Fuel Cell Market Growth Outlook:
According to the research study by DataM Intelligence, the global Fuel Cell Market is projected to grow at a CAGR of 24% over the forecast period 2022 to 2029.
Increasing public and private partnerships and minimizing environmental effects are other elements projected to drive the demand for fuel cells. Over the globe, the governments are projected to enhance the developments by giving support in several forms, such as investments research initiatives, and appropriate financing plans. Growing a strong regulatory and policy framework is particularly key as government initiatives required an environment that is proper for funding.
Supporting norms by the governments in emerging countries and environmental objectives to diminish production rates boost the hydrogen power plants’ demand over the forecast period. Increasing prominence by governments of emerging countries such as the United States, and Europe and technological progression for the spare of electric grids are probably to additional foster the growth.
Continuing developments in the Europe region are projected to support market contributors to enhance their product portfolio. Technologies in deploying cleaner at huge cost challenge the new line of most of the market key players. The benefit of fuel cell technology in several transportation methods is increasing swiftly owing to a rising in research and developments for emerging hydrogen powdered vehicles.
Impact of COVID-19 on the Industry:
Implemented lockdown owing to the impact of COVID-19 pandemic lead to temporary close on Import and export and production and processing actions over the several major sectors and electrical utilities, which minimized the demand for fuel cells from these consumers, Furthermore, closed in-building network, and other power plants, due to the absence of workers and rise in demand and supply gap are estimated to hinder the growth of the global market over the pandemic time.
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Regional Growth Insights:
European economies such as France, Germany, and United Kingdom are effectively investing in R&D related to the application of fuel cells for power generation. This is projected to drive the growth of the stationary segment during the forecast period. The segment is anticipated to develop as the leading application segment during the forecast.
Asia Pacific Fuel cells market gathered the largest share in the global market revenue, and it is projected to remain in control over the forecast period 2022-2029. This is accounted to the presence of a large consumer base, swift growth of the hydrogen industry, presence of major companies, and fuel cell systems in the Asia Pacific region. Furthermore, the occurrence of emerging countries in the region such as Japan, China, India, and South Korea rise the demand for fuel cells in the transportation sector which in turn is projected to produce the growth of the market in the Asia Pacific region.
In 2020, Asia pacific region register for the highest market share in the global industry during the forecast. Owing to the ENEFARM in Japan, which has determined the aids of PEMFCs and SOFCs for micro CHP applications in Japan. Furthermore, encouraging policies and plans for fuel cell methods for the transportation segments in South Korea and China have boosted the global market growth in the Asia Pacific region.
North America region registered a prominent share in 2020, due to the occurrence of supporting regulatory policies to boundary carbon footprint in North America double with the convenience of investments for the R&D contained to fuel cells. Additionally, the occurrence of companies such as Bloom Energy has completed the installation of fuel cells for the stationary segment in the United States in industries such as sports stadiums, data centers, and commercial building.
Market Segmentation Analysis:
By Technology:
Polymer Electrolyte Membrane Fuel Cell
Solid Oxide Fuel cell
Molten Carbonate Fuel cell
Alkaline Fuel Cell
Others
By Application:
Portable Power
Transportation
The transportation segment is projected to produce at a swift CAGR during the forecast period due to the increasing demand for fuel cell powdered forklifts and fuel cell cars. Additional, growing R&D initiatives in Europe region to grow hybrid vehicles powered by hydrogen are probable to boost the segment growth.
Geographical Classification:
North America
Europe
Latin America
Middle East and Africa
Asia Pacific
Rest of the World
Competitive Analysis and Major Companies Covered:
The major companies acquire collaboration, agreements, and partnerships as their major growth strategies to improve the revenue of the market and grow new products to progress their product portfolio. Some of the major players leading the global industry are; Ballard Power Systems Fuel Cell Energy, Hydrogenics Corp., Plug Power, Ceres Power, SFC Energy, Bloom Energy, Nuvera Fuel Cells, Inc., SFC Energy, Altergy Systems, and AFCT.
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The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of e-Fuel Cells Market segmentation By Technology, By Application, and Region, highlighting the key commercial assets and players.
- By Technology
- By Application
- By Region
- Identify commercial opportunities in the Market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of Market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
Additional Benefits Post Purchase:
- Unlimited Analyst support for a period of 1 year.
- Any query regarding the scope offered will be addressed within 24- 48 hours.
- An excel sheet with market numbers will be provided separately.
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