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According to the analysts at Technavio, the global fuel cell market for combined heat and power (CHP) applications will grow at an impressive CAGR of almost 25% by 2020. The rising adoption of fuel cell products is a critical factor responsible for this fuel cell market for CHP application’s growth over the next few years. It has been observed that fuel cell shipments for stationary applications have continually grown over the years, powering thousands of telecom towers and generating clean energy in buildings and the residential sector. This recent increase in the adoption of fuel cells can be attributed to the ability of fuel cells to use diverse fuel sources. The rising demand for fuel cells can also be attributed to benefits such as its ability to generate grid-independent power, as they are cleaner, operate silently, and offer higher efficiency than other related technologies. Some of the different areas where fuel cells are used in stationary applications include prime power, CHP, telecom towers, and in remote monitoring.
According to the fuel cell market for CHP applications market research, in terms of geography, APAC dominated the market in 2015. Though the market share for this region is envisaged to witness a slight decline by 2020, it will continue to be the largest market for fuel cells owing to high investments in fuel cell devices and advances in technology. Also, factors such as the rising need to reduce energy consumption across various sectors will result in this market’s strong growth in APAC during the forecast period.
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This market is in its nascent stage and is characterized by the presence of several vendors across the globe. The introduction of new technologies and increased investments in the market are likely to intensify the competition among the players. However, in several developing and underdeveloped countries, local or regional vendors dominate the market.
Leading vendors in this market are -
Other prominent vendors in this market are Aisin Seiki, Baxi (BDR Thermea), Ceres Power, Doosan Fuel Cell, Elcore, ENEOS Celltech (JX Nippon Oil & Energy), EnerFuel, Haldor Topsøe, HEXIS, Kyocera, Panasonic, SOLIDpower, Toshiba, and Vaillant.
During 2015, it was observed that the non-residential segment dominated this market. Much of this market segment’s growth can be attributed to factors like the advent of strict environmental regulations, strong focus on decentralized energy, growing electricity demand, and increasing environmental awareness.
During 2015, the PEMFC product segment dominated this market and is anticipated to retain its dominating hold over the market until the end of 2020. PEMFCs have several advantages such as fast start-up time, low operating temperature, compactness, and sustainable operations with high energy density and low emissions. Such benefits have made PEMFC the leading type of fuel cell for use in automotive applications, distributed power generation, and portable applications.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by product type
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Key vendor analysis
PART 17: Appendix
PART 18: Explore Technavio
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