Press release
Stationary Fuel Cell Market Size, Growth, Share, Trends And Outlook To 2033
Stationary Fuel Cell Market Size
According to The Business Research Company's, The stationary fuel cell market size has grown exponentially in recent years. It will grow from $4.12 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to energy independence goals, government incentives and policies, demand for sustainable power generation, grid resilience and reliability, integration with renewable energy.
The stationary fuel cell market size is expected to see rapid growth in the next few years. It will grow to $10.21 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to decentralized energy systems, emission reduction targets, hydrogen economy development, resilience against climate change, government support and incentive programs. Major trends in the forecast period include use in material handling equipment, development of high-temperature fuel cells, growing adoption in data centers, expansion of fuel cell installations in remote areas.
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Market Drivers and Trends:
The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.
Major companies operating in the stationary fuel cell market are concentrating on developing innovative solutions, such as methanol fuel cell technology, to provide reliable services to their customers in the market. A methanol fuel cell technology is an electrochemical energy conversion solution that directly transforms the chemical energy of liquid methanol into electrical energy. For instance, in February 2023, Blue World Technologies ApS, a Denmark-based manufacturer and developer of high-temperature proton exchange membrane fuel cells, launched the CellPack Stationary. CellPack Stationary is a revolutionary methanol fuel cell technology for stationary power production. The CellPack Stationary is available as a 5-, 10-, or 15-kW system for installation as an emergency, supplementary, or primary electrical source, per client requirements. The CellPack Stationary is an advanced system that replaces traditional fossil-based generators with superior efficiency, continuous electricity production, a pure methanol fuel source, and IoT-based remote surveillance. The CellPack Stationary is designed exclusively for the telecommunications sector.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Posco Energy Co.Ltd., Panasonic Holdings Corporation, Denso Corporation, Aisin Seiki Co. Ltd., Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Cummins Inc., Bloom Energy Corporation, Plug Power Inc., Fuji Electric Co Ltd., Fuelcell Energy Inc, SFC Energy AG, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, Hydrogenics Corporation, Altergy Systems, Ceres Power Holdings plc, Elcore GmbH, Horizon Fuel Cell Technologies Pte Ltd., Intelligent Energy Limited, Advent Technologies Holdings Inc., ITM Power plc, FC TecNrgy Pvt Ltd, Aris Renewable Energy LLC, Nedstack Fuel Cell Technology B.V., Sainergy Tech Inc, AFC Energy PLC, Amogy Inc., GenCell Ltd., Convion Ltd.
Stationary Fuel Cell Market 2024 Key Insights:
• The stationary fuel cell market is expected to grow to $10.21 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%.
• Stationary Fuel Cell Market Growth Fueled By Rising Demand For Sustainable Energy Generation
• Innovative Methanol Fuel Cell Technology Transforming The Stationary Power Generation Market
• Asia-Pacific was the largest region in the stationary fuel cell market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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