Latest Global Fuel Cell Market Trends and 2030 Business Scenario

Green technologies, including fuel cells, are rapidly being adopted because of their potential to mitigate environmental degradation. These energy storage devices help control pollutants in the environment and enable flexibility, durability, scalability and quietness of fuels, especially vehicles. Therefore, the estimated global fuel cell market size which was USD 1,799.9 million in 2021 will witness a huge CAGR of 33.2% from 2021 to 2030, reaching USD 23,743.4 million. by 2030. According to reports, 17% of global emissions are the responsibility of the transport industry which, in addition, consumes a quarter of the world’s energy. Thus, the transport sector contributes significantly to the expansion of the fuel cell market because this technology serves as an alternative to conventional ICEs and Li-ion batteries, in which most of the energy of the fuel is emitted in the form heat. In order to reduce GHG emissions and improve energy conversion efficiency, it is imperative to invest in advanced propulsion technologies.

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In this regard, the main driver of the fuel cell market is the growing concern of international bodies due to the increase in carbon emissions. In order to achieve the objectives of the Kyoto Protocol, many practices are followed to limit and reduce the expulsion of greenhouse gases. A joint statement on stationary fuel cells for green building was also signed by stakeholders to work towards the adoption of fuel cell systems, to reduce carbon emissions from residential and commercial buildings in Europe.

The highest revenue generator in the fuel cell market is polymer electrolyte membrane (PEM) variants, with a 60% share in 2021. Automobiles powered by PEM fuel cells have many advantages over automobiles fossil fuels, including higher energy efficiency, environmental friendliness. user-friendliness, comparable power density and compatibility with renewable energy resources. PEM fuel cells are mainly used in the transport sector due to their compatibility with cars and buses. A favorable weight/power ratio makes it possible to limit the weight of the vehicle by using light fuel cells.

In addition to transport, the use of this technology for the production of renewable energy is accelerating. South Korea has some of the largest fuel cell parks in the world. Similarly, fuel cell capacity in the United States has increased by more than 750 MW in 2021. Small-scale systems are used by telecommunications entities, utilities, railroads and governments and services traffic in the United States for backup power. Additionally, in Japan and Europe, small-scale fuel cell systems are widely used to generate electricity for homes and commercial spaces.

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In order to reduce carbon emissions and hence reduce the greenhouse effect, the demand for fuel cells is increasing for transportation and stationary energy applications.

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