Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Fuel Cell Power System Market by Fuel Cell Type (Solid Oxide Fuel Cell (SOFC), Proton Exchange Membrane Fuel Cell (PEMFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), and Others), and Application (Residential, Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2030". According to the report, the fuel cell power system market was valued at $4.9 billion in 2023, and is estimated to reach $15.2 billion by 2030, growing at a CAGR of 17.7% from 2024 to 2030.
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Prime determinants of growth
The global fuel cell power system market has witnessed growth due to several factors such as increasing demand for clean and sustainable energy solutions, government initiatives to reduce carbon emissions, and advancements in fuel cell technology However, the fuel cell power system market faces challenges such as high initial capital costs, technological complexities in system integration, and limited hydrogen infrastructure. Moreover, competition from alternative clean energy technologies, such as lithium-ion batteries and renewable energy sources, poses a challenge to market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2030 |
| Base Year | 2023 |
| Market Size in 2023 | $4.9 billion |
| Market Size in 2030 | $15.2 billion |
| CAGR | 17.7% |
| No. of Pages in Report | 230 |
| Segments Covered | Fuel Cell Type, Application, and Region. |
| Drivers |
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| Opportunity |
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| Restraints |
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Proton exchange membrane fuel cell (PEMFC) segment maintains its dominance by 2027.
By fuel cell type, the Proton exchange membrane fuel cell (PEMFC) segment held the highest market share in 2023 and is estimated to maintain its leadership status throughout the forecast period. Proton exchange membrane fuel cell can achieve high efficiencies, particularly when operating at low to medium power levels. This makes them highly effective in converting chemical energy from hydrogen into electrical energy. Proton exchange membrane fuel cells are highly versatile and scalable, suitable for both small-scale applications, such as portable electronics and residential power, and large-scale uses, such as commercial vehicles and grid stabilization. Their ability to scale efficiently makes them a flexible solution across various sectors. For instance, in the automotive industry, they are used in fuel cell electric vehicles due to their capability to provide longer driving ranges and shorter refueling times compared to battery electric vehicles.
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The industrial segment is expected to possess the highest market share till 2027.
By application, the industrial segment is expected to dominate the market during the forecast period as fuel cell power systems are utilized for various applications such as powering remote facilities, providing reliable backup power for mission-critical operations, and supporting sustainable manufacturing processes. Industries with high energy demands, such as telecommunications, logistics, and manufacturing, benefit from the reliability, efficiency, and environmental advantages offered by fuel cell technology.
Asia-Pacific is expected to grow at the highest CAGR throughout the forecast period.
By region, Asia-Pacific is expected to be the fastest growing region in terms of revenue in 2023. Asia-Pacific region is experiencing rapid urbanization and industrialization, leading to increased energy demand. Fuel cell power systems offer a clean and efficient energy solution, particularly in densely populated urban areas where air pollution is a significant concern. Many countries in the Asia-Pacific region, such as Japan, South Korea, and China, have implemented policies and incentives to promote the adoption of fuel cell technology.
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Leading Market Players: -
- Ballard Power Systems
- TOSHIBA CORPORATION
- Panasonic Life Solutions India Pvt. Ltd
- Fuji Electric Co., Ltd.
- NUVERA FUEL CELLS, LLC
- Bloom Energy
- JX Nippon Oil & Gas Exploration Corporation
- Fuel Cell Energy, Inc.
- Plug Power inc
- Doosan Fuel Cell Co., Ltd.
The report provides a detailed analysis of these key players in the global fuel cell power system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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