Research Nester assesses the growth of the global fuel cell market which is anticipated to be on account of the rising usage of hydrogen and the rise in the number of data centers.
New York – March 3, 2023 - Research Nester’s recent market research analysis on “Fuel Cell Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global fuel cell market in terms of market segmentation by application, product type, end-user, and by region.
Growing Concern for Higher Greenhouse Gas Emission to Drive Growth of Global Fuel Cell Market
The global fuel cell market is estimated to grow majorly on account of the increasing need to reduce the emission of greenhouse gases, followed by the rising need for hydrogen production in the world. The second-largest contributor to greenhouse gas emissions, according to the United States Environmental Protection Agency, is electricity. Around 60% of the electricity that are use comes from fossil fuels, mostly coal and natural gas. Moreover, in 2021, the capacity of electrolyzes doubled from 2020 to roughly 8 GW. Moreover, the current electrolyze capacity might reach 134-240 GW if all projects in the pipeline are completed by 2030.
Hydrogen is produced as a byproduct by fuel cells, which prevents the release of harmful compounds. Using hydrogen reduces combustion reactions and environmental impact as there are only two byproducts produced, heat and water. Moreover, fuel cells are also associated with low emissions of greenhouse gases. As solid oxide fuel cells don't require combustion to convert chemical energy from a fuel gas into electrical work, they are efficient and environmentally beneficial. Fuel cells are really helpful in curbing the rising emission rates of greenhouse gas. Moreover, governmental bodies are making efforts to reduce it. According to the Dutch government's proposed Climate Act, greenhouse gas emissions must be decreased by 95% by 2050 and by 49% compared to 1990 levels by 2030. The law entails agreements with numerous important sectors to reduce greenhouse gas emissions.
Some of the major growth factors and challenges that are associated with the growth of the global fuel cell market are:
Growth Drivers:
Growing Need to Reduce the Use of Fossil FuelsRising Production and Capacity of HydrogenChallenges:
The high cost of manufacturing fuel cells is the major challenge for market growth. Owing to the greater cost of raw materials, fuel cell manufacturing is expensive, placing a significant barrier. Since metals such as platinum and iridium are typically required as catalysts in these devices, the initial cost of fuel cells can be very costly. On the other hand, a lot of the fuel cells that are available in the market are not yet approved by regulatory bodies and are still at the stage of prototype. Moreover, there is a lack of adequate infrastructure to increase the production and distribution of hydrogen, that in turn is essential for running a fuel cell. These are some of the major factors anticipated to hamper the growth of the global fuel cell market. Moreover, the shortage of hydrogen refueling stations makes it difficult to store the hydrogen and transfer it into vehicles, there it also makes fuel cell-based vehicles very expensive.
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By product type, the global fuel cell market is segmented into a proton exchange membrane fuel cell (PEMFC), molten carbonate fuel cell (MCFC), solid oxide fuel cell (SOFC), and phosphoric acid fuel cell (PAFC). The solid oxide fuel cell (SOFC) segment is anticipated to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growth of the segment is attributed to the rise in the number of off-grid energy platforms. The finest fuel cells for off-grid applications are solid oxide fuel cells. The solid oxide fuel cell hybrid generation system is ideal for off-grid monitoring station load tracking. In addition, owing to technological developments, solid oxide fuel cells (SOFC) today have an electrical efficiency of greater than 60%. The cost-effective deployment of telecom, utility, commercial, and government services in off-grid or under-supplied grid areas is made possible by the reliable green power provided by hydrogen fuel cells.
By region, the North American fuel cell market is to generate the highest revenue by the end of 2035. This growth is anticipated by a higher number of data centers available in the region, followed by a rise in fuel cell vehicles. The United States has more than 2,600 data centers that consume more than 1.5% of the nation's total energy. Data centers all demand high-quality, dependable power 24 hours. Companies lose billions of dollars annually owing to power outages, and power quality problems such as voltage sags or surges can disrupt operations and harm delicate equipment. Fuel cells are being used more and more in data center applications as they provide better quality, and more reliable power. In addition, Canada currently has over 500 service providers, 24 network fabrics, and close to 328 colocation data centers. In addition, there were more than 6,500 fuel-cell automobiles on US roads as of February 2019.
This report also provides the existing competitive scenario of some of the key players of the global fuel cell market which includes company profiling of Fuji Electric India Pvt. Ltd, Proton Power Systems PLC, Plug Power Inc., Ballard Power Systems Inc., Mitsubishi Heavy Industries, Ltd., SFC Energy, Cummins, Inc., Navistar, Inc., Fuel Cell Energy Inc., and ITM Power PLC
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