DUBAI, UAE, Oct. 9, 2023 /PRNewswire/ -- As per the latest report published by Kings Research, the global Fuel Cell Technology Market size was recorded at USD 3.57 billion in 2022 and is estimated to register USD 15.35 billion by 2030, exhibiting a 23.10% CAGR over the projection period between 2023 and 2030. Fuel cells are gaining popularity in commercial buildings as a source of heat due to their ability to provide power without any emissions. The use of fuel cells in portable devices is further contributing to the market growth. Additionally, governments are encouraging the adoption of fuel cells by providing subsidies, with the goal of promoting clean energy generation, further driving market expansion.
A fuel cell is a device that produces electricity by combining hydrogen and oxygen through a chemical process, resulting in water being the only byproduct. It functions by converting chemical energy into electrical energy, providing a sustainable and efficient power source. This technology is becoming increasingly popular in the business sector as a clean and effective solution for energy needs. A fuel cell is an electrochemical mechanism that creates power through a chemical reaction between hydrogen and oxygen, producing water as the sole waste product. Its operation is based on converting chemical energy into electrical energy, which makes it a desirable and environment-friendly power source for businesses.
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Trending Now: Hyzon Motors Inc. Hits Milestone in Manufacturing 200kW Single-Stack Fuel Cell System
In July 2023, Hyzon Motors, a prominent developer of high-power hydrogen fuel cell technology and a provider of zero-emission heavy-duty FCEVs (fuel cell electric vehicles), declared the successful completion & factory acceptance testing of the initial nine single-stack 200kW FCS (Fuel Cell System) B-samples at its production and innovation center in Bolingbrook, IL. This achievement keeps Hyzon on schedule for declaring the Start of Production (SOP) and subsequent commercialization of its pioneering FCS in 2024.
Competitive Landscape
In the field of fuel cell technology, well-known companies are employing various strategies, such as collaborations and partnerships, to maintain a competitive edge in the industry. For instance, in August 2023, Ballard Power Systems and Ford Trucks inked a letter of intent (LOI) to develop a prototype hydrogen fuel cell vehicle. As part of the partnership, Ballard agreed to supply Ford Trucks with 2 FCmove-XD 120 kW fuel cell engines. This move showcases the companies' dedication to advancing fuel cell technology and their commitment to innovation.
Leading companies in the global fuel cell technology market are:
- Ballard Power Systems
- ABB
- Cummins Inc.
- FuelCell Energy, Inc.
- SFC Energy AG
- Ceres
- Nedstack Fuel Cell Technology B.V.
- Bloom Energy
- Doosan Fuel Cell Co., Ltd.
- Plug Power, Inc.
- Nuvera Fuel Cells, LLC
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Rising Emphasis on Environmentally Friendly Energy Solutions to Support Adoption of Polymer Exchange Membrane Fuel Cells
In terms of type, the polymer exchange membrane fuel cell segment accounted for the highest share of the global fuel cell technology market revenue in 2022. This preeminence can be attributed to several key factors. Firstly, there has been a notable surge in the demand for clean and sustainable power generation methods worldwide. This increasing emphasis on environmentally friendly energy solutions has led to a significant uptick in the adoption of polymer exchange membrane fuel cells, which are known for their efficiency and low environmental impact.
Environmental Benefits Drive Fuel Cell Technology Use in the Automotive Industry
On the basis of end-use, the automotive segment is expected to experience rapid expansion in the fuel cell technology market in the upcoming years. This growth can be attributed to the fuel cell systems' ability to deliver improved performance, reduced refueling time, and increased driving range. Additionally, the adoption of fuel cell technologies in the automotive sector is driven by the environmental advantages they offer, such as water-based exhaust, lower emissions, and superior power and torque output.
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Increasing Need for Sustainable Energy Sources to Boost Fuel Cell Technology Market Growth
Fuel cells are becoming increasingly popular as the need for sustainable energy sources continues to rise. These mechanisms create electricity by means of a chemical reaction, utilizing hydrogen as a fuel source and producing water vapor and heat as the only byproducts. Fuel cells have diverse applications in transportation, household, and industrial electricity production. Additionally, they serve as dependable backup power systems, guaranteeing uninterrupted power supply in the event of grid failures.
Moreover, fuel cells can be combined with renewable energy sources, allowing them to store and utilize surplus energy in order to offer a dependable and consistent solution for renewable energy. The continuous growth in fuel cell adoption is primarily fueled by technological progress and the decreasing costs associated with it. This trend is driven by the rising need for clean energy.
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North America to Lead Market Owing to Rising Investments in Installation of Fuel Cells
North America is the largest region in the global fuel cell technology market and is expected to maintain its position throughout the projection period. The region is witnessing an increase in investment in the installation of fuel cells, largely due to the escalating use of these cells in the transportation sector. Moreover, there has been a rise in the use of fuel cells in portable devices across the region.
The U.S. government has established ambitious goals to encourage the use of hydrogen-powered vehicles, thereby boosting the demand for fuel-cell cars in the country. Additionally, infrastructure development projects, R&D investments, and subsidy programs will act as incentives for customers in the United States and Canada to embrace hydrogen fuel cell vehicles.
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Key Points from TOC:
Chapter 1 Introduction of the Global Fuel Cell Technology Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Fuel Cell Technology Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Fuel Cell Technology Market, By Type
Chapter 7 Global Fuel Cell Technology Market, By Application
Chapter 8 Global Fuel Cell Technology Market, By End-Use
Chapter 9 Global Fuel Cell Technology Market, By Geography
Chapter 10 North America
Chapter 11 Europe
Chapter 12 Asia Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global Fuel Cell Technology Market Competitive Landscape
Chapter 16 Company Profiles
16.1 Ballard Power Systems
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Type Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 ABB
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Type Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Cummins Inc.
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Type Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 FuelCell Energy, Inc.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Type Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 SFC Energy AG
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Type Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
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