Fuel Cell Market To Expand with Huge CAGR of 33.2% Through 2030, says P&S Intelligence

NEW YORK, May 17, 2022 /PRNewswire/ -- The fuel cell market size was approximately $1,799.9 million in 2021, and it is likely to advance at a colossal rate of 33.2% during 2021 to 2030 and reach $23,743.4 million, according to the market research report published by P&S Intelligence. The key features driving the industry are the availability of stimulus packages and financial benefits to advance green technology, increasing carbon release from industries, and the economic aspect of this technology. Apart from low emissions, this technology offers high efficacy, dependability, energy safety, resilience, scalability, and silent operation.

The growth prospects of the fuel cell market are likely to improve in the near future as the technology is advanced and made usable on different vehicle platforms, for instance, buses, heavy-duty trucks, and light passenger vehicles. Fuel-cell-driven material handling and logistics equipment is being deployed in warehouses and supply centers. This technology is also being employed in ports and airports to help surge equipment productivity and energy efficiency.

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Key Findings of Fuel Cell Market Report

• Polymer electrolyte membrane fuel cells account for about 60% fuel cell market revenue share. PEM FC-driven automobiles have numerous benefits, such as ecologically benevolent operations, fast startup, compatibility with renewable sources of energy, and densities of power similar to internal combustion engines.
• Thus, numerous automotive OEMs are investing in this technology because of its low installation time and promising power-to-weight ratio, which make it a good fit for buses and cars.
• Further, these power sources can be joined together to form stacks, which can be joined into bigger structures. Fuel cell systems come in various power output ranges and sizes for applications extending from massive installations that give power straight to the grid to electric vehicles, as a replacement for the engines fired with fossil fuels.
• Governments around the world are making long-standing policies concerning the reduction of carbon emissions, for instance, endorsing low-carbon hydrogen generation, mainly to meet the points stipulatory as per Paris Agreement.
• The procurement of fuel cells by the transportation sector is expected to propel at a CAGR of 33.6% in the coming years. Transportation uses about 25% of the total energy of the world. In ICEs, a major part of the energy is expelled as heat, because of friction and exhaust formation. The fuel cell technology is a substitute for Li-ion batteries and ICEs, as it does not produce waste heat.
• Moreover, transportation activities emit 17% of the world's greenhouse gas emissions yearly, so significant changes are likely from this sector to reach the goals of the Kyoto Protocol. The sector's key area of focus is to advance in technologies that would allow for substantial decreases in harmful releases and improved efficiency in converting chemical energy into electrical energy, for which PEM FC is one of the finest existing technologies.

The fuel cell market is growing as many nations are investing in hydrogen know-how, together with the snowballing numbers of sectors this technology is being adopted in. Fuel cells are being advanced for both large-scale (100 kW and above) and small-scale (up to 100 kW) applications, for instance, retail processes, data centers, residences, telecom towers, base stations, and utilities.

Browse detailed report on Global Fuel Cell Market Trends, Business Strategies, Regional Outlook and Analysis Through 2030

The industry players have been involved in partnerships and co-operations to remain competitive. The motive of many of these moves has been the expansion of hydrogen fuel cell truck fleets, adoption of hydrogen fuel cell systems for industrial use, and creation of integrated electrolyzers. The stalwarts of the market are Nuvera Fuel Cells LLC, Ceres Power Holdings Plc, Bloom Energy, FUEL CELL ENERGY INC., Toshiba Energy Systems and Solutions Corporation, and Nedstack Fuel Cell Technology B.V.

Fuel Cell Market Segmentation Analysis

By Technology

• Polymer Electrolyte Membrane Fuel Cells
• Solid Oxide Fuel Cells
• Alkaline Fuel Cells
• Phosphoric Acid Fuel Cells

By Application

• Stationary Power
• Residential
• Non-residential
• Transport
• On-Road
• Heavy-duty trucks
• Buses
• Light-duty vehicles
• Maritime
• Air
• Off-Road
• Portable Power

By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
•  Brazil
• Mexico
• Middle East and Africa
•  South Africa
• Saudi Arabia

Browse More Related Report

Global Fuel Cell Electric Vehicle Market Growth Forecast Report

Global Hydrogen Market Growth Forecast Report

Global Planar Solid Oxide Fuel Cell Market Growth Forecast Report

About P&S Intelligence

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SOURCE P&S Intelligence