Fuel Cell Market Size

12 2020 at 4 03 p m.

Fuel cell market size.

Press release fuel cell market trends growth scope size overall analysis and prediction by 2027 published. The global fuel cell market size was estimated at usd 10 48 billion in 2019 registering a cagr of 15 5 over the forecast period. A fuel cell comprises two electrodes namely anode and cathode an electrolyte and a catalyst. Growing private public partnerships and reduced environmental impact are other factors anticipated to propel the demand.

The global fuel cell market was valued at usd 3 8 billion in 2018 and is anticipated to grow at a cagr of 17 5 during the forecast period. The advent of fuel efficient technology will have a significant impact on fuel cell electric vehicles which in turn will drive the fuel cell powertrain market. The global fuel cell powertrain market size is projected to grow from usd 268 million in 2020 to usd 3 797 million by 2025 at a cagr of 70 0. Increasing demand for unconventional sources of energy is one of the key factors driving the growth.

Fuel cells are devices that produce energy by the chemical reaction within it which is expected to witness notable growth in the coming years. A fuel cell is a device developed for generating electricity through a chemical reaction. The global fuel cell.