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Increasing Acceptability and Falling Costs to Drive the Market for Fuel Cells
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Fuel cells are expected to see significant growth over the next decade, as countries move toward cleaner power to diversify their power mix away from fossil fuels. The market is expected to witness steady growth due to the construction and installation of fuel cell power by companies along with the declining cost of new/existing technologies, leading to increasing installation rates across the globe. North America, led by the US, and Asia, led by Japan and China in the future, are expanding their fuel cell power capacity to introduce the next-generation of energy technology into their economies, increase power generation efficiency, and reduce the opex cost of existing facilities. Frost & Sullivan has given three scenarios in which we provide an optimistic, base, and pessimistic cases for the fuel cell market. We have done this because of the challenging nature of forecasting this nascent industry. In the optimistic case scenario, we are forecasting market growth to 1,500 MW by 2030, whereas in the base case and pessimistic cases, we see the market growing to 612 MW and 315 MW, respectively, in 2030 from 214 MW in 2017. The continuation of government subsidies and the emergence of newer chemistries are expected to lead to a reduction in the overall capex costs. This leads to increasing investment by governments and companies alike.The key market trends have been analyzed for the study period (2017–2030), with the base year being 2018. The study covers North America, Europe, and Asia. The study assesses the latest technologies across the globe and discusses the various price points and features of these technologies. Fierce competition is expected, especially in Asia, from the Japanese, Chinese, and US participants that compete with cheaper and quality products. Some of the companies featured in this study are Bloom Energy, GenCell, Plug Power, and FuelCell Energy.
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