Market Size of Asia-Pacific Fuel Cell Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 17.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Fuel Cell Market Analysis
The Asia-Pacific fuel cell market is expected to grow at a CAGR of over 17% during the forecast period of 2020 - 2025. Factors such as rising environmental concerns and increasing demand for clean electrical energy are expected to be major drivers driving the market. The rising demand for clean energy over concerns of the environmental impact of energy generation from conventional sources such as coal and natural gas is expected to help grow the Asia-Pacific fuel cell market. However, relatively high cost and being a new technology has somewhat hampered the growth of the Asia-Pacific fuel cell market.
- Transportation sector is expected to witness significant growth during the forecast period, owing to various factors such as increase in investments in hydrogen cars, and a rising number of fuel cell-based vehicles in the region.
- The increasing demand for electrical energy to sustain global development requires consistent heavy investments in energy efficient and clean energy sources. This has helped the market for the fuel cell to grow significantly in recent and is expected to do so in the forecast period.
- Japan is expected to dominate the market growth with majority of the demand coming from the residential and transportation sector, owing to the factors like economic growth rising focus on reducing greenhouse gases emissions, and rising fuel cell based vehicles.
