Fuel Cell Market Size to Grow by 1584.77 MW with 56% of the Contribution from the Americas: Report
The latest market analysis report titled Fuel Cell Market by Product, Application, and Geography - Forecast and Analysis 2021-2025 has been recently added to Technavio's catalog.
August 26, 2022. By News Bureau
The report predicts the market to witness a decelerating growth momentum at a CAGR of 23.44%. Technavio categorizes the global fuel cell market as a part of the global renewable electricity market.
Our report provides extensive information on the value chain analysis for the fuel cell market, which vendors can leverage to gain a competitive advantage during the forecast period.
The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
"Some of the primary growth drivers for this market is the growing demand for efficient and clean energy sources, growing government incentives to increase adoption of fuel cell vehicles, and rising environmental benefits," says a senior analyst for the utilities industry at Technavio.
Another key factor driving the fuel cell market growth is the increasing R&D activities. Systems that use fuel cells have higher upfront costs than other alternative technologies.
Hence, capital cost forms one of the critical factors for product selection, which might hinder the adoption of fuel cell systems. With a decline in costs, adoption will increase. This will further encourage vendors to invest in R&D.
Thus, increasing R&D activities will make fuel cell and hydrogen technologies more attractive and feasible, which will increase the adoption of fuel cell technology and drive the growth of the market.
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