Fuel Cell Market worth $4.57 Billion by 2027 - Exclusive Report by The Insight Partners

The global fuel cell market is growing at a CAGR of 26.8% from 2020 to 2027

Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Environmental Protection Agency (EPA) states that the worker’s productivity at workplaces can be improved by 5–6% when air pollution levels are set to optimum. As balanced and increased ventilation optimizes IAQ, the demand for air quality sensors is rising significantly in various sectors, including residential, commercial, and industrial.

Fuel Cell Market in terms of revenue was estimated to be worth $0.70 billion in 2019 and is poised to reach $4.57 billion by 2027, growing at a CAGR of 26.8% from 2020 to 2027 according to a new report published by The Insight Partners.

The growth of the fuel cell market is driven by rising need to diminish the reliance on oil and fuel and increasing government support. However, advanced technological developments is emerging as a future trend in the industry.

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Global Fuel Cell Market Scope:

Report CoverageDetails
Market Size Value inUSD 0.70 Billion in 2019
Market Size Value byUSD 4.57 Billion by 2027
Growth rateCAGR of 26.8% from 2020 to 2027
Forecast Period2020-2027
Base Year2019
Segments coveredType, Application, End-User, and Geography.
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America.
Country scopeArgentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Report coverageRevenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Many people spend most of their time indoors, and IAQ has a momentous impact on their comfort and health; poor air quality can make room stuffy and uncomfortable, and it can negatively impact the productivity, cognitive function, health, and well-being of the indoor occupants. Indoor pollutants such as radon, mold, pressed wood products (which might contain formaldehyde), and secondhand smoke may lead to health issues such as lung cancer and asthma among occupants.
APAC led the air quality sensor market in 2019. The market growth in this region is mainly attributed to rapid developments in technologies deployed for improving air quality, government standards for the protection of environment, and rising disposable income of population. The air quality sensor market in APAC is further expected to grow at the fastest CAGR during 2020–2027, and the projected market growth can be ascribed to dynamic industrial and manufacturing sectors in the region, which are prominent users of air quality sensors. Governments of China, India, and other developing economies are focusing on upgrading their existing infrastructure.

The COVID-19 virus outbreak has been affecting every business globally since December 2019. The continuous growth in the number of virus-infected patients has governments to put a bar on transportation of humans and goods. The manufacturing and construction industries, coal-fired plants, shutdown of schools, academic institutes, shopping complexes, office premises have experienced temporary shutdown in their activities which has resulted into lower air pollution. The factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of various industries and thus stopping the work. With less movement of people and goods, the air pollution is getting reduced across the globe. To continue lowering the harmful impact of air pollutants on environment, the demand for air quality sensor will grow, after the business processes gets resumed. In addition, use of portable air quality sensor will also increase among the individuals owing to COVID-19 virus with an aim to protect themselves.

The implementation of various environmental standards to minimize the emission of harmful gases is a major force boosting the adoption of air quality sensing technologies. For instance, the Clean Air Act demands the EPA to establish National Ambient Air Quality Standards for the pollutants endangering lives of people and affecting the environment. The act has established primary and secondary national air quality standards. The primary standard has set the limit to protect health of children, elderly population, and asthmatics people, whereas the secondary standards set the limits to protect animals, agricultural yields, and buildings from air pollutants. Additionally, the EPA Office of Air Quality Planning and Standards (OAQPS) has formed National Ambient Air Quality Standards for the six common pollutants—particles, ground-level ozone, sulfur dioxide, carbon monoxide, lead, and nitrogen dioxide—which are also known as “criteria” pollutants. The government bodies to limit air pollution and protect the environment have prescribed a range of mentioned pollutants.

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Global Air Quality Sensor Market: Segmental Overview
Based on type, the air quality sensor market is segmented into fixed and portable. Fixed air quality sensors make the process of monitoring indoor air quality easy. These sensors are predominantly used by professionals and nonexperts who collect air quality data of the indoor environment of manufacturing facilities, offices, hospitals, schools, and transport terminals. Aeroqual is known for offering an array of fixed indoor quality systems such as Series 900 – Fixed Indoor Air Quality Monitor, Series 930 – Fixed Indoor Air Quality Monitor, and SM70 – Fixed Indoor Air Quality Monitor. The fixed systems are compatible with a broad range of gas sensor heads, and every sensor head measures one gaseous pollutant.


Global Air Quality Sensor Market: Competition Landscape and Key Developments
energomonitor s.r.o; Aeroqual Limited; MetOne Instruments, Inc.; Siemens AG; and Renesas Electronics Corporation are the five key players in the global air quality sensor market. The listing of key players is based on parameters such as overall revenue; brand image; current automatic tire inflation system solutions portfolio; technology integration and product enhancements; geographic reach; and new product/feature launches, market initiatives, mergers and acquisitions, and other market-related activities. Moreover, Honeywell International Inc., Schneider Electric SE, Sensirion AG Switzerland, Suez, and Zhengzhou Winsen Electronics Technology Co., Ltd. are among the other notable air quality sensor market players, which were studied and analyzed during this the market study.

Recent Developments:

  • In 2019: SUEZ announced the creation of a new Air Division. The engineers of the company developed a range of solutions to help industrial customers in lowering their environmental footprint and local authorities in improving air quality.
  • In 2019: Renesas Electronics Corporation announced the successful acquisition of IDT. Jointly, the companies would offer a broader range of leading-edge technology and embedded solutions.

Go through further research published by The Insight Partners:

Advanced Fuel Cell Market - Global Analysis and Forecast to 2030.
Portable Fuel Cell Market - Global Analysis and Forecast to 2030.
Alkaline Fuel Cells Market - Global Analysis and Forecast to 2030.

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