Global Fuel Cell Market Latest Trends and Business Scenario 2030

Green technologies, one of which is fuel cells, are being rapidly adopted due to their potential to mitigate environmental degradation. These energy storage devices contribute to controlling the pollutants in the environment and allowing for fuel flexibility, durability, scalability, and quiet operations, especially of vehicles. Hence, the estimated size of the global fuel cell market, which was $1,799.9 million in 2021, will witness a humongous CAGR of 33.2% from 2021 to 2030, to reach $23,743.4 million by 2030.

As per reports, 17% of the global emissions are the responsibility of the transportation industry, which, additionally, consumes one-fourth of the world's energy. Thus, the transportation sector contributes considerably in the expansion of the fuel cell market as this technology serves as an alternative to conventional ICEs and Li-ion batteries, in which the major part of fuel energy is emitted as heat. In order to reduce GHG emissions and improve the efficiency of energy conversion, there is a great need to invest in advanced propulsion technologies.

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In this regard, the major driver for the fuel cell market is the rising concern of international bodies because of the rising carbon emissions. In order to attain the Kyoto Protocol's goals, numerous practices are being followed to limit and reduce the expulsion of greenhouse gases. A Joint Declaration on Stationary Fuel Cells for Green Building has also been signed by the stakeholders to work on the adoption of fuel cell systems, to reduce carbon emissions from residential and commercial buildings in Europe.

The highest revenue generator in the fuel cell market is polymer electrolyte membrane (PEM) variants, with a 60% share in 2021. Automobiles with PEM fuel cells have numerous advantages over fossil-fuel-driven automobiles, including a higher fuel efficiency, environment-friendliness, a comparable power density, and compatibility with renewable energy resources. PEM fuel cells are primarily being utilized in the transportation sector because of their suitability for cars and buses. A favorable power-to-weight ratio means that the weight of the vehicle can be limited by using lightweight fuel cells.

Apart from transportation, the usage of this technology for renewable energy generation is picking pace. South Korea has some of the largest fuel cell parks in the world. Similarly, fuel cell capacity in the U.S. rose by more than 750 MW in 2021. Small-scale systems are utilized by telecommunications entities, utilities, railroads, and governments and traffic departments in the U.S. for backup power. Furthermore, in Japan and Europe, small-scale fuel cell systems are widely used to produce electricity for homes and commercial spaces.

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In order to curb carbon emissions and, in turn, reduce the greenhouse effect, the demand for fuel cells is surging for transportation and stationary power applications.

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This release was published on openPR.