Global fuel cell market to reach $9.1 billion by 2027

Dublin, Aug. 08, 2022 (GLOBE NEWSWIRE) — The “Global fuel cell market by type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), application (portable, stationary, vehicles (FCV)), size (small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region – Forecast to 2027″ report has been added to from ResearchAndMarkets.com offer.

The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and is projected to reach USD 9.1 billion by 2027, growing at a CAGR of 26.0%. The market has promising growth potential due to several factors including stringent GHG emission standards across the globe, increasing R&D subsidies, growing need for energy efficient power generation and driving demand for public and personal fuel cell electric vehicles.

Stationary, the largest fuel cell market segment, by application

In the stationary application of fuel cells, the power required can be as high as several megawatts (MW) or as low as less than 1 kW. Larger capacity fuel cells are also larger in size. These fuel cells can also be used for capacity addition and carbon capture operations in a thermal power plant. Thus, the use of fuel cells consequently contributes to reducing the carbon footprint in the residential, commercial and industrial sectors.

Transportation: Largest fuel cell market segment, by end user

Growing demand for personal mobility and rising concerns about low-emission vehicles are driving the growth of the transportation end user. Several FCEV models, such as Toyota Mirai, Honda Clarity, Mercedes Benz GLC FCEV, Nissan X-Trail FCEV and Riversimple RASA are available in the market. Realizing the large potential of the light passenger vehicle market, various companies are planning to launch new models in the coming years.

Asia-Pacific: the largest fuel cell market region

Asia-Pacific is one of the leading markets that is continuously focusing on green and renewable technologies to meet government-set targets for reducing GHG emissions. Additionally, countries like Japan and South Korea are increasing their investments to adopt fuel cell technology.

Market dynamics
Drivers

  • Rise in demand for fuel cell vehicles
  • Advances in fuel cell research and development and government rebates
  • Strict emission standards in Europe and North America, driving demand for clean energy sources
  • Faster refueling of FCEVs compared to BEVs

Constraints

  • High cost of catalysts used in fuel cells
  • Storage issues associated with using hydrogen as a fuel
  • High initial investments in hydrogen refueling infrastructure

Opportunities

  • Increased efforts to increase hydrogen fueling stations
  • Increase in distributed power generation and combined heat and power applications in all regions
  • Increased adoption of fuel cells for backup power in data centers
  • Growing investments in space programs and growing use of fuel cells in the military

Challenges

  • Water management in proton exchange membrane fuel cells
  • High Operating Temperatures and Cranking Times of Solid Oxide Fuel Cells
  • High cost of fuel cell vehicles
  • Competition from BEVs and HEVs

Main topics covered:

1. Introduction

2 Research methodology

3 Executive Summary

4 premium previews

5 Market Overview

6 Fuel Cells Market, by Type

7 Fuel Cells Market, by Application

8 Fuel Cell Market, By End User

9 Fuel Cell Market, By Size

10 Geographical analysis

11 Competitive landscape

12 company profiles

13 Appendix

Companies cited

  • Adaptive Energy
  • Adelan
  • Afc Energy plc
  • Aisin Company
  • Altergy
  • Avl List GmbH
  • Ballard Power Systems
  • Bloom Energy
  • Ceres
  • Cummins inc.
  • Doosan Fuel Cell Co., Ltd.
  • Elringklinger AG
  • Fuji Electric Co., Ltd.
  • Horizon Fuel Cell Technologies
  • Limited smart energy
  • Kyocera Company
  • Micro-organic technologies
  • Mitsubishi Heavy Industries, Ltd.
  • Nedstack Fuel Cell Technology Bv
  • Nuvera Fuel Cells, LLC
  • Power socket inc.
  • Powercell Sweden AB
  • Powering up energy technologies
  • Proton Motor Power Systems plc
  • Sfc Energy Ag
  • Solid Power SPA
  • Special power source
  • Toshiba Company
  • Watt Fuel Cell Corporation
  • Ztek Corporation, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/hh8koc

        

Leave a Comment

Your email address will not be published.