Global Fuel Cell Market is expected to grow at a robust CAGR
Global Fuel Cell Market is expected to grow
owing to shifting of focus towards clean and renewable energy to reduce the
carbon emission by regional governments throughout the forecast period.
According to TechSci Research report, “Fuel Cell Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global
Fuel Cell Market is
expected to register robust growth during the forecast period. The growth is fueled by the rising
demand for unconventional energy sources. To further boost this demand, there
is an increasing emphasis on private-public partnerships and minimizing
environmental impact. Governments worldwide are expected to provide support
through various means, including funding research and development activities
and implementing suitable financing programs. Establishing a robust regulatory
framework is crucial as it creates an investment-friendly environment for
government enterprises.
The adoption of FCVs is
increasing as governments and automakers worldwide seek alternatives to
traditional internal combustion engine vehicles. FCVs offer extensive driving
ranges, rapid refuelling, and zero emissions, presenting a significant
opportunity for fuel cell manufacturers.
Investments in research and
development are propelling advancements in fuel cell technologies, including
proton exchange membrane fuel cells (PEMFCs), solid oxide fuel cells (SOFCs),
and molten carbonate fuel cells (MCFCs). These advancements enhance efficiency,
durability, and cost-effectiveness.
Fuel cells produce minimal
emissions, primarily water vapor. They align with environmental objectives to
reduce greenhouse gas emissions and air pollution, making them appealing in
areas with stringent environmental regulations.
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Based on type, the Proton Exchange
Membrane Fuel Cell (PEMFC) segment is expected to dominate the market during the
forecast period. PEMFCs are being integrated into commercial vehicles such as
buses and trucks, providing several advantages compared to traditional diesel
vehicles. These benefits include extended operating ranges, reduced air
pollution, and quieter operation. Moreover, PEMFC-based CHP systems demonstrate
high efficiency in simultaneous electricity and heat generation, making them
increasingly popular in residential and commercial buildings. By contributing
to energy savings and emissions reduction, PEMFCs play a crucial role in
sustainable energy solutions. Furthermore, PEMFCs find applications in military
settings, powering soldiers' equipment and providing reliable energy sources in
the field. Their portability, quick refueling capabilities, and reduced noise
signature make them invaluable in military operations. Additionally, PEMFCs are
utilized to power unmanned aerial vehicles (UAVs), drones, and robotic systems,
enhancing their operational range and endurance due to high energy density and
quick refueling capabilities. PEMFCs' rapid start-up times render them suitable
for applications that require instant power, such as backup systems and
vehicles. In conclusion, the PEMFC segment in the Global Fuel Cell Market
offers significant opportunities across transportation, stationary power
generation, portable electronics, and material handling. Their remarkable
energy efficiency and low emissions make them an appealing choice for a wide
range of applications. However, addressing challenges related to hydrogen
infrastructure, cost, and durability is crucial to fully unlock their
potential.
Based on size, Small Scale segment is
projected to dominate the market throughout the forecast period. products. Fuel
cells can be rapidly refueled, minimizing downtime for users of portable
devices. This convenience can serve as a compelling selling point for consumers
who heavily rely on their devices for work, travel, or outdoor activities.
Moreover, fuel cells offer off-grid power generation solutions for remote or
rural areas lacking traditional grid infrastructure, presenting an alternative
to diesel generators. By doing so, they reduce environmental impact and
dependence on fossil fuels. Fuel cell-powered autonomous ground vehicles, such
as drones and robots, are gaining traction in various applications including
delivery services and agriculture. The utilization of small-scale fuel cells
enables longer operation times and quicker refueling for these vehicles.
Furthermore, in regions with feed-in tariffs or net metering, surplus
electricity generated by residential fuel cell CHP systems can be fed back into
the grid, providing grid support and potential revenue for homeowners. In
aerospace applications, fuel cells find use in auxiliary power units (APUs) and
space exploration missions, where hydrogen fuel cells deliver reliable and
efficient power generation even in harsh environments. To summarize, the
small-scale segment within the Global Fuel Cell Market presents diverse
opportunities in portable electronics, backup power, remote areas, material
handling, residential CHP, and niche applications. These opportunities align
with the growing demand for clean and efficient energy solutions. However,
challenges associated with cost, infrastructure, and safety need to be
addressed to fully unlock the potential of small-scale fuel cells across
various markets.
Key market players in the Global Fuel Cell
Market are:-
- Ballard Power Systems Inc.
- Horizon
Fuel Cell Technologies Pte. Ltd.
- Toshiba
Energy Systems & Solutions Corporation
- FuelCell
Energy Inc.
- Plug
Power Inc.
- Nuvera
Fuel Cells LLC
- Intelligent
Energy Limited
- SFC
Energy AG
- Mitsubishi
Power Ltd.
- Cummins
Inc.
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“Asia Pacific region is expected to be the
dominating region during the forecast period. Several countries in the region
have introduced national hydrogen strategies that prioritize fuel cell technology
as a crucial element of their clean energy plans. These strategies aim to
promote hydrogen production, distribution, and utilization, establishing a
conducive environment for fuel cell development.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Fuel Cell Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, Segmented By Type (PEMFC, SOFC, PAFC and
Others), By Application (Portable, Stationary and Fuel Cell Vehicles), By Size
(Small Scale and Large Scale), By Region, Competition 2018-2028,” has evaluated the future growth
potential of Global Fuel Cell Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Fuel Cell Market.
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