Fuel Cell Market is Expected to Grow from USD 10.37 Billion in 2020 to USD 107.03 Billion by 2031, at a CAGR of 23.64%

Fuel Cell Market is Expected to Grow from USD 10.37 Billion in 2020 to USD 107.03 Billion by 2031, at a CAGR of 23.64%

Fuel Cell Market: Introduction

One of the major elements likely to drive the global fuel cell market is the growing need for alternative energy sources. Other variables that are projected to fuel the demand include lower impact on the environment and growth in private-public cooperation. Worldwide, governments are anticipated to assist these advancements by providing financial support for R&D activities and appropriate financial schemes. Development of a strong regulatory as well as policy framework is particularly crucial since government firms must create an investment-friendly setting.

The usage of direct current (DC), high efficiency, and ability to utilize multiple fuels are likely to drive the demand for stationary fuel cell systems over the next few years. The demand for hydrogen power plants is projected to be supported by government restrictions in developed countries and environment-friendly initiatives to reduce emissions. The substitution of electric grids is anticipated to be further bolstered by technical developments.

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Decline in Dependence on Fossil Fuels to Propel Asia Pacific Market

In terms of region, the global fuel cell market is classified into Latin America, Middle East & Africa, Asia Pacific, Europe, and North America. A greater understanding of market dynamics at the regional level is expected to come from regional classifications, according to the authors of this report. The Asia Pacific fuel cell market has been steadily growing due to reduced reliance on fossil fuels, greater adoption of green energy technologies, and rising demand for more power in several Asian nations. In addition, growing industrialization of this region is expected to significantly increase demand for fuel cells. According to the report, adoption of tough government rules to reduce greenhouse gas emissions is likely to drive growth in the Asia Pacific fuel cell market over the next few years.

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Increase in Demand for Fuel Cell as Heating Source in Commercial Buildings to Fuel Market Growth in Near Future

Fuel cells are electrochemical devices that have become more useful as well as popular as a clean source of electricity during the last decade. They are naturally more effective than many of the other combustion engines available today, making them excellent providers of alternative green energy technology. Different electric appliances, uninterrupted power supply systems (UPS), combined heat and power (CHP) systems, submarines, automobiles, and military power units are examples of fuel cell uses. The fuel cell technology is becoming increasingly popular as a heating source in commercial buildings, as it produces no emissions. This is likely to work in favor of the global fuel cell market over the next few years.

The global fuel cell market is changing as a result of rising demand for a range of stationary applications for fuel cells as well as eventual replacement of traditional batteries in few of the sites. Hydrogen fuel cells and proton exchange membrane fuel cells are likely to gain traction over the next years as reliable power sources in a variety of sectors.

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Fuel Cell Market: Key Players

Some of the top companies operating in this market are Ballard Power Systems Inc., AFC Energy PLC, Doosan Fuel Cell America, Inc., Hydrogenics Corporation, Panasonic Corporation, Plug Power, Inc., Toshiba Corporation., Nedstack, and SFC Energy AG.

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Published Thu, 05 May 2022 01:49:57 -0500

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