IMARC Group’s latest research report, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the fuel cell market report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global fuel cell market size reached US$ 4.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.5 Billion by 2028, exhibiting a growth rate (CAGR) of 24.89% during 2023-2028.
Fuel Cell Market Overview:
A fuel cell refers to an electrochemical cell that produces an electric current directly from a chemical reaction. It is different from most batteries as it requires a continuous source of fuel and oxygen to sustain the chemical reaction. It can generate electricity continuously for as long as fuel and oxygen are supplied. It is utilized for primary and backup power for commercial, industrial and residential buildings and in remote or inaccessible areas. It is also used to power fuel cell vehicles, including forklifts, automobiles, buses, trains, boats, motorcycles, and submarines. There are different types of fuel cells, but they all consist of an anode, a cathode, and an electrolyte that allows ions to move between the two sides of the fuel cell. A fuel cell is very beneficial to provide power to remote locations, such as communications centers, large parks, remote weather stations, spacecraft, rural areas, and specific military applications.
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Global Fuel Cell Market Trends:
The global market is majorly driven by the increasing demand for clean power generation with less or no emissions. In line with this, the stringent rules and regulations of governments across various countries on carbon emissions are creating a positive outlook for the market. Furthermore, the rising efforts to augment hydrogen refueling stations are positively influencing the market. Apart from this, the growing environmental concerns among the masses and the escalating government initiatives for constructing hydrogen fuel cell infrastructure are catalyzing the market expansion.
Moreover, the expanding private-public partnerships and reduced environmental impact are propelling the market growth. Besides, governments worldwide are supplementing the developments by offering support in several ways, such as funding research activities and suitable financing programs, which, in turn, are expected to favor the market.
Additionally, the rapid technological upgrades for replacing electric grids are fostering the market. Some of the other factors driving the market include rapid industrialization, extensive research and development activities, the development of hydrogen-powered vehicles, and the increasing demand for fuel-cell cars and fuel-cell-powered forklifts.
Top Fuel Cell Manufacturers Worldwide:
- Ballard Power Systems Inc
- Bloom Energy Corporation
- Toshiba Fuel Cell Power Systems Corporation
- FuelCell Energy Inc
- Plug Power Inc
- Nuvera Fuel Cells Inc
- AFC Energy plc
- SFC Energy AG
- Mitsubishi Hitachi Power Systems
- Panasonic Corporation
- Intelligent Energy Limited
- Doosan Fuel Cell America
Key Market Segmentation:
Market Breakup by Types:
- Proton Exchange Membrane Fuel Cells (PEMFC),
- Solid Oxide Fuel Cells (SOFC),
- Molten Carbonate Fuel Cells (MCFC)
- Direct Methanol Fuel Cells (DMFC)
- Phosphoric Acid Fuel Cells (PAFC)
Breakup by Application:
- Stationary
- Transportation
- Portable
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
