Fuel Cell Market to cross US$ 8.67 billion by 2030, Says Global Market Insights Inc.

Major fuel cell market participants include Ballard, Cummins, Plug Power, SFC, Horizon, Bloom Energy, and FuelCell Energy among others.

SELBYVILLE, Del., Feb. 7, 2022 /PRNewswire/ -- The fuel cell market  is expected to surpass USD 8.67 billion by 2030, as reported in a research study by Global Market Insights Inc. Growing awareness of energy-efficient transportations and robust funding from both public & private parties to develop hydrogen structures alongside offering numerous incentives to buyers with the aim of expanding their worldwide presence will drive the business dynamics.

The rising demand for power on account of the growing government focus on commercialization and industrialization is set to favor the stationary market statistics. Acute climatic conditions that lead to the soaring space-heating requirements across residential and commercial establishments including data centers, hospitals, hotels, and schools will strengthen the business potential.

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Growth in COVID-19 cases has hindered a variety of manufacturing operations, leading to production process delays. Key countries comprising Germany, France, and the U.S. have made a shift to hydrogen fuel cells. The growing inclination further encouraged many players to offer incentives and rebates for end users along with enhancing the development of hydrogen infrastructure to support the electrification process, thereby strengthening the product deployment.

The PEMFC cell is anticipated to gain a significant momentum on account of the enhanced sales of Fuel Cell Electric Vehicles (FCEVs) along with the surging demand for uninterrupted power supply across remote and off-grid locations. Lightweight, high efficiency, high-power density, and dynamics are some of the key characteristics that are set to fuel product adoption. In addition, the increasing utilization of vehicles in various applications including goods transportation and material handling will augment the market size.

Growth in residential and commercial infrastructure constructions coupled with the innovations and advancements in fuel cell technology is set to boost the Asia Pacific fuel cell market growth. Increasing disposable incomes in countries including Japan and Australia will propel the product penetration. The region is largely supported by its manufacturing industry across nations including South Korea, India, China, and Japan, which will further enhance product adoption. Additionally, rising customer focus on sustainable technologies coupled with the establishment of targets to curb emissions will foster the business outlook.

Some of the key findings of the fuel cell market report include:

• Reduced dependency on oil & diesel combined with non-conventional energy sources along with growing awareness of low carbon emissions.
• The fuel cell infrastructure industry is rising swiftly on account of the large-scale installations across the commercial segment.
• The rapid adoption of hydrogen fuel by South Asian countries will spur the market size.
• Major players in the market include Ballard, Cummins, Plug Power, SFC, Horizon, Bloom Energy, and FuelCell Energy among others.
• Growing requirements for large-scale multi-megawatt systems and power grid networks to supply electricity in remote areas will enhance the stationary fuel cell market growth.
• Increasing interest in energy storage applications and heavy-duty transportation is set to create significant opportunities for the market.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

2.1  Fuel cell industry 360⁰ synopsis, 2018 – 2030

2.1.1  Business trends

2.1.2  Product trends

2.1.3  Application trends

2.1.4  Regional trends

Chapter 3 Fuel Cell Industry Insights

3.1  Industry segmentation

3.2  Industry ecosystem analysis

3.3  Innovation & technology landscape

3.4  Regulatory landscape

3.5  Hydrogen fuelling stations across the U.S. (2021 & 2019)

3.6  COVID– 19 impact on the industry outlook

3.7  Industry impact forces

3.7.1  Growth drivers

3.7.2  Industry pitfalls & challenges

3.8  Growth potential analysis

3.9  Porters Analysis

3.10  Announced hydrogen stations across key countries

3.11  Competitive landscape, 2021

3.12  Fuel Cell Market, By Shipments ('000 Units)

3.13  PESTEL Analysis

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Corporate Sales, USA
Global Market Insights Inc.
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