San Francisco, March 15, 2022 (GLOBE NEWSWIRE) -- The global fuel cell market size is expected to reach USD 33.09 billion by 2027, exhibiting a CAGR of 15.5% over the forecast period, according to a new report published by Grand View Research, Inc. The rise in demand for unconventional energy sources is a key factor driving the growth.
Key Insights & Findings from the report:
- The fuel cell market is highly consolidated with major companies accounting for over 80% of industry demand. Hydrogen is anticipated to lead the market owing to continuous R&D activities.
- North America is expected to emerge as a largest market in terms of fuel cell installation due to regulatory scenario, technological advancements, and investments by federal government. Hence, public-private partnerships are crucial for gaining technological advantage.
- Government regulations and initiatives for minimizing emission rates and capacity to make use of domestic energy sources are some of the factors propelling the demand for hydrogen power plants.
- China is projected to showcase significant growth as a result of majority of Chinese fuel cell manufacturers emphasize on developing proton exchange membrane fuel cells which implies incorporating fuel cells in various modes of transport.
- Key market players include Fuel Cell Energy, Inc.; Ballard Power Systems; Hydrogenics Corporation; SFC Energy AG; Nedstack Fuel Cell Technology B.V.; Bloom Energy; Doosan Fuel Cell America, Inc.; Ceres Power Holdings Plc; and Plug Power, Inc. Apart from these, several other automobile manufacturers are in the process of launching their fuel cell vehicles.
To request a sample copy or view summary of this report, “Fuel Cell Market Size, Share & Trends Analysis Report By Raw Material, By Product (PEMFC, PEFC, SOFC, MCFC), By Application (Stationary, Transportation, Portable), By Region, And Segment Forecasts, 2021 - 2028”, published by Grand View Research.
Fuel Cell Market Growth & Trends
North America accounted for the largest market share in 2019 and is projected to continue leading over the forecast period, due to the commercialization and adoption of electric vehicles. However, Asia Pacific emerged as a growing market in terms of shipments. Rising demand for combined heat and power systems in is projected to drive the demand for fuel cell in the region.
Power-based electricity generation is effective in minimizing emission of carbon dioxide or any other hazardous pollutants. Hence, fuel cell technology plays a vital role in dealing with environmental issues as well as encouraging the use of renewable carriers of energy. Ongoing product developments and innovation is expected to open new opportunities for emerging players.
Using fuel cells can minimize the dependency on non-renewable energy sources such as coal, natural gas, and petrochemical derivatives. Fuel cells employ electrochemical process for generation of energy and result in less combustion of fuels. Hybrid systems using conventional engines and fuel cells are deployed in most of electric vehicles.
Fuel Cell Market Segmentation
Grand View Research has segmented the global fuel cell market on the basis of product, application, and region:
Fuel Cell Product Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
- PEMFC
- PAFC
- SOFC
- MCFC
- Others
Fuel Cell Application Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
- Stationary
- Transportation
- Portable
Fuel Cell Regional Outlook (Volume, Units; Capacity, Mega Watt; Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- South Korea
- Taiwan
- Australia
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
List of Key Players of Fuel Cell Market
- Fuel Cell Energy, Inc.
- Ballard Power Systems
- SFC Energy AG
- Nedstack Fuel Cell Technology B.V.
- Bloom Energy
- Doosan Fuel Cell America, Inc.
- Ceres Power Holdings Plc
- Plug Power, Inc.
- Nuvera Fuel Cells, LLC
Check out more related studies published by Grand View Research:
- Solid Oxide Fuel Cell Market - The global solid oxide fuel cell market size is expected to reach USD 4.0 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 42.2% from 2021 to 2028. Growing expenditure in infrastructure and industry development is anticipated to have a positive impact on the global solid oxide fuel cell (SOFC) market over the projected period.
- Fuel Cells In Aerospace And Defense Market - The global fuel cells in aerospace market size is expected to reach USD 1,618.33 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 30.6% from 2021 to 2028. Growing awareness regarding alternative sources of energy is one of the major factors contributing to the growth of the market.
- Organic Rankine Cycle Market - The global organic rankine cycle market size is expected to reach USD 926.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.3% from 2020 to 2028. The rise in the adoption of renewable energy in countries, such as the U.S., China, Germany, and Canada, is leading to the emergence of supportive regulations and provision of financial incentives for the deployment of renewable energy.
Browse through Grand View Research’s Power Generation & Storage Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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