Noida, UP -- (SBWIRE) -- 01/23/2015 -- Asia has been the dominant adopter of fuel cell technology during the past five years and among all, South Korea is the leading country of adoption for large stationary fuel cell systems. It is an energy-intensive country. The country has a growing population with high density of urban population and little available land. The nation has a goal to reduce its reliance on nuclear power to 29% of its energy mix by 2035. As a result it is concentrating more on its fuel cell technology. South Korea has had a "green growth" policy in place since 2008, with an aim of increasing its use of renewables to 20% of the generation mix by 2027.

Recently, the country has built world's largest fuel cell park. In February, 2014 US based firm Fuel Cell Energy's South Korean partner, Posco Energy completed a fuel cell power plant, Gyeonggi Green Energy park in South Korea's Hwasung City with a capacity of 59 MW using Fuel Cell Energy's technology. This fuel cell park is the world's largest facility that makes electricity with fuel cells. There is another new fuel cell park underway in Seoul City of South Korea. The electricity from the fuel cell park will provide power to the railroad depot. This power output is adequate to power approximately 45,000 South Korean households. Apart from the parks South Korean car makers are preparing to commercialize fuel cell electric vehicles by 2015, with several fleet operators already testing such vehicles. Cities in South Korea are being targeted by OEMs for commercialization of fuel cell vehicles. So there is a huge potential of rising fuel cell demand in the country. Imported fuels currently meet around 97% of South Korea's energy demand due to a lack of domestic resources.

The report "Fuel Cell Market Outlook 2020", by RNCOS spread over 170 pages provides an in-depth research and rational analysis of the current status and future growth prospects of the global fuel cell technology market and how the rising shipment in South Korea is driving the overall global market. Our research includes profound study of the market by type, application and region. Besides that, the report exhibits the emerging trends and drivers globally which are boosting the fuel cell industry growth. Moreover, to provide a comprehensive view, an in-depth study of major fuel cell market has been covered in the report which includes countries such as Japan, US, Germany etc other than South Korea. This section covers fuel cell shipment in each of these countries till 2020.

Additionally, our research also includes analysis of the major research and developments initiatives and patents granted in fuel cell industry globally. Further, through the section of key players, we have tried to provide the insight of current market scenario and existing competition to our customers. Additionally, we have also covered the key financials and recent activities by these players to build up position in the fuel cell market. In all, the report presents a comprehensive look at the sector's past, present, and future scenario.

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