New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Fuel Cell Market Size is to Grow from USD 9.49 Billion in 2023 to USD 126.23 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 29.54% during the projected period.
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Fuel cells are technologies that generate energy using electrochemical redox processes rather than burning. Fuel cells offer a wide range of uses, including transportation, industrial, commercial, and residential constructions, as well as long-term grid energy storage in reversible systems. Fuel cells can perform at higher efficiency than combustion engines. They transform chemical energy into electrical energy with about 60% efficiency when compared to combustion engines. Fuel cells work similarly to batteries, except they do not run out of power or require recharging. They create energy and heat for as long as fuel is available. A fuel cell consists of two electrodes, an anode, and a cathode, which can be placed around an electrolyte. However, the increased demand for electric automobiles and problems in managing large hydrogen plants are limiting market expansion.
Browse key industry insights spread across 219 pages with 105 Market data tables and figures & charts from the report on the " Global Fuel Cell Market Size, Share, and COVID-19 Impact Analysis, By Type (Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, and Others), By Application (Transport, Stationary, and Portable), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The proton exchange membrane fuel cell has the highest share of the market throughout the forecast period.
Based on type, the global fuel cell market is classified into proton exchange membrane fuel cells, solid oxide fuel cells, phosphoric acid fuel cells, and others. Among these, the proton exchange membrane fuel cell has the highest share of the market throughout the forecast period. The demand for proton exchange membrane fuel cells is increasing due to their numerous advantages over other varieties. It operates at a lower temperature of roughly 80°C, resulting in faster starting and less wear on system components. As a result, proton exchange membrane fuel cells are more durable than other goods. Fuel suppleness, compressed design, lightweight, cost-effectiveness, and electrolyte solidity can all contribute to market expansion. The quality concerns with ordinary power that commercial and small industrial users face have influenced applications that require high quality. Reliable electricity is increasingly popular. Once production costs are greatly lowered, it will be practical to deploy this technology in residential areas to generate electricity and heat.
The stationary segment has the highest market share of the market during the forecast period.
Based on application, the global fuel cell market is classified into transport, stationary, and portable. Among these, the segment has the highest market share of the market during the forecast period. Stationary fuel cell applications use fuel cell technology to generate electricity for static power generation. This can be utilized to provide a dependable and efficient power source in a range of contexts, including households, companies, and manufacturing facilities. The stationary use of fuel cells has several advantages, including high efficiency, low emissions, and quiet operation. It can serve as both a backup power source and a primary power generation system, enhancing energy resilience and sustainability. Furthermore, fuel cells can be integrated with other energy sources, such as solar or wind power, to create hybrid energy systems with increased reliability and environmental benefits.
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Asia-Pacific is expected to account for the largest share of the global fuel cell market over the forecast period.
Asia-Pacific is expected to account for the largest share of the global fuel cell market over the forecast period. The region has drawn international investors due to its concentration of financial institutions. Local players monopolize the market, posing major entrance difficulties. The Asia-Pacific area maintains an important fuel cell market because of favorable policies established by countries such as Japan, South Korea, and China. Japan has been at the forefront of developing hydrogen and fuel cell technologies. It intends to commercialize fuel cell vehicles and extend the hydrogen fuelling infrastructure. South Korea is also a pioneer, with big businesses like Hyundai developing and operating fuel-cell buses and automobiles. Japan has partnered with Indonesia and Vietnam to develop hydrogen ecological systems through projects like hydrogen fuelling stations.
Europe is expected to expand the fastest in the fuel cell market throughout the forecast period. The region's well-established automotive sector, as well as demand for fuel cells, is propelling the regional fuel cell market forward. Seeking this opportunity, market companies such as Bosch and others are making investments and working together on fuel-cell or hydrogen-powered vehicles to lower demand and gain a competitive advantage.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the fuel cell market include Panasonic Corporation, Doosan Fuel Cell Co., Ltd., AISIN CORPORATION, Ceres, SFC Energy AG, TOSHIBA CORPORATION, Robert Bosch GmbH, TW Horizon Fuel Cell Technologies, AFC Energy PLC, FuelCell Energy, Inc., Fuji Electric Co., Ltd., Hyundai Motor Company, Cummins Inc., Ballard Power Systems, PLUG POWER INC., NUVERA FUEL CELLS, LLC., Nedstack Fuel Cell Technology BV, Bloom Energy, and Others.
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Recent Developments
- In November 2023, Honda and General Motors showcased a prototype of their next-generation hydrogen fuel cell technology during European Hydrogen Week in Brussels. The company wants to expand its fuel cell technology offerings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global fuel cell market based on the below-mentioned segments:
Global Fuel Cell Market, By Type
- Proton Exchange Membrane Fuel Cell
- Solid Oxide Fuel Cell
- Phosphoric Acid Fuel Cell
- Others
Global Fuel Cell Market, By Application
- Transport
- Stationary
- Portable
Global Fuel cell Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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