New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fuel Cell Global Market Report 2023" - https://www.reportlinker.com/p06317648/?utm_source=GNW
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The global fuel cell market grew from $3.97 billion in 2022 to $5.16 billion in 2023 at a compound annual growth rate (CAGR) of 30.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The fuel cell market is expected to grow to $13.61 billion in 2027 at a CAGR of 27.4%.
The fuel cell market consists of sales of reversible fuel cells and alkaline fuel cells.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The fuel cell use the chemical energy of hydrogen or any other fuel to produce electricity by electrochemical reactions.The reactants have been continuously supplied to the electrodes from the reservoir.
Fuel cells are unique in terms of the variety of their potential applications. They will use a wide range of fuels and feedstocks and will provide power for systems as large as a utility power station and as small as a laptop computer.
Asia-Pacific was the largest region in the fuel cells market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of fuel cells are polymer electrolyte membrane fuel cells (PEM), molten carbonate fuel cells (MCFC), phosphoric acid fuel cells (PAFC), solid oxide fuel cells (SOFC), direct methanol fuel cells (DMFC), and others.Polymer electrolyte membrane fuel cells are proton exchange membrane fuel cells in which hydrogen is used as the fuel to operate at relatively low temperatures and quickly vary their output to meet shifting power demands.
These operate at relatively low temperatures and can quickly vary their output to meet varying power demands.The different applications include portable, stationary, and transport.
The various end-users involved are commercial and industrial, data centers, transportation, military and defense, utilities and government, among others.
An increasing focus on reducing greenhouse gas emissions is expected to propel the growth of the fuel cell market going forward.Greenhouse gas refers to any gas that has the property of absorbing infrared radiation that is emitted from Earth’s surface and reradiating it back to Earth’s surface.
Like electric vehicles, fuel cell vehicles (FCVs) are zero-emission vehicles that will have no smog-related or greenhouse gas tailpipe emissions.For instance, according to the data released by the government of the Netherlands, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 and a 95% reduction by 2050.
Therefore, the increasing focus on reducing greenhouse gas emissions will drive the growth of the fuel cell market.
Strategic partnerships and collaborations have emerged as a key trend gaining popularity in the fuel cell market.Major companies operating in the fuel cell industry are searching for strategic alliances to help them strengthen their position.
For instance, in September 2021, Eaton’s Vehicle Group, an Ireland based power management company, partnered with Ballard Fuel Cell Systems and the National Renewable Energy Laboratory for an undisclosed amount.Through this partnership, Eaton’s Vehicle Group obtained funding from the US Department of Energy to create highly efficient hydrogen fuel cells capable of powering heavy-duty machinery.
Ballard Fuel Cell Systems is a Canada- based developer and manufacturer of proton exchange membrane (PEM) fuel cell products.Moreover, in April 2022, Alstom, a France-based transport system marketer and developer partnered with Engie SA to establish renewable hydrogen logistics and refueling solutions for a fuel cell system capable of powering electric locomotives on non-electrified sections of the railway network.
Engie SA is a France-based electric utility company.
In October 2022, ZeroAvia, a US-based manufacturer of hydrogen fuel cells powered aviation powertrains, acquired HyPoint Inc. for an undisclosed amount. With the acquisition, HyPoint extends ZeroAvia’s already unmatched expertise in creating the entire powertrain necessary for hydrogen-electric flight to include cutting-edge high-temperature fuel cell technology, a promising route for raising the power output and energy density of aviation fuel cell powertrains. HyPoint Inc. is a US-based manufacturer of a hydrogen fuel cell system for the aviation industry.
The countries covered in the fuel cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fuel cell market research report is one of a series of new reports that provides fuel cell market statistics, including fuel cell industry global market size, regional shares, competitors with a fuel cell market share, detailed fuel cell market segments, market trends and opportunities, and any further data you may need to thrive in the fuel cell industry. This fuel cell market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06317648/?utm_source=GNW
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