NewswireTODAY - /newswire/ - Burnaby, British Columbia, Canada, 2015/02/04 - Rising adoption of fuel cell powered vehicles and material handling equipment across major geographies to drive global fuel cell market through 2020 - TechSciResearch.com.

According to the recently published report by TechSci Research,“Global Fuel Cell Market Forecast & Opportunities, 2020”, global market for fuel cell is forecast to peg over US$ 3 billion in 2020. Increasing adoption of fuel cells for stationary applications in telecom sector as backup power and as power source in vehicles are the growing application areas of the technology. The technology has been gaining wider acceptance as a clean energy sourcedue to almost zero carbon emissions. Incessant exploitation of oil and gas reserves has redirected the focus of industries on the use of fuel cells to power automobiles and material handling equipment. On these grounds, the technology is being increasingly adopted in both developed as well as developing economies worldwide.

Fuel cells offer eight times higher energy density as compared to batteries resulting into more number of opportunities in portable consumer electronics, stationary energy generation, and auxiliary power market. The German fuel cell industry is growing at a good pace and plans to shut down all nuclear power plants by 2022 with an aim to reduce green house emission. In consonance with these developments, the market for fuel cell in Europe has been witnessing significant growth over the past few years and is expected to continue the trajectory in the years to come.

“With increasing penetration of fuel cells in different applications, a large number of players are expected to foray into the market tooffer cost-effective, high-efficiency fuel cells with lower operating cost per KW. This, in turn, is expected to result in sizeable dip in average selling prices of fuel cells. Government support and tax incentives are also expected to transform the market dynamics worldwide over the coming years”, said Mr. Vipul Tiwari, Research Consultant with TechSci Research, a global management consulting firm.

“Global Fuel Cell Market Forecast & Opportunities, 2020” has evaluated the future growth potential of fuel cells market worldwide and provides statistics and information on market structure, market trends, market size & share, etc. The report includes fuel cell market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in the fuel cell market globally.

Agency / Source: TechSci Research

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