Fuel Cell Market Revenue to Hit $9.1 billion by 2027 | Bloom Energy, Aisin Corporation, Doosan Fuel Cell Co., Ltd., KYOCERA Corporation

According to a new market research report, the global fuel cell market size is estimated to be USD 2.9 billion in 2022 and projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. Government subsidies and increased R&D on fuel cell programs; global norms for carbon emission reduction are the main driver for the fuel cell market.

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The fuel cell market is dominated by a few globally established players such as Bloom Energy (US), Aisin Corporation (Japan), Doosan Fuel Cell Co., Ltd. (South Korea), KYOCERA Corporation (Japan), and Plug Power Inc. (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

Small scale (up to 200 kW) segment held the majority of market share by fuel cell size in global fuel cell market in 2021

Owing to their diversified range of power output, small scale fuel cells systems are used in diverse end use segments. Small scale fuel cell systems are available for power outputs ranging from a few watts to multiple kW. Moreover, The government of Japan has set ambitious goals for the extensive deployment of fuel cell systems in the residential and transportation sectors whch has spur the small scale fuel cell market growth.

Commercial & Industrial end user segment to grow at the fastest pace in the forecast period

Almost every type of fuel cell can be used by commercial & industrial end users which enables them to curb GHG emissions. For instance, Toshiba Energy Systems & Solutions Corporation (Japan) installed its pure hydrogen fuel cell system, 'H2Rex,' at the Toyota Motor Corporation's Honsha Plant. This system was installed at Hydrogen Power Generation Park, a demonstration site located within the on-site electricity generation facility of the plant.

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Asia Pacific: The largest region in the fuel cell market in the year 2021.

China recently upgraded its fuel cell policy in March 2022 and unveiled a blueprint for fuel cell technology deployment by 2035 in the country. This blueprint is designed under National Development and Reform Commission. China is the world's largest automotive market, which supports the rapid growth of technologies such as fuel cell vehicles as compared to other regions. According to National Development and Reform Commission, there will be around 50,000 hydrogen fuel cell vehicles, or FCVs on road in China by 2025.

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