Fuel Cell Market Trends & Forecast | Asia Pacific 19.7% CAGR by Singapore, Hong Kong, South Korea, Japan, Taiwan, China

Fuel Cell Market Share to grow at 19.4% CAGR To 2030

Fuel Cell Market for the stationary segment is anticipated to grow at a rate of 19.4% in terms of revenue during the forecast period.”
— Allied Market Research

WILMINGTON, DELAWARE, UNITED STATES, February 20, 2024 /EINPresswire.com/ --

According to a new report published by Allied Market Research, The fuel cell market size was valued at $3.6 billion in 2020, and is estimated to reach $32.0 billion by 2030, growing at a CAGR of 19.4% from 2021 to 2030.

Fuel cell offer several advantages over conventional combustion-based power generation, including higher efficiency, lower emissions, quieter operation, and modularity. They have applications in various sectors, including transportation (e.g., fuel cell vehicles), stationary power generation (e.g., backup power systems, distributed generation), and portable electronics.

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Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 19.7%, during the forecast period.

In 2020, Asia-Pacific dominated the global fuel cell market with more than 67.4% of the share, in terms of revenue.

The key players operating and profiled in the report include Bloom Energy, Doosan Fuel Cell America, Inc., Ceres Power Holdings Plc, Plug Power, Inc., Fuel Cell Energy, Inc., Ballard Power Systems, SFC Energy AG, Nedstack Fuel Cell Technology B.V., Intelligent Energy, and Nuvera Fuel Cells, LLC.

Other players operating in the fuel cell market are Kyocera, Solid Power, Altergy, Horizon Fuel Cell, and others.

Transport is the rapidly growing segment in the global fuel cell market, and is expected to grow at a CAGR of 19.6% during 2021–2030.

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A fuel cell is an electrochemical device that converts chemical energy from a fuel into electricity through a chemical reaction. It operates much like a battery but differs in that it continuously receives fuel from an external source, allowing it to produce electricity as long as the fuel is supplied.

Fuel cells are energy producing devices, which produce energy with the help of sustainable chemical reactions, which is expected to witness notable growth in the coming years.

This is due to the competitive advantages of fuel cells, such as enhanced efficiency, eco-friendly, and longer life span as compared to others.

Increasing applications of fuel cell in the transport sector, such as in cars and buses is expected drive the growth of the market in the coming years.

Growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cell are some other driving factors of this market.

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Hydrogen is the most common fuel used in fuel cells, although other fuels such as natural gas, methanol, and even biomass can be used. Hydrogen gas is supplied to the anode (negative electrode) of the fuel cell.

The electrons flowing through the external circuit create an electric current that can be used to power electrical devices.

Some of the restraints associated with the fuel cell market are high price of catalyst use in it, which raise the price of fuel cell and lack of fuel cell infrastructure.

Based on product type, the Proton Exchange Membrane Fuel Cell (PEMFC) segment accounted for more than two-thirds of the global fuel cell market share in 2020, and is anticipated to rule the roost by 2030. The same segment would also cite the fastest CAGR of 19.6% throughout the forecast period, due to rise in demand for clean power generation and increasing dependence on fuel cell-based transport applications.

Based on application, the stationary segment held nearly three-fourths of the global fuel cell market revenue in 2020, and is expected to lead the trail by 2030. Increase in demand for fuel cells from distributed generation facilities drives the segment growth.

In 2020, the molten carbonate fuel cell (MCFC) segment is anticipated to grow at a rate of 18.0% in terms of revenue during the forecast period.

In 2020, the stationary segment accounted for 72.0% market share, and is anticipated to grow at a rate of 19.4% in terms of revenue during the forecast period.

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In 2020, the Proton Exchange Membrane Fuel Cells (PEMFC) segment accounted for about 74.4% of the share in the global fuel cell market, and is expected to maintain its dominance during the forecast period.

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