Fuel Cell Market size is set to exceed USD 8 billion by 2030, as reported in the latest study by Global Market Insights Inc.
Enhanced funding for hydrogen infrastructure development including hydrogen-filling stations coupled with the rising requirements for space heating across commercial and residential establishments will augment the market growth. Growing adoption of portable points on account of the shifting trend toward leisure or recreational activities will positively influence the industry scenario.
Formulations of government norms that lead to the adoption of sustainable energy technologies along with the growing demand for FCEVs will propel the product penetration. Growing investments by numerous government institutions and private organizations, including Credit Suisse, DOE, and DAG Ventures, toward modern technical advancements will influence the market revenue.
In 2021, SOFC accounted for over 20% market share. The growing inclination toward fuel cell adoption in small and large stationary electricity generation units will drive the market size. The cells are operable in high temperatures, varying from 8000 C to 1,0000 C, and have an enhanced efficiency of over 60% when changed into electricity from fuel. Additionally, the key features comprise low emissions and costs, high efficiency, fuel flexibility, and stability that are set to favor the industry statistics.
Browse key industry insights spread across 350 pages with 484 market data tables & 33 figures & charts from the report, “Fuel Cell Market Size, By Product (PEMFC, DMFC, SOFC, PAFC & AFC, MCFC), By Application (Stationary, Portable, Transport), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Austria, Japan, South Korea, China, India, Philippines, Vietnam, South Africa, UAE, Saudi Arabia, Brazil, Peru, Mexico), Application Potential, Competitive Market Share & Forecast, 2018 – 2030” in detail along with the table of contents:
Mounting demand for electricity in off-grid areas will augment the demand in stationary applications
Rapid commercialization and industrialization, specifically in the developing economies, will increase the dependency on electricity, thereby fueling the stationary fuel cell market growth. Extreme climatic conditions will enhance the space heating requirements across data centers, hospitals, telecommunication base stations, residential establishments, and tetra networks, thereby strengthening the product penetration. The lack of power grids to provide electricity in remote areas along with the rising demand for large-scale multi-megawatt systems will impel the industry size.
Growing R&D projects to develop hydrogen infrastructure will boost the demand for hydrogen fuel cells in Japan
The Japan fuel cell demand is estimated to cross 2 GW by 2030. Increasing customer focus on clean energy along with shifting trends to curb carbon emissions will propel the product demand. Government-supported R&D ventures accompanied by the expansion of existing hydrogen establishments across the country will complement the industry landscape. Further, rising concerns in dealing with the supply security will boost the market expansion.
The implementation of policies, norms, and mandates along with the establishment of targets till 2030 to mitigate GHG release stations will augment the UK market share. Rising investments by various agencies coupled with the ongoing introduction of incentives and subsidies to promote hydrogen refueling will further enhance the product penetration. Moreover, the rising focus on replacing conventional power sources with green energy units will accelerate the market growth.
Technological advancements and innovations will drive the business scenario
The major industry players include Cummins, Ceres, Ballard Power Systems, Nuvera Fuel Cells, Panasonic Corporation, Plug Power, AISIN Corporation, TW Horizon Fuel Cell Technologies, Bloom Energy, FuelCell Energy, Fuji Electric, Hyundai Motor Company, and SFC Energy among others. Inorganic growth ventures comprising mergers & acquisitions and joint ventures are being adopted by the players to enhance their market presence.