Fuel Cell Market size to exceed $9 BN by 2030
Published Date: August 31, 2021 Authors: Ankit Gupta, Srishti Agarwal
Fuel Cell Market size is anticipated to surpass USD 9 billion by 2030, as reported in the latest study by Global Market Insights Inc.
Increased funding toward the infrastructural development of hydrogen-filling stations along with growing need for space heating across residential & commercial establishments is likely to boost the fuel cell industry growth. The rising adoption of portable points due to escalating recreational or leisure activities will positively influence the business expansion.
Formulation of favorable government regulations pertaining to environmental-friendly energy technologies coupled with surging demand for fuel cell electric vehicles will propel product penetration. Increasing investments by private organizations and government institutions, such as DOE, Credit Suisse, and DAG Ventures, toward technological upgrades and advancements are set to accelerate the industry statistics.
Get more details on this report - Request Free Sample PDF
In 2021, SOFC accounted for around 20% of the fuel cell market share. Increasing inclination toward the usage of fuel cells across large & small stationary electricity generation units is set to drive the market revenue. These cells can operate in high temperatures, ranging from 8000 C to 1,0000 C, followed by improved efficiency of over 60% when transformed into electricity from fuel.
Browse key industry insights spread across 370 pages with 640 market data tables & 30 figures & charts from the report, “Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2030” in detail along with the table of contents:
Rising demand for electricity in off-grid areas is influencing fuel cell demand across stationary applications
Rapid industrialization and commercialization primarily in emerging economies are increasing dependency on electricity, which in turn, is fueling the stationary fuel cell market revenue. Moreover, severe weather conditions are escalating the need for space heating across hospitals, data centers, telecommunication base stations, tetra networks, and residential establishments, stimulating product deployment. Growing demand for large-scale multi-megawatt systems and the lack of a power grid to provide electricity in remote areas are set to favor the industry outlook.
Increasing focus toward R&D projects to support hydrogen fuel cells across Japan
The Japanese market capacity is estimated to cross 200 MW by 2030. Growing consumer awareness of carbon emissions is leading to a shift toward cleaner technology fuel options. Additionally, growing concerns associated with supply security are set to augment the industry statistics. Government-backed extensive R&D ventures coupled with the expansion of hydrogen establishments across the country will further complement the business landscape.
Implementation of regulatory laws and the establishment of 2030 targets to mitigate GHG release stations will spur the UK fuel cell market revenue. Surging investments by various agencies along with the introduction of subsidies & incentives to promote hydrogen refueling will foster product deployment. However, a rising focus to substitute traditional power sources with sustainable energy units is set to accelerate the industry potential.
Advancements in high-end technologies are set to act as a driving force among major industry players
Eminent companies operating in the fuel cell industry include Ceres Power, Cummins, Ballard, SFC, Plug Power, Horizon, FuelCell Energy, Bloom Energy, Arcola, AFC Energy, UTC Power, and Panasonic, among others. The industry is witnessing numerous acquisitions by different players to enhance the market presence.
Explore More on Related Topics: