Fuel Cell Market 2021 - Future Opportunity and Growth Analysis Report to 2030
Shifting focus towards energy-efficient transport is expected to impel global fuel cell market share, alongside the implementation of policies that comprise tax rebates and subsidies for FCEVs. Likewise, the rising investment from private and public parties to develop hydrogen structures and the delivery of incentives for buyers will augment industry demand in the years ahead.
Fuel cell infrastructure has been rapidly advancing over the years, owing to the large-scale deployment of fuel cell technology across commercial establishments. The acceptance of such devices can result in lower dependency on oil, diesel, and non-conventional energy sources. High emphasis on low-carbon emissions and the growing interest in energy storage and heavy-duty transport applications will contribute to the global fuel cell market growth in the upcoming years.
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Severe weather conditions worldwide have led to soaring needs for space heating across residential and commercial establishments, including data centers, hospitals, schools, and hotels. Also, in the wake of the COVID-19 pandemic, there has been a significant halt in manufacturing activities, resulting in stagnancy in various oil projects. This manufacturing decline has influenced major economies, such as France, Germany, and the U.S., to make a shift towards clean fuel. These factors, along with the increasing focus on electrification, will strengthen the fuel cell industry outlook over the forecast spell.
However, a dramatic economic downturn during the pandemic and cost differences of electric and hydrogen fuel cell vehicles may create roadblocks to market dynamics over the coming years.
Considering the product, the fuel cell market from the PEMFC segment will gain momentum by 2030, on account of the growing demand for uninterrupted power supply across off-grid and remote locations. Myriad product advantages like high efficiency, dynamic and high-power density, and lightweight, along with the increased sales of fuel cell-based electric vehicles, will also drive the segmental growth. These vehicles are being used for diverse applications, such as good transportation to ports and material handling, thereby supporting the PEMFC fuel cell market forecast.
With regards to the application spectrum, the stationary segment is set to account for a considerable fuel cell market share by 2030. This can be credited to the escalating demand for large-scale multi-megawatt power systems and grid networks to generate electricity in remote areas. Rapid industrialization and commercialization and the subsequent increase in power demand are likely to further favor fuel cell market expansion from stationary applicationsin the years ahead.
On the regional front, the Asia Pacific fuel cell industry is poised to depict a strong growth rate through 2030. This is due to the rising development of residential and commercial infrastructures, coupled with the advancement of FC technology across the region. The significant expansion of automotive manufacturing in countries like Japan and South Korea, alongside the introduction of varied emission reduction targets, will also amplify the regional market size.
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The competitive landscape of the global fuel cell market comprises companies such as Bloom Energy, FuelCell Energy, Plug Power, SFC Energy, Ballard Power, and Cummins, among others. Innovative product launches, acquisitions, and collaborations are some of the strategies being employed by the industry players to boost their business footprint across the global market. For instance, in November 2020, Cummins Inc. announced the opening of a new facility in Germany. This facility was launched with an aim to accelerate hydrogen capabilities, with an initial focus on the assembly of the fuel cell systems for hydrogen trains of Alstom, the global transportation leader.
Fuel cell is increasingly coming to be considered a favorable option to power vehicles and other systems, as it operates at higher efficiencies than combustion engines that use oil and other energy sources. As a result, high preference for clean fuel, rapid infrastructural developments, and the need for continuous power generation in remote areas is likely to add significant impetus to fuel cell industry growth over the estimated timeline.
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