According to a new market report published by Transparency Market Research 'Fuel Cells Market (PEMFC, MCFC, PAFC, SOFC, DMFC & Others) - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast, 2012 - 2018,' the global fuel cells demand was worth USD 355.3 million in 2011 and is estimated to reach USD 910.3 million in 2018, growing at a CAGR of 15.0% from 2013 to 2018. Asia-Pacific and North America dominate the global market in terms of demand, and Europe is estimated to be the most promising market in the near future.
The fuel cells market by product type is majorly covered by PEMFC (Proton Exchange Membrane Fuel Cell) in terms of revenue followed by MCFC (Molten Carbonate Fuel Cell). PEMFC and MCFC are expected to grow at a CAGR of 11.5% and 17.8% respectively from 2013 to 2018. In terms of power (MW), PEMFC and MCFC again dominated the market, accounting for 46.3% and 39.2% of total demand in 2011 respectively. However, by 2018, MCFC is likely to overtake PEMFC market owing to the increasing market of stationary fuel cell systems.
PEMFC is used in a wide variety of applications including forklifts, automobiles, telecommunications, data centers, primary and backup power systems owing to its relatively low operating temperature and high power density. MCFC fuel cells are mainly used for stationary power generation and CHP applications, and are available as commercial products.
Key participants in the fuel cells market include Fuel Cell Energy, Ballard, Clearedge, Toshiba, Panasonic, Plug Power Inc. and Hydrogenics Corporation.