Home > Pressrelease > Stationary Fuel Cell Market size worth $4.4 Bn by 2030
Stationary Fuel Cell Market size worth $4.4 Bn by 2030
- Published Date: March 10, 2022
Stationary Fuel Cell Market size is anticipated to surpass USD 4.4 billion by 2030, as reported in the latest study by Global Market Insights Inc.
Rapid product adoption to replace grid electricity for on-site, dedicated, and premium-power generation at critical load facilities is set to drive the stationary fuel cell industry outlook. The systems pose a variety of benefits including reduced waste heat, less noise, along with grid stability.
Growing penetration of < 3 kW and 3 kW – 10 kW in some European countries will eliminate the susceptibility of grid dependency and boost the availability of power, thereby fostering the stationary fuel cell market statistics. Development of hydrogen roadmaps, laws and mandates coupled with increasing financial programs & incentives is supporting the demand for fuel cells.
Commercial systems accounted for more than 28% of the market share in 2021. Increasing installation of fuel cells primarily in small & large commercial spaces comprising defense or security communications facilities, high-volume financial processing centers, air traffic control centers, and remote campus places among others is projected to positively impact the business scenario. Ability to enhance the grid reliability in line with on-site power generation will augment grid electricity, thereby making it available for other demands in grid-deficit areas will increase the market demand. Stationary fuel cells have emerged as a reliable and efficient alternative over conventional power systems eliminating security vulnerability will propel the product penetration.
Browse key industry insights spread across 350 pages with 643 market data tables & 28 figures & charts from the report, “Stationary Fuel Cell Market Size By Capacity (< 3 kW, 3 kW – 10 kW, 10 kW – 50 kW, > 50 kW), By End-use (Residential, Commercial, and Industrial/Utility), By Application (Prime Power and CHP), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Presence of key industry players in Asia Pacific
Rising demand for both low and large capacity stationary fuel cell systems primarily in South Korea and Japan is predicted to influence the product penetration. Presence of major manufacturers across the East Asian region including Doosan Fuel Cell and Ballard Power Systems among others will contribute to developing the hydrogen economy. Further, investments for the development of advanced hydrogen infrastructure, numerous industry alliances, combined with government funding programmes will bolster the market landscape.
Technological innovations and advancements by the leading manufacturers
The key players operating across the stationary fuel cell market include Ballard Power Systems, Cummins, Nuvera Fuel Cells, Panasonic Corporation, AISIN Corporation, Plug Power, Bloom Energy, FuelCell Energy, SFC Energy, and Fuji Electric, and among others.
The major participants have adopted various inorganic growth strategies including mergers, acquisitions, joint ventures and partnerships coupled with new product development owing to technology advancements will spur their market presence. For instance, in 2021, Panasonic launched its pure hydrogen fuel cell generator with 5KW capacity, for commercial use in Japan.