The market value of fuel cells will increase steadily

Author: Yuan Wang Source: China Chemical Industry News October 28, 2019

According to a recent research report by Global Market Insight, the fuel cell market will grow from US$3 billion in 2018 to US$7 billion in 2025.

The report predicts that by 2025, the UK fuel cell market is expected to grow by more than 50 MW. Strict emission reduction targets and R&D growth will complement the business environment. In addition, due to the incentives and subsidies provided by government departments, the growth of fuel cell electric vehicle (FCEV) demand will have a positive impact on the popularity of products. Ballard Power Systems unveiled its 8th generation zero-emission heavy-duty fuel cell module in 2019.

With the surge in demand for forklifts, trams, ferries, cargo trucks and boats, the fuel cell industry will grow. It is expected that by 2025, solid oxide fuel cell products will exceed 30,000 units. High efficiency, low cost, low emissions, stability and fuel flexibility are some of its key features over other alternative products.

In addition, with the development of tourism and cities, and the increase in demand for FCEVs, the use of mobile charging equipment will also increase, which will promote the development of the fuel cell market. The government's extensive investment in the hydrogen economy and the increased demand for fixed backup power sources will have positive business prospects.