Fuel Cell Market Size to Reach USD 26.70 Billion in 2030| Emergen Research

News provided by

Jan 09, 2023, 12:30 ET

VANCOUVER, BC, Jan. 9, 2023 /PRNewswire/ -- The fuel cell market size reached USD 4.26 Billion in 2021 and is expected to register a CAGR of 22.8% during the forecast period, according to latest analysis by Emergen Research. Growing demand for fuel cells for backup power in data centers is the key factor driving market revenue growth.

Drivers:

Fuel cells are being increasingly adopted as a backup power source for data centers in recent years due to their high efficiency, low emissions, and ability to provide reliable power, which is expected to drive revenue growth of the market during the forecast period. Fuel cells are highly efficient, with some types of fuel cells achieving energy conversion efficiencies of up to 60%. This can help data centers save money on energy costs by reducing the amount of energy that is wasted during the power generation process. In addition, fuel cells are a reliable power source and can provide continuous power for extended periods. This can be especially important for data centers, which need to ensure that they have a reliable power source to keep their operations running smoothly.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/100

Various organizations are now adopting fuel cells for backup power in data centers. In February 2022, for instance, Dutch data center company NorthC is switching its backup power generators at its Groningen facility to run on green hydrogen, claiming it's a first for data center architecture in Europe. According to NorthC, the H2-powered 500KW hydrogen fuel cell module aims to reduce diesel consumption by tens of thousands of liters annually while avoiding 78,000 kilos of CO2 emissions. It will run on hydrogen produced by renewable energy. The new fuel cells, built by Dutch company Nedstack, will only emit water, and the hardware is expected to last for 20 years.

The EU data center industry has agreed to make data centers carbon neutral by 2030, and NorthC asserts that hydrogen fuel cells are a promising technology for accomplishing this goal. In July 2022, Microsoft announced the successful testing of a hydrogen fuel cell system capable of replacing a traditional diesel-powered backup generator in a large data center. The company aims to have completely phased out the use of diesel fuel in its backup power systems by 2030.

Restraints:

Storage issues for hydrogen fuel cells as a source of energy are the main restaurant for the revenue growth of the market. Hydrogen is a very lightweight gas, and it is difficult to store in large quantities. It must be stored in high-pressure tanks or cryogenic tanks, which are expensive and can be difficult to transport. In addition, hydrogen has a very low energy density, meaning that it requires a lot of space to store a significant amount of energy. Another issue with hydrogen storage is that it is difficult to distribute. Hydrogen gas must be transported and delivered to the point of use, which can be logistically challenging. All of these factors are expected to restrain revenue growth of the market.

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/industry-report/fuel-cells-market

Growth Projections:

The fuel cell market is expected to register a CAGR of 22.8% over the forecast period and revenue is projected to increase from USD 4.26 Billion in 2021 to USD 26.70 Billion in 2030. is expected to support revenue growth of the market. Growing trend to decrease greenhouse gas emissions is expected to drive the revenue growth of the market.

Current Trends and Innovations:

As concern about the impact of greenhouse gas emissions on the environment grows, there is a growing trend toward the adoption of clean and renewable energy sources. Fuel cells, which use hydrogen or other fuels to generate electricity through a chemical reaction, can be a clean and efficient source of energy because they produce electricity with minimal pollution. One of the main advantages of fuel cells is that they can produce electricity without emitting greenhouse gases, such as carbon dioxide. This makes them an attractive option for countries and companies looking to reduce their carbon footprints and meet emissions reduction targets.

The European Union has set a target of reducing its greenhouse gas emissions by at least 40% below 1990 levels by 2030. The United States has set a target of reducing its greenhouse gas emissions by 26-28% below 2005 levels by 2025. Japan has set a target of reducing its greenhouse gas emissions by 26% below 2013 levels by 2030. The growing trend to decrease greenhouse gas emissions across the globe is expected to boost revenue growth of the market during the forecast period.

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/100

Strategic Initiatives:

Major companies included in the market report are Doosan Fuel Cell Co., Ltd., Fuel Cell Energy, Inc., SFC Energy AG., Bloom Energy, Kyocera Corporation, Plug Power Inc., Nuvera Fuel Cells, LLC, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Cummins Inc., PowerCell Sweden AB, and Toshiba Corporation.

On December 30, 2022, Bloom Energy signed an agreement with Unimicron, which is a printed circuit board manufacturer, to install up to 10MW of fuel cells at Unimicron manufacturing facilities in Taiwan. The installations will start in 2023 and will be finished by 2026. Bloom Energy will have installed its solid oxide fuel-cell-based Energy Server in four Asian countries. The energy platform of Bloom can be set up to build a microgrid that can run in conjunction with or separately from an electrical grid. When fueled by a source that has a network of underground pipelines.

Scope of Research

Report Details	Outcome
Market size in 2021	USD 4.26 Billion
CAGR (2022-2030)	22.8 %
Revenue forecast to 2030	USD 26.70 Billion
Base year for estimation	2021
Historical data	2019-2020
Forecast period	2022-2030
Quantitative units	Revenue in USD Billion and CAGR in % from 2022 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Size, type, application, end-use, and region
Regional scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country scope	U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA
Key companies profiled	Doosan Fuel Cell Co., Ltd., Fuel Cell Energy, Inc., SFC Energy AG., Bloom Energy, Kyocera Corporation, Plug Power Inc., Nuvera Fuel Cells, LLC, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Cummins Inc., PowerCell Sweden AB, and Toshiba Corporation
Customization scope	10 hours of free customization and expert consultation

Custom Requirements can be requested for this Report [Customization Available] @ https://www.emergenresearch.com/request-for-customization/100

Emergen Research has segmented fuel cell market on the basis of size, type, application, end-use, and region:

Size Outlook (Revenue, USD Billion; 2019-2030)

Small Scale
Large Scale

Type (Revenue, USD Billion; 2019-2030)

Proton-Exchange Membrane Fuel Cell (PEMFC)
Polymer Electrolyte Fuel Cell (PEFC)
Direct Methanol Fuel Cell (DMFC)
Molten Carbonate Fuel Cell (MCFC)
Phosphoric Acid Fuel Cell (PAFC)
Alkaline Fuel Cell (AFC)
Others

Application Outlook (Revenue, USD Billion; 2019-2030)

Portable
Stationary
Transport

End-Use (Revenue, USD Billion; 2019-2030)

Commercial & Industrial
Military & Defense
Data Centers
Transportation
Residential
Utilities & Government

Regional Outlook (Revenue, USD Billion, 2019 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
Japan
South Korea
India
Australia
Rest of APAC

Latin America

Brazil
Mexico
Rest of LATAM

Middle East & Africa

UAE
Saudi Arabia
Africa
Rest of Middle East

Latest Research Reports Published by Emergen Research:

Security Orchestration Market, By Component (Software and Services), By Organization Size, By Deployment, By Application, By End-Use, and By Region Forecast to 2030

Chemical Catalyst Market, By Type (Homogeneous, Heterogeneous, Heterogenized Homogeneous Catalyst, Biocatalyst), By Application (Petroleum Refining, Chemical Synthesis, Environmental, Others), By Region Forecast to 2030

Digital Transformation Market, By Component (Solutions and Services), By Deployment (Cloud and On-Premises), By Organization Size (Large Enterprise and Small & Medium Enterprise), By End-Use, and By Region Forecast to 2030

Sinus Dilation Devices Market By Product (Balloon Sinus Dilation Devices, Endoscopes, Sinus Stents/Implants, and Others), By Procedure (Standalone, Hybrid, and Others), By End-use, and By Region Forecast To 2030

Sleep Apnea Oral Appliances Market, By Product (Mandibular Advancement Devices, Tongue-Retaining Devices, CPAP machine, and Others), By End-Use (Hospitals, Home Use, Clinics, and Others), and By Region Forecast To 2030

Immunoassay Market, By Product (Reagents and kits and Instruments), By Technology (Radioimmunoassay (RIA), Enzyme-Linked Immunosorbent Assay (ELISA), and Others), By Application, By End-Use, and By Region Forecast to 2030

Seaweed Fabric Market, By Type (Kelp, Kombu, Sargassum, and Others), By Application (Textiles, Casual Sportswear & Activewear, Couture Clothing, and Others), and By Region Forecast to 2030

Titanium Dioxide Nanoparticles Market, By Form (Rutile, Anatase, and Combination of Rutile & Anatase), By Application (Paints & Coatings, Personal Care Products, and Others), and By Region Forecast to 2030

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: [email protected]
Emergen Research Media Citations: https://www.emergenresearch.com/media-citations
Visit for More Insights: https://www.emergenresearch.com/insights
Explore Our Custom Intelligence services | Growth Consulting Services
Read our Press Release @ https://www.emergenresearch.com/press-release/global-fuel-cells-market
Trending Titles LiDAR Market | Metaverse Market