Fuel Cell Generator Market To Reach USD 1,199 Million by 2030

The total value of the fuel cell generator market was USD 330 million in 2022, and it will power at a CAGR of 17.50% in the years to come, to touch USD 1,199 million by 2030.

Hydrogen fuel cell generator dominated the industry with a share of approximately 55%, as they don't produce harmful emissions which disregards the cost associated with the storage and handling of toxic materials. This is dependable, provides about 40-60% energy competence, and scalability.

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Methanol fuel cell generator will grow significantly in the future and it has a lot to do with its smaller size, lightweight and easy refueling. Furthermore, the system is autonomous, meaning it can switch on and off as per the requirements.

Aquaculture is the fastest growing category with about 19.2%, credited to the increasing count of aquaculture facilities and growing ecological impacts related to it, such as consumption of water and electricity.

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For reducing the impacts on the environment, several actions have been taken by the government for making use of fuel cell-based generators rather than diesel generators.

As per the estimates of the NOAA, aquaculture in the U.S. is valued at USD 1.5 billion annually, helping and supporting 1.7 million jobs in the seafood sector.

As per a report by P&S intelligence, North America led the fuel cell generator market, and it will be like this till the end of this decade, with USD 360 million. This is primarily credited to the increasing emphasis and rapid acceptance of clean sources of power generation.

In the continent, the U.S. dominates the industry, and it will power at a rate of 18.1%, ascribed to the strong monetary support.

The advanced developments in the employment of renewable resources and increasing demand for electricity from aquaculture sector and data centers will drive the industry in the years to come. The growing investments and initiatives of the government in the renewable industry will power the demand.

These systems provide a highly effective and energy-source-flexible technology producing heat and clean power with low or absolutely no emissions.

The rate of development will increase in the years to come as nations are investing in hydrogen innovations, together with the increasing count of target areas, for example the fixed power generation.

The stationary electricity generation sector comprises, systems operating at a fixed site for backup or main power or both. Fuel cells are developed for large-scale and small-scale applications, including data centers, aquaculture, retail operations, residences, telecom towers and base stations, and utilities.

It is because of the easy accessibility of the fuel cell generators, the demand for the same will increase further in the years to come.

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This release was published on openPR.