Fuel Cell Market To Hit Value .98 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on February 13th, 2024 San Francisco, 13 February 2024: The ReportFuel Cell MarketSize, Share & Trends Analysis Report By Product (PEMFC, MCFC, PAFC, SOFC, AFC, MFC), By Components, By Fuel, By Size, By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030 The global fuel cell market size is expected to reach USD 36.98 billion by 2030, exhibiting a CAGR of 27.1% from 2024 to 2030, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth. North America accounted for the largest market share in 2024 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region. Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players. Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas, and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment. Market is a dynamic and competitive space with established players and innovative newcomers vying for dominance. Also, the industry is facing fierce competition from established players in various sectors. Leading companies like Ballard Power Systems, Plug Power, Bloom Energy, and FuelCell Energy have been in the industry for years, boasting extensive experience and established customer bases. They often specialize in specific applications, like Ballard in FCEVs and Bloom in stationary power. Startups and smaller companies are entering the fray with innovative technologies and disruptive business models. Companies such as Google and Amazon are exploring fuel cell applications in data centers and other sectors, leveraging their expertise in the industry. Request sample report of Fuel Cell Market@https://www.grandviewresearch.com/industry-analysis/fuel-cell-market/request/rs1 Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the country. This has resulted in end users opting for clean energy technologies to comply with the mandate and limit their carbon footprint. Bloom Energy, one of the major fuel cell vendors in the U.S., provides its bloom energy servers for power generation application to aid commercial and industrial end users limit their carbon footprint. Fuel Cell Market Report Highlights
For instance, in September 2023, FuelCell Energy, Inc. and Toyota Motor North America announced the completion of Tri-gen system at Toyota's Port of Long Beach operations. Tri-gen is an example of FuelCell Energy's ability to scale hydrogen-powered fuel cell technology. Such innovative ideas is expected to foster the demand of fuel cell market over forecast period. Fuel cell market is a rapidly growing sector with a wide range of potential opportunities. The technology is constantly improving, with new materials and designs leading to increased efficiency and performance. This is making fuel cells more attractive for a wider range of applications. Transportation sector is one of the largest markets for fuel cells. Fuel cell electric vehicle (FCEVs) offer several advantages over battery-electric vehicles (BEVs), such as longer range and faster refueling times. As the cost of FCEVs comes down and the hydrogen infrastructure grows, the market for fuel cell vehicles is expected to boom. Companies operating in the market continuously launch new products in order to pace up with the growing fuel cell technology. For instance, in January 2024, Nikola Corporation launched 42 and wholesaled 35 Class 8 Nikola hydrogen-powered fuel cell electric vehicles (FCEVs) under HYLA brand for U.S. and Canada customers. The trucks are featured to run with a range of 500 miles with an estimated fueling time as low as 20 minutes. Fuel Cell Market Report Scope
Key companies are adopting several organic and inorganic growth strategies, such as new product development, mergers & acquisitions, and joint ventures, to maintain and expand their market share.
List of Key Players of Fuel Cell Market
Like it? Share it!More by this author |