Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-01-14
As per Business Intelligence Insights (BII) study, the global Fuel Cell Market attained revenue growth of USD 2,491.5 million in 2021 and it is projected to reach around USD 7,463.9 million by 2030, growing at a 14.7 % CAGR.
The major factors driving market expansion include the rising need for clean power generation with low or no emissions. Furthermore, numerous carbon emission policies and regulations around the world will increase the demand for fuel cells in the near future. A fuel cell is a type of device that effectively conducts and generates electricity by submerging a cathode and an anode in an electrolyte solution. These units function similarly to batteries in that they provide the necessary power to the system, but instead of charging at regular intervals, they utilize hydrogen-based fuel. To transform chemical energy into electrical energy, the system employs a fundamental electromechanical mechanism. As the fuel is divided into protons and electrons on the anode, hydrogen is produced, while oxygen is accessible at the cathode. While the electrons complete a circuit between the electrodes, the protons pass through the electrolyte medium.
One of the primary reasons driving market expansion is the rising demand for unconventional energy sources. Growing private-public cooperation and lower environmental effect are also expected to drive demand. Governments around the world are expected to augment the developments by providing assistance in a variety of ways, such as funding research initiatives and appropriate finance schemes. Creating a strong regulatory and policy framework is especially crucial since government enterprises must create an investment-friendly environment. Encouragement of rules by governing bodies in developed countries, as well as eco-friendly goals to reduce emission rates, drives demand for hydrogen power plants over the predicted period. Rising emphasis by governments in developed countries such as Europe and the United States, as well as technological breakthroughs for the replacement of electric grids, are projected to fuel expansion even further.
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Fuel Cell Market: Companies Mentioned
• Bloom Energy (US)
• Doosan Fuel Cell Co., Ltd. (South Korea)
• Aisin Corporation (Japan)
• Plug Power Inc. (US)
• KYOCERA Corporation (Japan)
• Ceres (UK), Cummins Inc. (US)
• PowerCell Sweden AB (Sweden)
• TOSHIBA CORPORATION (Japan)
• Ballard Power Systems (Canada)
• SFC Energy AG (Germany).
Key Highlights of the Report
• Over the projected period, the stationary sector is expected to be the largest application segment. The stationary application segment is predicted to develop due to factors such as high efficiency and the ability to use diverse fuels. European countries such as Germany, France, and the United Kingdom are spending considerably on research linked to the use of fuel cells for power generation. This is expected to drive growth in the stationary application category during the forecast period. During the forecast period, the stationary sector is expected to emerge as the major application segment. Furthermore, fuel cells are increasingly being employed in combined heat and power applications, which is likely to drive the fuel cell market expansion of this category in the approaching years.
• In terms of units, the proton exchange membrane fuel cell (PEMFC) was the dominant product segment in the forecast period. The significant segment share is attributed mostly to the widespread usage of PEMFC in stationary, transit, and portable applications. For its operation, PEMFC requires clean hydrogen, oxygen, and water. It runs at a lower temperature of roughly 80°C, making it suitable for quick start and less prone to system component wear. As a result, PEMFC outlasts other types of goods. Furthermore, when compared to other accessible fuel cell types, it has advantages such as low weight and volume.
• In terms of units, Asia Pacific accounted for the highest proportion of the worldwide fuel cell market in the forecast period, owing mostly to Japan's ENE-FARM programme, which has encouraged the usage of PEMFCs and SOFCs for micro-CHP applications in the country. This is due to the region's large customer base, quick development of the hydrogen industry, fuel cell technologies, and the presence of major businesses. Furthermore, the presence of emerging nations in Asia-Pacific, such as China, Japan, India, and South Korea, increases the demand for fuel cells in transportation applications, it is projected to aid the expansion of the Asia-Pacific fuel cell market Furthermore, laws and initiatives to promote fuel cell systems for transportation applications in China and South Korea have propelled the region's fuel cell market expansion.
• The report contains qualitative and quantitative research on the global Fuel Cell Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
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Revenue-generating Segment Highlights
• Fuel Cell Vehicles
By End User
• Commercial & Industrial
• Data Centers
• Military & Defense
• Utilities & Government/Municipal Institute
• Small Scale
• Large Scale
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Fuel Cell Market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –
• What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
• What is the current trend taking place in the market space?
• What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
• What market drivers, restraints, and challenges are influencing market demand and growth?
• In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?
The Fuel Cell Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Fuel Cell Market Forecast Report 2022- 2030 - Order Now!
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