December 26, 2018 10:20 AM Eastern Standard Time
LONDON–(BUSINESS WIRE)–Technavio analysts forecast the global molten carbonate fuel cells (MCFCs) market to grow at a CAGR of over 24% during the forecast period, according to their latest market research report.
“Apart from the rise in demand for clean energy, factors such as the growth in stationary power applications, and the increase in investment and support from government are expected to positively impact the growth of the global molten carbonate fuel cells market during the forecast period.”
The growing vendor collaboration and PPAs is one of the major trends being witnessed in the global molten carbonate fuel cells (MCFCs) market 2018-2022. FuelCell Energy is dominating the global MCFCs market. For leveraging and capitalizing on its core fuel cell technology and products with the global market, FuelCell Energy adopts a business strategy that involves utilizing strategic business alliances and collaborative agreements. The objective of these alliances is market development, cost reduction, and financing. Likewise, several companies are collaborating with competitors, which will boost the growth of the global market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global molten carbonate fuel cells (MCFCs) market is the rise in demand for clean energy.
Global molten carbonate fuel cells (MCFCs) market: Rise in demand for clean energy
With the strong economic growth in several countries across the world, the global demand for energy increased by 2.1 % in 2017. Traditionally oil, natural gas, and coal catered to over 70 % of the growth in global energy demand. However, in 2017, the consumption of natural gas increased by 3% as compared to 2016. China was the dominant regional contributor accounting for one-third of this natural gas consumption and the building, and industrial sectors accounted for 80% of the increased global demand. Thus, the rise in demand for clean energy will fuel the growth of the global molten carbonate fuel cells (MCFCs) market during the forecast period.
According to a senior analyst at Technavio for research on power, “Apart from the rise in demand for clean energy, factors such as the growth in stationary power applications, and the increase in investment and support from government are expected to positively impact the growth of the global molten carbonate fuel cells market during the forecast period.”
Global molten carbonate fuel cells (MCFCs) market: Segmentation analysis
The global molten carbonate fuel cells (MCFCs) market research report provides market segmentation by application (utilities, and C&L), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas region held the largest share of the market in 2017, accounting for over 50% share, followed by EMEA and APAC respectively. The Americas will continue to dominate the market during the forecast period with the highest incremental growth.
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