Growing Emphasis on Production of Clean Energy to Boost Stationary Fuel Cell Systems Sales by 7.48x through 2032

NEW YORK, March 2, 2022 /PRNewswire/ -- The global stationary fuel cell system market is estimated to reach US$ 20.2 Bn by the end of 2032. With increasing environmental concerns pertaining to sustainability and surging demand for energy, governments in several countries are undertaking numerous initiatives for the production of clean energy.

For instance, according to a report by the American Clean Power Association, the U.S. Government recently announced its plan of investing nearly US$ 550 Bn for increasing the production of clean energy across the U.S.

Stationary fuel cell systems assist in the production of emission-free energy with zero dependencies on grid infrastructure. Hence, a slew of such initiatives are estimated to create lucrative growth opportunities for the market. Driven by this, the sales of stationary fuel cell system is expected to rise by 7.48X between 2022 and 2032

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As per Fact.MR, the sales of stationary fuel cell systems are expected total US$ 3.2 Bn by 2022, expanding at a CAGR of 20.3% over the forecast period (2022-2032).

Stationary fuel cells systems are considered to be an alternative to conventional combustion heat engines. Due to their higher efficiency and ability to utilize all the heat released, the sales of these systems are expected to surge, favoring the growth in the market.

Also, rising government funding for development and adoption of ultra-high fuel cell systems for expanding clean energy production capacity is expected to accelerate the growth in the stationary fuel cell systems over the coming years

As per Fact.MR, demand for stationary fuel cell systems is rapidly increasing for applications such as cogeneration, distributed power generation, and backup power. Sales are expected to be driven by their attributes such as higher efficiency, lesser or no heat loss, and minimal carbon emission. Under the application category, the combined heat and power (CHP) segment is projected to exhibit growth at 17.2% CAGR through 2032.

Key Takeaways from the Stationary Fuel Cell Systems Market Study

• The U.S. is anticipated to account for the largest share in North America market, owing to increasing government emphasis on clean energy production.
• China is expected to register robust growth in East Asia market, favored by the presence of a large number of prominent market players in the country.
• India is forecast to emerge as a highly lucrative market in South Asia & Oceania, accounting for more than 2/5^th of the revenue share over the assessment period.
• On the basis of technology, the proton-exchange membrane fuel cell (PEMFC) segment is estimated to account for over 1/3^rd of the global sales by 2022.
• In terms of power range, the less than 1Kw segment is projected to hold over 38% of the demand share through 2032.

Growth Drivers

• Growing adoption of stationary fuel cells systems, owing to their ability to provide power at remote locations in absence of grid infrastructures is favoring the growth in the market.
• Increasing inclination towards stationary fuel cells systems for the production of power and heat attributed to their high reliability and efficiency is augmenting the sales across the combined heat and power segment.

Key Restraints

• Shifting customer preference towards clean energy alternatives such as solar panels is hindering the sales of stationary fuel cells systems.
• Extravagant cost of installation, maintenance, and hydrogen storage of stationary fuel cells systems is hampering the growth in the market.

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Competitive Landscape

As per Fact.MR, top 5 companies in the global stationary fuel cells system market are expected to, collectively, account for more than 29% of the total revenue share in 2022. 

Leading players are adopting strategies such as mergers & acquisitions, collaborations, and partnerships with other companies to expand their market presence. Apart from this, new product development is the key strategy adopted by prominent companies to upscale their presence among consumers.

For instance,

• In July 2020, Plug Power Inc., an American electrical equipment manufacturing company, announced launching a line of zero-emission stationary fuel cell systems, "GENSURE HP FUEL CELL PLATFORM," designed for large-scale, high power backup power applications. This assisted the company to strengthen their footprint in the U.S. market.

Some of the key players in the market profiled by Fact.MR are:

• Plug Power Inc.
• Fuelcell Energy Inc.
• Doosan Fuel Cell America
• Ballard Power Systems
• POSCO ENERGY
• SOLIDpower Group
• Bloom Energy Corporation
• PowerCell
• AFC Energy Plc.
• Fuji Electric Co. Ltd
• Other

More Valuable Insights on Stationary Fuel Cell Systems Market

An exhaustive study published by Fact.MR offers a detailed analysis on the global stationary fuel cell systems market, analyzing forecast statistics for the assessment period 2022-2032. The study offers refines sales projections in stationary fuel cell system market with detailed segmentation:

• By Technology:
• MCFC
• PAFC
• PEMFC
• SOFC
• By Application:
• Prime Power
• Uninterrupted Power Supply (UPS)
• Combined Heat and Power (CHP)
• By Power Range:
• Less than 1Kw
• 5kW-250kW
• 250kW-1mW
• More than 1mW
• By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

 Key Questions Covered in the Stationary Fuel Cell Systems Market Report 

• What is the global stationary fuel cell systems market worth in 2022?
• What is the demand outlook for stationary fuel cell systems market during the forecast period?
• What will be the CAGR for the stationary fuel cell systems market between 2022 and 2032?
• Who are the prominent players in the global stationary fuel cell systems market?
• Which is the most remunerative region in the stationary fuel cell systems market?

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SOURCE Fact.MR