The global Fuel Cell Market size is projected to reach a CAGR of 26.0% from 2023-2030.
Fuel cells are electrochemical devices that are being publicized as a clean source of electricity. They are naturally more effective than many of the other combustion engines available today, making them excellent providers of alternative green energy technology in automobiles. Uninterrupted power supply systems (UPS), military power units, different electric appliances, combined heat & power (CHP) systems, submarines, and automobiles are examples of fuel cell uses. Fuel cell technology is becoming increasingly popular as a heating source in commercial buildings, as it produces no emissions.
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The increase in demand for high energy density is one of the major factors driving the growth of the Fuel Cell Market. Also, the high need for a quick refuelling system has a positive impact on the fuel cell power train market. The surge in consumption of fossil fuel enhancing concentration levels of greenhouse gas emission and air pollutants has increased demand for the cell power train market. The rise in environmental concerns among the population drives the market.
Recent Developments
- In January 2022, Doosan Fuel Cell Co., Ltd. and Korea Hydro & Nuclear Power (KHNP) signed an agreement for strengthening Hydrogen Fuel Cell Operation and Maintenance Capabilities. The two companies will work together to produce a roadmap for hydrogen fuel cell operation and maintenance technical training, as well as a local green hydrogen fuel cell project for distributed power, under the terms of the agreement.
- In February 2022, Renault Group and Plug Power Inc. entered into a joint venture with the formation of HYVIA to work on low-carbon mobility and hydrogen fuel cells.
Prominent Players
- AVID Technology Limited
- Ballard Power Systems Inc
- Ceres Power
- Cummins Inc.
- Delphi Technologies
- DENSO Corporation
- FEV
- ITM Power manufactures
- NUVERA FUEL CELLS, LLC
- Robert Bosch GmbH
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Asia Pacific to Dominate the Market
- Asia-Pacific, and the rest of the world. During the projected era, Asia-Pacific is anticipated to dominate the fuel cell industry.
- Factors that push the regional market growth are the development of new infrastructure capabilities and opening up the market to foreign companies, which drives the growth of the market in this region.
The fuel Cell Market Segmentation:
On the basis of type
· PEMFC
· SOFC
· PAFC
· MFC
· AFC
· DMFC.
On the basis of the application
· Portable
· Stationary
· Fuel Cell Vehicles
On the basis of end-user
· Commercial & Industrial
· Data Centers
· Transportation
· Military & Defense
· Residential
· Utilities & Government/Municipal Institute.
On the basis of size
· Small Scale
· Large Scale.
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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Frequently Asked Questions
· What are the years considered to study Fuel Cell Market intelligence report?
· What is the compound annual growth rate (CAGR) of the Fuel Cell Market?
· Which region holds the largest market share in Fuel Cell Market?
· Who are the major players in Fuel Cell Market?
In addition to the market data for the Fuel Cell Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirement.
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