- Adoption of stringent government regulations to minimize greenhouse gas emissions is expected to propel the Asia Pacific fuel cell market in the upcoming years
- Since fuel cells generate no emissions, they are becoming more popular as a heating element in office properties, which will benefit the global fuel cell market
ALBANY, N.Y, April 13, 2022 /PRNewswire/ -- The global fuel cell market was worth US$ 10.37 Bn in 2020. The market is likely to rise at a CAGR of 23.64% during the forecast period, from 2021 to 2031. The global fuel cell market is anticipated to attain the valuation of US$ 107.03 Bn by 2031. Participants in the global fuel cell market are making the technology more widely available in order to lower the cost of its usage in vehicles in the near future. Companies are expecting reliable revenue streams as fuel cells become more widely accepted for uses in consumer appliances, automobiles, as well as transportation uses.
Fuel cells are electrochemical devices that have been promoted as a non-polluting source of energy. They are inherently more efficient than several other combustion engines available in the market today, making them suitable alternative green energy technology suppliers in automobiles. Fuel cell applications include various electric appliances, military power units, automobiles, uninterrupted power supply (UPS), submarines, and combined heat and power (CHP) systems. As it creates no pollutants, the fuel cell technology has become increasingly more common as a heating source in commercial properties. In the next few years, this factor is likely to benefit the global fuel cell market.
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Owing to the rising need for more electricity, decreasing dependence on fossil fuels and growing acceptance of green energy technologies, the Asia Pacific fuel cell market has been developing at an incredible rate. In addition, growing development in this region is expected to drive the demand for fuel cells dramatically. Furthermore, strict government regulations aimed at reducing emissions of greenhouse gas (GHG) are expected to boost the Asia Pacific fuel cell market in the near future. The rising need for alternative sources of energy is one of the major factors predicted to propel the Asia Pacific fuel cell market in the forthcoming years. Reducing environmental impact and rising number of private-public companies are two factors that are expected to stimulate market demand. Governments are expected to contribute to these improvements by offering financial assistance for R&D efforts as well as suitable finance schemes.
Key Findings of Market Report
- The global fuel cell market is developing as a consequence of increasing demand for a variety of stationary fuel cell applications, and also the eventual substitution of conventional batteries in a few areas. Proton exchange membrane fuel cells and hydrogen fuel cells are projected to gain popularity in a number of industries as reliable power sources in the forthcoming years.
- Due to its capacity to provide emission-free electricity, fuel cells are becoming more popular as a heating source in commercial properties. Increasing usage of fuel cells in portable applications is likely to be one of the major drivers of the global fuel cell market. Fuel cells are increasingly being used in various consumer devices, such as cellphones, cameras, power tablets, and laptops. This exhibits a strong upward trend for the global fuel cell market.
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- The global fuel cell market is likely to provide enormous value-grab possibilities over the next few years to come. The rising use of fuel cells in a range of applications such as submarines, combined heat and power (CHP) systems, military power units, uninterrupted power supply systems (UPS), cars, electric appliances, etc. is likely to propel market growth.
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Global Fuel Cell Market: Growth Drivers
- In 2020, the proton exchange membrane fuel cells (PEMFC) category controlled a sizable market share. Growing usage in the transportation industry to operate automobiles and buses, as well as continual technical improvements targeted at enhancing the efficacy of these fuel cells is likely to propel the PEMFC category. Additionally, this technology is often regarded as the best option for a variety of small-scale residential uses.
- In the recent years, fuel cells have become prominent as a source of clean electric energy. Government's agencies in several countries have made initiatives to minimize carbon emissions by enacting strict regulations to support their efforts. As such, there is a growing trend toward alternative energy sources such as green energy, which is expected to propel the global fuel market.
Global Fuel Cell Market: Key Competitors
- Nedstack Fuel Cell Technology B.V.
- FuelCell Energy Inc.
- Toshiba Corporation
- Doosan Fuel Cell America Inc.
- Plug Power Inc.
- Ballard Power Systems Inc.
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Global Fuel Cell Market: Segmentation
Type
- Proton Exchange Membrane Fuel Cells [PEMFC]
- Direct Methanol Fuel Cells [DMFC]
- Solid Oxide Fuel Cells [SOFC]
Application
- Stationary
- Portable
- Transport
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