Fuel Cells Global Strategic Business Report 2024 - Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology

DUBLIN, March 28, 2024 -- The "Fuel Cells - Global Strategic Business Report" has been added to  ResearchAndMarkets.com's offering.

The global market for Fuel Cells estimated at US$11.4 Billion in the year 2023, is projected to reach a revised size of US$40.7 Billion by 2030, growing at a CAGR of 17.2% over the analysis period 2023-2030.

Proton Exchange Membrane Fuel Cells, one of the segments analyzed in the report, is projected to record 17.3% CAGR and reach US$26.8 Billion by the end of the analysis period. Growth in the Phosphoric Acid Fuel Cells segment is estimated at 17.6% CAGR for the next 8-year period.

The Fuel Cells market in the U.S. is estimated at US$2.8 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$7 Billion by the year 2030 trailing a CAGR of 23.9% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.2% and 16.8% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 16.2% CAGR.

Key Market Trends & Drivers

• Ambitious Vision of an All-Hydrogen Economy Drives Interest in Fuel Cells
• Net Zero Carbon Goals and Favorable Government Policy Changes Promote Adoption of Fuel Cell Technology
• Carbon Neutrality Goals of Various Countries
• Auto Industry Banks on Fuel Cells as a Sustainable Fuel Technology of the Future
• PEM Fuel Cells in Automobiles
• Strong Investments to Promote Growth
• Automakers Eye on Hydrogen Fuel Cells to Boost Gains in Post-Pandemic Era
• Hydrogen FCEVs Combat GHG Emissions
• FCEV Targets Set by the Hydrogen Council for the Years 2030 and 2050
• Hydrogen Refueling Infrastructure: Critical for the Success of FCVs
• High Costs: The Achilles Heel of Hydrogen Fuel cells
• Deployments of Fuel Cell Electric Bus (FCEB)
• Focus on Enhancing Durability and Lowering Cost of Fuel Cells Increases
• Hydrogen Fuel Cells for Motorbikes: An Opportunity to Tap
• Fuel Cells Find Niche Applications in 2-Stroke Engine Motorcycles
• Fuel Cell-Powered Trains and Trams: Tremendous Potential for Fuel Cell Industry
• Material Handling: A Successful Application of Fuel Cells
• Marine Sector: A Nascent yet Promising Application of Fuel Cells
• Need for Alternative Propulsion Solutions Drives Demand for Fuel Cells in Marine Vessels Market
• Expanding Applications in the Military Sector Augur Well for the Market
• A Glance at Use of Fuel Cell Systems in Select Military Applications
• Strong Demand for Portable Electronic Devices to Spur Opportunities for Portable Fuel Cells
• Environmental Benefits Drive Adoption of Fuel Cells in the Power Sector
• Rising Investments in Distributed Renewable Energy Generation Enhances Prospects for Fuel Cells
• Global Energy Mix: 1990 Vs 2020 Vs 2030
• Demand Response: An Expanding Application for Fuel Cells
• Aircraft Manufacturers Take a Closer Look at Fuel-Efficient and Eco-Friendly Fuel Cells
• Fuel Cells for Data Center Market to Witness Notable Expansion
• Stationary Fuel Cells Market: An Overview
• Telecom Industry Moving towards Stationary Fuel Cells for Backup Power
• Stationary Fuel Cells Gather Steam in Backup and UPS Stationary Applications
• Residential Sector Drives Demand for Stationary Fuel Cells
• Stationary and Distributed Energy Applications Garner Attention
• MFCs Technology: Promising Source of Alternative Power
• Technological Benefits Continue to Propel Micro Fuel Cells Market
• Direct Methanol Fuel Cell Preferred Choice for Portable Devices
• Broader Adoption in Key Applications Fuels PEM Fuel Cells Market
• Alkaline Fuel Cell Market Heading for Massive Gains
• SOFCs: A Technology of Interest to the Developed Countries
• Key Applications of SOFCs
• SOFCs Gather Momentum in Stationary Cogeneration/CHP Deployments
• SOFCs: Ideal for Distributed Power Generation
• Technology Innovations and Research Efforts in Fuel Cell Market - A Review of Select Developments
• Researchers Develop Proton-Driven Fuel Cell Technology for Powering Space Shuttles
• Boeing's Insitu Improves Hydrogen Fuel Cell Propulsion System for UAVs
• Ballard Power Systems Joins Hand with W. L. Gore for Advancing Fuel Cell Technology
• A WSU Research Team Uses Molybdenum Doped Nickle Catalyst for Making SOFCs more Efficient
• Innovative Fuel Cell Technology to Improve Carbon Fuel Utilization in DCFCs
• Self-Healing Membrane to Potentially Extend Hydrogen Fuel Cells' Life
• New Nanomaterial to Allow Cost-Efficient Production of Hydrogen for Fuel Cell Cars
• Researchers at NETL Develop Innovative Method to Improve SOFC Performance
• Advances in Nanotechnology Enables More Efficient Fuel Cell Applications
• Raw Material : A Review
• Important Materials Used in Fuel Cells and Batteries
• Challenges in Fuel Cell Commercialization

Key Report Features

• Full access to influencer engagement stats
• Free access to digital archives & research platform. The proprietary platform is fully enabled to unlock creativity and market knowledge of domain experts worldwide in a cohesive and collaborative manner. The state-of-art tools bring world class market perspectives while protecting participants` privacy and identity. Numbers, statistics and market narrative in the report are based on fully curated insights shared by domain experts and influencers in this space.
• Opportunity to engage with interactive questionnaires that come with real-time data simulator tools & bespoke report generation capabilities
• Full client access to peer collaborative and interactive platform for cross-enterprise smart exchange of ideas
• Complimentary report updates for one year
• Competitor coverage with global market shares of major players
• Player market presence analysis (Strong/Active/Niche/Trivial) across multiple geographies
• Access to curated YouTube video transcripts of domain experts/influencer interviews, podcasts, press statements and event keynotes

The report provides coverage of 150+ select competitors.

A selection of companies featured includes:

• Ballard Power Systems, Inc.
• Bloom Energy Corporation
• Altergy Systems
• Ceres Power Holdings PLC
• AFC Energy PLC
• Arcola Energy Ltd.
• Antig Technology Co. Ltd.
• BayoTech Inc.
• Allatherm
• Alvatek Limited
• Aspen Systems, LLC.
• Air Products Inc.
• Coatema Coating Machinery
• CandleLand
• Chung-Hsin Electric and Machinery Manufacturing Corp. (CHEM)

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Fuel Cells: An Introduction
• Classification of Fuel Cells
• Major Applications of Fuel Cells
• Fuel Cells: Clean, Efficient, Reliable and Eco-friendly Alternative to Conventional Petroleum-based Fuels
• Fuel Cells Market: Prospects and Outlook
• Major Market Drivers & Restraints
• Government Subsidies to Promote Fuel Cell Technology
• Increasing Adoption of EVs and Hybrid Vehicles
• Strong Focus on Alternative Energy Sources
• Potential for Use in Distributed Generation Applications
• Increasing Popularity of Hydrogen Fuel
• Stationary & PEM Fuel Cells and Fuel Cell Vehicles to Post Solid Growth
• Polymer Electrolyte Membrane Fuel Cell Dominates Fuel Cells Market
• Stationary and Transport Applications Lead the Fuel Cells Market
• Clean Energy Focus Drives Use of Fuel Cells in Transportation Sector
• Developed Economies at the Forefront of Innovation and Adoption of Fuel Cells-based Applications
• Developing Economies Emerge as Promising Regions for Fuel Cell Adoption
• Cost Reductions to Benefit Market Growth
• Cost Structure of Fuel Cell: Breakdown (%) of Cost by Key Components
• Competitive Landscape
• A Fairly Competitive Market
• Participants Focus on Product Innovation and Expansion to Gain Competitive Edge
• Recent Market Activity
• Startups Enter the Fray
• World Brands
• Fuel Cells - Global Key Competitors Percentage Market Share in 2024 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

• United States
• Canada
• Japan
• China
• Europe
• France
• Germany
• Italy
• United Kingdom
• Spain
• Russia
• Rest of Europe
• Asia-Pacific
• South Korea
• Rest of World
• Latin America

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/v8svem

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