Fuel Cell Market Overview
The global Fuel Cell Market size is projected to reach a CAGR of 26.0% from 2023-2030.
Fuel cells are electrochemical devices that are being publicized as a clean source of electricity. They are naturally more effective than many of the other combustion engines available today, making them excellent providers of alternative green energy technology in automobiles. Uninterrupted power supply systems (UPS), military power units, different electric appliances, combined heat & power (CHP) systems, submarines, and automobiles are examples of fuel cell uses. Fuel cell technology is becoming increasingly popular as a heating source in commercial buildings, as it produces no emissions.
The increase in demand for high energy density is one of the major factors driving the growth of the Fuel Cell Market. Also, the high need for a quick refueling system has a positive impact on the fuel cell power train market. The surge in consumption of fossil fuel enhancing concentration levels of greenhouse gas emission and air pollutants has increased demand for the cell power train market. The rise in environmental concerns among the population drives the market. The increase in government initiatives to support fuel cell powertrain and further reduce carbon emissions across the globe further influence the market.
On the other hand, high flammability and challenges in the detection of hydrogen leakage are expected to obstruct market growth. Also, high demand for BEVs and HEVs, and limited infrastructure for fuel cell vehicles are projected to challenge the Fuel Cell Market in the forecast period of 2023-2030.
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COVID-19 had a negative impact on the Fuel Cell Market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for fuel cell powertrain technology. The supply chain got hampered during the pandemic along with delayed logistics activities. However, the Fuel Cell Market is expected to regain its pace during the post-pandemic scenario due to the easing of the restrictions.
Delvens Industry Expert's Standpoint
The fuel cell market is expected to witness significant growth in the coming years. The increasing demand for clean energy, rising government initiatives and investments, and the growing focus on reducing carbon emissions are some of the key factors driving the growth of the fuel cell market. The transportation sector is expected to be the largest market for fuel cells, with the automotive industry being the primary driver of growth. However, the stationary power generation sector is also expected to witness substantial growth, owing to the increasing demand for backup power and the rising adoption of fuel cell-based microgrids. Its adoption is expected to accelerate as more industries and governments shift towards sustainable and clean energy sources.
Key Findings
- The size segment is further segmented into Small Scale and Large Scale. the small-scale segment is anticipated to dominate the market during the forecast period. Owing to their diversified range of power output, small-scale fuel cell systems are used in diverse end-use segments. Small-scale fuel cell systems are available for power outputs ranging from a few watts to multiple kW and this has spurred the small-scale fuel cell market growth.
- The end-user segment is further segmented into Commercial & Industrial, Data Centers, Transportation, Military & Defense, Residential and Utilities & Government/Municipal Institutes. The Commercial & Industrial segment is expected to reach the highest CAGR during the forecast period. Almost every type of fuel cell can be used by commercial & industrial end users which enables them to curb GHG emissions.
- High energy density and quick refueling of fuel cell powertrain are one of the major factors driving the growth of the Fuel Cell Market. Low-weight alternative for heavy-duty trucks and government initiatives for hydrogen infrastructure is anticipated to boost the growth of the Fuel Cell Market.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific, and the rest of the world. During the projected era, Asia-Pacific is anticipated to dominate the fuel cell industry.
Fuel Cell Market Regional Analysis
Asia Pacific to Dominate the Market
- Asia-Pacific, and the rest of the world. During the projected era, Asia-Pacific is anticipated to dominate the fuel cell industry.
- Factors that push the regional market growth are the development of new infrastructure capabilities and opening up the market to foreign companies, which drives the growth of the market in this region.
Fuel Cell Market Competitive Landscape
- AVID Technology Limited
- Ballard Power Systems Inc
- Ceres Power
- Cummins Inc.
- Delphi Technologies
- DENSO Corporation
- FEV
- ITM Power manufactures
- NUVERA FUEL CELLS, LLC
- Robert Bosch GmbH
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Fuel Cell Market 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 the formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells.
Reasons to Acquire in the Fuel Cell Market
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for Fuel Cell Market so as to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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