From 2019 to 2024, the compound annual growth rate of global fuel cells will reach 25.4%

According to a report released by Markets and Markets, an international market research firm, the global fuel cell market size is expected to grow from $342 million in 2019 to $1.
059 billion in 2024, with a compound annual growth rate of 25.
4%
during the period.

The growing demand for clean energy generation methods in developed regions and the emphasis on reducing vehicle carbon emissions in all major countries over the next few years will contribute to the continued stable development of this market
.

By application, the transportation segment is expected to account for the largest share
of the fuel cell market during the forecast period.
The transportation sector includes fuel cell-powered cars, heavy trucks, buses and trains operating on land with fuel cell technology
.
Due to the widespread adoption of low-carbon emission transportation modes such as fuel cell-powered vehicles, fuel cell-based public transportation, and heavy-duty trucks and buses, this segment is expected to hold a major share
in 2019.

Advances in fuel cell technology in the transportation sector are mainly used by end-users such as ships, fuel cell vehicles, and unmanned aerial vehicles (UAVs).

Asia Pacific is the largest transportation market in the fuel cell technology market due to the rapid adoption of fuel cell-based transportation
in countries such as China, Japan, and South Korea.
All these factors are expected to boost the growth
of the fuel cell market.

From the end-user perspective, fuel cell vehicles will account for the largest market share
during the forecast period.
Fuel cell vehicles are the most important component of a fuel cell powered vehicle, providing primary propulsion or acting as a range extender
for battery-powered vehicles.
The increasing flexibility, efficiency, and reliability of fuel cells, as well as the need to reduce carbon emissions from heavy-duty vehicles, have led to the growing demand for fuel cells in the fuel cell technology industry
.

In terms of product type, proton exchange membrane fuel cells (PEMFC) are expected to be the fastest growing type
in the fuel cell market.
Fuel cell-powered vehicles rely primarily on proton membrane exchange fuel cells (PEMFCs
).
The fuel cell vehicle market is likely to witness exponential growth during the forecast period, while the growth of this market directly corresponds to the increasing
demand for PEMFCTs in regions such as Asia Pacific, Europe, and North America during the forecast period.

In terms of market region, Asia Pacific is expected to dominate the global fuel cell market
.
Asia Pacific is expected to dominate the global market due to the
growing focus on reducing carbon emissions through clean energy sources such as fuel cells to generate electricity and propulsion.
China is expected to dominate the development of
the fuel cell technology industry in the Asia-Pacific region.
In addition, the market in countries such as South Korea and Japan will also grow
at a high rate.
In these countries, increasing renewable energy generation and cleaner operation vehicles are the major reasons
stimulating the growth of the market.