Fuel Cell Market to Reach $32.0 Bn, Globally, by 2030 at 19.4% CAGR: Allied Market Research
Increasing applications of fuel cell in the transport sector, such as in cars and buses drives the growth of the global fuel cell market.
PORTLAND, Ore., April 19, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Fuel Cell Market by Application (Portable, Stationary, Transport), by Product Type (Solid Oxide Fuel Cell (SOFC), Proton Exchange Membrane Fuel Cell (PEMFC), Molten Carbonate Fuel Cell (MCFC), Phosphoric Acid Fuel Cell (PAFC), Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global fuel cell industry was estimated at $3.6 billion in 2020, and is anticipated to hit $32.0 billion by 2030, registering a CAGR of 19.4% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increasing applications of fuel cell in the transport sector, such as in cars and buses drives the growth of the global fuel cell market. On the other hand, high price of catalyst used in it, which raises the price of fuel cell restrains the growth to some extent. However, growing demand for portable devices, stringent government regulations aimed at reducing the increasing pollution levels, and enhanced efficiency of fuel cell are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic affected a number of industries and gave way to huge imbalance in the supply-demand chain, which in turn, decreased the demand for fuel cell, thereby impacting the global fuel cell market negatively, especially during the initial phase.
- However, the market is anticipated to get back on track soon.
The Proton Exchange Membrane Fuel Cell (PEMFC) segment to dominate by 2030-
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.
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The stationary segment to maintain the dominant share-
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. The transport segment, on the other hand, would manifest the fastest CAGR of 19.6% from 2020 to 2030, owing to rise in demand for fuel cells for providing clean and reliable transportation across the world.
Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on region, Asia-Pacific, followed by North America, held the major share in 2020, generating more than two-thirds of the global fuel cell market. The same region would also grow at the fastest CAGR of 19.7% by 2030. This is attributed to integration of renewable energy with main grid and rapid growth of transportation sector in the province.
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Key players in the industry-
- BALLARD POWER SYSTEMS INC.
- PLUG POWER INC.
- Ceres Power Holdings Plc
- Nuvera Fuel Cells, LLC
- Intelligent Energy
- FUEL CELL ENERGY INC.
- SFC ENERGY
- Bloom Energy
- Doosan Fuel Cell America, Inc
- Nedstack Fuel Cell Technology B.V.
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