Overview and Scope
Stationary fuel cells are devices that produce electricity through an electrochemical reaction rather than combustion. They offer clean, efficient, dependable off-grid solutions, including primary and backup power, combined heat and power (CHP), and distributed generation. They are used for offering clean, efficient, and reliable off-grid power to residences.
Sizing and Forecast
The stationary fuel cell market size has grown exponentially in recent years. It will grow from $4.12 billion in 2023 to $5.01 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to energy independence goals, government incentives and policies, demand for sustainable power generation, grid resilience and reliability, integration with renewable energy..
The stationary fuel cell market size is expected to see rapid growth in the next few years. It will grow to $10.21 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to decentralized energy systems, emission reduction targets, hydrogen economy development, resilience against climate change, government support and incentive programs.. Major trends in the forecast period include use in material handling equipment, development of high-temperature fuel cells, growing adoption in data centers, expansion of fuel cell installations in remote areas..
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Segmentation & Regional Insights
The stationary fuel cell market covered in this report is segmented –
1) By Type: Proton Exchange Membrane Fuel Cell (PEMFC), Phosphoric Acid Fuel Cell (PAFC), Molten Carbonate Fuel Cell (MCFC), Solid Oxide Fuel Cell (SOFC), Direct Methanol Fuel Cell (DMFC), Other Types
2) By Capacity: 1kW To 5kW, 5kW To 250kW, 250kW To 1MW, More Than 1MW, Less Than 1kW
3) By Application: Combined Heat And Power (CHP), Prime Power, Uninterrupted Power Supply (UPS), Other Applications
4) By End-Use Industry: Transportation, Defense, Oil And Gas, Utilities, Other End-use Industries
Asia-Pacific was the largest region in the stationary fuel cell market in 2023. The regions covered in the stationary fuel cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing need for sustainable energy generation is expected to propel the growth of the stationary fuel cell market going forward. Sustainable energy is defined as energy produced from sources that can support present operations without endangering the climate or future generations’ demand for energy. Stationary fuel cells provide a sustainable, clean alternative to conventional power generation By producing electricity through an electrochemical reaction rather than a combustion process. For instance, in April 2021, according to the International Renewable Energy Agency (IRENA), a UAE-based intergovernmental body, the capacity of the world’s renewable energy sources to generate electricity reached 3,064 gigawatts (GW) by the end of 2021, adding 9.1% to the share of renewable energy. Further, in June 2023, according to the International Energy Agency, a France-based independent intergovernmental organization, the global renewable capacity upgrades are expected to expand by 107 gigatons (GW), the biggest absolute increase in history, to more than 440 GW by 2023. Therefore, the increasing need for sustainable energy generation drives the stationary fuel cell market.
Key Industry Players
Major companies operating in the stationary fuel cell market report are Posco Energy Co.Ltd., Panasonic Holdings Corporation, Denso Corporation, Aisin Seiki Co. Ltd., Mitsubishi Heavy Industries Ltd., Toshiba Corporation, Cummins Inc., Bloom Energy Corporation, Plug Power Inc., Fuji Electric Co Ltd., Fuelcell Energy Inc., SFC Energy AG, Ballard Power Systems Inc., Nuvera Fuel Cells LLC, Hydrogenics Corporation, Altergy Systems, Ceres Power Holdings PLC, Elcore GmbH, Horizon Fuel Cell Technologies Pte Ltd., Intelligent Energy Limited, Advent Technologies Holdings Inc., ITM Power PLC, FC TecNrgy Pvt Ltd., Aris Renewable Energy LLC, Nedstack Fuel Cell Technology B.V., Sainergy Tech Inc., AFC Energy PLC, Amogy Inc., GenCell Ltd., Convion Ltd.
The stationary fuel cell market report table of contents includes:
1. Executive Summary
2. Stationary Fuel Cell Market Characteristics
3. Stationary Fuel Cell Market Trends And Strategies
4. Stationary Fuel Cell Market – Macro Economic Scenario
5. Global Stationary Fuel Cell Market Size and Growth
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31. Stationary Fuel Cell Market Other Major And Innovative Companies
32. Global Stationary Fuel Cell Market Competitive Benchmarking
33. Global Stationary Fuel Cell Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Stationary Fuel Cell Market
35. Stationary Fuel Cell Market Future Outlook and Potential Analysis
36.Appendix
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