Despite Challenges, Growth Projected for Global Fuel Cell Market
The global fuel cell market is expected to reach $24.8 billion by 2025.
The global fuel cell market is expected to reach $24.8 billion by 2025, according to a recent report from Research and Markets. Growing demand for unconventional energy sources is one of the key factors driving the global fuel cell market, and fuel cells is one of the fastest-growing alternate backup power options due to the use of hydrogen as fuel. Fuel cells are also eco-friendly as their byproduct is harmless in nature.
On the basis of policy development, China is still lagging. However, the country shows tremendous promise in the near future as the majority of the Chinese fuel cell manufacturers have been focusing on the development of proton exchange membrane fuel cells. This focus may imply the country will incorporate fuel cells in various modes of transportation.
The market is expected to witness strategic alliances to expand the end-user segment in emerging markets. Public-private partnerships will be critical in attaining an economically viable technological shift. Introducing cleaner technologies to substitute existing methodologies is expected to incur high costs, which are expected to challenge the innovative streak of the key market players.
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