Based on capacity, the 3 kW – 10 kW market will surpass USD 537 million by 2032 on account of their suitability for homes, small businesses, and remote areas with limited access to the grid along with its characteristics to produce minimal emissions, making them an attractive choice for areas with stringent environmental regulations. Additionally, government promoting distributed generation as a means of increasing energy access and reliability will substantially foster the business dynamics.
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Based on end use, the commercial market is anticipated to witness about 15.5% growth rate from 2023 to 2032. Increasing concerns about environmental issues and air quality combined with ability to provide backup power during grid outages and natural disasters will positively influence the industry landscape. Furthermore, advances in fuel cell technology and decreasing costs coupled with growing awareness and acceptance of stationary fuel cells among various consumers will sway the market trends.
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CHP market valuation is predicted to trach USD 591.6 million by 2032. Ongoing investments for the development of innovative & enhanced heating and power systems along with ongoing research and development activities for new product development will enhance the business potential. In addition, rising demand for clean and reliable power sources to support city infrastructure and meet with the energy needs of urban residents along with robust public & private sector measures will drive the industry scenario.
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South Korea stationary fuel cell market is likely to showcase more than 15.5% CAGR through 2032, owing to significant investments in the development of hydrogen infrastructure, including production, storage, and distribution. Sifting preferences of the industrial and commercial facilities towards stationary fuel cell systems on account of high energy efficiency and reduced operating costs will sway the industry trends. Moreover, greater emphasis on reducing greenhouse gas emissions combined with various manufacturers focusing on product innovation to diversify the range of available products, will significantly contribute to the market growth.