Zion Market Research Global Fuel Cell Technology Market, 2016 – 2024 | Page 3

Fuel Cell Technology Market
Global Fuel Cell Technology Market: Growth Factors
Growing investment in the fuel cell sector for the advancement in the products is driving the
growth of global fuel cell technology market. High demand of remote power application such
as APU, consumer products, personal electronics products is also fueling the growth of the
global market. Continuous research and development carried by organizations with an aim
to develop hydrogen power solution and researchers focusing intensely to develop hybrid
vehicle that can be powered by hydrogen is also boosting the growth of the global fuel cell
technology market. Wide application of PEMFC in automobiles, data centers, backup power
centers and forklifts is major segment responsible for the growth of the market. On the other
side, high cost of fuel infrastructure and catalyst is hindering the market growth at some
extent.
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Global Fuel Cell Technology Market: Regional Analysis
Geographically, North America is leading the global fuel cell technology market and it is
expected to retain its dominance owing to technological advancement and high utilization in
the region. Asia-Pacific region is anticipated to grow rapidly due to large number of unit
shipment. Major driver in Asia-Pacific is Japan and South Korea. Europe is projected to
maintain competitive edge in coming future.
Global Fuel Cell Technology Market: Competitive Players
Some of the major players contributing their efforts in terms of products and services include
Aisin Seiki Co. Ltd., Ceramic Fuel Cells Limited, Kyocera, Panasonic Corporation, Toshiba