The global fuel cell market was worth US$ 260.3 Million in the year 2020 and is expected to witness a stupendous CAGR of 25.2% between 2022 and 2032.
Fuel cells do operate like batteries that provide essential powder to system. However, it does make use of hydrogen-based fuel in place of the conventional means. These systems do work on elementary electromechanical mechanism that do convert chemical energy into electrical energy.
At the same time, the fact that high cost is associated with production and delivery of hydrogen fuel to the service stations coupled with bulk fueling stations’ complex management can’t be ignored. These factors are expected to restrain the fuel cell market going forward.
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Future Market Insights has entailed these facts with future prospects in its latest market study entitled ‘Fuel Cell Market’.
“With transportation increasing all through, the global fuel cell market is expected to grow on a dynamic note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Fuel Cell Market
- North America holds a sizable market share with the US being subject to tremendous promotion of hydrogen-powered vehicles for increasing demand for the fuel cell cars herein. Plus, several subsidy programs do lend support in adopting hydrogen fuel cell vehicles all across Canada and the US.
- The Asia-Pacific is expected to grow at the fastest rate in the fuel cell market in the forecast period. South Korea, Japan, and China lead from the front. This is evident from the fact that as many as 8,500 NEXOs were shipped all across South Korea in the year 2021 alone. Besides, Hyundai has decided to scale up manufacture of fuel cell systems to 100K units every single year. China is also aiming to have close to 50K fuel cell vehicles on roads by the year 2025.
- Europe is expected to grow on the back of Germany. This could be inferred from the fact that Berlin Airport has actually installed one amongst the first CHPs for running on hydrogen.
- MEA is likely to grow with the number of projects expanding at an alarming rate in the near future. Abu Dhabi National Oil Company (ADNOC), signed a MoU in January 2021 for incorporating a dedicated clean energy organization termed as ‘Abu Dhabi Hydrogen Alliance’.
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Competitive Fuel Cells
- HORIBA MIRA, in March 2022, entered into partnership with Ceres to develop ‘Ceres fuel cell test facility’ at HORIBA MIRA West Midlands sit all across the UK.
- Renault Group, in February 2022, ventured with Plug Power Inc. for forming HYVIA for working on hydrogen fuel cells and low-carbon mobility.
- Doosan Fuel Cell Co., Ltd., in January 2022, inked an agreement with Korea Hydro & Nuclear Power (KHNP) to strengthen ‘Hydrogen Fuel Cell Operation and Maintenance Capabilities’. They do work together for producing roadmap for technical training along with local green hydrogen fuel cell project for the distributed power.
- General Motors, Navistar Inc., and OneH2, in January 2021, did announce an agreement for offering solutions in entirety for the long-haul transportation systems with curtailed emissions. The basic objective is that of boosting truck ecosystem that is hydrogen-powered.
- Proton Motor, in August 2022, did launch hydrogen fuel cell system called ‘HyRail’. The major purpose was realization of green emission-free fuel cell electric drives.
- Bloom Energy, in July 2021, did declare a 4.2 MW CHP (Combined Heat & Power) project through collaborating with SK Eco plant.
- SFC Energy AG, in August 2021, entered into collaboration with Nel A SA to develop the very first integrated electrolyzer as well as hydrogen fuel cell system.
- FuelCell Energy, in January 2022, did announce completing site construction and starting conditional commercial operation of 7.4 MW SureSource fuel cell project based out of Yaphank (Long Island, New York).
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What does the Report fuel?
- The research study is based on source (hydrogen powered, methanol powered, biogas powered, natural gas powered, and hydrocarbons powered), design (SOFC (solid oxide fuel cell), PEM (proton exchange membrane), MCFC (molten carbonate fuel cell), and likewise)), and application (stationary power, portable power, transportation power, specialty vehicles, fuel cell electric vehicles, auxiliary power units, and material handling equipment).
- With growing demand for hydrogen fuel to reduce carbon footprint, the global fuel cell market is expected to escalate in the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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