Fuel Cell Technology Market Register 26.0% CAGR Acquiring Global Worth of 9.1 billion by Industry Size, Demands and Competitive Trends till 2030

Fuel Cell Technology Market Research Report by Type (PEMFC, MCFC, SOFC, DMFC, PAF and Others), Application (Stationary, Portable and Transportation) and Region (Asia-Pacific, North America, Europe, Middle East, Africa and South America) – Forecast till 2030

The global Fuel cell Technology Market is expected to grow at a compound annual growth rate (CAGR) of 26.0%, from USD 2.9 billion in 2022 to USD 9.1 billion by 2027.

Furthermore, other factors such as the growing demand for clean energy and fuel cell-powered vehicles are increasing the market’s share value. The increasing development of the power sector and improvements in power generation capacities are driving the demand for unconventional energy, and the encouragement of public-private partnerships for the growth of fuel cells is opening up the global market. The increased use of fuel cells in devices such as tablets, PCs, backup batteries, and smartphones creates enormous opportunities for the Fuel Cell Technology Market.

Key Players:

Eminent industry players profiled in the global fuel cell technology market growth include,

• Solution Corporation
• Ballard Power Systems
• Toshiba Energy Systems
• SFC Energy
• Fuel Cell Energy
• Bloom Energy
• Intelligent Energy
• Horizon Fuel Cells
• Mitsubishi Hitachi Power Systems
• Intelligent Energy and Others.

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The expansion of automotive sectors and advancements in transportation is driving the Fuel Cell Technology Market. The widespread use of fuel cells in electric vehicles is aiding the market’s growth. Electric vehicle adoption in developed and developing countries supports the need to achieve its value. Demand for electric vehicles is increasing, as is environmental concern about reducing carbon emissions. Governments are also concerned about the environment and raising awareness about using electric vehicles.

The COVID-19 pandemic outbreak resulted in a temporary ban on import and export and manufacturing and processing activities across various industries and electrical utilities. This reduced demand for fuel cells from these consumers. Furthermore, a halt in the construction of new electric utility infrastructures, grid networks, renewable power plants, and other power plants due to a labour shortage is expected to hinder the market growth during the pandemic period. As a result, market growth in the second, third, and fourth quarters of 2020 will be slower. However, the fuel cell market recovered by the end of 2021, as COVID-19 vaccination became available in several economies worldwide, which is expected to boost global demand.

Recent developments:

• Toyota Corporation unveiled a new hydrogen production facility and refuelling station at its decommissioned car factory in Melbourne, Australia, in March 2021, ahead of the Mirai FCEV, the company’s second-generation fuel-cell vehicle. A 200-kilowatt electrolyzer is powered by an 84-kilowatt solar array and a 100-kilowatt battery on-site.
• Hyzon Motors Inc. announced the delivery of 29 fuel cell electric trucks to a major Chinese steel conglomerate through Shanghai Hydrogen HongYun Automotive Co. in December 2021.

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Market segmentation:

The Fuel Cell Technology Market has been segmented according to Application, Method, and Fuel Type.

The global market has been divided into three fuel types: methane, hydrogen, and others. Because of its significant system efficiency, durability, and higher reliability, the methane segment will lead the market over the forecast period.

Air The global market is divided into AFC, SOFC, MCFC, PAFC, PEM, DMFC, and others based on the method. The PEM segment will dominate the market over the forecast period with its diverse applications such as speciality vehicles, transportation, distributed generation, portable power, and backup power.

The global market comprises three applications: portable power, transportation, and stationary. The transportation segment will lead the market during the forecast period.

Regional analysis:

The global fuel cell technology market is divided into five regions: Asia Pacific, Europe, North America, the Middle East and Africa, and South America. Over the forecast period, the APAC region will have the lion’s market share. Growing demand from the auto sector in South Korea, Japan, and China, strict government regulations related to carbon emissions, increased use of fuel cell-powered vehicles, rising power generation from cleaner sources of energy, and high demand for combined heat and power (CHP) systems in Japan, and favourable government policies in South Korea, Japan, and China are all contributing to the region’s global market growth.

The market in North America is expected to grow steadily over the forecast period. High utilisation of fuel cell technology, constant technological advancements, rising promotion and acceptance of electric vehicles, and increasing R&D investments by various players contribute to the region’s global market growth.

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