SAN FRANCISCO, May 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fuel Cells - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Engagements: 29742
Companies: 157– Players covered include AFC Energy Plc; Air Liquide S.A.; Ballard Power Systems, Inc.; Bloom Energy Corporation; Ceres Power Holdings plc; Doosan Fuel Cell America, Inc.; FuelCell Energy, Inc.; Horizon Fuel Cell Technologies Pte Ltd.; Hydrogenics Corporation; ITM Power Plc; Mitsubishi Heavy Industries Ltd.; Mitsubishi Hitachi Power Systems, Ltd.; Nuvera Fuel Cells, LLC; Plug Power Inc.; Proton OnSite; SFC Energy AG; Siemens Industry, Inc.; Teledyne Energy Systems, Inc.; UltraCell LLC and Others.
Coverage: All major geographies and key segments
Segments: Type (Proton Exchange Membrane, Phosphoric Acid, Molten Carbonate, Solid Oxide, Other Types); Application (Stationary, Transportation, Portable)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; South Korea; Rest of Asia-Pacific; Latin America; Rest of World.
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Global Fuel Cells Market to Reach $12.6 Billion by 2026
Amid the COVID-19 crisis, the global market for Fuel Cells estimated at US$7.2 Billion in the year 2020, is projected to reach a revised size of US$12.6 Billion by 2026, growing at a CAGR of 10.6% over the analysis period. Proton Exchange Membrane, one of the segments analyzed in the report, is projected to record a 10.9% CAGR and reach US$9.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Phosphoric Acid segment is readjusted to a revised 10.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.8 Billion in 2021, While China is Forecast to Reach $1.4 Billion by 2026
The Fuel Cells market in the U.S. is estimated at US$1.8 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.4 Billion by the year 2026 trailing a CAGR of 15.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.8% and 10.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.3% CAGR.
Molten Carbonate Segment to Reach $1.2 Billion by 2026
In the global Molten Carbonate segment, USA, Canada, Japan, China and Europe will drive the 9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$623.1 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$176.4 Million by the year 2026. More
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SOURCE Global Industry Analysts, Inc.