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Fuel Cell Market Analysis, Size, Share, Growth, Trends And Forecast 2024-2033
Fuel Cell Market Analysis
As per the report, the fuel cell market size has grown exponentially in recent years. It will grow from $5.11 billion in 2023 to $6.6 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The fuel cell market size is expected to see exponential growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 27.3%.
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Growing Focus On Reducing Greenhouse Gas Emissions To Drive Fuel Cell Market Growth
An increasing focus on reducing greenhouse gas emissions is expected to propel the growth of the fuel cell market going forward. 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. For instance, according to the data released by the government of the Netherlands, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 and a 95% reduction by 2050. Therefore, the increasing focus on reducing greenhouse gas emissions will drive the growth of the fuel cell market.
Eaton's Vehicle Group And Alstom Partner With Fuel Cell Companies To Develop Efficient And Renewable Solutions
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the fuel cell market. 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.
The fuel cell market covered in this report is segmented -
1) 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
2) By Application: Portable, Stationary, Transport
3) By End User: Commercial and Industrial, Data Centres, Transportation, Military and Defense, Utiilities and Government, Other End Users
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Major companies operating in the fuel cell market include Ballard Power Systems Inc., Proton Motor Fuel Cell GmbH, AFC Energy PLC., FuelCell Energy Inc., SFC Energy AG, Pragma Industries SAS, Cummins Inc., Horizon Fuel Cell Technologies Pte Ltd., Nuvera Fuel Cells LLC, Doosan Fuel Cell America Inc., Solidpower S.p.A., Convion Oy, Hydrogenics Corporation, Panasonic Corporation, Plug Power Inc., Toshiba Corporation, Nedstack Fuel Cell Technology BV, Bloom Energy Corporation, Intelligent Energy Holdings PLC, Ceres Power Holdings PLC, Altergy Systems Inc., Ceramic Fuel Cells Limited, ClearEdge Power Inc., Elcore GmbH, GenCell Energy, H2 Logic A/S, ITM Power PLC, Jadoo Power Systems Inc., MyFC AB
Contents of the report:
1. Executive Summary
2. Fuel Cell Market Report Structure
3. Fuel Cell Market Trends And Strategies
4. Fuel Cell Market - Macro Economic Scenario
5. Fuel Cell Market Size And Growth
…..
27. Fuel Cell Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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