Fuel Cell Market to Hit USD 28.95 Billion by 2028; Increasing Focus on Development of Hydrogen Fuel Infrastructure in Asia-Pacific to Stoke Demand

Companies Profiled in Fuel Cell Market are Horizon Fuel Cell Technologies (Singapore), ElringKlinger (Germany), Hydrogenics (Canada), SOLIDpower Italia (Italy), Ceres Power (UK), Ballard Power Systems (Canada), AVL (Austria), Bosch (Germany), Pragma Industries (France), Mitsubishi Heavy Industries (Japan), L. Gore & Associates (U.S.), Nedstack Fuel Cell Technology (Netherlands), Proton Motor Fuel Cell GmbH (Germany), Bloom Energy (U.S.), AISIN (Japan), Convion (Finland), ITM Power (UK), Plug Power (U.S.), Nuvera Fuel Cells, LLC (U.S.)

Pune, India, Feb. 02, 2022 (GLOBE NEWSWIRE) — The global fuel cell market size is expected to gain momentum by reaching USD 28.95 billion by 2028 while exhibiting an exceptional CAGR of 36.0% between 2021 and 2028. This information is published by Fortune Business Insights in its latest report, titled, “Fuel Cell Market, 2021-2028.” The report further observes that the market stood at USD 2.62 billion in 2020 and is projected to showcase considerable growth in the forthcoming years. This is attributable to the growing demand for innovative energy products and the increasing focus on developing zero-emission vehicles across the globe.

Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/sample/fuel-cell-market-100733

What does the Report Include?

The market report includes an elaborative analysis of several factors having an impact on the market. These include growth drivers, opportunities, threats, restraints, and key developments. It further analyzes, defines, and segments the market based on different aspects such as type and application. Additionally, it strategically analyzes several strategies such as alliances, product innovations, mergers, acquisitions, and partnerships adopted by key players in the industry during the forecast period.

Companies Operating in the Global Fuel Cell Market:

• Horizon Fuel Cell Technologies (Singapore)
• ElringKlinger (Germany)
• Hydrogenics (Canada)
• SOLIDpower Italia (Italy)
• Ceres Power (UK)
• Ballard Power Systems (Canada)
• AVL (Austria)
• Bosch (Germany)
• Pragma Industries (France)
• Mitsubishi Heavy Industries (Japan)
• W. L. Gore & Associates (U.S.)
• Nedstack Fuel Cell Technology (Netherlands)
• Proton Motor Fuel Cell GmbH (Germany)
• Bloom Energy (U.S.)
• AISIN (Japan)
• Convion (Finland)
• ITM Power (UK)
• Plug Power (U.S.)
• Nuvera Fuel Cells, LLC (U.S.)

Report Scope & Segmentation

COVID-19 – Market to Exhibit a Stellar Growth of 14% in 2020

The market has experienced a seismic effect due to the COVID-19 pandemic while major disruption in the supply chain dampening the demand for battery cell products. Therefore, it will experience a slow-paced growth with a stellar CAGR of 14% in 2020. However, several government agencies focusing on economic booster packages and the proactive step by several companies to reinstate the operations will contribute to the fuel cell industry’s growth in the long run.

Click here to get the short-term and long-term impact of COVID-19 on this Market.

Please visit: https://www.fortunebusinessinsights.com/industry-reports/fuel-cell-market-100733

Market Segmentation

We have segregated the market based on type, application, and region.

On the basis of type, the market is segmented into Proton Exchange Membrane Fuel Cell (PEMFC), Solid Oxide Fuel Cell (SOFC), Phosphoric Acid Fuel Cell (PAFC), and Others.

• Based on type, the SOFC segment held a market share of about 25.1% in 2020 and is expected to experience exponential growth during the forecast period. This is ascribable to the several benefits offered by SOFC, including fuel flexibility, high CHP efficiency, and high output power units that make them favorable across the globe. 

Based on application, the market is divided into portable, stationary, and transport. Lastly, on the basis of region, the market is segmented into Asia-Pacific, Rest of the World, North America, and Europe.

DRIVING FACTORS

Increasing Focus on Deployment of Zero-Emission Vehicles to Aid Growth

The fuel cells are primarily developed to ensure uninterrupted electricity to a system by burning oxygen and fuel. Moreover, the production of electricity is efficient and clean, and therefore, these cells are adopted across several automotive applications. Owing to their superior performance, durability, and efficiency, they play a pivotal part in reducing harmful emissions and, thus, widely adopted across buses, trucks, and submarines. Therefore, the growing demand for zero-emission vehicles is expected to boost the global fuel cell market growth in the forthcoming years.

Speak To Our Analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/fuel-cell-market-100733

REGIONAL INSIGHTS

Asia-Pacific – The region stood at USD 1.41 billion in 2020 and is expected to hold the largest global market share in terms of revenue during the forecast period. This is attributable to the increasing focus on developing hydrogen fuel charge infrastructures in countries such as China, South Korea, and Japan in the region.

North America – The market in the region is expected to experience considerable growth backed by the increasing investment in building advanced hydrogen refueling infrastructures in countries such as the U.S. between 2021 and 2028.

Europe – The region is expected to showcase exponential growth owing to the imposition of stringent rules and regulations to promote sustainable energy generation.

COMPETITIVE LANDSCAPE

Collaboration between Major Companies to Expand Their Product Portfolio and Boost Sales Revenue

The market is witnessing fierce competition among the players positioned in it. These players are strategically collaborating with other companies to expand their product portfolio and gain a global footprint. Additionally, other key players are focusing on organic and inorganic growth strategies to maintain their presence that will contribute to the growth of the market in the forthcoming years.

Industry Development:

• December 2020 – Ceres Power and Bosch announced their collaboration to boost the prototyping and large-scale SOFC systems production. The two companies aim to develop a system with an initial capacity of 200 MW for a wide range of industries by 2024.
• January 2021 – Navistar Inc., General Motors, and OneH2 announced their partnership to develop advanced solutions for long-haul transportation systems with zero emissions. The companies aim to develop an ecosystem for hydrogen-powered trucks.
• February 2021 – Hydrogen conversion specialist, Ulemco, Ocado, Lyra Electronics, and Promech Technologies announced the development of London’s first-ever hydrogen ambulance, Zero.

Quick Buy- Fuel Cell Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100733

Have a Look at Related Research Insights:

Small Hydropower Market Size, Share and Industry Analysis By Capacity (Below 1 MW, 1 – 10 MW) and Regional Forecast 2019-2026

Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecast, 2019-2026

Hydrogen Generation Market Size, Share & COVID-19 Impact Analysis, By Type (On-site and Portable), By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others), and Regional Forecast, 2021-2028

Variable Frequency Drive Market Size, Share & Covid-19 Impact Analysis, By Type (AC Drive, DC Drive, Servo Drive), By Power Range (Micro, Low, Medium, High), By Application (Pumps, Conveyors, HVAC, Electric Fan, Extruders, Others), By End-User (Food & Beverage, Oil & Gas, Power Generation, Infrastructure, Agriculture, Mining, Others) and Regional Forecast, 2020-2027

Impact of Covid-19 on the Oilfield Services Market Size, Share, Industry Analysis and Regional Forecast 2019-2027

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune – 411045, Maharashtra, India.

Phone:

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com

LinkedIn: https://www.linkedin.com/company/fortune-business-insights

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd