According to the latest report by IMARC Group, titled “Fuel Cell Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global fuel cell market reached a value of US$
4.3 Billion in 2022. A fuel cell is an electrochemical cell that converts chemical potential energy into electrical energy. It includes a cathode, anode, and electrolyte, which carries electrically charged particles from one electrode towards the other. It offers higher efficiency, flexibility, longer operating time, enhanced reliability, minimal maintenance costs, and production of zero toxicity. A fuel cell is also environment-friendly, reduces greenhouse gas emissions and has a longer life span. As compared to a battery, a fuel cell does not run-on electricity; instead, it is recharged using oxygen or hydrogen. As a result, it is widely used for material handling, transportation, and emergency backup power and to provide power to vehicles like forklifts, automobiles, buses, boats, and motorcycles.
Global Fuel Cell Market Trends:
The increasing demand for unconventional energy sources across the globe is creating a positive outlook for the market. Fuel cells are widely used for power storage and backup options as they have the potential to produce electricity using a variety of fuels. In line with this, the widespread product utilization to produce combined heat and power (CHP) in households and commercial spaces like hotels, hospitals, educational centers, and public buildings is favoring the market growth. Apart from this, various government initiatives promoting the use of environment-friendly, clean, and sustainable energy substitutes like fuel cells, due to the increasing depletion of fossil fuels, are providing a considerable boost to the market growth. Additionally, the significant growth in the automotive industry is positively impacting the market growth. Fuel cells are widely installed to power the electric motor of buses, utility vehicles, and electric scooters due to their quick start and high-power densities. Other factors, including the rising awareness about the benefits of fuel cells, various initiatives on reducing greenhouse gas emissions, and constant depletion of fossil fuels, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$
16.5 Billion by 2028, exhibiting a CAGR of
24.89% during 2023-2028.
- Based on the type, the market has been classified into proton exchange membrane fuel cells (PEMFC), solid oxide fuel cells (SOFC), molten carbonate fuel cells (MCFC), direct methanol fuel cells (DMFC), phosphoric acid fuel cells (PAFC) and others.
- On the basis of the application, the market has been segmented into stationary, transportation and portable.
- Based on the region, the market has been categorized into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Ballard Power Systems Inc., Bloom Energy Corporation, Toshiba Fuel Cell Power Systems Corporation, FuelCell Energy Inc, Plug Power Inc, Nuvera Fuel Cells Inc, AFC Energy plc, SFC Energy AG, Mitsubishi Hitachi Power Systems, Ltd., Panasonic Corporation, Intelligent Energy Limited and Doosan Fuel Cell America Inc.
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