Research Nester published a report titled “Fuel Cell Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of theglobalfuel cell market in terms of market segmentation by product type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global fuel cell market is estimated to occupy a large revenue by growing at a CAGR of ~15% during the forecast period, i.e., 2022 – 2030, owing to the escalating demand for the generation of clean energy in developed nations, and rising number of public-private partnerships regarding fast adoption of hydrogen-based applications. Apart from these, growing use of fuel cell-based vehicles around the world is also expected to drive market growth in the coming years.
The global fuel cell market is segmented by product type and application. Based on product type, the segment for proton exchange membrane fuel cell (PEMFC) is anticipated to grab the largest market share during the forecast period on the back of increasing usage of this cell type in backup power systems, automobiles, forklifts and telecommunications. Additionally, based on application, the transportation segment is projected to witness the highest growth over the forecast period ascribing to the growing use of fuel cells in heavy duty operations.
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Geographically, the market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America region is evaluated to grab the largest share in the market during the forecast period attributing to the increasing investments of government for clean power generation. Moreover, the market in Asia Pacific is assessed to grow by the highest rate in the future owing to the rising demand for combined heat and power systems in South Korea and Japan.
Growing Demand for Clean Energy Globally to Drive Market Growth
With the surge in technological developments, there is a rising advent for renewable technologies. More and more countries are finding effective and new ways to produce and store renewable energy to fulfil the intensifying energy demand. Along with this, growing emission rate around the world is also giving rise to adoption of cleaner energy alternatives, which in turn is predicted to boost market growth in the near future.
However, expensiveness of fuel cell systems is expected to operate as key restraint to the growth of the fuel cell market over the forecast period.
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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 FuelCell Energy Inc., Ballard Power Systems Inc., Mitsubishi Power, Ltd., Plug Power Inc., Cummins Inc., Bloom Energy, TW Horizon Fuel Cell Technologies, Intelligent Energy Limited, SFC Energy AG, Hydrogenics Corporation, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fuel cell market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
