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CHICAGO, Dec. 7, 2020 /PRNewswire/ -- According to the new market research report "Fuel Cells Market by Type (Proton Exchange Membrane Fuel Cell, Phosphoric Acid Fuel Cell, Alkaline Fuel Cell, Microbial Fuel Cell), Application (Transport, Stationary, Portable), End-User, Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Fuel Cells Market size is expected to grow from an estimated value of USD 263 million in 2020 to USD 848 million by 2025, at a CAGR of 26.4%, from 2020 to 2025. The market has been analyzed with key focus on advancements in fuel cell technologies such as PEMFC, PAFC, AFC, and MFC. The global market is set to witness significant growth owing to the rising demand for clean energy generation methods in developed regions and the emphasis on reducing carbon emissions from vehicles across all the major countries over the next few years.
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The transport segment is expected to hold the largest share of the Fuel Cells Market, by application, during the forecast period
The transport segment includes fuel cell-powered cars, heavy-duty trucks, buses, and trains in vehicles operated on land in fuel cell technology. This segment is expected to hold the major share in 2020 owing to the widespread adoption of low carbon-emitting transportation modes, such as fuel cell-powered cars, fuel cell-based public transport, and heavy-duty trucks & buses.
Advances in fuel cell technology in the transport sector is used...