Fuel Cell Market to be Worth US$ 27.4 Billion by 2030
Reports and Insights has published a new report titled, “Fuel Cell Market: Opportunity Analysis and Future Assessment 2022-2030”
Fuel Cell Market, By Source (Hydrogen Powered, Methanol Powered, Biogas Powered, Natural Gas Powered, Hydrocarbons Powered), By Product Type (Polymer Electrolyte Fuel Cell (PEFC), Alkaline Fuel Cell (AFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Others), By Application (Stationary Power, Portable Power, Transportation Power, Specialty Vehicles, Fuel Cell Electric Vehicles, Auxiliary Power Units, Material Handling Equipment), By Cell Stack (Panel Bipolar Stack, Stack With Tubular Cells), By End User (Commercial & Industrial, Data Centers, Transportation, Military & Defense, Residential, Utilities & Government/Municipal Institute) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The fuel cell market is estimated to reach at a value of US$ 5.9 Bn by the end of 2022 and expected to reach at a value of US$ 27.4 Bn by 2030 with a significant CAGR of 21.2%.
A fuel cell can be understood as a device that produces electricity by means of a chemical reaction. The major intent of a fuel cell is to generate an electrical current that can be guided out of the cell to carry out its operation, such as powering an electric motor or lighting up an electric bulb or a city. Owing to the way electricity acts, the generated current retorts to the fuel cell, finishing an electrical circuit.
One of the primary factors that is primarily accelerating the demand of fuel cells across the markets is the soaring demand for unconventional sources of energy which is majorly expected to drive the fuel cell market growth over the following years.
With the same token, the fuel cell technology incorporates numerous benefits over the conventional combustion-based technologies including fuel cells can function at greater efficiencies in comparison to the combustion engines and can transform the chemical energy in the fuel straightaway to electrical energy with efficiencies able to exceed 60%.
In addition to that, fuel cells diminish or have zero emissions in contrast to combustion engines. Owing to such factors, the global fuel cell market is estimated to witness major breakthroughs over the forecast period.
Moreover, the growing investments from the private and public authorities to set up hydrogen frameworks is further estimated to offer considerable growth in the coming years. However, the heavy fuel cell costs, lack of infrastructure, as well as hydration and storage are some of the restraining factors that are likely to hold back the growth of the global fuel cell market over the forthcoming future.
In terms of regions, In 2021, the Asia Pacific is accounted to hold the largest market share in comparison to other regions and expected to maintain its dominance throughout the forecast period. Owing to, rapid growth of technologies such as fuel cell vehicles in China is expected to boost the fuel cell market in the region.
Reports and Insights Study identifies some of the key participating players in the fuel cell market globally are Bloom Energy, Doosan Fuel Cell Co., Ltd., Aisin Corporation, Plug Power Inc., Kyocera Corporation, Ceres, Cummins Inc., Powercell Sweden Ab, Toshiba Corporation, Ballard Power Systems, Sfc Energy Ag, Mitsubishi Heavy Industries, Ltd., Afc Energy Plc, Elringklinger Ag, Fuji Electric Co., Ltd., Proton Motor Power Systems Plc, Adaptive Energy, Adelan, Special Power Source, Ztek Corporation, Inc., Solidpower S.P.A, Watt Fuel Cell Corporation, Avl List Gmbh, Altergy, Microrganic Technologies, Nedstack Fuel Cell Technology Bv, Intelligent Energy Limited, Horizon Fuel Cell Technologies, Nuvera Fuel Cells, Llc, Powerup Energy Technologies, among others.
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