Fuel Cells Market: Rising need for clean power generation benefitting market growth
Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00229 Format: PDF Pages: 320
Fuel Cell Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Fuel Cell Market was worth US$ 391.3 Mn and is expected to grow at a CAGR of 22.6% over the forecast period. The market is expected to hit US$ 3,001.6 Mn by 2032 end.
The main drivers of market expansion are the rising need for clean power generation with low or no emissions. The demand for fuel cells will also increase due to numerous laws and restrictions on carbon emissions shortly.
Examples of applications for fuel cells include uninterruptible power supply (UPS) systems, military power units, various electric appliances, combined heat and power (CHP) systems, submarines, and autos. Because it emits no pollutants, fuel cell technology is becoming increasingly popular as a heating source in commercial buildings. Over the following several years, this is probably to the global fuel cell market’s advantage.
THE POPULARITY OF CLEAN ELECTRIC ENERGY DRIVES THE MARKET
The Paris Agreement and the cooperation of political leaders from all over the world in lowering their nations’ carbon footprints have given green and renewable technology a boost in the marketplace. Because they produce no emissions, fuel cells fall under the category of green and renewable technologies, and their use is increasing because of the regulations governing carbon emissions.
Governments worldwide are anticipated to assist the improvements by providing funds for different initiatives, including research and appropriate financing schemes. Having a strong regulatory and policy framework is crucial because government firms must provide an environment conducive to investment.
HIGH TECHNOLOGY COSTS HAMPER THE MARKET GROWTH
The expansion of the FCEV market may be hampered by the high cost of fuel cell technology. Investment risks such as capital and operational expenses and under-utilization of various facilities about FCEV are likely to hinder the growth further.
Market Segments Covered in Report
By Region and Country:
Which application segment of Fuel Cell is expected to emerge as the largest?
The stationary power segment is expected to emerge as the largest application segment over the forecast period. Factors such as high efficiency and flexibility to use different fuels are expected to boost the growth of the stationary application segment.
Why is the proton exchange membrane design segment expected to dominate during the forecast period?
In terms of units, the proton exchange membrane fuel cell (PEMFC) market will dominate in 2021. The significant usage of PEMFC in stationary, transit and portable applications is principally responsible for the segment’s high market share.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
Because of the ongoing technical developments being brought by both established vendors and new competitors, the worldwide fuel cell industry is extremely competitive. Players in the market are focusing on fortifying their ties with system installers and considering merger and cooperation strategies to boost their position in the value chain and broaden their geographic reach.
Some of the key developments that have taken place in the Fuel Cell Market include:
A list of some of the key suppliers present in the market are:
Global Fuel Cell Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Source, Design, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|