The Fuel Cell Market is set to grow at around 28% CAGR during 2022-27, predicts MarkNtel Advisors in their recent research study. It comprises a comprehensive analysis of the industry’s latest trends, developments, drivers, restraints, challenges, & opportunities, as well as its projected growth trajectory across different segments & geographies in the forecast years.
Further, the report also highlights the prominent aspects depicted in the form of diagrams, pie charts, tables, graphs, & other pictorial representations that would contribute to the market expansion in the future. Through this information, stakeholders will be able to comprehend the changing dynamics of the Fuel Cell Market and better plan & layout strategies in order to widen their visibility, product portfolio, & customer base and yield massive profits. In the report, the historical period considered is 2017-20, the base year 2021, and the forecast period, as cited above, is 2022-27.
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Key Highlights from the Fuel Cell Market Analysis –
➤This study is a compilation of key factors impacting the industry dynamics, including growth drivers, restraints, opportunities, challenges, and emerging & high-potential segments & geographies, among others.
➤Detail-driven, accurate, and reliable information associated with the latest trends in the industry to help stakeholders or investors make informed decisions before they make investments.
➤A comprehensive review of the leading companies in the Fuel Cell Market, comprising their profiles, recent developments, prominent business strategies, initiatives, and mergers & acquisitions, among other aspects.
➤Fund estimation put in by private firms & governments for the industry’s expansion, along with insights into each segment & geographic location, are also covered in this report.
Fuel Cell Market Key Driver –
Given the current environmental situation and rising levels of carbon emissions, several government agencies throughout the world are enacting advantageous regulations and subsidies to encourage the adoption of clean energy technologies. As a result, the world is experiencing a surge in the use of fuel cells in a variety of applications, particularly in the automotive and transportation sectors, where hydrogen fuel-cell automobiles are gaining popularity in many parts of the world. Automakers are aggressively seeking to phase out battery-powered systems in favour of fuel-cell technology, citing benefits such as better energy storage density, lightweight, outstanding power-to-weight ratio, and faster recharging, among others. As a result of these factors, manufacturers have a multitude of opportunities to grow their production capacities and add innovations into their product lines.
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On 30th April 2022, the Ministry of Ports, Shipping, & Waterways India announced to build country’s first indigenous Hydrogen-Fueled Electric Vessels at CSL (Cochin Shipyard Ltd).
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On 18th February 2022, JR East (East Japan Railway Co.) unveiled its first hydrogen fuel-cell test train, “Hybari,” expected to go live by 2030. While running, the train can generate power using hydrogen and emits no CO2 due to the hybrid system of hydrogen fuel cells & rechargeable batteries.
Growth Challenges in the Fuel Cell Market –
Platinum and iridium are rare metals that are utilized as catalysts in fuel cell technology, raising the initial cost of these cells dramatically. As a result, many businesses have stopped investing in hydrogen fuel cell technology because the cost of a unit of power from hydrogen fuel cells is higher than the cost of alternative energy sources now accessible. As a result, the high prices of raw materials used in creating fuel cells, as well as the expensive setup and maintenance, will remain significant growth barriers for the Fuel Cell Market during 2022-27.
Fuel Cell Market Segmentation:
The segmentation analysis section of the report focuses on the Fuel Cell Market performance across different segments & geographies, which can aid stakeholders in strategizing their investments in order to widen their visibility, product portfolio, & customer base and, in turn, generate significant revenue in the forecast years.
Market Divided into, By Type
-Proton Exchange Membrane (PEM)
-Direct Methanol
-Phosphoric Acid
-Solid Oxide
-Alkaline
-Reversible
-Molten Carbonate
-Microbial
Market Divided into, By Application
-Transportation
-Stationary
–Generation
–Backup
-Portable
Market Divided into, By End User
-Automotive
-Power & Utilities
-Wastewater Treatment Facilities
-Commercial Spaces
-Industrial
-Residential
-Others (Data Centres, Telecommunications, etc.)
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Geographically, the Fuel Cell Market expands across regions: –
-North America
-South America
-Europe
-The Middle East & Africa
-Asia Pacific
Competitive Landscape:
Under this section, detailed information on company profiles, investments & revenue generated, strategic initiatives, geographical presence, and production or service capacities, among other aspects, have been examined. All insights into companies have been curated only after thoroughly studying their hold in the industry to help investors make informed decisions before investing.
-Plug Power
-FuelCell Energy, Inc.
-Cummins Inc.
-Ballard Power Systems
-Bloom Energy
-Panasonic Corporation
-Mitsubishi Power Ltd.
-SFC Energy AG
-Horizon Fuel Cell Technologies Pte. Ltd.
-Toshiba Corporation
-Doosan Fuel Cell Co., Ltd.
-SOLIDpower
-Nedstack Fuel Cell Technology B.V.
-Robert Bosch GmbH
-Others
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