Abstract
Summary
The global fuel cell market is estimated to grow from USD 3.3 Billion in 2023 to USD 8.7 Billion by 2028; it is expected to record a CAGR of 21.7% during the forecast period. The growth of the fuel cell market is attributed to increased awareness and efforts to decrease carbon emissions and the expansion of hydrogen infrastructure, covering production, storage, and distribution. Additionally, the fuel cell market will grow in the future owing to the increased requirement for fuel cell setup in power generation and combined heat and power (CHP) applications.
“Proton exchange membrane fuel cell: The second largest segment of the fuel cell market, by type. “
Based on type, the fuel cell market has been split into two types: solid oxide fuel cell, proton exchange membrane fuel cell, phosphoric acid fuel cell, microbial fuel cell, direct methanol fuel cell, and alkaline fuel cell. The proton exchange membrane fuel cell segment is expected to be the second largest segment during the forecast period. Proton exchange membrane fuel cells exhibit significant versatility and adaptability, enabling their deployment across a spectrum of applications and power needs. Their flexibility spans from smaller, portable gadgets to larger-scale implementations, encompassing vehicles and stationary power generation.
“Commercial & industrial segment is the second largest segment of the fuel cell market.”
By end user, the fuel cell market has been segmented into transportation, commercial & industrial, residential, data center, utilities and government/municipal institutes, and military & defense. Commercial and industrial sectors have substantial energy requirements for manufacturing processes, operations of commercial facilities, data centers, and other industrial activities. Fuel cells offer a reliable and efficient power source to meet these demanding energy needs. Numerous commercial and industrial entities aim to reduce emissions significantly. Fuel cells offer a clean energy alternative, emitting minimal pollutants in contrast to conventional fossil fuel-based power generation, thereby supporting sustainability goals.
“By application, the fuel cell vehicles segment is expected to be the second largest segment during the forecast period.”
Based on application, the fuel cell market is segmented into stationary, fuel cell vehicles, and portable. The fuel cell vehicles segment is expected to be the second-largest segment of the fuel cell market during the forecast period. Fuel cell vehicles present a zero-emission option compared to conventional internal combustion engine vehicles, appealing to environmentally conscious consumers and governments aiming for cleaner transportation alternatives. The high power output and extended range offered by fuel cells are especially enticing for heavy-duty uses such as trucks, buses, and other commercial vehicles, addressing substantial concerns related to battery weight and limited range in these applications.
"Asia Pacific": The fastest growing region in the fuel cell market"
Asia Pacific is expected to be the fastest growing segment in the fuel cell market between 2023–2028, followed by North America. Asia Pacific is a key market for green technology adoption to meet government targets for cutting GHG emissions. Japan and South Korea have been heavily investing in fuel cell adoption since 2009, owing to the commercialization of Japanese fuel cell micro-CHP products. Investment in the energy sector has grown substantially during the previous five years, which is expected to assist the fuel cell market. China and India are the world's most populous countries, and agriculture remains a key element of their economies.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%
By Region: North America- 27%, Europe- 20%, Asia-Pacific - 53%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The fuel cell market is dominated by a few major players that have a wide regional presence. The leading players in the fuel cell market are Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), KYOCERA Corporation (Japan). The major strategy adopted by the players includes new product launches, contracts & agreements and, investments & expansions.
Research Coverage:
The report defines, describes, and forecasts the global fuel cell market by component, type, size, fuel, end user, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the fuel cell market.
Key Benefits of Buying the Report
• The fuel cell market has undergone substantial progress and expansion in recent years. The increasing demand for portable power solutions, fueled by factors like outdoor activities, emergency readiness, and the necessity for dependable off-grid energy, has propelled the market forward. Key market players have been actively engaged in product development, introducing innovative features such as higher power capacities, improved portability, faster charging, integration with renewable energy sources, advanced control systems, connectivity options, and enhanced safety features. Additionally, the market has witnessed the expansion of product offerings with varying sizes, catering to different end-use requirements.
• Product Development/ Innovation: Fuel cell manufacturers are deeply involved in advancing product development and innovation to elevate the capabilities of their offerings. Their focus lies in augmenting power capacity by leveraging battery technology advancements, refining portability by reducing weight and enhancing form factors, and facilitating quicker charging through improved efficiency. The integration of renewable energy sources, like solar panels, stands out as a significant area of innovation. Additionally, they concentrate on developing advanced control and monitoring systems, aiming to provide users with enhanced control and visibility.
• Market Development: The fuel cell market is poised for substantial growth, driven by multiple factors. Primarily, the global emphasis on sustainability and the shift toward cleaner energy sources create a conducive landscape for fuel cell technology. Fuel cells, offering low-emission and pollution-free power generation, align seamlessly with environmental objectives and regulations. Secondly, technological advancements in fuel cell technology, including improved efficiency, durability, and cost-effectiveness, have significantly enhanced their performance and attractiveness across various applications. These advancements have broadened the market potential for fuel cells in sectors spanning transportation, residential, commercial, and industrial domains. Furthermore, government support through incentives, policies, and funding programs further expedites the adoption of fuel cells.
• Market Diversification: Bloom Energy signed an agreement with Perenco, an independent oil & gas company, to deploy 2.5 megawatts (MW) of Bloom’s solid oxide fuel cell technology in England.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Aisin Corporation (Japan), Plug Power Inc. (US), KYOCERA Corporation (Japan) among others in the fuel cell market.
Table of Contents
1 INTRODUCTION 39
1.1 STUDY OBJECTIVES 39
1.2 MARKET DEFINITION 39
1.3 STUDY SCOPE 40
1.3.1 INCLUSIONS AND EXCLUSIONS 40
1.3.2 MARKET COVERED 41
1.3.3 REGIONAL SCOPE 41
1.3.4 YEARS CONSIDERED 42
1.3.5 CURRENCY CONSIDERED 42
1.3.6 UNITS CONSIDERED 42
1.4 STUDY LIMITATIONS 42
1.5 STAKEHOLDERS 43
1.6 SUMMARY OF CHANGES 43
1.7 IMPACT OF RECESSION 44
2 RESEARCH METHODOLOGY 45
2.1 RESEARCH DATA 45
2.1.1 SECONDARY DATA 46
- 2.1.1.1 Key data from secondary sources 46
- 2.1.1.2 List of secondary sources 47
2.1.2 PRIMARY DATA 47
- 2.1.2.1 Key data from primary sources 48
- 2.1.2.2 List of primary interview participants 48
- 2.1.2.3 Breakdown of primaries 49
2.2 MARKET BREAKDOWN AND DATA TRIANGULATION 50
2.3 MARKET SIZE ESTIMATION METHODOLOGY 51
2.3.1 BOTTOM-UP APPROACH 51
2.3.2 TOP-DOWN APPROACH 52
2.4 DEMAND-SIDE METRICS 53
2.4.1 REGIONAL ANALYSIS 53
- 2.4.1.1 Country-level analysis 54
2.4.2 DEMAND-SIDE ASSUMPTIONS 54
2.4.3 DEMAND-SIDE CALCULATIONS 54
2.5 SUPPLY-SIDE METRICS 55
2.5.1 SUPPLY-SIDE ASSUMPTIONS 56
2.5.2 SUPPLY-SIDE CALCULATIONS 56
2.6 FORECAST 57
2.7 RESEARCH LIMITATIONS 57
2.8 RISK ASSESSMENT 57
2.9 RECESSION IMPACT 57
3 EXECUTIVE SUMMARY 58
4 PREMIUM INSIGHTS 63
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUEL CELL MARKET 63
4.2 FUEL CELL MARKET, BY REGION 64
4.3 FUEL CELL MARKET, BY TYPE 64
4.4 FUEL CELL MARKET, BY APPLICATION 65
4.5 FUEL CELL MARKET, BY END USER 65
4.6 FUEL CELL MARKET, BY SIZE 66
4.7 FUEL CELL MARKET IN ASIA PACIFIC, BY APPLICATION AND COUNTRY 66
5 MARKET OVERVIEW 67
5.1 INTRODUCTION 67
5.2 MARKET DYNAMICS 67
5.2.1 DRIVERS 68
- 5.2.1.1 High demand for EVs with launch of effective campaigns 68
- 5.2.1.2 Reliance on renewable energy to ensure uninterrupted power supply 69
- 5.2.1.3 Quicker refueling time of FCEVs than BEVs 69
5.2.2 RESTRAINTS 69
- 5.2.2.1 High costs of platinum catalyst for fuel cells 69
- 5.2.2.2 Significant initial investments in hydrogen infrastructure 70
5.2.3 OPPORTUNITIES 70
- 5.2.3.1 Increasing generation of distributed power using low-carbon fuels 70
- 5.2.3.2 Rising adoption of strategies to achieve net-zero carbon emissions 70
5.2.4 CHALLENGES 72
- 5.2.4.1 High preference for battery electric vehicles over hydrogen vehicles 72
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 72
5.4 PRICING ANALYSIS 73
5.4.1 AVERAGE SELLING PRICE TREND, BY REGION 73
5.4.2 INDICATIVE PRICING ANALYSIS, BY COMPONENT 73
5.4.3 INDICATIVE PRICING ANALYSIS, BY TYPE 75
5.5 SUPPLY CHAIN ANALYSIS 75
5.5.1 RAW MATERIAL SUPPLIERS 76
5.5.2 COMPONENT MANUFACTURERS 76
5.5.3 SYSTEM MANUFACTURERS/ASSEMBLERS 76
5.5.4 DISTRIBUTORS/END USERS 76
5.6 ECOSYSTEM/MARKET MAP 77
5.7 REGULATORY LANDSCAPE 79
5.7.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 79
5.7.2 REGULATORY FRAMEWORKS 81
- 5.7.2.1 Regulatory frameworks in North America 81
- 5.7.2.2 Regulatory frameworks in Europe 81
- 5.7.2.3 Regulatory frameworks in Asia Pacific 82
- 5.7.2.4 Regulatory frameworks in RoW 82
5.8 PATENT ANALYSIS 83
5.9 CASE STUDY ANALYSIS 85
5.9.1 SOUTHERN LINC ADOPTS PLUG POWER’S GENSURE FUEL CELL SOLUTION TO GENERATE BACKUP POWER 85
5.9.2 SAMSUNG HEAVY INDUSTRIES AND BLOOM ENERGY JOIN HANDS TO DEVELOP EFFICIENT FUEL-CELL SHIPS 85
5.9.3 CONVION USES ELCOGEN’S SOFC AND STACK TECHNOLOGY TO FIND RELIABLE ALTERNATIVE FUEL SOURCES 86
5.10 TECHNOLOGY ANALYSIS 86
5.10.1 REVERSIBLE FUEL CELLS 87
5.10.2 ANION-EXCHANGE MEMBRANE FUEL CELLS 87
5.11 KEY CONFERENCES AND EVENTS, 2023-2024 87
5.12 TRADE ANALYSIS 89
5.12.1 EXPORT SCENARIO 89
5.12.2 IMPORT SCENARIO 90
5.13 PORTER’S FIVE FORCES ANALYSIS 91
5.13.1 THREAT OF SUBSTITUTES 92
5.13.2 BARGAINING POWER OF SUPPLIERS 92
5.13.3 BARGAINING POWER OF BUYERS 92
5.13.4 THREAT OF NEW ENTRANTS 92
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 92
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 93
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 93
5.14.2 BUYING CRITERIA 93
6 FUEL CELL MARKET, BY SIZE 95
6.1 INTRODUCTION 96
6.2 SMALL-SCALE (UP TO 200 KW) 97
6.2.1 INCREASING INCENTIVES FOR EXTENSIVE DEPLOYMENT OF ELECTRIC VEHICLES TO BOOST SEGMENTAL GROWTH 97
6.3 LARGE-SCALE (ABOVE 200 KW) 98
6.3.1 RISING EMPHASIS ON REDUCING GREENHOUSE GAS EMISSIONS AND DEVELOPING ALL-RENEWABLE ELECTRIC GRID TO DRIVE MARKET 98
7 FUEL CELL MARKET, BY FUEL TYPE 100
7.1 INTRODUCTION 101
7.2 HYDROGEN 102
7.2.1 ABILITY TO PROVIDE LONG-LASTING POWER TO BOOST ADOPTION 102
7.3 METHANOL 102
7.3.1 HIGH ENERGY DENSITY AND GREATER POWER OUTPUT TO FUEL DEMAND 102
7.4 AMMONIA 102
7.4.1 USE OF AMMONIA AS HYDROGEN CARRIER TO ACCELERATE SEGMENTAL GROWTH 102
7.5 OTHER FUEL TYPES 103
8 FUEL CELL MARKET, BY TYPE 104
8.1 INTRODUCTION 105
8.2 PROTON-EXCHANGE MEMBRANE FUEL CELLS (PEMFCS) 107
8.2.1 USE OF PROTON-EXCHANGE MEMBRANE FUEL CELLS TO SUPPLY ELECTRICITY TO RESIDENTIAL BUILDINGS TO DRIVE MARKET 107
8.3 SOLID OXIDE FUEL CELLS (SOFCS) 108
8.3.1 REQUIREMENT FOR ENERGY-EFFICIENT POWER GENERATION TO AUGMENT SEGMENTAL GROWTH 108
8.4 PHOSPHORIC ACID FUEL CELLS (PAFCS) 110
8.4.1 ADOPTION OF PHOSPHORIC ACID FUEL CELLS IN CO-GENERATION OF POWER AND HEAT TO BOOST SEGMENTAL GROWTH 110
8.5 ALKALINE FUEL CELLS (AFCS) 112
8.5.1 IMPLEMENTATION OF ALKALINE FUEL CELLS IN TRANSPORT AND AEROSPACE APPLICATIONS TO ACCELERATE MARKET GROWTH 112
8.6 MICROBIAL FUEL CELLS (MFCS) 113
8.6.1 USE OF MICROBES FUEL CELLS TO FULFILL POWER DEMAND IN URBAN WASTEWATER TREATMENT FACILITIES TO DRIVE MARKET 113
8.7 DIRECT METHANOL FUEL CELLS (DMFCS) 115
8.7.1 LOW COSTS AND HIGH ENERGY DENSITY OF METHANOL TO CONTRIBUTE TO SEGMENTAL GROWTH 115
8.8 OTHER TYPES 117
9 FUEL CELL MARKET, BY COMPONENT 118
9.1 INTRODUCTION 119
9.2 STACK 120
9.2.1 HIGH ENERGY CONVERSION EFFICIENCY AND LOW EMISSIONS TO BOOST ADOPTION OF FUEL CELL STACKS 120
9.2.2 CELLS 121
9.2.3 INTERCONNECTS 121
9.2.4 END PLATES 121
9.2.5 SEALANTS 121
9.2.6 OTHER STACK COMPONENTS 121
9.3 BALANCE OF PLANT (BOP) 122
9.3.1 USE OF BOP COMPONENTS FOR EFFICIENT POWER GENERATION TO CONTRIBUTE TO MARKET GROWTH 122
9.3.2 HEAT TRANSFER COMPONENTS 123
9.3.3 POWER ELECTRONICS & CONTROL SYSTEMS 123
9.3.4 INSTRUMENTS & SENSORS 123
9.3.5 FUEL REFORMERS/DESULFURIZERS 123
9.3.6 OTHER BOP COMPONENTS 123
10 FUEL CELL MARKET, BY APPLICATION 124
10.1 INTRODUCTION 125
10.2 PORTABLE 126
10.2.1 RISING PREFERENCE FOR ENERGY-EFFICIENT PORTABLE FUEL CELLS OVER INTERNAL COMBUSTION ENGINES TO DRIVE MARKET 126
10.3 STATIONARY 127
10.3.1 PRIMARY 129
- 10.3.1.1 Adoption of stationary fuel cells in electrical substations to contribute to segmental growth 129
10.3.2 BACKUP 130
- 10.3.2.1 Utilization of fuel cells for backup power generation in data centers during grid outages to fuel segmental growth 130
10.3.3 COMBINED HEAT & POWER (CHP) 131
- 10.3.3.1 Employment of combined heat & power fuel cell units in residential applications to augment segmental growth 131
10.4 FUEL CELL VEHICLES 132
10.4.1 PASSENGER LIGHT-DUTY FUEL CELL VEHICLES 135
- 10.4.1.1 Surging demand for personal mobility and stringent regulations on GHG emissions to accelerate segmental growth 135
10.4.2 FUEL CELL BUSES 137
- 10.4.2.1 Rising adoption of fuel cell buses for public transport to support segmental growth 137
10.4.3 FUEL CELL TRUCKS 138
- 10.4.3.1 Increasing use of fuel cell trucks for long-range transportation to drive market 138
10.4.4 OTHER FUEL CELL VEHICLES 139
- 10.4.4.1 Rising emphasis on developing fuel cells for marine applications to propel market 139
11 FUEL CELL MARKET, BY END USER 141
11.1 INTRODUCTION 142
11.2 RESIDENTIAL 143
11.2.1 SURGING DEMAND FOR ENERGY IN RESIDENTIAL BUILDINGS FOR SPACE HEATING AND COOLING TO FUEL SEGMENTAL GROWTH 143
11.3 COMMERCIAL & INDUSTRIAL 144
11.3.1 LAUNCH OF DECARBONIZATION PROJECTS TO CONTRIBUTE TO SEGMENTAL GROWTH 144
11.4 TRANSPORTATION 145
11.4.1 STRONG FOCUS ON EXTENDING DRIVING RANGE OF ELECTRIC VEHICLES TO FUEL SEGMENTAL GROWTH 145
11.5 DATA CENTERS 147
11.5.1 RISING FOCUS ON REDUCING CARBON EMISSIONS FROM DATA CENTERS TO DRIVE MARKET 147
11.6 MILITARY & DEFENSE 148
11.6.1 ESCALATING ADOPTION OF PORTABLE FUEL CELLS AS POWER SOURCE FOR MILITARY & DEFENSE OPERATIONS TO FOSTER SEGMENTAL GROWTH 148
11.7 UTILITIES & GOVERNMENT/MUNICIPAL INSTITUTES 149
11.7.1 STRINGENT LAWS BY REGIONAL AUTHORITIES AND DECARBONIZING GOALS TO DRIVE MARKET 149
12 FUEL CELL MARKET, BY REGION 151
12.1 INTRODUCTION 152
12.2 ASIA PACIFIC 154
12.2.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC 155
12.2.2 CHINA 161
- 12.2.2.1 Shift from fossil fuels to renewable energy sources to contribute to market growth 161
12.2.3 JAPAN 165
- 12.2.3.1 Government initiatives to increase deployment of hydrogen refueling stations to augment demand for fuel cells 165
12.2.4 SOUTH KOREA 169
- 12.2.4.1 Issuance of stringent rules to mitigate GHG emissions to accelerate market growth 169
12.2.5 REST OF ASIA PACIFIC 173
12.3 NORTH AMERICA 177
12.3.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA 177
12.3.2 US 183
- 12.3.2.1 Rising emphasis on hydrogen integration to generate clean electricity to propel market 183
12.3.3 CANADA 187
- 12.3.3.1 Favorable government policies to develop low-cost fuel cell technologies to fuel market growth 187
12.4 EUROPE 191
12.4.1 RECESSION IMPACT ON MARKET IN EUROPE 191
12.4.2 GERMANY 197
- 12.4.2.1 Expansion of hydrogen fueling stations to achieve carbon neutrality to foster market growth 197
12.4.3 UK 201
- 12.4.3.1 Enforcement of stringent regulations to develop low-emission vehicles to boost demand for fuel cell technologies 201
12.4.4 ITALY 205
- 12.4.4.1 Transition from coal to hydrogen fuels to decarbonize economy to drive market 205
12.4.5 REST OF EUROPE 208
12.5 ROW 212
12.5.1 RECESSION IMPACT ON MARKET IN ROW 212
12.5.2 LATIN AMERICA 217
- 12.5.2.1 Increasing research on hydrogen technology to boost market growth 217
12.5.3 MIDDLE EAST & AFRICA 218
- 12.5.3.1 Rising adoption of SOFCs as backup power source to accelerate market growth 218
13 COMPETITIVE LANDSCAPE 219
13.1 OVERVIEW 219
13.2 MARKET SHARE ANALYSIS, 2022 220
13.3 MARKET EVALUATION FRAMEWORK 221
13.4 REVENUE ANALYSIS OF TOP 5 PLAYERS, 2018-2022 223
13.5 COMPANY EVALUATION MATRIX, 2022 224
13.5.1 STARS 224
13.5.2 EMERGING LEADERS 224
13.5.3 PERVASIVE PLAYERS 224
13.5.4 PARTICIPANTS 224
13.5.5 COMPANY FOOTPRINT 225
13.6 START-UP/SME EVALUATION MATRIX, 2022 231
13.6.1 PROGRESSIVE COMPANIES 231
13.6.2 RESPONSIVE COMPANIES 231
13.6.3 DYNAMIC COMPANIES 231
13.6.4 STARTING BLOCKS 231
13.6.5 COMPETITIVE BENCHMARKING 233
13.7 COMPETITIVE SCENARIOS AND TRENDS 236
13.7.1 DEALS 236
13.7.2 OTHERS 237
14 COMPANY PROFILES 239
14.1 KEY COMPANIES 239
14.1.1 BLOOM ENERGY 239
14.1.2 PLUG POWER INC 247
14.1.3 AISIN CORPORATION 253
14.1.4 BALLARD POWER SYSTEMS 257
14.1.5 FUELCELL ENERGY, INC 264
14.1.6 KYOCERA CORPORATION 267
14.1.7 DOOSAN FUEL CELL CO., LTD 270
14.1.8 TECO 2030 275
14.1.9 CUMMINS INC 277
14.1.10 MITSUBISHI HEAVY INDUSTRIES, LTD 281
14.1.11 TOSHIBA CORPORATION 284
14.1.12 NEDSTACK FUEL CELL TECHNOLOGY BV 287
14.1.13 ELRINGKLINGER AG 289
14.1.14 POWERCELL SWEDEN AB 292
14.1.15 SFC ENERGY AG 296
14.1.16 AFC ENERGY 301
14.1.17 FUJI ELECTRIC CO., LTD 304
14.2 OTHER PLAYERS 306
14.2.1 INTELLIGENT ENERGY LIMITED 306
14.2.2 HORIZON FUEL CELL TECHNOLOGIES PTE LTD 306
14.2.3 NUVERA FUEL CELLS, LLC 307
14.2.4 SOLIDPOWER S.P.A 307
14.2.5 ALTERGY 308
14.2.6 ADAPTIVE ENERGY 309
14.2.7 ADELAN 310
14.2.8 SPECIAL POWER SOURCES 311
14.2.9 ZTEK CORPORATION, INC 312
14.2.10 MICRORGANIC TECHNOLGIES 313
14.2.11 AVL LIST GMBH 314
14.2.12 WATT FUEL CELL CORPORATION 315
14.2.13 PROTON MOTOR FUEL CELL GMBH 316
15 APPENDIX 317
15.1 INSIGHTS FROM INDUSTRY EXPERTS 317
15.2 DISCUSSION GUIDE 318
15.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 325
15.4 CUSTOMIZATION OPTIONS 327
15.5 RELATED REPORTS 327
15.6 AUTHOR DETAILS 328