Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The "Fuel Cells - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Fuel Cells is estimated at US$11.4 Billion in 2023 and is projected to reach US$40.7 Billion by 2030, growing at a CAGR of 19.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the fuel cells market is driven by several factors. The market is heading for major gains on account of rising focus on alternative energy sources, efforts to de-carbonize energy usage, adoption of hydrogen in transportation and government regulations. The increasing demand for clean and efficient energy solutions, particularly in the context of global efforts to reduce greenhouse gas emissions, is a significant driver.
Government policies and incentives aimed at promoting the adoption of hydrogen and fuel cell technologies are also playing a crucial role. In the transportation sector, the push towards zero-emission vehicles has led to increased investment in fuel cell electric vehicles (FCEVs) and the corresponding refueling infrastructure. The versatility of fuel cells in providing both stationary and portable power solutions is expanding their applications across various industries, from backup power systems in data centers to off-grid power supplies in remote areas.
Additionally, advancements in fuel cell technology and economies of scale are driving down costs, making fuel cells a more competitive option compared to traditional energy sources. These factors, along with growing collaborations between governments, research institutions, and private companies, are propelling the robust growth of the fuel cells market.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Proton Exchange Membrane Fuel Cells segment, which is expected to reach US$26.8 Billion by 2030 with a CAGR of a 20.0%. The Phosphoric Acid Fuel Cells segment is also set to grow at 20.3% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $2.8 Billion in 2023, and China, forecasted to grow at an impressive 27.8% CAGR to reach $7.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Ballard Power Systems, Inc., Bloom Energy Corporation, Altergy Systems, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 562 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $11.4 Billion |
| Forecasted Market Value (USD) by 2030 | $40.7 Billion |
| Compound Annual Growth Rate | 19.9% |
| Regions Covered | Global |
MARKET OVERVIEW
- Fuel Cells: An Introduction
- Classification of Fuel Cells
- Major Applications of Fuel Cells
- Fuel Cells: Clean, Efficient, Reliable and Eco-friendly Alternative to Conventional Petroleum-based Fuels
- Fuel Cells Market: Prospects and Outlook
- Major Market Drivers & Restraints
- Government Subsidies to Promote Fuel Cell Technology
- Increasing Adoption of EVs and Hybrid Vehicles
- Strong Focus on Alternative Energy Sources
- Potential for Use in Distributed Generation Applications
- Increasing Popularity of Hydrogen Fuel
- Stationary & PEM Fuel Cells and Fuel Cell Vehicles to Post Solid Growth
- Polymer Electrolyte Membrane Fuel Cell Dominates Fuel Cells Market
- Stationary and Transport Applications Lead the Fuel Cells Market
- Clean Energy Focus Drives Use of Fuel Cells in Transportation Sector
- Developed Economies at the Forefront of Innovation and Adoption of Fuel Cells-based Applications
- Developing Economies Emerge as Promising Regions for Fuel Cell Adoption
- Cost Reductions to Benefit Market Growth
- Competitive Landscape
- A Fairly Competitive Market
- Participants Focus on Product Innovation and Expansion to Gain Competitive Edge
- Recent Market Activity
- Startups Enter the Fray
- World Brands
- Fuel Cells - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Ambitious Vision of an All-Hydrogen Economy Drives Interest in Fuel Cells
- Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology
- Carbon Neutrality Goals of Various Countries
- Auto Industry Banks on Fuel Cells as a Sustainable Fuel Technology of the Future
- PEM Fuel Cells in Automobiles
- Strong Investments to Promote Growth
- Automakers Eye on Hydrogen Fuel Cells to Boost Gains in Post-Pandemic Era
- Hydrogen FCEVs Combat GHG Emissions
- FCEV Targets Set by the Hydrogen Council for the Years 2030 and 2050
- Hydrogen Refueling Infrastructure: Critical for the Success of FCVs
- High Costs: The Achilles Heel of Hydrogen Fuel cells
- Deployments of Fuel Cell Electric Bus (FCEB)
- Focus on Enhancing Durability and Lowering Cost of Fuel Cells Increases
- Hydrogen Fuel Cells for Motorbikes: An Opportunity to Tap
- Fuel Cells Find Niche Applications in 2-Stroke Engine Motorcycles
- Fuel Cell-Powered Trains and Trams: Tremendous Potential for Fuel Cell Industry
- Material Handling: A Successful Application of Fuel Cells
- Marine Sector: A Nascent yet Promising Application of Fuel Cells
- Need for Alternative Propulsion Solutions Drives Demand for Fuel Cells in Marine Vessels Market
- Expanding Applications in the Military Sector Augur Well for the Market
- A Glance at Use of Fuel Cell Systems in Select Military Applications
- Strong Demand for Portable Electronic Devices to Spur Opportunities for Portable Fuel Cells
- Environmental Benefits Drive Adoption of Fuel Cells in the Power Sector
- Rising Investments in Distributed Renewable Energy Generation Enhances Prospects for Fuel Cells
- Demand Response: An Expanding Application for Fuel Cells
- Aircraft Manufacturers Take a Closer Look at Fuel-Efficient and Eco-Friendly Fuel Cells
- Fuel Cells for Data Center Market to Witness Notable Expansion
- Stationary Fuel Cells Market: An Overview
- Telecom Industry Moving towards Stationary Fuel Cells for Backup Power
- Stationary Fuel Cells Gather Steam in Backup and UPS Stationary Applications
- Residential Sector Drives Demand for Stationary Fuel Cells
- Stationary and Distributed Energy Applications Garner Attention
- MFCs Technology: Promising Source of Alternative Power
- Technological Benefits Continue to Propel Micro Fuel Cells Market
- Direct Methanol Fuel Cell Preferred Choice for Portable Devices
- Broader Adoption in Key Applications Fuels PEM Fuel Cells Market
- Alkaline Fuel Cell Market Heading for Massive Gains
- SOFCs: A Technology of Interest to the Developed Countries
- Key Applications of SOFCs
- SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments
- SOFCs: Ideal for Distributed Power Generation
- Technology Innovations and Research Efforts in Fuel Cell Market - A Review of Select Developments
- Researchers Develop Proton-Driven Fuel Cell Technology for Powering Space Shuttles
- Boeing's Insitu Improves Hydrogen Fuel Cell Propulsion System for UAVs
- Ballard Power Systems Joins Hand with W. L. Gore for Advancing Fuel Cell Technology
- A WSU Research Team Uses Molybdenum Doped Nickle Catalyst for Making SOFCs more Efficient
- Innovative Fuel Cell Technology to Improve Carbon Fuel Utilization in DCFCs
- Self-Healing Membrane to Potentially Extend Hydrogen Fuel Cells' Life
- New Nanomaterial to Allow Cost-Efficient Production of Hydrogen for Fuel Cell Cars
- Researchers at NETL Develop Innovative Method to Improve SOFC Performance
- Advances in Nanotechnology Enables More Efficient Fuel Cell Applications
- Raw Material : A Review
- Important Materials Used in Fuel Cells and Batteries
- Challenges in Fuel Cell Commercialization
FOCUS ON SELECT PLAYERS (Total 151 Featured)
- Ballard Power Systems, Inc.
- Bloom Energy Corporation
- Altergy Systems
- Ceres Power Holdings PLC
- AFC Energy PLC
- Arcola Energy Ltd.
- Antig Technology Co. Ltd.
- BayoTech Inc.
- Allatherm
- Alvatek Limited
- Aspen Systems, LLC.
- Air Products Inc.
- Coatema Coating Machinery
- CandleLand
- Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM)
For more information about this report visit https://www.researchandmarkets.com/r/2qmrlz
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