Chicago, June 06, 2022 (GLOBE NEWSWIRE) -- According to the new market research report by MarketsandMarkets™, the "Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Global Forecast to 2027", is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. during the forecast period.
A key factor driving the growth of the fuel cell industry is government policies and incentives provided for fuel cells. In Asia Pacific, China, Japan, and South Korea are the prominent countries that are emphasizing the use of fuel cells for various applications, including utility-scale power generation. In 2019, China’s Ministry of Finance, Ministry of Industry and Information Technology (MIIT), Ministry of Science and Technology, and National Development and Reform Commission jointly announced subsidies for new energy vehicles. In addition, companies such as Bloom Energy and its subsidiaries have been working closely with the South Korean government to set up utility-scale power plants based on SOFC. Two different utility-scale power plants of 19.8 MW and 8.1 MW will be installed over the years in two different cities. Moreover, SK E&C (Bloom Energy) and South Korean authorities have signed a contract to develop a SOFC-based microgrid by 2022. These factors are the prime reasons for the growth of the fuel cell market in Asia Pacific and North America.
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Fuel cell vehicles segment to emerge as the fastest growing segment of the fuel cell market by application
Proton exchange membrane fuel cells (PEMFC) are majorly used in fuel cell-powered vehicles. One of the greatest R&D undertakings of the early twenty-first century is decarbonizing transportation. According to the US Environmental Protection Agency, approximately 4.7 metric tons of CO2 is emitted from a typical passenger car per year. Comparatively, a heavy commercial vehicle emits more greenhouse gases than a passenger car. Hence, there is a greater need to control automotive emissions, especially in heavy-duty vehicles such as trucks and buses which is driving the market.
SOFC segment is expected to be the fastest growing market by type
The growth of the segment is contributed by its simple mechanism, extended lifespan, and high efficiency. Solid oxide fuel cells with an operating temperature of up to 1,000°C are suitable for the extraction of process heat and thus for stationary usage in power stations and combined heat and power plants, as well as for heating systems in residential and commercial & industrial sectors. Solid oxide fuel cells have a high electro-conversion area; therefore, they also have a high efficiency rate as compared to other fuel cells. The by-product of such a chemical reaction usually consists of heat and water (H2O). A SOFC, coupled with an electrolyzer, is referred to as a solid oxide electrolyzer cell (SOEC) and can further enhance operational efficiency by reusing the by-product from SOFC. It is a highly efficient energy conversion device, which offers fuel flexibility, which in turn facilitates market growth.
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Asia Pacific is likely to emerge as the fastest growing fuel cell market
Asia Pacific is estimated to be the fastest growing market for fuel cell during the forecast period. The Asia Pacific market is principally driven by government regulations on energy and climate, strict laws on emission of GHG. The adoption of sustainable and clean energy solutions in Japan is increasing as both the private sector and the government are focusing on investing in fuel cells. The government announced the Strategic Roadmap for Hydrogen and Fuel Cells in June 2014, which was amended in March 2016 and March 2019. The government also announced the Basic Hydrogen Strategy in December 2017. The Strategic Road Map for Hydrogen and Fuel Cells, which included a plan for the deployment of FCVs, was published in March 2016, establishing a target of 40,000 FCVs on road by 2020, 200,000 FCVs by 2025, and 800,000 FCVs by 2030. Japan has shown the potential of hydrogen and fuel cell technology to the world.
Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), Plug Power Inc. (US), Ceres (UK), Ballard Power Systems (Canada), and Powercell Sweden AB (Sweden) are the key players in the global Fuel Cell Market.
