Over the recent years, the rising proclivity toward adopting renewable energy sources has been one of the most significant elements that have embellished fuel cell market share. The dire need to drastically slash greenhouse gas (GHG) emissions and reduce the economic dependency on fossil fuels has necessitated developed and developing nations to embrace fuel cell technology at a substantial scale, which has further impelled the growth prospects of fuel cell industry. Furthermore, a number of eminent industry players have been focusing on technological innovations to reduce the overall cost of fuel cell installations which has accelerated the pace of product deployment across the globe. The future progression trajectory of the fuel cell market can be comprehended by glancing through a research report collated by Global Market Insights, Inc., which claims that the global annual fuel cell industry would surpass a total installed capacity of 900 MW by 2024.
Europe Fuel Cell Market Size, By Product, 2016 & 2024 (USD Million)
Fuel cells, also known as electrochemical cells, do not generate emissions which makes them more efficient and eco-friendly than the conventional batteries and combustion technologies. According to a recently released report by Hydrogen Council, a foremost international advisory entity comprising prominent energy, automotive and industrial firms, hydrogen could fulfill 18% of the world’s overall energy requirement and would lower CO2 emissions by 40% to 60% in various business verticals ranging from transportation to real estate. Owing to the aforementioned factors, hydrogen fuel cells are being increasingly utilized in a broad range of applications including power generation, portable power systems, electric vehicles, and cogeneration which has provided a significant impetus to fuel cell industry share, which commanded a total revenue portfolio of over USD 2 billion in the year 2016. While elaborating further, it is quite imperative to mention that the fuel cell market space has been witnessing massive investments by government and private entities toward enhancing the existing hydrogen refueling infrastructure which would fundamentally transform this business arena in the forthcoming years, cite analysts.
A concise overview of the initiatives undertaken by regional governments and their influence on the global fuel cell industry progression:
Apparently, the aforementioned instances of favorable government frameworks regarding the adoption of renewable energy sources along with technological advancements are bound to propel the expansion of fuel cell market size over the estimated time frame. As per estimates, the global fuel cell industry share is set to exceed USD 6 billion by 2024, in terms of remuneration.