Global Fuel Cell Market to Reach $16.81 Billion in 2023, Driven by Growing Demand for Clean Energy Alternatives
SkyQuest’s Fuel Cell market report is an excellent analysis for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford USA, April 11, 2023 (GLOBE NEWSWIRE) — SkyQuest projects that the Fuel Cell market will attain a value of USD 16.81 billion by 2030, with a CAGR of 26.0% over the forecast (2022-2030). Fuel cells have become more widely used as backup power sources for data centres in recent years due to their high efficiency, low emissions and capacity to supply reliable power. This trend is anticipated to fuel the market’s revenue growth throughout the forecast period. Fuel cells are incredibly effective, with some varieties reaching up to 60% energy conversion efficiency. By minimizing the energy wasted during the production of electricity, this can assist data centres in lowering their energy expenses. Moreover, fuel cells are a dependable power source that can deliver uninterrupted electricity for a long time.
According to the SkyQuest’s, a Dutch data centre company, were first data centre architecture in Europe when it switches its backup power generators at its Groningen location to run on green hydrogen in February 2022. According to NorthC, the 500KW H2-powered hydrogen fuel cell module intends to prevent 78,000 kilos of CO2 emissions each year while reducing diesel use by tens of thousands of gallons. Hydrogen created by renewable energy will power it. The new fuel cells, created by the Dutch company Nedstack, are supposed to solely emit water and have a 20-year hardware lifespan.
Browse in-depth TOC on “Fuel Cell Market”
- Pages – 242
- Tables – 65
- Figures – 73
A fuel cell is an electrochemical device that, through a chemical reaction with an oxidising agent, turns the chemical energy of a fuel into electricity. An electrolyte, which is a material that permits charged particles to travel between two electrodes, and two electrodes—one positive and one negative—make up most fuel cells.
Prominent Players in Fuel Cell Market
- Mitsubishi Heavy Industries
- ElringKlinger
- SOLIDpower Italia
- Ceres Power
- Ballard Power Systems
- AVL
- Bosch
- Pragma Industries
- W. L. Gore & Associates
- Nedstack Fuel Cell Technology
- Proton Motor Fuel Cell GmbH
- AISIN
- Convion
- ITM Power
- Plug Power
- Nuvera Fuel Cells, LLC
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Solid Oxide Fuel Cell (SOFC) segment is anticipated to expand rapidly throughout the forecast period in the fuel cell market due to lower emissions than traditional combustion technologies
The Solid Oxide Fuel Cell (SOFC) segment is anticipated to expand rapidly throughout the forecast period, because to the stack’s increased efficiency and higher-grade heat, SOFC has been acquiring a sizable part in the Ene-Farm programme. The rise in bloom units for prime power shipments to the US and Korea is related to the net increase in SOFC shipment capacity. Some vendors, including Ceres/Bosch, make up a significantly smaller portion of the overall supply chain.
North America will expand due to large investments made in the study and creation of cutting-edge FC systems as well as the broad adoption of current technology. Governments like the U.S. and Canada have made large investments in enhancing hydrogen refuelling infrastructure and have provided a range of tax advantages to promote technical adoption.
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Proton Exchange Membrane Segment Held a Sizable Market Share Due to Its Efficiency
The proton exchange membrane fuel cell segment will hold a sizable market share. Proton exchange membrane fuel cells are widely used in stationary, mobile, and transit applications, which has increased their market share significantly. This is explained by the fact that solid oxide fuel cells can function at high temperatures and don’t need high-cost catalysts like ruthenium. Solid oxide fuel cells are used most frequently in stationary applications.
The biggest market share was held by the Asia Pacific region, and it is anticipated that it would continue to be the top user of fuel cell technology in the years to come. The Asia Pacific fuel cell sector has expanded at an incredible rate, and the market expansion in the region is attributable to the rising demand for more electricity, a reduction in the use of fossil fuels, and a rise in the acceptance of green energy technology. Furthermore, the need for fuel cells is anticipated to substantially increase as progress in this area continues to grow.
A comprehensive analysis of the major players in the Fuel Cell market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Fuel Cell Market
- In July 2022, Microsoft announced the successful testing of a hydrogen fuel cell system that may take the place of a conventional diesel backup generator in a sizable data centre. By 2030, the business hopes to totally phase out the usage of diesel fuel in its emergency power systems.
- In January 2022, FuelCell Energy reported that the 7.4-megawatt SureSource fuel cell project in Yaphank, Long Island, New York, had finished site construction and started conditional commercial operation.
Key Questions Answered in Fuel Cell Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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