Dublin, Aug. 08, 2022 (GLOBE NEWSWIRE) -- The "Global Fuel Cell Market by Type (PEMFC, SOFC, PAFC, MFC, DMFC, AFC), Application (Portable, Stationary, Vehicles (FCV)), Size (Small & Large), End User (Residential, C&l, Transportation, Data Center, Military & Defense, Utility), Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global fuel cell market size is estimated to be USD 2.9 billion in 2022 and is projected to reach USD 9.1 billion by 2027, at a CAGR of 26.0%. The market has a promising growth potential due to several factors, including the stringent norms on GHG emission across the globe, increasing R&D grants, increasing need of energy efficient power generation, and spur in demand of public as well as personal fuel cell electric vehicles.
Stationary, The largest segment of fuel cell market, by application
In the stationary application of fuel cells, the output required can be as high as multi megawatts (MW) or as low as less than 1 kW. Fuel cells with larger capacities are larger in size as well. These fuel cells can further be used for capacity addition and carbon capturing operations in a thermal power plant. Thus, the use of fuel cells consequently helps in reducing the carbon footprint in the residential, commercial, and industrial sectors.
Transportation: The largest segment of fuel cell market, by end user
The rising demand for personal mobility and increased concerns for low emission vehicles are driving the growth of the transportation end user. Several FCEV models, such as the Toyota Mirai, Honda Clarity, Mercedes Benz GLC FCEV, Nissan X-Trail FCEV, and Riversimple RASA are available in the market. Realizing the significant potential in the passenger light duty market, various companies are planning to launch new models in the coming years.
Asia Pacific: The largest region in the fuel cell market
Asia Pacific is one of the leading markets which is continuously shifting its focus towards green and renewable technologies to meet the targets set by the governments for reducing GHG emissions. Furthermore, countries such as Japan and South Korea are increasing their investments to adopt fuel cell technology.
Market Dynamics
Drivers
- Rise in the Demand for Fuel Cell Vehicles
- Advancements in Research & Development on Fuel Cells and Government Rebates
- Stringent Emission Norms in Europe and North America Leading to Demand for Clean Energy Sources
- Faster Refueling of FCEVs Compared to BEVs
Restraints
- High Cost of Catalysts Used in Fuel Cells
- Storage Issues Associated with Using Hydrogen as Fuel
- High Initial Investments in Hydrogen Fueling Infrastructure
Opportunities
- Increased Efforts to Augment Hydrogen Fueling Stations
- Rise in Distributed Power Generation and Combined Heat & Power Applications Across Regions
- Increased Adoption of Fuel Cells for Backup Power in Data Centers
- Growing Investments in Space Programs and Rising Utilization of Fuel Cells in the Military
Challenges
- Water Management in Proton Exchange Membrane Fuel Cells
- High Operating Temperatures and Start-Up Time of Solid Oxide Fuel Cells
- High Cost of Fuel Cell Vehicles
- Competition from BEVs and HEVs
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Fuel Cell Market, by Type
7 Fuel Cell Market, by Application
8 Fuel Cell Market, by End-user
9 Fuel Cell Market, by Size
10 Geographic Analysis
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Adaptive Energy
- Adelan
- Afc Energy plc
- Aisin Corporation
- Altergy
- Avl List GmbH
- Ballard Power Systems
- Bloom Energy
- Ceres
- Cummins Inc.
- Doosan Fuel Cell Co., Ltd.
- Elringklinger Ag
- Fuji Electric Co., Ltd.
- Horizon Fuel Cell Technologies
- Intelligent Energy Limited
- Kyocera Corporation
- Microrganic Technolgies
- Mitsubishi Heavy Industries, Ltd.
- Nedstack Fuel Cell Technology Bv
- Nuvera Fuel Cells, LLC
- Plug Power Inc.
- Powercell Sweden Ab
- Powerup Energy Technologies
- Proton Motor Power Systems plc
- Sfc Energy Ag
- Solidpower S.P.A
- Special Power Source
- Toshiba Corporation
- Watt Fuel Cell Corporation
- Ztek Corporation, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hh8koc
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