Global Fuel Cells Market Size to Grow at a CAGR of 19.7% Between 2023 and 2029 | Fuel Cell Energy Inc., SFC Energy, Bloom Energy

Exactitude Consultancy Market Research analyses that the Fuel Cells Market will witness a CAGR of 19.7% for the forecast period of 2023-2029 and is likely USD 3.55 Billion in 2022 to reach at USD 17.91 Billion by 2029.

Research report on the Fuel Cells market allows buyers to deliver unique solutions to various end users and improve their business presence in the industry. The report is introduced with accurate statistics regarding market share, size, and growth rate for the buyers to focus on their operations and achieve various goals smoothly. Numerous driving factors, restraints, opportunities, and threats affecting the Fuel Cells market growth is described in the study for the strategy planners to plan policies pertaining to production volume, delivery of services, making connections, and creating awareness in the minds of consumers.

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Market Dynamics

Global Fuel Cell Market Drivers

Increasing Public-Private Partnerships for Hydrogen-Based Applications

It is anticipated that governments will serve as catalysts for these developments by providing support in various ways, such as by funding research initiatives and appropriate financing programs. For government enterprises to create an environment favorable to investment, it is essential to establish a solid regulatory and policy framework. Public-private collaborations aid in the accomplishment of long-term organizational goals.

Bloom Energy and GAIL (India) Limited signed an agreement to use natural gas to deploy fuel cell technology in India. Doosan Fuel Cell agreed to produce and deliver 70 fuel cells as part of an agreement with Samsung C&T Group and Korea Hydro & Nuclear Power for a residential complex in Busan. The projects announced through organizations like the Fuel Cells and Hydrogen Joint Undertaking (FCH JU) are causing the development and deployment of fuel cell systems to increase. These initiatives have been made public to boost fuel cell vehicle adoption in Europe and assist in developing hydrogen infrastructure supporting fuel cell vehicles in the major European nations.

Electricity Generation without Emission of Carbon Dioxide or other Pollutants

Fuel cell use can reduce reliance on traditional energy sources like coal, natural gas, petrochemical derivatives, etc. Fuel cells are much more effective at producing energy because they use an electrochemical process rather than burning fuel like traditional power generation. In most applications, fuel cells can also be used with conventional engines. Although fuel cell vehicles have been designed to run exclusively on them, the high fuel cost makes this unfeasible. The factors influencing the fuel cell market include the widespread use of fuel-cell-powered residential cogeneration systems and public transportation, government grants to automakers, government publications of hydrogen road maps, and government regulations on greenhouse gas emissions.

Global Fuel Cell Market Restraints

High Cost of FCEV and Fuel Cell Catalysts

The high cost of FCEVs due to the high cost of fuel cell systems could impede market expansion. Investment risks like high capital and operating costs and underuse of facilities related to FCEV are likely to impede growth even more. Energy-intensive electrolysis is a very ineffective method for producing hydrogen. The resulting hydrogen must then be compressed into a vehicle tank before being filled.

The fuel cell electric vehicle (FCEV) is highly inefficient from start to finish because this process is very costly. The reaction rate of some of the most popular fuel cells, including MCFC, PAFC, and PEMFC, is accelerated by using rare-earth metals like platinum. The cost of the fuel cell increases due to the use of rare-earth elements. According to the same report, the price of platinum was close to USD 1.500 per troy ounce. When 1,000 systems are manufactured each year, the fuel cell's catalyst cost is nearly 26% of the overall cost. The development of fuel cell technology is expected to slow down in the coming years due to the high cost of catalysts.

Global Fuel Cell Market Opportunities

Expanding Initiatives by the Government to Build Hydrogen Refueling Station

The demand for hydrogen power plants will be driven during the forecast period-encouraging regulations by the governing bodies in developed economies' objectives to eliminate emission rates. Increased focus on replacing electric grids by governments of developed economies like the U.S. and Europe and technological advancements will likely support the growth even more. By building fueling stations, Germany's H2 mobility program promotes fuel cell cars, which in turn creates opportunities for the use of fuel cells. Additionally, the Hydrogen for Innovative Vehicles (HyFIVE) project in Europe seeks to develop hydrogen fuel stations in Italy, the United Kingdom, Austria, and Denmark to grow its hydrogen fuel cell network.

Prominent Key players of the Fuel Cells Market survey report:

Historical data available in the report elaborates on the development of the Fuel Cells on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - Ballard Power Systems Inc., Plug Power Inc., Fuel Cell Energy Inc., SFC Energy, Bloom Energy, Doosan Fuel Cell America Inc., Ceres Power Holdings Plc, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Nuvera Fuel Cells LLC and others.

Recent Developments

September 2022- Ballard announced a plan to spend USD 130 million on the MEA production site and R&D center in Shanghai, China, as part of its global manufacturing strategy. Ballard Power Systems unveiled its "local for local" strategy to expand its worldwide manufacturing presence in Europe, the US, and China to support the expansion.
September 2022- Westport Unveils Game-Changing Technology for Sustainable Heavy-Duty Transport in Brussels. For long-distance heavy-duty vehicles, hydrogen engines outfitted with Westport's H2 HPDI fuel system provide exceptional performance and efficiency throughout the power range.

Fuel Cells Market Segmentation:

Fuel Cells Market by Type, 2023-2029, (USD Billion), (Thousand Units)

PEMFC
SOFC
PAFC
MFC
DMFC
AFC

Fuel Cells Market by Application, 2023-2029, (USD Billion), (Thousand Units)

Portable
Stationary
Transport

The regional outlook by revenue covers the countries namely:

North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Fuel Cell Market Report: -

➤ Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.

➤ Examine the market opportunities for stakeholders by identifying higher growth sections.

➤ To study and analyze the global Fuel Cell industry status and forecast including key regions.

➤ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

➤ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

➤ It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Fuel Cells industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Fuel Cells Market Research Report 2023-2029

1 Fuel Cells Market Overview

1.1 Product Overview and Scope of Fuel Cells

1.2 Fuel Cells Segment by Type (Product Category)

1.3 Global Fuel Cells market Segment by Application

1.4 Global Fuel Cells Market by Region (2023-2029)

1.4.1 Global Fuel Cells Market Size (Value) and CAGR (%) Comparison by Region (2013-2025)

1.4.2 North America Status and Prospect (2023-2029)

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2013-2025)

1.4.5 Japan Status and Prospect (2013-2025)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Fuel Cells (2023-2029)

1.5.1 Global Fuel Cells Revenue Status and Outlook (2023-2029)

1.5.2 Global Fuel Cells Capacity, Production Status and Outlook (2023-2029)

…

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Thank you for your interest in the Fuel Cells Market research publications; you can also get individual chapters or regional/country report versions such as Germany, France, China, Latin America, GCC, North America, Europe or Asia.

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