Stationary Fuel Cells Market worth US$ 3.41 Bn in 2018

The latest market report published by Brisk Insights “Stationary Fuel Cells Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the global market is worth US$ 3.41 Bn in 2018 and expected to grow at a CAGR of 11.1% during the forecast period from 2019 to 2027.

Market Insights

"Decarbonization of power sector intensifying the growth of stationary fuel cells market"

The global rise in consumption of energy and the adoption of distributed energy generation by many industries across the world is boosting the demand for stationary fuel cells. Further, with the commitment to the “Paris Agreement”, most of the countries are shifting towards cleaner energy sources by mixing their primary power source with renewable sources such as fuel cells, wind and solar, etc. among others. Favorable government initiatives for clean energy such as the United States Environmental Protection Agency (USEPA)’s Combined Heat & Power Partnership and Green Power Partnership are promoting the use of stationary fuel cells in various industries. This, in turn, influenced the demand for stationary fuel cells throughout the region; thereby increased the market size to US$ 3.41 Bn in 2018. 

In contrast to the above-mentioned facts, the high cost of fuel cells expected to drop the market growth for the first few years of the forecast period. However, in the second half of the forecast period, the cost of fuel cells expected to be lower than its present value which will help to bloom the market in the long run. Overall, the global stationary fuel cells market expected to grow with a CAGR of 11.1% from 2019 to 2027.

The overall stationary fuel cells market is fairly competitive in nature. The market players are more focused on partnering with other industry players to increase their client base as well as improve their geographical presence.

Industrial Developments

• In June 2019, FuelCell Energy, Inc. signed a contract with Drax Power Station based in the U.K. for supplying its carbon capture solutions. With this partnership, the company expected to improve its market share in Europe. 

• In July 2018, Altergy partnered with Faith Technologies for building its microgrid. As a part of this partnership, Altergy deployed its fuel cells solutions in Wisconsin. The microgrid will help the company to lower its energy costs and will act as a reliable back-up power source. With this partnership, Altergy has expanded its client base which expected to increase its market share.    

Key Market Movements:

• Globally, the stationary fuel cells market is growing at a CAGR of 11.1% for the period from 2019 to 2027. 

• Based on technology, the Proton Exchange Membrane Fuel Cell (PEMFC) segment captured the largest market share in 2018 owing to its wider user base. Compatible with other conventional and renewable power sources helps the user to create an optimal energy system. 

• On the basis of geography, Asia Pacific is the fastest growing regional market for stationary fuel cells market in 2018. The region is led by Japan, South Korea and China. Japan’s Ene-Farm Program for developing and deploying fuel cell micro-cogeneration technology and extensive cooperation between government and cogeneration industry with steady financial support have shoot up the market growth. 

List of Companies Covered:

• Altergy

• Bloom Energy

• Doosan Fuel Cell America, Inc.

• FuelCell Energy, Inc.

• Ballard Power Systems.

• POSCO Energy

• Plug Power, Inc.

• SOLIDpower

• SFC Energy AG

• Hydrogenics

• Others

Browse the full report at https://www.briskinsights.com/report/stationary-fuel-cells-market

The Global Stationary Fuel Cells Market is Segmented into:

*Complete segmentation list is on the report page