According to a recent market report published by Fact.MR, the stationary fuel cell systems market would grow 17.9% y-o-y in 2018 to reach approximately US$ 2,159 million by the end of 2019. The paper provides a comprehensive analysis of market dynamics as well as macro and microeconomic factors that influence the adoption of stationary fuel cell systems in several industry verticals.
Apart from the efficiency and sustainability benefits of introducing stationary fuel cell systems into CHP, government subsidies and incentives in various countries are boosting global demand for stationary fuel cell systems in the CHP industrial sector. The US Environmental Protection Agency (EPA), for example, has eased policy restrictions for CHP projects in the area.
APEJ Region will Outperform Developed Regions to Generate Maximum Sales Opportunities for Stationary Fuel Cell Systems
According to the Fact.MR analysis, the APEJ region has shown the fastest growth in recent years, accounting for more than a third of the revenue in the stationary fuel cell systems market in 2018. While industrialised countries have consistently provided a favourable environment for stationary fuel cell systems, the Asia Pacific excluding Japan (APEJ) has outperformed other regions in attracting the most investments from stakeholders in the stationary fuel cell systems market.
The usage of stationary fuel cell systems in current automobiles has been prompted by recent breakthroughs and technological transformations in the automotive industry in the APEJ area. Leading automakers in the region are boosting the usage of stationary fuel cell systems in electric vehicles as a result of rising environmental concerns and government plans.
Growing Needs for Environment-friendly Alternatives to Combustion Engines Drive Market Growth
Concerns about the negative environmental effects of traditional power generation technologies have prompted the use of environmentally friendly power generation equipment such as fuel cells.
Combustion of fuel is used in traditional power generation units, which results in the release of hazardous gases into the atmosphere.
This has prompted a search for an environmentally acceptable alternative to traditional electricity producing technologies.
Players in the stationary fuel cell systems are pushing the benefits of hydrogen fuel cells as an alternative to traditional power generation in order to meet the growing need for more environmentally friendly ways to generate electricity.
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=2456
