The Global Fuel Cell Market is anticipated to attain a valuation of US$ 7.2 billion in 2023 and is expected to reach US$ 35 billion by 2033, trailing a CAGR of 17.1% during the forecast period.
Fuel cell systems are increasingly being deployed for Combined Heat & Power (CHP) generation, catering to the energy and heating needs of small households and commercial spaces such as hotels, hospitals, educational centers, and public buildings. As a result, several state and federal authorities have introduced favorable legislative frameworks and subsidy programs to drive the adoption of these systems across various applications. For example,
- The government of New Jersey has updated its financial incentives for FC CHP installations starting from October 1st, 2020. The CHP-FC Program offers monetary support of up to US$ 3 million per project to encourage many manufacturers in this sector.
Carbon emissions play a significant role in climate change, leading to adverse effects on both humans and the environment. Solid oxide fuel cell (SOFCs) are utilized in both mobile and stationary applications, bolstering and diversifying the energy infrastructure. They offer a reliable, clean, and advanced energy-efficient solution to meet the increasing power demand. As a result, the growing adoption of zero-emission equipment and the improved fuel efficiency provided by fuel cell is expected to drive demand for CHP applications in the forecast period.
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Leading market players are actively enhancing their market presence in developing countries by making substantial investments in research and development and engaging in frequent mergers and acquisitions. Moreover, ongoing technological advancements and cost reduction in fuel cell installations are facilitating the deployment of these products. I
Increasing government investments in hydrogen infrastructure construction, coupled with the growing demand for fuel cell electric vehicles, are anticipated to drive the growth of the fuel cell market.
The fuel cell demand is expected to rise due to increasing demand for portable devices, stringent government regulations to curb pollution, and improved fuel cell efficiency. All these factors are expected to have a significant impact as the advantages of fuel cell become widely recognized.
Key Takeaways
- The market in Asia Pacific is projected to expand with a promising CAGR of 19.4% during the forecast period.
- The demand for fuel cell in North America is expected to thrive at a significant CAGR of 18.2% in the forecast period.
- The market in Europe is predicted to capture a CAGR of 17.8% from 2023 to 2033.
- By application, stationary power segment is expected to generate demand with a CAGR of 17.8% between 2023 and 2033.
Increasing demand for portable devices and rising demand for alternative energy resources is expected to fuel the demand for fuel cell in the coming years- comments a FMI Analyst
Competitive Landscape
The market for fuel cell is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
Key Developments in the Fuel Cell Market
- In February 2023, SFC Energy AG, a hydrogen and methanol fuel cell supplier, and FC TecNrgy Pvt Ltd signed a strategic cooperation agreement to establish a manufacturing facility for hydrogen and methanol fuel cell in India.
- In August 2022, Bosch announced a US$ 200 million investment in manufacturing fuel cell stacks at its South Carolina facility.
- In June 2022, Doosan Fuel Cell Corporation limited signed a Memorandum of Understanding (MoU) with Korea Southern Power, Samsung C&T, and the Korea Institute of Energy Research.
- In August 2021, SFC Energy AG and Nel ASA joined forces to develop the world’s first integrated electrolyzer and hydrogen fuel cell system.
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Future Market Insights offers an unbiased analysis of the global fuel cellmarket, providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033. To understand opportunities in the fuel cellmarket, the market is segmented based on source, design, application and region.
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Key Segmentation
By Source:
- Hydrogen powered
- Methanol powered
- Biogas powered
- Natural gas powered
- Hydrocarbons powered
By Design:
- Solid oxide fuel cell (SOFC)
- Proton exchange membrane (PEM)
- Molten carbonate fuel cell (MCFC)
- Others
By Application:
- Stationary power
- Portable power
- Transportation power
- Specialty vehicles
- Fuel cell electric vehicles
- Auxiliary power units
- Material handling equipment
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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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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