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North America Fuel Cell Market to cross $2 Bn by 2030
- Published Date: March 22, 2022
North America Fuel Cell Market size is anticipated to reach over USD 2 billion by 2030, as reported in the latest study by Global Market Insights Inc.
Rapid expansion towards the electrification of remote areas coupled with ongoing infrastructure development will augment the fuel cell industry outlook in the region. Increasing government investments toward the R&D of sustainable fuel solutions in line with accelerating technological advancements for smart electricity generation will foster the business dynamics. The industry will witness an upsurge due to rising consumer awareness to reduce carbon footprints with growing requirement for clean energy sources.
Growing adoption of renewable energy across developing economies
PEMFC fuel cell market is predicted to grow at 7% CAGR through 2030. Increasing prominence for renewable electricity to cater to low carbon emission and rapid commercialization will propel the segment demand. Paradigm shift of consumers for an efficient power source owing to low cost, quick startup, input fuel flexibility will support the business growth. Surging demand for zero-emission energy sources followed by introduction of government mandates for installation of high energy efficiency resources is poised to garner the product demand.
MCFC segment is estimated to observe prominent growth on account of paradigm shift toward environment friendly power generation. Growing necessity for portable electronics combined with high efficiency, fuel flexibility as well as suitability with various hydrocarbon sources will enhance the product deployment. In addition, rising requirement for backup energy for distributed electricity supply with continuous expansion of fuel cell infrastructure will boost the industry outlook.
Browse key industry insights spread across 160 pages with 121 market data tables & 32 figures & charts from the report, “North America Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC, PAFC & AFC, MCFC), By Application (Stationary, Portable, Transport), COVID-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Government initiatives toward development of hydrogen energy
Ongoing investments in research and development coupled with continuous technological advancements towards development of clean power solutions will augment the fuel cell market in North America. Shifting inclination for the adoption of portable electricity supply and growing electricity consumption will positively influence the business outlook. However, introduction of government as well as private funding programs to promote the development of sustainable and efficient fuel cell technologies will stimulate the fuel cell demand.
Increasing awareness toward efficient utilization of renewable power mix along with stringent government mandates to reduce carbon emission will complement the stationary fuel cell market growth. Wide applicability of stationary fuel cells for backup power combined with their reliable operation and flexible installation will propel the product adoption. Moreover, rapid replacement of conventional sources in line with the development of sustainable fuel cell technologies will drive the industry trends.
Increasing strategic government measures towards the expansion of fuel cell infrastructure
U.S. fuel cell industry is predicted to surpass USD 2 billion by 2030. Ongoing government incentives & funding programs for the development of hydrogen fuel networks will stimulate the business dynamics. For instance, in July 2021, U.S. DOE announced to invest USD 52.5 million in several projects to develop clean hydrogen generation technologies. This will decrease the cost while accelerating revolutions in the clean hydrogen sector. These 31 projects will ensure better hydrogen production, storage systems, distribution as well as utilization technologies, thus thrusting the way toward decarbonization of the power sector by 2035.
Surging demand to adopt efficient electricity generation resources
The pandemic outbreak has marginally impacted the fuel cell market impelled by the implementation of lockdown and movement restrictions. However, after the decrease in the number of cases with restarting of industrial and manufacturing units to regain the economic growth will foster market statistics. Ongoing vaccination drives to curb the spread of the virus will further sway the industrial workflow. Furthermore, the increasing focus toward adoption of renewable solutions for power generation will spur the industry.
Strategic implication including partnerships & collaboration
Strategic implication including partnerships, agreements and innovations by key players to strengthen the product portfolio will boost the industry landscape. For instance, in July 2021, Cummins enhanced its expertise in advancing fuel cell technology by introducing Solid Oxide Fuel Cells (SOFCs), a reliable source of clean energy, and offering electrolyzers and Proton Exchange Membrane (PEM). SOFCs produce lower levels of carbon dioxide as compared to other conventional generators.
Prominent companies operating in the North America fuel cell market include Ballard Power Systems, Cummins Inc, NUVERA FUEL CELLS, PLUG POWER Inc, Bloom Energy, Siemens Energy, SFC Energy AG, Doosan Fuel Cell, TOSHIBA CORPORATION, Altergy, Aris Renewable Energy, Fuji Electric, AFC Energy, Fuel Cell Energy, poscoenergy, and GenCell Ltd., among others.