Fuel Cell Market Show Maximum Potential Growth at a CAGR of 9.7% by 2030 Know More with Emergen Research

Rising adoption of fuel cells in the military applications is a key factor driving fuel cell market revenue growth

VANCOUVER, BC, CANADA, September 21, 2022 /EINPresswire.com/ -- The Global Fuel Cell Market size reached USD 4.26 Billion in 2021 and is expected to register a revenue CAGR of 22.8% during the forecast period, according to latest analysis by Emergen Research. Rising adoption of fuel cells in military applications across the globe is the key factor driving revenue growth of the market.

Fuel cells are becoming an attractive option for military applications. Its ability to generate clean, reliable electricity from hydrogen on-site is being used in a variety of ways to assist soldiers in protecting national security while also improving energy efficiency. Hydrogen fuel cells can extend Unmanned Aerial Vehicle (UAV) flight time to approximately eight hours and can be refueled in less than 15 minutes after landing. The fuel cell-powered UAV also requires less maintenance and no lubricants. The Navy's U.S. Naval Research Laboratory and General Motors (GM), developed a long-endurance unmanned undersea vehicle (UUV). The Navy began using fuel cells in UUVs instead of batteries to allow for larger payloads and longer runtimes. On 17 June 2021, General Motors and Liebherr-Aerospace announced to collaborate on the development of an electrical power generation system based on hydrogen fuel cell technology for aircraft applications. Growing adoption of fuel cell technology in military applications is expected to boost revenue growth of the market during the forecast period.

Get a sample of the report @ https://www.emergenresearch.com/request-sample/100

Increasing development of hydrogen fueling stations across the globe is creating ample opportunities for the fuel cell market. According to research, there were 685 hydrogen refueling stations in operation worldwide at the end of 2021. There are already concrete plans in place for 252 additional refueling station locations. Rising adoption of fuel cell vehicles creates high demand for hydrogen fueling stations. On 24 February 2022, Chevron U.S.A. Inc. partnered with Iwatani Corporation of America (ICA) to develop and build 30 hydrogen fueling stations in California by 2026. On 13 June 2022, Amara Raja Power Systems, an India-based power system manufacturing company, was awarded a contract by National Thermal Power Corporation (NTPC) to build India's first green hydrogen fueling station in the Leh district of Ladakh. In the region, NTPC is running a pilot project with five hydrogen fuel cell buses.

Some Key Highlights from the Report

Polymer Electrolyte Fuel Cells (PEFCs) segment revenue is expected to increase at a steady rate over the forecast period due to the rising adoption of PEFCs in transportation and stationary applications. PEMFCs produce electricity and work on the inverse principle of PEM electrolysis. It is a strong contender to replace alkaline fuel-cell technology.

The transportation segment is expected to register a significantly fast revenue growth rate over the forecast period due to the growing adoption of fuel cells in automotive. Rising awareness of fossil fuel emissions across the globe creates high demand for fuel cell vehicles across the globe. In May 2022, French multinational automobile manufacturer Renault announced to launch electric-hydrogen hybrid concept car.

The market in Asia Pacific accounted for largest revenue share in the global fuel cell market in 2021 due to the growing adoption of fuel cell vehicles in countries across the region, especially in China, Japan, South Korea, and Japan. The government of China is planning to roll out 50,000 fuel cell vehicles by 2025. The hydrogen roadmap outlines the country's fuel cell ecosystem development between 2025 and 2035. The country also intends to produce 200,000 tons of green hydrogen per year by 2025.

Request a discount on the report @ https://www.emergenresearch.com/request-discount/100

Some major companies in the global market report include Doosan Fuel Cell Co., Ltd., Fuel Cell Energy, Inc., SFC Energy AG., Bloom Energy, Kyocera Corporation, Plug Power Inc., Nuvera Fuel Cells, LLC, Nedstack Fuel Cell Technology B.V., Intelligent Energy, Cummins Inc., PowerCell Sweden AB, and Toshiba Corporation.

On 15 March 2022, SFC Energy AG, a Germany-based fuel-cell specialist and Austria-Wolftank Group of Austria agreed to collaborate on hydrogen fuel cell power supply for critical infrastructure and hydrogen refueling stations in Italy and Austria. As a part of the collaboration, the two companies will offer a system comprised of SFC Energy's hydrogen fuel cell technology and a special hydrogen tank supplied by Wolftank.

Emergen Research has segmented global fuel cell market on the basis of size, type, application, end-use, and region:

Size Outlook (Revenue, USD Billion; 2019-2030)

Small Scale

Large Scale

Type Outlook (Revenue, USD Billion; 2019-2030)

Proton-Exchange Membrane Fuel Cell (PEMFC)

Polymer Electrolyte Fuel Cell (PEFC)

Direct Methanol Fuel Cell (DMFC)

Molten Carbonate Fuel Cell (MCFC)

Phosphoric Acid Fuel Cell (PAFC)

Alkaline Fuel Cell (AFC)

Others

To know more about the report, visit @ https://www.emergenresearch.com/industry-report/fuel-cells-market

Application Outlook (Revenue, USD Billion; 2019-2030)

Portable

Stationary

Transport

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Commercial & Industrial

Military & Defense

Data Centers

Transportation

Residential

Utilitis & Government

Regional Outlook (Revenue, USD Billion; 2019–2030)

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

U.A.E.

South Africa

Turkey

Rest of MEA

Request customization of the report @ https://www.emergenresearch.com/request-for-customization/100

Table of Contents:

Chapter 1 includes an introduction of the global Fuel Cells market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.

Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.

Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.

In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.

Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application.

Thank you for reading our report. Please get in touch with us for further queries about the report and our team will assist you according to your needs.

Browse Similar Reports:

Blockchain Supply Chain Market

https://www.emergenresearch.com/industry-report/blockchain-supply-chain-market

Waste Management Market

https://www.emergenresearch.com/industry-report/waste-management-market

Long Steel Market

https://www.emergenresearch.com/industry-report/long-steel-market

Soil Testing Equipment Market

https://www.emergenresearch.com/industry-report/soil-testing-equipment-market

Wi-Fi 6 Devices Market

https://www.emergenresearch.com/industry-report/wifi-6-devices-market

Video Doorbell Market

https://www.emergenresearch.com/industry-report/video-doorbell-market

Usb Flashdrives Market

https://www.emergenresearch.com/industry-report/usb-flashdrives-market

About Emergen Research

Emergen Research is a Marketresearch and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Marketintelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Eric Lee
Emergen Research
+16047579756 ext.
sales@emergenresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn