Research Market Research on Fuel Cell Market | Page 5

Fuel Cell Market Revenue and Value Chain 2014-2020
 Rising environmental concerns along with stringent regulations, especially in North America and Europe to
reduce carbon emission, is likely to fuel the demand for fuel cell systems over the forecast period.
Furthermore, various other factors such as consistently declining fuel cell cost due to technological
advancement and uncertainty of the source of fuel cell are likely to spur growth of the fuel cell market.. Such
factors limit the application of fuel cells to a narrower spectrum. Depletion of global oil and gas reserves
coupled with the demand for clean energy are fuelling the global fuel cell market. Moreover, companies and
governments worldwide promote the shift in focus towards renewable energy generation options.
 In the past few years, fuel cell market has witnessed different levels of developments, especially occurring in
North American and European countries. FMI also analyzed MEA, Latin America and Asia Pacific as potential
markets for the fuel cell technology. In addition, Asia Pacific has become hub for consumer electronics; where
electronic goods are produced at relatively lesser cost. Fuel cell market is likely to take advantage of such
factors and is expected to witness increment in the penetration in Asia Pacific.
 Institutional organizations such as Sandia National Laboratories and the University of the Basque Country
(UPV/EHV) are constantly conducting extensive research in order to improve the efficiency of fuel cells. Key
players (manufacturers) in the industry adopt strategies such alliances and partnerships to expand their
product lines. Furthermore, strategic alliances are helping market players to penetrate into relatively newer
application areas. Fuel cell manufacturers are also involved in enhancement of product offerings. For
example, Ballard Power Systems, Inc. and Plug Power, Inc. signed an agreement to supply fuel cell stacks to
Plug Power, Inc. for three years to be used in forklift trucks. Fuel cell manufacturers are also involved in the
operational expansion through the setting up of new plants. Recently, Daimler AG and The Linde Group
entered into strategic alliance to build hydrogen fuelling stations in Germany. Such initiatives are helpful to
commercialize fuel cell application in the transportation sector. Furthermore, fuel cell-powered vehicles
require hydrogen filling stations, and with such initiatives, it is possible to commercialize fuel cell-powered
automobiles.
©2015 Future Market Insights, All Rights Reserved
5