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Fuel Cell Market Size

Report ID: GMI621
Published Date: Jan 2024
Report Format: PDF

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Fuel Cell Market Size

Fuel Cell Market was valued at more than USD 6.75 billion in 2023 and is projected to expand at 10.9% CAGR from 2024 to 2032. A fuel cell is an electrochemical device that converts the chemical energy of a fuel and an oxidizing agent directly into electrical energy through a chemical reaction. It operates by facilitating a controlled reaction between hydrogen (or other fuel sources such as natural gas or methanol) and oxygen from the air, producing electricity, water, and heat as byproducts.

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Shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy. For instance, according to IEA 2023, more than 40 countries are setting out national hydrogen strategies across the globe owing to rapid expansion of low emissions hydrogen. In addition, technological advancements to making fuel cells more competitive with conventional energy sources coupled with robust regulatory support including financial incentives, tax credits, grants, and subsidies will augment the industry landscape.

Fuel Cell Market Report Attributes
Report Attribute	Details
Base Year:	2023
Fuel Cell Market Size in 2023:	USD 6.75 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10.9%
2032 Value Projection:	USD 16.70 Billion
Historical Data for:	2019 to 2023
No. of Pages:	200
Tables, Charts & Figures:	479
Segments covered:	Product, Application and Region
Growth Drivers:	Government positive outlook and incentives Environment-friendly and a better alternative than existing options More efficient than batteries
Pitfalls & Challenges:	Lack of infrastructure

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

Global market for fuel cell surpassed USD 6.75 billion in 2023 and is estimated to be worth more than USD 16.7 billion by 2032, attributed to the shifting global focus on clean and sustainable energy along with rising interest in the hydrogen economy.

SOFC (solid oxide fuel cell) market is set to expand at over 11% CAGR from 2024- 2032 attributed to its increasing demand for widespread application at various scales, from residential to industrial, coupled with the higher need for distributed energy.

North America industry is poised to expand at over 6% CAGR between 2024 and 2032 owing to the increasing need to provide grid support services, including peak shaving, load balancing, and grid stability

Some of the major fuel cell industry players are Ballard Power Systems, Cummins Inc., NUVERA FUEL CELLS, LLC., Bloom Energy, Panasonic Corporation, Doosan Fuel Cell Co., Ltd., TOSHIBA CORPORATION, FuelCell Energy, Inc., Fuji Electric Co., Ltd., and Hyundai Motor Company, among others.