Market Research Report
Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2030
|Fuel Cell Market Size By Product (PEMFC, DMFC, SOFC), By Application (Stationary, Portable, Transport), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2030|
Published: August 27, 2021
Global Market Insights Inc.
Content info: 370 Pages
Delivery time: 2-3 business days
The fuel cell market is projected to amass exponential gains by 2030 owing to surging focus on technological advancements in the sector. Additionally, rising prominence of fuel cells in varied applications is speculated to further support market growth over the forecast timeline.
Fuel cells utilize the chemical energy of hydrogen or other fuels to produce electricity cleanly and efficiently. These cells run on a wide range of feedstocks and fuels and can power systems as small as a laptop and as huge as a utility power station.
Fuel cells offer several advantages over traditional combustion-based technologies that are currently employed in power plants and vehicles. Thus, product benefits in diverse industries have played a key role in industry expansion.
Fuel cells offer higher efficiencies compared to combustion engines. It can directly convert chemical energy from the fuel to electricity with over 60% efficiency. These cells have low to no emissions as opposed to combustion engines and are quiet in operations since they have few moving parts. Subsequently, high functional value of fuel cells has been favorable for business growth in recent years.
Moreover, industry players have been focusing on product development, which has positively influenced the global business landscape. For instance, in August 2021, automotive behemoth Toyota announced plans to manufacture fuel cells at its Kentucky auto-assembly plant for usage in zero-emission big rigs as well as heavy-duty commercial vehicles.
The automaker stated its intentions to set up a dedicated line for the fuel cells at is plant in Georgetown, Kentucky, which was slated to commence the assembly of the electrochemical devices in 2023. As a result, growing consumer interest has significantly boosted revenue growth of the global market.
For extensive analysis, the fuel cell market has been segmented on the basis of product, application, and region. With respect to product, the market has further been divided into DMFC, PEMFC, and SOFC.
The PEMFC sub-segment accounts for a sizable revenue share in the market and is expected to grow at a robust CAGR over the review period. Beneficial characteristics of PEMFC, such as high efficiency, lightweight, and dynamic & high-power density, are set to propel segmental growth through the assessment timeframe.
From the regional perspective, the North America fuel cell market contributes to a major portion of the overall industry revenue and is projected to observe lucrative growth by 2030. Increasing adoption of fuel cell-driven vehicles, along with escalating demand for clean energy generation in the region, is likely to fuel market expansion in the forthcoming years.
Meanwhile, the Latin America fuel cell market is anticipated to expand at a steady pace to reach a notable valuation by the end of the forecast period. Mounting energy demand, coupled with growing environmental awareness across LATAM, is estimated to foster regional market growth in the future.