Fuel Cell Market Expected to Reach $ 7,463.9 Million by 2030.

According to Business Intelligence Insights (BII) study, the global Fuel Cell Market attained revenue growth of USD 2,491.5 million in 2021 and it is projected to reach around USD 7,463.9 million by 2030, growing at a 14.7 % CAGR.

Segmentation Insights:

By Type:

• PEMFC category dominated the market with a major share of the market share
• Stationary category dominated the market with a major share of the market share

PEMFC category dominated the market with a major share of the market share

PEMFC is the most established technology, and this category is expected to dominate in terms of volume and value during the forecast period due to rising demand for clean power generation and reliance on fuel cell-based transportation applications. Furthermore, PEMFC has numerous benefits such as reduced operational cost, higher dependability, minimal maintenance time, high operational efficiency, and others that are expected to fuel market expansion in the approaching years. PEMFC requires clean hydrogen, oxygen, and water to function. It operates at a lower temperature of around 80°C, making it suited for quick start and less susceptible to system component wear. As a result, PEMFC outlasts other types of products.

Regional Analysis:

Asia Pacific dominated the market and had a market value of USD 1.41 billion in 2020

Asia Pacific had a market value of USD 1.41 billion in 2020 and is expected to maintain its dominance in the worldwide market over the forecast period. This is owing to rising demand for FC vehicles, as well as quickly building hydrogen infrastructure. Furthermore, some countries have set favourable goals to transition from existing energy infrastructure and fossil fuel reliance to carbon-free power generation. South Korea, China, and Japan are key nations with active operations in the region. The Asia-Pacific fuel cell market will be driven by an exponential increase in energy consumption, as well as increased investments to improve the development of transportation and stationary applications.

By Application:

• Portable
• Stationary
• Fuel Cell Vehicles

Fuel Cell Market Share Insights:

The global fuel cell market is highly competitive owing to continuous technological advancements being introduced by the existing vendors and new entrants. Industry players are concentrating on strengthening their relations with system installers and are looking at collaborations & merger strategies to help them to enhance their presence in the value chain and expand their geographical presence

Fuel Cell Market Overview

The rising need for unconventional energy sources is one of the key factors driving the fuel cell market's rise. A fuel cell is a device that conducts and generates electricity by immersing a cathode and an anode in an electrolyte solution. These units, like batteries, give the necessary power to the system, but instead of charging at regular intervals, they use hydrogen-based fuel. The system leverages a fundamental electromechanical mechanism to convert chemical energy into electrical energy. Hydrogen is created as the fuel is split into protons and electrons on the anode, while oxygen is available at the cathode. The protons flow through the electrolyte medium while the electrons complete a circuit between the electrodes.

Top Key Players Analysis:

• Bloom Energy (US)
• Doosan Fuel Cell Co., Ltd. (South Korea)
• Aisin Corporation (Japan)
• Plug Power Inc. (US)
• KYOCERA Corporation (Japan)
• Ceres (UK), Cummins Inc. (US)
• Power Cell Sweden AB (Sweden)
• TOSHIBA CORPORATION (Japan)
• Ballard Power Systems (Canada)
• SFC Energy AG (Germany).

Read our strategic analysis: https://www.businessintelligence-insights.com/reports/73/fuel-cell-market

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