Market Size of Japan 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Japan Fuel Cell Market Analysis
The Japan 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 for 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 Japan fuel cell market. However, relatively high cost and being a new technology have somewhat hampered the growth of the japan fuel cell market.
- Transportation sector is expected to witness significant growth in the forecast period, owing to various factors such as an increase in investments in hydrogen cars, and a rising number of fuel cell-based vehicles in the country.
- 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 Japan fuel cell to grow significantly in recent and is expected to do so in the forecast period.
- Japan is investing heavily in fuel cell based Combined Heat and Power Systems and required infrastructure, due to aforementioned factors the country is expected to be at the forefront of fuel cell based CHP segment in forecast period. This is expected to help the market grow in forecast period, same as the trend being noticed in recent years.
