Friday, 10 March 2023 11:33 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / March 10, 2023 / Transparency Market Research Inc. - As per a Transparency Market Research study, the fuel cell market was valued at US$ 10.37 Bn in 2020 and is estimated to grow at a compound annual growth rate (CAGR) of 23.64% during the forecast period from 2021 to 2031.
Fuel cells are electrochemical cells that help to convert chemical energy from fuel to electricity. A fuel cell comprises a cathode, anode, and an electrolyte. Fuel cells are gaining popularity due to the several benefits they offer such as improved energy efficiency, extended operating time, eco-friendly nature, and ease of maintenance. Fuel cells have been used in stationary, portable, and transport application areas, which helps market growth.
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Launch of new fuel cells is helping well-established market players in generating revenue and gaining an edge over other players. Additionally, prominent companies are collaborating with other players to expand their presence and improve revenue share.
Manufacturers are likely to expand their production capabilities to meet consumer requirements from different application areas. In May 2021, Switzerland-based market player EH Group Engineering announced the expansion of its production capacity and moved its operations to a new facility in Nyon.
Key Findings of Market Study
- Increase in Need to Reduce Carbon Emissions: There has been a rise in focus from governments and authorities to reduce carbon emissions. As a result, authorities have imposed stringent regulations and are promoting the use of suitable alternatives such as green energy. Fuel cells are eco-friendly products and governments are looking to propel product demand by offering subsidies. Increase in use of green energy in different application areas such as submarines and electrical appliances is triggering the demand for fuel cells and helping in market development
- Rise in Demand for Proton Exchange Membrane Fuel Cells: Based on type, the market has been trifurcated into solid oxide fuel cells, direct methanol fuel cells, and proton exchange membrane fuel cells. The proton exchange membrane fuel cells segment held dominant share of the market in 2020. Increase in demand for proton exchange membrane fuel cells from the transportation industry to power buses and automobiles, and rise in demand for small-scale residential applications fuels the segment.
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Fuel Cell Market-Key Driving Factors
- Growth in fuel cell usage in different application areas such as uninterrupted power systems (UPS) is likely to help drive the market during the forecast period
- Stringent government regulations to reduce emissions and shift toward renewable energy is creating opportunities in the fuel cell market
- Increase in usage of fuel cells in different portable applications such as smartphones and laptops is helping expand market size
- Surge in fuel cell usage as a heating source due to reduced emissions and rapid industrialization, especially in developing countries, is likely to trigger the demand for fuel cells and help in business growth
Fuel Cell Market-Regional Insights
- Asia Pacific held dominant market share in 2020 and is anticipated to witness significant growth during the forecast period. Increase in adoption of green energy technology, need to decrease reliance on fossil fuels, and rapid industrialization in both developed and developing economies, such as China and India, and is estimated to help market development in the region in the next few years. Prominent companies are likely to establish R&D centers and fuel cell manufacturing units in countries of Asia Pacific due to the ease of availability of land and labor
- The market in North America is projected to witness substantial growth in the near future due to surge in demand for emerging fuel cell technologies for electricity generation and growth in fuel cell usage in UPS in countries such as the U.S. and Canada
- The market in Europe is projected to witness strong growth in the next few years owing to increase in investments for research activities regarding the use of fuel cells to generate electricity in the U.K. and Germany
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Fuel Cell Market-Key Players
The global market is competitive, with the presence of several international and local players, who have been dominating the landscape for several years. Entry of new players is likely to intensify competition in the next few years.
Leading fuel cell market players are investing significantly in research and development activities to manufacture improved fuel cells that meet consumer requirements in different application areas. Rise in demand for improved products is likely to help industry growth.
Key players operating in the market are Toshiba Corp., Ballard Power Systems Inc., FuelCell Energy Inc., and Plug Power Inc.
The global market has been segmented as follows:
Type
- Solid Oxide Fuel Cells
- Direct Methanol Fuel Cells
- Proton Exchange Membrane Fuel Cells
Application
- Stationary
- Portable
- Transport
Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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