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Fuel Cell Market Analysis, Trends, Growth, Research And Forecast 2032
Fuel Cell Market
The Business Research Company's Fuel Cell Global Market Report 2023 identifies an increasing focus on reducing greenhouse gas emissions as the major driver for the fuel cell market's growth in the forecast period. Greenhouse gas refers to any gas that has the property of absorbing infrared radiation that is emitted from Earth's surface and reradiating it back to Earth's surface. Like electric vehicles, fuel cell vehicles (FCVs) are zero-emission vehicles that will have no smog-related or greenhouse gas tailpipe emissions.
The global fuel cell market size grew from $3.97 billion in 2022 to $5.16 billion in 2023 at a compound annual growth rate (CAGR) of 30.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The fuel cell market size is expected to grow to $13.61 billion in 2027 at a CAGR of 27.4%.
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Major competitors in the fuel cell market are Ballard Power Systems, Proton Motor Fuel Cell GmbH, AFC Energy PLC., Fuel Cell Energy Inc., SFC Energy, Pragma Industries.
A key trend in the fuel cell market includes strategic partnerships and collaborations. Major companies operating in the fuel cell industry are searching for strategic alliances to help them strengthen their position. For instance, in September 2021, Eaton's Vehicle Group, an Ireland based power management company, partnered with Ballard Fuel Cell Systems and the National Renewable Energy Laboratory for an undisclosed amount. Through this partnership, Eaton's Vehicle Group obtained funding from the US Department of Energy to create highly efficient hydrogen fuel cells capable of powering heavy-duty machinery. Ballard Fuel Cell Systems is a Canada- based developer and manufacturer of proton exchange membrane (PEM) fuel cell products. Moreover, in April 2022, Alstom, a France-based transport system marketer and developer partnered with Engie SA to establish renewable hydrogen logistics and refueling solutions for a fuel cell system capable of powering electric locomotives on non-electrified sections of the railway network. Engie SA is a France-based electric utility company.
Read More On The Global Fuel Cell Market Report Here:
https://www.thebusinessresearchcompany.com/report/fuel-cell-global-market-report
The fuel cell market is segmented -
• By Type: Polymer Electrolyte Membrane Fuel Cells (PEM), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Other Types
• By Application: Portable, Stationary, Transport
• By End User: Commercial and Industrial, Data Centres, Transportation, Military and Defense, Utiilities and Government, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.Asia-Pacific was the largest region in the fuel cell market.
The Business Research Company's "Global Fuel Cell Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Fuel Cell Market Include:
1. Executive Summary
2. Fuel Cell Market Characteristics
3. Fuel Cell Market Trends And Strategies
4. Fuel Cell Market - Macro Economic Scenario
5. Fuel Cell Market Size And Growth
……
26. Africa Fuel Cell Market
27. Fuel Cell Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Fuel Cell Market
29. Fuel Cell Market Future Outlook and Potential Analysis
30. Appendix
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