New York, May 17, 2023 (GLOBE NEWSWIRE) -- The global fuel cells market is anticipated to cross US$ 69.8 billion by 2033. It is likely to exhibit 19.4% CAGR between 2023 and 2033, as per a recent report by Persistence Market research (PMR). During the forecast period 2023 to 2033, the market is expected to present an absolute $ opportunity of around US$ 11.8 billion.
Based on type, proton exchange membrane is expected to expand at 19.1% CAGR from 2023 and 2033.
The global fuel cell market is driven by surging demand for clean energy sources and the development of new and improved fuel cell technologies. These are used to convert chemical energy into electrical energy, making them a highly efficient and eco-friendly alternative to traditional power sources.
The global market is dominated by the transportation sector, where fuel cells are used in cars, buses, and trucks. Fuel cell vehicles are becoming increasingly popular as a zero-emission alternative to traditional gasoline and diesel vehicles.
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Key automotive players such as Toyota, Hyundai, and Honda have already released fuel cell vehicles, and many more are expected to follow in the forthcoming decade. They are also working on hydrogen internal combustion engines to augment the power generated by fuel cells. This is expected to provide stiff competition to electric vehicles, which are often limited by their driving range and power output.
Apart from the transportation sector, fuel cells are also used for stationary power generation, backup power, and remote power applications. These include residential and commercial power generation, as well as power for off-grid locations such as military bases, remote villages, and offshore oil platforms.
Fuel cells are a promising clean energy technology that can potentially replace conventional combustion-based power generation methods.
Governments from all around the world are expected to assist the advancements by sponsoring research and development initiatives and appropriate financial schemes.
Governmental bodies providing an environment that is conducive to investment will likely drive competition amongst players, leading to innovation. Creating a strong regulatory framework is crucial to retain the expected growth in this market.
Key Takeaways from the Fuel Cells Market Report:
- The global fuel cells market is anticipated to reach a valuation of US$ 69.8 billion by the end of 2033.
- The United States is set to be worth US$ 14.1 billion by 2033, expanding at 19.3% CAGR during the forecast period.
- The United Kingdom is likely to exceed US$ 2.6 billion by the end of 2033, exhibiting a 19.3% CAGR during 2023 to 2033.
- Based on type, proton exchange membrane segment is likely to soar at 19.1% CAGR during the projection period from 2023 and 2033.
- By application, stationary division segment is projected to surpass at 19.2% CAGR from 2023 to 2033.
“Surging demand for clean energy alternatives and sustainable options is likely to drive the demand for fuel cells through 2033. Manufacturers are likely to benefit across a range of sectors as governments undertake a crucial role in assisting advancements by sponsoring research and financial incentives.” - says a Persistence Market Research (PMR) analyst.
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Who is Winning?
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. are some key players in the global fuel cells market.
These businesses have established themselves as significant producers and have concentrated on research and development to provide fuel cell technology for automobiles that is both efficient and affordable.
Some of the primary tactics used by market participants include mergers and acquisitions, partnerships, and product launches.
Recent Developments:
- In February 2022, to collaborate on low-carbon transportation and hydrogen fuel cells, Renault Group and Plug Power Inc. formed the joint venture HYVIA.
- In March 2022, at the UK's HORIBA MIRA Western Midland facility, Ceres and HORIBA MIRA formed a collaboration for the purpose of conducting fuel cell testing and developing a ceres fuel cell testing activity.
- In January 2021, a partnership to provide full solutions for long-haul transit systems with less pollution was announced by General Motors, OneH2, and Navistar Inc. This arrangement is anticipated to strengthen the ecosystem for trucks running on hydrogen.
More Insights Available
Persistence Market Research (PMR), in its offering, provides an analysis on the fuel cells market containing historical data (2018 to 2022) and expected data for the upcoming decade 2023 to 2033.
The study provides future predictions on the basis of type (proton exchange membrane, phosphoric acid, molten carbonate, solid oxide, and others) application (stationary, transportation, and portable) across various regions.
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