North American region is the second largest revenue generating region in global fuel cell market after Asia-Pacific. The growth of North American region is primarily dependent on the growing demand for fuel cells in the United States. United States accounted for more than 60% of North American Fuel cell market. Companies such as Fuel Cell Energy, Ballard and Plug Power are contributing majorly for the growth of fuel cells market in United Sates.
According to 6Wresearch, United States Fuel cell market is projected to reach $1.42 billion by 2019. Proton Exchange Membrane Fuel Cell (PEMFC) technology occupies lion’s share in the overall market due to its ease of usage, cost efficiency and higher back up power. Though, PEMFC market is anticipated to remain dominant during 2014-19, but higher growth rates are expected from other fuel cell technology markets such as Molten Carbonate Fuel Cell (MCFC) and Direct Methanol Fuel Cell (DMFC).
The market for fuel cell is still in introductory and development stage as high cost of fuel cell technology has become a major challenge for its market penetration. However, in the coming years, market players such as Fuel Cell Energy and Hydrogenics are expected to come up with cost efficient fuel cells, with their extensive R&D investments, which would spur United States fuel cell market.
Increasing government initiatives, increasing investments and ease in trading policies have contributed for the growth of fuel cell technologies in the country. For instance, in 2013, investments in Fuel cell companies in United States accumulated to $552.3 million.
In United States Fuel cell market, portable application has accounted for major share for market revenues. In the forecast period, growth of fuel cells utility vehicles is expected to boost market. DMFC and PMFC based fuel cells would be immensely used in the utility vehicles, subsequently driving the demand for fuel cells in United States market. Additionally, the consumption of fuel cell can also be witnessed in various micro power and residential projects, which is further likely to propel the growth of fuel cell market in United States.
The report, “United States Fuel Cell Market (2014-2019)” estimates and forecasts overall United States Fuel Cell market by revenue & volume, segments the market into PEMFC, MCFC, PAFC, SOFC and DMFC by revenue, volume & application, and regions. The report also gives the insights on competitive landscape, latest market trends, drivers, restraints and opportunities.
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United States Fuel Cell Market (2014-2019)