New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Fuel Cell Technology Market Information By Type, Application, and Region - Forecast till 2030”, The Fuel Cell Technology market can expect to surge from USD 2.91 billion in 2022 to USD 10.01 billion by 2030, at a CAGR of 16.67% between 2022 and 2030.
Fuel Cell Technology Market Overview:
A fuel cell creates electricity in a clean and efficient manner by utilizing the chemical energy of hydrogen or other fuels. When hydrogen is used as a fuel, the only results are water, power, and heat. Fuel cells have several uses, including industrial, residential, transportation, and commercial structures.
Fuel cells have several advantages over traditional combustion-based technologies that are used in a variety of power plants and automobiles. Fuel cells emit fewer or no emissions when compared to combustion engines. Because hydrogen fuel cells emit only water and no carbon dioxide, they can aid in the resolution of critical climate challenges.
Fuel Cell Technology Market Competitive Landscape:
The important firms in the fuel cell technology industry include
- Fuel Cell Energy
- Hydrogenics
- Plug Power
- Ballard Power Systems
- Panasonic Corporation
- Toshiba Corporation
- Doosan Corporation
- SFC energy
- Plug Power
- AFC Energy
- Among others.
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Leading industry companies are spending a lot of money on R&D to expand their product lines, which will help the Fuel Cell Technology market grow even more. Market participants are also undertaking a variety of strategic measures to expand their global footprint, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies. Fuel Cell Technology market competitors must produce cost-effective things in order to flourish and thrive in an increasingly competitive and developing market climate.
Most players are investing heavily in R&D to extend their product lines, which will drive further market expansion for fuel cell technology. With considerable market development such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations, market participants are also implementing various strategic initiatives to enhance their footprint. Competitors in the fuel cell technology business must offer affordable products in order to compete and prosper in a competitive and increasing market setting.
February 2023
Alkaline Fuel Cell Power Corp., a diversified investment platform focused on developing affordable, renewable, and dependable energy assets and cleantech, is pleased to announce that it has entered into an exclusive sales and marketing agreement with Viridian Hydrogen UAE to aid in the development and deployment of PWWR's next-generation hydrogen-powered fuel cells.
Fuel Cell Technology Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 10.01 Billion |
| CAGR during 2022-2030 | 16.67% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | The advent of new technologies |
| Key Market Dynamics | Growing private as well as public investments Growing demand for fuel cell vehicles |
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Fuel Cell Technology Market USP Covered:
Market Drivers:
One of the major reasons driving market expansion is rising demand for unconventional energy sources. Other factors expected to drive demand include increased private-public collaborations and less environmental impact. Governments around the world are expected to augment the developments by providing assistance in various forms, such as funding research initiatives and appropriate finance schemes. Creating a solid regulatory and policy framework is especially crucial since government firms must create an investment-friendly environment.
Encouraging rules by governing bodies in developed economies and eco-friendly goals to eliminate pollution rates drive demand for hydrogen power plants over the foreseeable period. Increasing emphasis by governments in developed economies like as Europe and the United States, as well as technological breakthroughs for the replacement of electric grids, are projected to fuel additional expansion.
Ongoing projects in Europe are expected to allow market participants to expand their product portfolio. Delivering cleaner technology at a higher cost puts most market actors' inventive streaks to the test. The usage of fuel cell technology in various forms of transportation is fast expanding due to a surge in R&D for producing hydrogen-powered cars.
Mounting consumer awareness of clean energy solutions, as well as an increase in the usage of favorable government incentives to promote fuel-cell electric vehicles, will drive product demand in the transportation sector. Recent technical breakthroughs, such as the incorporation of high-efficiency portable technology, are more likely to generate lucrative prospects for the expansion of the fuel cell market throughout the projection period.
Market Restraints:
Substantial costs of fuel cell systems, which results in the high cost of FCEV, may pose an obstacle to market expansion. Investment risks such as capital and operational expenditures, as well as underutilization of various FCEV facilities, are expected to stifle expansion even further.
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COVID 19 Analysis
Prior to the COVID-19 pandemic, China saw a drop in sales of fuel-cell vehicles due to the country's slowing economy, tough environmental restrictions, and growing trade tensions. The transmission of COVID-19 from China has harmed all countries worldwide. The propagation of the COVID-19 virus has had a severe impact on the hydrogen fuel-cell vehicle business. Government-initiated lockdowns in most countries have led to a global economic catastrophe, pushing the car industry to the brink of collapse, shutting down plants and emptying showrooms. The automotive industry has been severely harmed by the pandemic's spread.
The major industrial participants are in the early phases of committing to electrification. Due to a lack of labor, companies are experiencing considerable revenue losses and a halt in the manufacturing of both passenger and commercial cars. Supply chain problems and a halt in the release, distribution, and final assembly of new, hydrogen fuel-cell vehicles are severely impeding the market growth. The halt in the flow of raw materials from China has created a gap between demand and supply. Furthermore, delays in the deployment of electrolyzer capacity caused by canceled or delayed low-carbon industrial projects have resulted in revenue losses for electrolyzer producers, impeding the market growth.
Fuel Cell Technology Market Segmentation
By Type
The Fuel Cell Technology market is divided into four types: PEMFC, MCFC, SOFC, DMFC, PAF, and Others. The PEMFC segment accounted for the majority of the Fuel Cell Technology market revenue in 2021. This is due to an increase in demand for renewable energy generation and reliance on fuel cell-based transportation applications. Furthermore, PEMFC has numerous benefits such as cheap operational costs, higher dependability, minimal maintenance time, high operational efficiency, and others that are expected to fuel market expansion in the approaching years.
By Application
The Fuel Cell Technology market is divided into three sections based on application: stationary, portable, and transportation. The stationery segment dominated the market in 2021 and is expected to grow at the fastest rate during the forecast period, 2022-2030. They are due to an increase in fuel cell demand from backup power applications and distributed generation facilities. Furthermore, the fuel cell is increasingly being employed in combined heat and power applications, which is projected to drive fuel cell market growth in the future years. All of these variables have a beneficial impact on market growth.
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Fuel Cell Technology Market Regional Insights
Throughout the projection period, Asia Pacific will have the biggest demand for fuel cell technology. In addition, the use of fuel cell-powered automobiles will expand over the predicted period. The market has excellent growth prospects. Innovation and investment will peak in the next years. China is a major center for fuel cell plants. This region has a greater understanding of renewable energy. As a result, China will contribute the most to the market. Japan has agreed to add 50000 fuel cell utilities during the anticipated period.
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