Rockville, MD , Nov. 06, 2024 (GLOBE NEWSWIRE) -- According to a new industry report released by Fact.MR, revenue of the Global Fuel Cell for Data Center Market is estimated at US$ 178.3 million in 2024 and is forecasted to increase at a CAGR of 15.6% to achieve a value of US$ 759.85 million by the end of 2034.
Because of the growth of data-intensive technologies such as cloud computing, artificial intelligence (AI), the Internet of Things (IoT), and others, there are an increasing number of data centers in the world. These technologies generate vast amounts of data, which call for continuous processing, storing, analysis, and other tasks that raise energy needs.
Scalable and sustainable energy solutions are becoming more popular because of the additional data centers that are built worldwide to accommodate this growing demand. Fuel cells are becoming an essential part of the energy-intensive infrastructure present in modern data centers because of their steady power source, low emissions, and great efficiency.
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Key Takeaways from Market Study:
- The global market for fuel cells for data centers is analyzed to touch a valuation of US$ 759.85 million by the end of 2034.
- In 2024, North America is estimated to hold 26.2% of the worldwide market share.
- The market in China is forecasted to generate revenue of US$ 85.9 million by the end of 2034.
- The market in South Korea is evaluated to increase at a CAGR of 15.9% between 2024 and 2034.
- Based on product type, hydrogen fuel cells are analyzed to account for 41.7% of the revenue share in 2024.
- The East Asia region is estimated to reach a size of US$ 179.33 million by 2034-end.
- The United States is approximated to hold 84.7% portion of the North American region in 2024.
“To meet customer requirements, prominent companies in the market are expanding their portfolios by developing multiple technologies (PEMFC and SOFC) and combining complementary solutions such as energy management systems, storage, and hybrid systems,” says a Fact.MR analyst
Leading Players Driving Innovation in the Fuel Cells for Data Centers Market:
Plug Power; Hydrogenics; Ballard; FuelCell Energy, Inc.; Bloom Energy Pvt. Ltd.; Toshiba Fuel Cell Power Systems Corporation; Altergy; AFC Energy; Doosan Fuel Cell America, Inc.; Panasonic; Logan Energy; Bloom Energy Pvt. Ltd.; ESB Group; Bloom Energy Corporation.
Hydrogen Fuel Cells Becoming Preferred Choice:
Demand for hydrogen fuel cells is high due to their increased efficiency and advantages for the environment. Businesses searching for sustainable energy solutions are finding hydrogen fuel cells to be an attractive alternative because they produce only water vapor as a byproduct during the chemical process used to create electricity.
Hydrogen is manufactured from a range of sources including renewables, which provides supply flexibility. Extended operating hours are made possible by its high energy density, which is essential for data centers that require steady, uninterrupted power. The demand for hydrogen fuel is always rising as more companies place a higher priority on energy efficiency and carbon reduction, which falls under the category of clean fuel sources.
Fuel Cells for Data Centers Industry News:
- In October 2024, a significant role for green hydrogen is becoming apparent in the shift to sustainable energy. In light of this, Microsoft and Irish energy provider ESB teamed up and launched a groundbreaking green hydrogen pilot program.
- In July 2024, a global pioneer in solid oxide fuel cell technology, Bloom Energy Corporation partnered with CoreWeave, Inc. in a strategic alliance. This victory highlights Bloom's capacity to satisfy the escalating energy requirements of the quickly expanding AI industry.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the fuel cell for data center market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (hydrogen, solid oxide, molten carbonate, phosphoric acid), data center type (telecoms, ISP’s, CoLos, server farms, corporate data centers, universities/ national laboratories), and facility (less than 200 sq. ft., 201 to 700 sq. ft., 701 to 1,200 sq. ft., 1,201 to 6,000 sq. ft., more than 6,000 sq. ft.), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Fuel Cell for Data Center Market Research:
- By Product Type :
- Hydrogen
- Solid Oxide
- Molten Carbonate
- Phosphoric Acid
- By Data Center Type :
- Telecoms
- ISP’s
- CoLos
- Server Farms
- Corporate Data Centers
- Universities/ National Laboratories
- By Facility :
- Less than 200 sq. ft.
- 201 to 700 sq. ft.
- 701 to 1,200 sq. ft.
- 1,201 to 6,000 sq. ft.
- More than 6,000 sq. ft.
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