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The global fuel cells market is projected to reach USD 1,059 million by 2024, at a CAGR of 25.4%

The global fuel cells market is projected to reach USD 1,059 million by 2024, at a CAGR of 25.4% from 2019 to 2024
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NEW YORK, Nov. 20, 2019 /PRNewswire/ -- The global fuel cells market size is projected to reach USD 1,059 million by 2024 from an estimated market size of USD 342 million in 2019, at a CAGR of 25.4% during the forecast period with major focus on the advances in the fuel cell technologies. The growing demand for less carbon-emitting fuel cell-based vehicles in developed regions and increasing the adoption of clean energy sources for power generation has augmented the demand for advances in fuel cell technology. Moreover, the booming power sector and augmented distributed power generation capacities globally would further aid the growth of this market.The transport segment is expected to be the fastest-growing market during the forecast period.
The fuel cells market, by application, is segmented into transport, portable, and stationary applications.Transport segment of the advances in fuel cell technology industry is growing rapidly because of the widespread usage of fuel cells in heavy-duty vehicles operated on land such as public transport and in water.
In regions such as Asia Pacific, these factors collectively are likely to boost the demand for transport segment in the fuel cell technology industry during the forecast period.
The Proton Exchange Membrane Fuel Cell (PEMFC) segment is expected to grow at the highest CAGR from 2019 to 2024. "
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