Global fuel cells market to reach US$910.3 million in 2018

Transparency Market Research has released a new market report that states that global fuel cells demand is estimated to reach US$910.3 million in 2018. In 2011 the demand was worth US$355.3 million.

Asia-Pacific and North America dominate the global market in terms of demand and Europe is estimated to be the most promising future market.

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The report titled "Fuel Cells Market (PEMFC, MCFC, PAFC, SOFC, DMFC & Others) - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast, 2012 - 2018" highlights that the global fuel cells demand is expected growing at a CAGR of 15% from 2013 to 2018. Asia-Pacific and North America dominate the global market in terms of demand and Europe is estimated to be the most promising future market. Japan and South Korea dominate the Asia-Pacific market revenue for fuel cells.

Key participants in the fuel cells market include Fuel Cell Energy, Ballard, Clearedge, Toshiba, Panasonic, Plug Power Inc. and Hydrogenics Corporation.

PEMFC or Proton Exchange Membrane Fuel Cell is the technology that has a major share in the fuel cells market in terms of revenue while Molten Carbonate Fuel Cells or MCFC are the next biggest forerunners. Both technologies are expected to grow at a CAGR of 11.5% and 17.8% respectively from 2013 to 2018. The technologies also accounted for 46.3% ( PEMFC) and 39.2% (MCFC) of total demand in 2011 in terms of MW.

Transparency Market Research however states that by 2018 MCFC is likely to overtake the PEMFC market due to the increasing market for stationary fuel cell systems. The low operating temperatures and high power density make PEMFC attractive.

This research analyzes and estimates the performance and demand of fuel cells in the global scenario. The research provides detailed trend analysis of the fuel cells market, demand by geography and detailed analysis of companies that are dealing in fuel cells.