Fuel Cell Market

Fuel Cell Market

Growth Factors of Fuel Cell Market

The fuel cell market size was valued at USD 9.85 billion in 2023, and the market is now projected to grow from USD 12.75 billion in 2024 to USD 105.01 billion by 2032, exhibiting a CAGR of 30.15% during the forecast period of 2023-2032.

The COVID-19 pandemic posed significant challenges on the fuel cell market growth. Lockdown enacted in numerous nations have hindered the manufacturing and caused transportation delays and impede fuel cell market growth. In addition, worldwide restrictions have caused a halt in economic activities. Despite the challenges of covid pandemic, the battery plate sector has proven to be robust. Although the construction of electric vehicle has been delayed due to shortage of man power and procurement concerns of raw material.

Regulatory frameworks that encourage product deployment. A growing number of FC systems are being installed to generate Combined Heat & Power for the purpose of powering and heating small homes as well as commercial buildings such public buildings, hospitals, schools, and hotels. As a result, numerous state and federal agencies have implemented advantageous policy structures and financial assistance programs to encourage the incorporation of gadgets into a wide range of applications. The New Jersey government, for example, has revised its financial incentives for FC CHP installations made on or after October 1, 2020. With financial assistance to producers of up to USD 3 million per project, the CHP-FC Program structure aims to encourage the growth of more firms. Increasing demand for renewable energy sources to encourage market spread. Climate change is a result of carbon emissions and has major ramifications for both the environment and people. Applications for SOFC are both stationary and mobile. This offers a dependable, clean, and cutting-edge energy-efficient way to fulfill rising power demand while also fortifying and diversifying the energy infrastructure. The need for fuel cells for CHP applications will therefore soar during the projection period due to improved fuel economy and growing adoption of zero-emission equipment.

Increasing fuel cell use in the maritime sector to promote fuel cell market growth. Compared to conventional combustion engines, fuel cells have a better energy conversion efficiency, which results in reduced fuel consumption and running expenses. Fuel cells function silently, which enhances crew comfort and lowers noise pollution in maritime conditions when compared to diesel engines. From ferries and inland barges to bigger passenger ships and commercial vessels, fuel cells may be scaled to power a variety of vessel types.

Comprehensive Analysis of Fuel Cell Market

The fuel cell market and power and industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power and energy benefit management industry. These segmentations are methodically segregated by types and by application. The types segmentation includes, Proton Exchange Membrane Fuel Cell, Solid Oxide Fuel Cell, Phosphoric Acid Fuel Cell, and Others, while by Application segmentation include Transport, Stationary, and Portable.

The Asia Pacific region lead the fuel cell market by benefitting a market size of USD 6.03 billion in 2023 due to growing number of FC systems and adoption of hydrogen-powered fuel cells and implementation of advantageous policy structures.

The top players in the market play a crucial role in the power and energy industry assuring industrial prospectus growth and setting market standards. These players include, Bosch (Germany), Horizon Fuel Cell Technologies (Singapore), ElringKlinger (Germany), Hydrogenics (Canada), Ballard Power Systems (Canada) SOLIDpower Italia (Italy), AVL (Austria), Pragma Industries (France), Mitsubishi Hitachi Power Systems (Japan), W.L. Gore & Associates (U.S.), Convion (Finland), Nexceris LLC (U.S.), SFS Energy AG (Germany) and Blue World Technologies (Denmark), Roland Gumpert (Germany) these market players provide a level-playing competitive environment across the globe.

In June 2022, Doosan Fuel Cell Co., Ltd., Samsung C&T, and the Korea Institute of Energy Research inked a Memorandum of Understanding (MoU) with Korea Southern Power. The MOU covers collaboration on ammonia fuel cell demonstration projects and fuel cell-coupled CCU technology development.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 30.15% from 2024 to 2032

Unit Volume (MW) and Value (USD Billion)

Segmentation By Type

- Proton Exchange Membrane Fuel Cell

- Solid Oxide Fuel Cell

- Phosphoric Acid Fuel Cell

- Others

By Application

- Transport

- Stationary

- Portable

By Region

- North America (By Type, By Application, and By Country)

• U.S. (By Application)
• Canada (By Application)

- Europe (By Type, By Application, and By Country)

• U.K. (By Application)
• Germany (By Application)
• France (By Application)
• Sweden (By Application)
• Italy (By Application)
• Rest of Europe (By Application)

- Asia Pacific (By Type, By Application, and By Country)

• China (By Application)
• Japan (By Application)
• South Korea (By Application)
• Rest of Asia Pacific (By Application)

- Rest of World (By Type and By Application)


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