Global Residential Fuel Cell Market 2018-2022
About Residential Fuel Cell
Fuel cells, like battery units, generate electricity from electromechanical reactions. They can be used to power small devices and are used in large power plants that produce megawatts (MW) of electrical energy.
Technavio’s analysts forecast the global residential fuel cell market to grow at a CAGR of 15.34% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global residential fuel cell market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Fuel Cell Market 2018-2022
Technavio recognizes the following companies as the key players in the global residential fuel cell market: AISIN SEIKI, Elcore, Panasonic, SOLIDpower, TOSHIBA, and Viessmann Werke.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing affinity for self-generation. The growing affinity for self-generation is one of the key trends in the residential fuel cell market. Developed countries require uninterrupted and reliable power supplies owing to the increasing need. This growing need for power is increasing the adoption of distributed energy generation.”
According to the report, one driver in the market is growing demand for efficient and cleaner technologies. The growing demand for efficient and cleaner technologies as one of the primary factors that will trigger the growth of the residential fuel cell market in the coming years. Rapid urbanization is a result of a continuous increase in the population, which has a direct impact on the power consumption.
Further, the report states that one challenge in the market is competition form alternative technologies. The market for fuel cells is highly competitive with the presence of many manufacturers, both local and international, facing stiff competition from not only other fuel cell manufacturers but also from alternative technologies such as microturbines, backup generators, energy storage system providers, and renewable system providers.
AISIN SEIKI, Elcore, Panasonic, SOLIDpower, TOSHIBA, and Viessmann Werke.