action to promote and accelerate FCVs adoption.
In 2020, with the outbreak of the COVID-19 pandemic, there is a sharp pullback in economic activity due to mandatory lockdowns and other containment measures. According to the IMF World Economic Outlook published in June 2020, the world economy is set to post a -4.9% GDP growth rate in 2020. That will be a downgrade of 8.2% from January 2020. The impact of COVID-19 pandemic on the energy and automobile industries has already been profound.
Blackridge Research's Global Fuel Cell Market report provides insights into the current global and regional market demand scenario and its outlook. The study offers a detailed analysis of various factors instrumental in affecting the growth of the fuel cell market. The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the fuel cell market, important commercial developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, fuel cell market size, and demand forecast, growth rates will also be provided in the report.
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Blackridge Research and Consulting