Selbyville, Delaware, March 21, 2022 (GLOBE NEWSWIRE) --
The North America fuel cell market is anticipated to surpass USD 2.4 billion by 2030, as reported in a research study by Global Market Insights Inc. Rising concern to curb carbon emissions along with rapid integration of renewable energy sources will foster the industry growth. According to the U.S. Department of Energy, ARPA-E granted USD 37 million to the integration and optimization of Novel Ion-Conducting Solids. This program is working on 16 new projects to overcome the limitations of conventional fuel cell technology.
Favourable government incentives and regulations for the advancement of renewable electricity coupled with the expansion of hydrogen networks will fuel the industry growth. Increasing requirement for off grid power supply in line with rising fuel prices will complement the fuel cell industry demand. In addition, rapid industrialization and commercialization along with the expansion of fuel cell network will propel the industry landscape. Moreover, consumer focus toward adoption clean power solutions will fuel the industry dynamics.
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PAFC & AFC fuel cell market in North America is projected to grow on account of continuous investments in research and development coupled with the expansion of ecofriendly power supply network will foster the industry outlook. Rising electricity consumption along with the increasing requirement for high efficiency & low costs energy solutions will drive the business spectrum. In addition, paradigm shift towards the distributed power technologies generation combined with advanced infrastructure development will boost the industry landscape.
The fuel cell market from transport application is anticipated to witness significant growth owing to ongoing government investments for the expansion of fuel cell network coupled with growing demand for portable power sources. In addition, high energy density, improved fuel economy along with reduced carbon emissions will positively sway the product demand. Furthermore, ongoing fundings from public & private sectors for the establishment as well as expansion of hydrogen networks will propel the business landscape.
Rising focus for the adoption of green energy in line with a paradigm shift towards the electrification of remote locations will foster the Canada fuel cell market growth. Promising government funding programs for development of hydrogen fuel cell infrastructure will boost the business outlook. For instance, the Ministry of Natural Resources of Canada announced a funding of USD 46,000 to the Canadian Hydrogen and Fuel Cell Association (CHFCA) to foster the advantages of hydrogen FCEVs in the country.
The COVID- 19 outbreak has a marginal impact on the fuel cell market led by minimal workforce along with strict government restrictions on movement. In addition, the imposition of lockdown has declined the production process owing to shutting of several industrial and manufacturing operations resulting in decrement of economic development. However, vaccination drive to curb the virus spread in line with surging requirement for clean energy power solutions will boost the business landscape.
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Some of the key findings of the North America fuel cell industry report include:
- Shifting consumer inclination towards clean electricity generation resources along with continuous technological advancements will foster the business scenario.
- Ongoing government policies for the development of zero-emission sources coupled with rising private & public sector investments for backup energy supply will fuel the industry trends.
- The prominent players operating in the industry includes Ballard Power Systems, PLUG POWER Inc, Bloom Energy, NUVERA FUEL CELLS, Doosan Fuel Cell, etc.
- Continuous R&D activities toward development of advanced power solutions in line with regulatory schemes to strengthen sustainable energy solutions will augment the business dynamics.
Partial chapters of report table of contents (TOC):
Chapter 2 North America Fuel Cell Industry Insights
2.1 North America fuel cell industry 360° synopsis, 2018 - 2030
2.2 Industry segmentation
2.3 Industry ecosystem analysis
2.4 Innovation & technology landscape
2.5 Regulatory landscape
2.6 Hydrogen fuelling stations across the U.S. (2021 & 2019)
2.7 COVID- 19 impact on the industry outlook
2.8 Industry impact forces
2.8.1 Growth drivers
2.8.1.1 Initiatives toward developing a hydrogen economy
2.8.1.2 Environment-friendly and a better alternative than existing options
2.8.1.3 Government positive outlook and incentives
2.8.1.4 More efficient than batteries
2.8.2 Industry pitfalls & challenges
2.8.2.1 Lack of infrastructure
2.9 Growth potential analysis
2.10 Porter's Analysis
2.11 Announced hydrogen stations across the countries
2.12 Competitive landscape, 2021
2.13 North America fuel cell market, by shipments (‘000 Units)
2.14 PESTEL Analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
