The fuel cell global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Fuel Cell Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The fuel cell market size has grown exponentially in recent years. It will grow from $5.11 billion in 2023 to $6.6 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to government subsidies and incentives, environmental regulations, global energy demand, grid modernization, economic growth.
The fuel cell market size is expected to see exponential growth in the next few years. It will grow to $17.32 billion in 2028 at a compound annual growth rate (CAGR) of 27.3%. The growth in the forecast period can be attributed to rising demand for low-emission vehicles, rising electrification of transport, hydrogen infrastructure development, rising data centers. Major trends in the forecast period include advancements in material science, energy storage integration, microgrid integration, innovation in fuel cell technologies, partnership and collaboration.
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Scope Of Fuel Cell Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Fuel Cell Market Overview
Market Drivers –
An increasing focus on reducing greenhouse gas emissions is expected to propel the growth of the fuel cell market going forward. Greenhouse gas refers to any gas that has the property of absorbing infrared radiation that is emitted from Earth’s surface and reradiating it back to Earth’s surface. Like electric vehicles, fuel cell vehicles (FCVs) are zero-emission vehicles that will have no smog-related or greenhouse gas tailpipe emissions. For instance, according to the data released by the government of the Netherlands, the Climate Act calls for a 49% reduction in greenhouse gas emissions by 2030 and a 95% reduction by 2050. Therefore, the increasing focus on reducing greenhouse gas emissions will drive the growth of the fuel cell market.
The fuel cell market covered in this report is segmented –
1) By Type: Polymer Electrolyte Membrane Fuel Cells (PEM), Molten Carbonate Fuel Cells (MCFC), Phosphoric Acid Fuel Cells (PAFC), Solid Oxide Fuel Cells (SOFC), Direct Methanol Fuel Cells (DMFC), Other Types
2) By Application: Portable, Stationary, Transport
3) By End User: Commercial and Industrial, Data Centres, Transportation, Military and Defense, Utiilities and Government, Other End Users
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Regional Insights –
Asia-Pacific was the largest region in the fuel cells market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fuel cell market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the fuel cell market include Ballard Power Systems Inc., Proton Motor Fuel Cell GmbH, AFC Energy PLC., FuelCell Energy Inc., SFC Energy AG, Pragma Industries SAS, Cummins Inc., Horizon Fuel Cell Technologies Pte Ltd., Nuvera Fuel Cells LLC, Doosan Fuel Cell America Inc., Solidpower S.p.A., Convion Oy, Hydrogenics Corporation, Panasonic Corporation, Plug Power Inc., Toshiba Corporation, Nedstack Fuel Cell Technology BV, Bloom Energy Corporation, Intelligent Energy Holdings PLC, Ceres Power Holdings PLC, Altergy Systems Inc., Ceramic Fuel Cells Limited, ClearEdge Power Inc., Elcore GmbH, GenCell Energy, H2 Logic A/S, ITM Power PLC, Jadoo Power Systems Inc., MyFC AB
Table of Contents
1. Executive Summary
2. Fuel Cell Market Characterstics
3. Fuel Cell Market Trends And Strategies
4. Fuel Cell Market – Macro Economic Scenario
5. Global Fuel Cell Market Size And Growth
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31. Global Fuel Cell Market Competitive Benchmarking
32. Global Fuel Cell Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Fuel Cell Market
34. Fuel Cell Market Future Outlook and Potential Analysis
35. Appendix
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