Pune, India, July 18, 2023 (GLOBE NEWSWIRE) -- The global fuel cell market size was USD 4.58 billion in 2021. The market is expected to grow from USD 5.90 billion in 2022 to USD 36.41 billion by 2029 at a CAGR of 29.7% in the 2023-2029 period. The driving forces behind this growth trajectory include the introduction of regulatory policies that support the widespread adoption of fuel cells in multiple countries, an escalating demand for sustainable energy sources, and substantial investments in research and development activities. This information is provided by Fortune Business Insights, in its report titled, “Fuel Cell Market, 2023-2029.”
Market Drivers and Restraints:
Surging Demand for Clean Sources of Energy to Facilitate Market Proliferation
Rising carbon emission is a leading cause of climate change and has prompted governments in several economies to impose stringent emission norms and look for environment-friendly alternatives. This, in turn, has boosted the demand for clean sources and energy and aided the fuel cell market growth. One such alternative is solid oxide fuel cell, which is used for various applications and enable the strengthening and diversification of energy infrastructure and is a clean & reliable source of energy.
The government of the State of New Jersey updated the financial benefits for battery cell CHP installations on or after October 1st, 2020. The structure of its CHP-FC Program is designed to propel more manufacturers with a monetary aid of up to USD 3 million per project. Similarly, other government agencies are focusing on formulating supportive regulatory frameworks to support the development of advanced hydrogen fuel charge infrastructures across the globe.
On the other hand, the high demand for electric and hybrid vehicles and the high costs associated with the construction and management of hydrogen fuel stations will hinder market expansion in the coming years.
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Fuel Cell Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 29.7% |
| 2029 Value Projection | USD 36.41 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 4.58 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 210 |
| Segments covered | Fuel Cell Market Size, Share & COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, and Others), By Application (Transport, Stationary, and Portable) and Regional |
| Growth Drivers | Surging Demand for Clean Sources of Energy to Facilitate Market Proliferation |
| Expansion of Product Portfolio by Industry Leaders to Aid Market Escalation |
COVID-19 Impact:
Government Initiatives to Help SMEs Combat Pandemic-Induced Problems Drove Market Growth
The spread of COVID-19 worldwide has affected the market growth negatively as projects were delayed and manufacturing facilities were shut down. Investments in the domain were paused, thus resulting in a fall in revenues and research & development activities. Small and medium-sized industries in several nations were affected due to lockdowns and travel restrictions. However, the economic booster packages announced by governments for various sectors helped them combat the revenue and cash flow problems. Besides, key players also focused on helping major industries in carrying on their operations smoothly.
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What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years. Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2022 and 2029.
Segmentation Of Report:
Proton Exchange Membrane Fuel Cell Segment to Lead Owing to its Benefits
As per type, the market is split into proton exchange membrane fuel cell, solid oxide fuel cell, phosphoric acid fuel cell, and others. Among these, the proton exchange membrane fuel cell segment held a significant share owing to various benefits offered by them as compared to other alternatives. Some of the benefits include lightweight nature, low cost, compact design, and solidity of electrolytes.
Transport Segment to Grow at Highest CAGR Due to Rising Demand for DMFCs & PEMFCs in the Automotive Sector
According to application, the market is divided into stationary, transport, and portable. Among these, the transport segment is projected to display the highest CAGR due to rising inclination toward clean transport and growing investments toward an emission free environment. The inclination toward clean transport is increasing across the globe. Various countries are investing in an emission-free environment, further boosting the transportation market.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and Rest of the World.
Regional Insights:
Asia Pacific to Dominate Due to Widespread Product Application in Several Sectors
Asia Pacific held the largest fuel cell market share in the recent past due to widespread product application in different sectors and rising investment in this technology due to the growing need to cut carbon emissions. China is the largest contributor to the market share due to its increasing efforts to promote the adoption of clean fuel automobiles.
The North America market is projected to showcase substantial growth in the forthcoming years due to rising investment in fuel cell installation in the region especially in the transport sector. The installation of portable applications is also growing in the region, thus promoting market expansion. Increasing efforts by the U.S. government to promote hydrogen-powered vehicles will escalate market augmentation in this region as well.
The Europe market is slated to display significant expansion owing to increasing investments to achieve zero-emission targets and improve hydrogen infrastructure. The rising adoption of energy-efficient solutions will also contribute to regional market growth.
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Competitive Landscape:
Expansion of Product Portfolio by Industry Leaders to Aid Market Escalation
Leading players in the global market are focusing on manufacturing products with higher power density to maximize profits and enhance their position in the market. For example, in April 2022, Doosan Fuel Cell Co., Ltd. joined forces with Ballard Power Systems and HyAxiom to develop Proton Exchange Membrane (PEM) hydrogen fuel cell mobility applications initially focused in South Korea. Also, in February 2022, Ceres Power Holdings Plc announced its decision to collaborate with Robert Bosch GmbH of Germany and Weichai Power of China to develop and manufacture solid oxide fuel cells to target Chinese consumers.
Key Industry Development:
January 2022: FuelCell Energy announced the completion of site construction and commencement of conditional commercial operation of its 7.4 megawatts SureSource fuel cell project located in Yaphank, Long Island, in New York.
A List of Key Manufacturers Operating in the Global Market:
- Ballard Power Systems (Canada)
- Bosch (Germany)
- Horizon Fuel Cell Technologies (Singapore)
- ElringKlinger (Germany)
- Hydrogenics (Canada)
- SOLIDpower Italia (Italy)
- Ceres Power (U.K.)
- AVL (Austria)
- Pragma Industries (France)
- Mitsubishi Hitachi Power Systems (Japan)
- W.L. Gore & Associates (U.S.)
- Nedstack Fuel Cell Technology (Netherlands)
- Proton Motor Fuel Cell GmbH (Germany)
- Bloom Energy (U.S.)
- AISIN (Japan)
- Convion (Finland)
- ITM Power (U.K.)
- Plug Power (U.S.)
- Nuvera Fuel Cells, LLC (U.S.)
- FuelCell Energy (U.S.)
- Elcogen (Estonia)
- Nexceris LLC (U.S.)
- SFS Energy AG (Germany)
- Blue World Technologies (Denmark)
- Roland Gumpert (Germany)
Fuel Cell Market Segmentation:
By Type:
- Proton Exchange Membrane Fuel Cell
- Solid Oxide Fuel Cell
- Phosphoric Acid Fuel Cell
- Others
By Application:
- Transport
- Stationary
- Portable
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions & Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insight on Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Fuel Cell Market
5. Global Fuel Cell Market (USD Million) Analysis, Insights, and Forecast, 2019-2030
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Design
5.2.1. T-frame structures
5.2.2. V-frame structures
5.3. Market Analysis, Insights and Forecast – By Capacity
5.3.1. Less than 500 kW
5.3.2. 500 kW to 1 MW
5.3.3. Above 1 MW
5.4. Market Analysis, Insights and Forecast – By Type
5.4.1. One-Row Vehicle Arrangement Carport
5.4.2. Two-Row Vehicle Arrangement Carport
5.4.3. Two-row dual slope vehicle arrangement Carport
5.5. Market Analysis, Insights and Forecast – By Application
5.5.1. Commercial
5.5.2. Others
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Latin America
5.6.5. Middle East & Africa
Continued….
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