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Fuel Cells Market to grow at 25.4% CAGR to Hit $1,059 million by 2024 - Growth Opportunities and Future Prospect
According to the market report published by MarketsandMarkets(TM) "Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2024" The global fuel cells market size is expected to grow from an estimated value of USD 342 million in 2019 to USD 1,059 million by 2024, at a CAGR of 25.4%, from 2019 to 2024.
The global market is set to witness significant growth owing to the rising demand for clean energy generation methods in developed regions and emphasis on reducing carbon emissions from vehicles across all the major countries over the next few years.
The transport segment is expected to hold the largest share of the fuel cells market, by application, during the forecast period
The transport segment includes fuel cell-powered cars, heavy-duty trucks, buses, and trains in vehicles operated on land in fuel cell technology. This segment is expected to hold the major share in 2019 owing to the widespread adoption of low carbon-emitting transportation modes, such as fuel cell-powered cars, fuel cell-based public transport, and heavy-duty trucks & buses.
Advances in fuel cell technology in the transport sector is used mainly in end-users, such as marine vehicles, fuel cell cars, and Unmanned Aerial Vehicles (UAVs). Asia Pacific is the largest transport advances in fuel cell technology market because of rapid the adoption of fuel cell-based transportation in countries such as China, Japan, and South Korea. All these factors are expected to boost the low voltage market growth.
Fuel cell vehicles to account for the largest advances in fuel cells market share, by the end-user, during the forecast period
The fuel cell vehicles segment held the largest share of the market in 2018. A fuel cell is the most important component of a fuel cell-powered vehicle that offers the primary propulsion power or acts as a range extender for battery-operated vehicles. The increase in the flexibility, efficiency, and reliability of fuel cells, and the need for reducing carbon emissions from heavy-duty vehicles has led to the rising demand for fuel cells in the advances in fuel cell technology industry.
Key Market Players
Fuel cell technology market consists of a few leading players, such as Ballard Power Systems, Hydrogenics, Fuel Cell Energy, Intelligent Energy, SFC Energy, and Plug Power, due to the advantage of their high-end technological solutions. The other player
https://www.openpr.com/news/1948952/fuel-cells-market-to-grow-at-25-4-cagr-to-hit-1-059-million
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Fuel Cells Market to grow at 25.4% CAGR to Hit $1,059 million by 2024 - Growth Opportunities and Future Prospect
According to the market report published by MarketsandMarkets(TM) "Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2024" The global fuel cells market size is expected to grow from an estimated value of USD 342 million in 2019 to USD 1,059 million by 2024, at a CAGR of 25.4%, from 2019 to 2024.
The global market is set to witness significant growth owing to the rising demand for clean energy generation methods in developed regions and emphasis on reducing carbon emissions from vehicles across all the major countries over the next few years.
Browse 84 market data Tables and 34 Figures spread through 145 Pages and in-depth TOC on "Fuel Cells Market - Global Forecast to 2024"
https://www.marketsandmarkets.com/Market-Reports/fuel-cell-market-348.html
The transport segment is expected to hold the largest share of the fuel cells market, by application, during the forecast period
The transport segment includes fuel cell-powered cars, heavy-duty trucks, buses, and trains in vehicles operated on land in fuel cell technology. This segment is expected to hold the major share in 2019 owing to the widespread adoption of low carbon-emitting transportation modes, such as fuel cell-powered cars, fuel cell-based public transport, and heavy-duty trucks & buses.
Advances in fuel cell technology in the transport sector is used mainly in end-users, such as marine vehicles, fuel cell cars, and Unmanned Aerial Vehicles (UAVs). Asia Pacific is the largest transport advances in fuel cell technology market because of rapid the adoption of fuel cell-based transportation in countries such as China, Japan, and South Korea. All these factors are expected to boost the low voltage market growth.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=348
Fuel cell vehicles to account for the largest advances in fuel cells market share, by the end-user, during the forecast period
The fuel cell vehicles segment held the largest share of the market in 2018. A fuel cell is the most important component of a fuel cell-powered vehicle that offers the primary propulsion power or acts as a range extender for battery-operated vehicles. The increase in the flexibility, efficiency, and reliability of fuel cells, and the need for reducing carbon emissions from heavy-duty vehicles has led to the rising demand for fuel cells in the advances in fuel cell technology industry.
Key Market Players
Fuel cell technology market consists of a few leading players, such as Ballard Power Systems, Hydrogenics, Fuel Cell Energy, Intelligent Energy, SFC Energy, and Plug Power, due to the advantage of their high-end technological solutions. The other player