Global Fuel Cell Technology Market Size on a Steady Rise: Projected to Surpass USD 26.55 Billion by 2028 with a Remarkable CAGR of 23%

Sacramento, CA, May 31, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Global Fuel Cell Technology Market By Type (Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cell, Molten Carbonate Fuel Cell, Phosphoric Acid Fuel Cells, And Others), By Application (Transport, Stationary, Portable): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028” in its research database.

“According to the latest research study, the demand of global fuel cell technology Market size & share in terms of revenue was valued at USD 6.22 billion in 2020 and it is expected to surpass around USD 26.55 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 23% during the forecast period 2021 to 2028.”

What is Fuel Cell Technology? How big is the fuel cell technology Industry?

Report Overview:

In 2020, the global fuel cell technology market was valued at USD 6.22 billion, and it is anticipated that this figure would increase to USD 26.55 billion by 2028, representing a compound annual growth rate (CAGR) of 23% from 2021 to 2028.

A cathode and an anode that are submerged in an electrolyte medium make up the components of a system known as a fuel cell. This configuration allows the fuel cell to efficiently generate and conduct power.

Fuel cells are devices that can transform the chemical energy they contain into electrical energy. Fuel cells are used not just as a source of heat and energy in buildings, but also as a source of electrical power for the electric motors that are used in automobiles. Forklifts, also known as vehicles that can handle and move large objects, are utilised a significant amount of the time. Fuel cells are able to produce electricity even if they are not being charged from the outside and can do so as long as they have access to fuel and oxygen.

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Global Fuel Cell Technology Market: Growth Factors

Increasing demand for electric cars, hybrid electric vehicles, and plug-in hybrid vehicles (EV/HEV/PHV) is one of the primary growth driverss for the global market for fuel cell technology. The proliferation of electric vehicles is driving up demand for fuel cells, which is keeping pace with the industry's rapid growth. In addition, the government's interest in the usage of electric automobiles and plug-in hybrid cars has increased as a direct result of the carbon emissions.

Decreased reliance on oil, diesel, and other unconventional forms of energy source is contributing to the growth of this market, which is another reason for its expansion. Around the world, there has been an uptick in the demand for fuel cells. Environmental concerns have been brought to light as a result of the excessive emissions of CO2, CO, NOx, and SOx that are produced by conventional petroleum products and oils. Fuel cells offer an alternative to conventional and nonconventional forms of energy production because they do not rely on petrol, diesel, or any other fossil fuels.

Fuel cells are gaining popularity in the automotive industry as a response to the increasing demand for ecologically friendly vehicles. In addition, as the government becomes more committed to cutting greenhouse gas emissions, there will be an increased demand for fuel cell vehicles, buses, and trucks. As a result of globalisation, there has been a growth in the demand for stationary fuel cells to be utilised in establishments such as schools and shopping malls. It is anticipated that fuel cells would become increasingly frequently employed in handheld devices such as smartphones, tablets, and personal computers. Additionally, fuel cells have been identified as a lucrative target market for investment due to its potential usage as power backup batteries.

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Report Scope

Fuel Cell Technology Market: Segmentation Analysis

More than 67.7 percent of all units that were shipped in 2019 were proton exchange membrane fuel cells (PEMFC). Implementations of PEMFC include things like forklifts, motorbikes, telecommunications, primary control systems, and secondary control systems, among other things. In the period under consideration, it is anticipated that their adaptability will contribute to an increase in demand for them.

The United States Department of Energy (DOE) provides funding for a variety of fuel cell research initiatives, including the Solid Oxide Fuel Cell (SOFC), the Fuel Cell Technologies Office (FCTO), and others. It is anticipated that the Solid Oxide Fuel Cell (SOFC) will experience fast expansion in the not too distant future. When solid oxide fuel cells (SOFCs) are used, there is no requirement for electrolyte loss because all of the components are solid. Due to the fact that they are able to function in high temperatures, the requirement for costly catalysts such as ruthenium is reduced.

In 2019, molten carbonate fuel cells (also known as MCFC) became the most popular product category, accounting for 380 MW of demand. Because of its broad application in large, stationary power plants, it is anticipated that the market for molten carbonate fuel cells would experience consistent growth over the next few years.

In terms of application, stationary fuel cells lead the Fuel Cell Market. The stationary segment is expected to retain its leadership role due to product simplicity and performance. Due to the demand for fuel cell powered forklifts and increased R&D activities in developing economies of Europe, the transportation sector is projected to be the fastest growing segment during the forecast period. Personal devices, portable products, printers, mobile phones, APUs, and household products, among other things, use portable fuel cells.

The global fuel cell technology market is segmented as follows:

Type

• Solid Oxide Fuel Cells
• Proton Exchange Membrane Fuel Cells
• Molten Carbonate Fuel Cells
• Phosphoric Acid Fuel Cells
• Others

Application

• Transport
• Stationary
• Portable

Browse the full “Global Fuel Cell Technology Market By Type (Solid Oxide Fuel Cells, Proton Exchange Membrane Fuel Cell, Molten Carbonate Fuel Cell, Phosphoric Acid Fuel Cells, And Others), By Application (Transport, Stationary, Portable): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028" Report at- https://www.zionmarketresearch.com/report/fuel-cell-technology-market

Competitive Landscape

Some of the main competitors dominating the global fuel cell technology market include - 

• Fuel Cell Energy, Inc.
• Ballard Power Systems
• Hydrogenics Corporation
• SFC Energy AG
• Nedstack Fuel Cell Technology B.V.
• Bloom Energy
• Doosan Fuel Cell America, Inc.
• Ceres Power Holdings Plc
• Plug Power, Inc. 
• Nuvera Fuel Cells LLC.
• Others

 Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the fuel cell technology market is likely to expand at a CAGR of around 23% during the forecast period (2021-2028).                  
• In terms of revenue, the fuel cell technology market size was valued at around US$ 6.22 billion in 2020 and is projected to reach US$ 26.55 billion by 2028.
• The market for molten carbonate fuel cells is expected to rise steadily in the coming years
• Based on application segmentation, the stationary segment was the leading revenue-generating category in 2021.
• On the basis of geography/region, the “North America” region was the leading revenue generator in 2021.

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Key questions answered in this report:

• What is the market size and growth rate forecast for fuel cell technology industry?
• What are the main driving factors propelling the fuel cell technology Market forward?
• What are the leading companies in the fuel cell technology Industry?
• What segments does the fuel cell technology Market cover?
• How can I receive a free copy of the fuel cell technology Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2021−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Type, By Application, By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The Global Fuel Cell Technology Market is divided into five regions : North America, Europe, Asia Pacific, Latin America and Middle East Africa . The Asia Pacific is currently the largest market for fuel cells and a key region in the advances in fuel cell technology market, followed by North America and Europe.

In 2020, Asia-Pacific accounted for a large share with 17.3 % CAGR and this domination is projected to persist during the forecast period. Because of supportive government policies in countries like China, Japan, and South Korea, the Asia-Pacific region is one of the most lucrative international markets for fuel cells in the coming years. The PEMFC is the most widely deployed fuel cell technology in the area of the available fuel cell technologies.

China's fuel cell industry has a lot of promise, as the government is gradually working on ways to use renewable energy technologies to transition to a low-carbon economy. Furthermore, the hydrogen fuel cell industry in the country has been gaining momentum as a result of attractive national and regional government incentives as well as local government funding schemes to promote the use of hydrogen vehicles to reduce emissions.

In Canada, the federal government has provided money to associations and fuel cell firms.. Government financing programmes in the United States and Canada have fueled the product's growth and deployment in North America. In the near future, Europe's industry will change its emphasis to public-private alliances in order to achieve the goal of being a low-carbon economy while maintaining a competitive advantage.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement
• In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells
• In March 2022, Ceres and HORIBA MIRA entered into a partnership for fuel cell testing and development of a Ceres fuel cell test facility at HORIBA MIRA West Midlands site in UK

To know an additional revised 2021 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/fuel-cell-technology-market

FREQUENTLY ASKED QUESTIONS

• What was the value of the Global Fuel Cell Technology Market in 2020?
• What will be the size of the Global Fuel Cell Technology Market in 2028?
• What are the key factors driving the Global Fuel Cell Technology Market growth?
• Which region will make notable contributions in the Global Fuel Cell Technology Market?
• Which are the major companies operating in the Global Fuel Cell Technology Market?

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