Westford, June 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Fuel Cell market will attain a value of USD 25.10 Billion by 2031, with a CAGR of 27.1% during the forecast period (2024-2031). Fuel cells are the power sources that are completely safe and can efficiently operate in diverse conditions. They are highly compatible and are specially designed for use in various applications, making them commercially sustainable. From among different forms, at present, Hydrogen is most widely used. It powers the spaceship’s electrical systems and supplies electricity on the Earth. The smaller ones are used to power the electronic devices like cell-phones, laptops, and computers.
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Browse in-depth TOC on the "Fuel Cell Market"
Pages - 242
Tables - 65
Figures – 75
Fuel Cell Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $3.69 Billion |
| Estimated Value by 2031 | $25.10 Billion |
| Growth Rate | Poised to grow at a CAGR of 27.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Size, Fuel Type, Type, Components, Application, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Increased use of Fuel Cells in Vehicles |
| Key Market Opportunities | Growing number of Government initiatives for R&D in Asia Pacific |
| Key Market Drivers | Elevated demand in the Automotive Industry |
Efficiency of Solid Oxide Fuel Cells to Function at Extreme Temperatures to Drive the Market Share
The Solid Oxide Fuel Cell segment is the fastest growing domain in the market owing to its high efficiency to work in extreme temperatures. They can be used without costly catalysts like the ruthenium. A wide range of solid oxide fuel cells are increasingly used in the stationary uses. Nonetheless, Proton Exchange Membrane Fuel Cell segment held major market share in the past years due to its comprehensive use in transit, fixed, and portable applications.
Expanding Use of Fuel Cells in Stationary Applications to drive the Market Growth
The stationary domain held a major share of the market in the past years and is expected to grow significantly in the coming years owing to its increased use in stationary applications like UPS, data centers, and more. The Transportation domain is projected to grow considerably over the forecast period owing to increased demand for autos running on fuel cells. Moreover, growing emphasis on clean environment. Most companies are spending in emission-free transport, thus driving the market.
Increasing Demand for Additional Electricity to Support Asia Pacific to Continue its Dominance
In the past years, Asia Pacific held considerable share of the market and is poised to lead in future as well owing to less dependency on fossil fuels, adoption of green energy, and high demand for additional electricity. These factors have helped the region to grow in a splendid manner. Also, the market is expanding majorly in nations like South Korea, China, and Japan due to government initiatives, spending in fuel cell technology, and favorable regulations. North America is projected to be the fastest growing region owing to increasing investments for the R&D to further improve the fuel cells technology. Canada and the United States are the leading countries for the development of fuel cells.
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FUEL CELL Market Insight
Drivers:
- Benefits over the conventional combustion engines
- Improvements in Fuel Cell Technology
- Increased Transportation Electrification
Restraints:
- Costly Fuel Cells for dedicated infrastructure and maintenance
- Challenges to preserve and transport, obstacle to wider adoption
- Struggle for Substitute Energy Sources
Prominent Players in FUEL CELL Market
The following are the Top Fuel Cell Companies
- Ballard Power Systems Inc.
- FuelCell Energy Inc.
- Plug Power Inc.
- Mitsubishi Power, Ltd.
- Cummins Inc.
- Ceres Power Holdings PLC
- Doosan Fuel Cell America, Inc.
- Hydrogenics Corporation
- Nedstack Fuel Cell Technology B.V.
- Nuvera Fuel Cells LLC
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Key Questions Answered in Global FUEL CELL Market Report
- What is the estimated market value of Fuel Cell Market by 2031?
- Which are the key opportunities in the global Fuel Cell Market?
- What are the recent developments in the Fuel Cell Market?
This report provides the following insights:
Analysis of key drivers (development of hydrogen economy, improvements in Fuel Cell technology, incorporation with Renewable Energy, strong power solutions), restraints (comparatively expensive for maintenance, shortage of refuelling stations, consumers can think twice to install unproven technologies), opportunities (favorable subsidies and policies for R&D, wider commercialization of fuel cells in Asia Pacific), and challenges (hydrogen infrastructure, costly in comparison with conventional engines, hydrogen fuel cells are bulky that restrict their rage and need new materials to last long) influencing the growth of FUEL CELL market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the FUEL CELL market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the FUEL CELL market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Hydrogen Energy Storage Market
Hydrogen Fuel Cell Vehicle Market
Electric Vehicle Charging Infrastructure Market
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