Wilmington, Delaware, United States, , Nov. 17, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per the study presented by Transparency Market Research (TMR), the global Fuel Cell Market is estimated to develop at a CAGR of 23.64% during the forecast period, from 2021 to 2031.
The TMR study finds that the PEMFC-type segment of the market is projected to hold a key share during the forecast period. The growth of the segment is attributed to rising in the application of PEMFCs in the transportation industry in order to power cars and buses as well as in small-scale residential applications. Moreover, an increase in focus of the market players on improving the efficiency of these types of fuel cells is projected to help in the growth of the segment in the near future, note analysts at TMR.
According to TMR’s regional analysis of the Fuel Cell Market, players are expected to gain notable business expansion opportunities in Asia Pacific. The growth of the market in Asia Pacific is ascribed to several key factors. These include a decrease in dependence on fossil fuels, an increase in demand for electricity across many emerging economies, a rise in the adoption of green energy technology, and a swift pace of industrialization in the region.
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Market Key Findings
- The use of fuel cells is expanding in varied applications including consumer appliances, transport, and automobiles. This factor is fueling the market growth, as per the TMR analysis that offers insights to readers on important growth aspects including the Fuel Cell Market trends. The adoption of fuel cells is increasing in recent years owing to their many advantages such as extended operating times, energy efficiency, environmental-friendly nature, and ease of maintenance.
- The TMR study notes that firms in the global market for fuel cells are expected to gain profitable prospects during the forecast period due to an increase in product use in numerous applications including vehicles, submarines, uninterrupted power supply systems (UPS), military power units, combined heat and power (CHP) systems, and other electric appliances.
- With the increase in understanding regarding environmental concerns, the government authorities of several developing and developed nations are taking initiatives in order to decrease carbon emission levels, note TMR report analysts. Hence, they are seen executing strict regulations pertaining to carbon emissions. Thus, there has been increasing in inclination among people toward utilizing alternate sources of energy such as green energy. This factor is creating revenue-generation opportunities in the market. Furthermore, governments are providing subsidies for programs focused on fuel cells in order to promote clean energy generation. Such efforts are likely to help in the rapid expansion of the market during the forecast period.
- Key players in the global Fuel Cell Market are focusing on offering improved after-sale services and on-demand delivery of fuel cells in order to defend their shares in the market competition. This aside, several companies are increasing R&D in order to provide products at competitive prices. Such factors are likely to help in driving the growth of the Fuel Cell Market during the forecast period.
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Market Growth Boosters
- A rise in green energy adoption across many developing countries is fueling the growth prospects in the market
- An increase in efforts of government authorities for clean energy generation is expected to propel the market
Market Key Players
Some of the key players profiled in the report are:
- Doosan Fuel Cell America Inc.
- FuelCell Energy Inc.
- Nedstack Fuel Cell Technology B.V.
- Ballard Power Systems Inc.
- Plug Power Inc
- Toshiba Corporation
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Market Segmentation
Type
- Proton Exchange Membrane Fuel Cells (PEMFC)
- Direct Methanol Fuel Cells (DMFC)
- Solid Oxide Fuel Cells (SOFC)
Application
- Stationary
- Portable
- Transport
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered in Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analyzed, which will determine growth in the markets over the next decade.
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