A recent report published by Infinium Global Research on fuel cell market provides in-depth analysis of segments and sub-segments in the global as well as regional fuel cell market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fuel cell market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global fuel cell market. The global fuel cell market was valued at about USD 3.2 billion in 2022 and is expected to reach over USD 18.7 billion in 2030, with a CAGR of about 25% during the forecast period 2023-2030.
The fuel cell market is a rapidly expanding industry that is focused on developing and commercializing fuel cell technology as a cleaner, more efficient, and more sustainable energy solution. Fuel cells are a type of electrochemical device that converts the chemical energy of a fuel, such as hydrogen or natural gas, into electricity without combustion, producing only heat and water as byproducts. Fuel cells are gaining increasing attention due to their high efficiency, low emissions, and versatility in a wide range of applications, including transportation, stationary power generation, and portable electronics. They offer a clean alternative to traditional power sources, such as internal combustion engines and batteries, and can be used in a variety of settings, from powering vehicles to providing backup power for buildings.
Highly polluting fossil fuels are a concern for environmental reasons. This has resulted in more attention being paid to fuel cells. Over the last few years, growth in shipments of fuel cells has accelerated rapidly as various applications have become commercial. Portable fuel cells saw the most rapid rate of growth over the period since increasing numbers of fuel cell educational kits were sold to consumers. As a result of rapid urbanization, the global growth of fossil fuel energy consumption has increased, leading to an increase in environmental pollution rates. Consequently, environmental pollution has shifted attention to get clean energy conversion. Fuel cells are known as one of the cleanest energy conversion systems owing to their high energy-conversion efficiency, environmental safety, high energy density, and other outstanding features. Fuel cells have actually reached a partial commercialization phase due to many different initiatives being issued all over the world particularly in the USA, Japan, and Europe by the bigger car constructors and governments. That initiative mainly focuses on the further development of the cells at many demonstrative applications. In Germany, Japan, and the UK, there began to be significant government funding devoted to developing fuel cell technology. Moreover, government policies to promote clean transport also helped drive the development of the fuel cell market for automotive applications. However, the high cost of the fuel cell is affecting the growth of the market.
The Asia Pacific holds the largest market share in the fuel cell market. Japan is the major market in the Asia-Pacific region followed by South Korea. Due to the large demand for combined heat and power systems in Japan and other countries, the market for fuel cells is growing in the Asia Pacific. In the coming years, markets in countries such as China, India, and Korea are likely to increase as technological capabilities, and government support in these countries are expected to increase. For instance, an ambitious partnership between the Korean government and Hyundai plans to replace Korean CNG buses with fuel cell. This is intended to build on Hyundai’s PEM technology and experience in manufacturing fuel cell vehicles, as well as stimulating the production of fuel cell system components within Korea. Moreover, Europe is growing with a healthy CAGR for the fuel cells market owing to the regulatory scenario in the region and advancements in technology.
The report on global fuel cell market covers segments such as type, and application. On the basis of type, the sub-markets include proton exchange membrane fuel cell, phosphoric acid fuel cell, alkaline fuel cell, and microbial fuel cell. On the basis of application, the sub-markets include transport, stationary, and portable.
The report provides profiles of the companies in the market such as Ballard Power Systems, Bloom Energy, Plug Power Inc., SFC Energy AG, MITSUBISHI HEAVY INDUSTRIES, LTD., Intelligent Energy Limited, Toshiba Energy Systems & Solutions Corporation, Doosan Fuel Cell Co., Ltd, Nedstack Fuel Cell Technology BV, and NUVERA FUEL CELLS, LLC.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fuel cell market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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