Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global fuel cell market size is expected to showcase considerable growth by reaching USD 28.95 billion by 2028. Fortune Business Insights in its latest report, titled, “Fuel Cell Market, 2021-2028.”, mentions that the market stood at USD 2.62 billion in 2020 and is likely to exhibit an impressive CAGR of 36.0% between 2021 and 2028. Factors such as favourable government policies to support the development of advanced hydrogen refuelling infrastructure and the increasing focus on reducing the greenhouse gases effects are attributable to the market’s growth during the forecast period.
The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 36.0% |
| 2028 Value Projection | USD 28.95 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.62 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 210 |
| Segments covered | Type, Application and Region |
| Growth Drivers | Major Companies Focus on Product Launches to Brighten Their Market Prospects |
| Increasing Focus on Reducing Greenhouse Gas Emissions to Favor Growth |
Driving Factors:
The government of the State of New Jersey updated the financial benefits for battery cell CHP installations on or after October 1st, 2020. The structure of its CHP-FC Program is designed to propel more manufacturers with a monetary aid of up to USD 3 million per project. Similarly, other government agencies are focusing on formulating supportive regulatory frameworks to support the development of advanced hydrogen fuel charge infrastructures across the globe.
In addition to this, the rising greenhouse emission is propelling the manufacturers to develop sustainable energy generation products across the globe. These factors are expected to contribute to the global fuel cell market growth during the forecast period.
Market Segmentation:
We have segregated the market based on type, application, and region.
- By Type the market is segmented by Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric, Acid Fuel Cell (PAFC), Solid Oxide Fuel Cell (SOFC). SOFC segment held a global fuel cell market share of about 25.1% in 2020 and is likely to experience considerable growth during the forecast period. This is ascribable to factors such as increasing adoption of solid oxide FC due to their several advantages such as improved fuel flexibility, high CHP efficiency, and others.
- By Application the its further divided into Portable, Stationary, Transport
- By Geography the market is categorized by North America (U.S., Canada, and Mexico), Europe (U.K., Germany, France and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea and Rest of Asia- Pacific), and Rest of the World.
Regional Insights:
- Asia-Pacific is expected to hold the highest position in the market during the forecast period. This is attributable to the increasing focus on carbon-free power generation in the region. Asia-Pacific stood at USD 1.41 billion in 2020.
- The market in North America is expected to showcase exponential growth backed by supportive government policies to promote hydrogen refuelling infrastructure in the region between 2021 and 2028.
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What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth in the forthcoming years.
Moreover, the research analyst has adopted several research methodologies to obtain information about the current trends and industry developments that will drive the market growth between 2021 and 2028.
Competitive Landscape:
Major Companies Focus on Product Launches to Brighten Their Market Prospects
The market is fragmented by the presence of key companies that are focusing on developing and introducing innovative sustainable energy generation products and further expand their product portfolio. Other key players are leveraging the opportunities provided by the market by adopting strategies such as facility expansion, collaboration, and merger and acquisition to strengthen their footprint during the forecast period.
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List of Key Companies Profiled in the Market Report:
- Horizon Fuel Cell Technologies
- ElringKlinger
- Hydrogenics
- SOLIDpower Italia
- Ceres Power
- Ballard Power Systems
- AVL
- Bosch
- Pragma Industries
- Mitsubishi Heavy Industries
- W. L. Gore & Associates
- Nedstack Fuel Cell Technology
- Proton Motor Fuel Cell GmbH
- Bloom Energy
- AISIN
- Convion
- ITM Power
- Plug Power
- Nuvera Fuel Cells, LLC
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
4.6. Value Chain Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Fuel Cell Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by the Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued...
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