Growing awareness of energy-efficient transportations and robust funding from both public & private parties to develop hydrogen structures alongside offering numerous incentives to buyers to expand their worldwide presence, drive the fuel cell market to surpass $8.67 billion by 2030, the latest research study by Global Market Insights, noted.
The rising demand for power on account of the growing government focus on commercialisation and industrialisation is set to favour the stationary market statistics.
Acute climatic conditions that lead to the soaring space-heating requirements across residential and commercial establishments, including data centres, hospitals, hotels, and schools, will strengthen the business potential, the global market research and consulting service provider observed.
Growth in COVID-19 cases has hindered various manufacturing operations, leading to production process delays. Key countries comprising Germany, France, and the US have shifted to hydrogen fuel cells. The growing inclination further encouraged many players to offer incentives and rebates for end-users and enhance hydrogen infrastructure development to support the electrification process, thereby strengthening the product deployment.
The Proton-Exchange Membrane Fuel Cells (PEMFC) is anticipated to gain significant momentum on account of the enhanced sales of Fuel Cell Electric Vehicles (FCEVs) along with the surging demand for uninterrupted power supply across remote and off-grid locations. Lightweight, high efficiency, high-power density, and dynamics are some of the key characteristics that are set to fuel product adoption. In addition, the increasing utilisation of vehicles in various applications, including goods transportation and material handling, will augment the market size, Global Market Insights said.
Major players in the market include Ballard, Cummins, Plug Power, SFC, Horizon, Bloom Energy, and FuelCell Energy, among others.
Growth in residential and commercial infrastructure constructions coupled with the innovations and advancements in fuel cell technology is set to boost the Asia Pacific fuel cell market growth. In addition, increasing disposable incomes in countries including Japan and Australia will propel product penetration. Furthermore, the region is largely supported by its manufacturing industry across nations, including South Korea, India, China, and Japan, further enhancing product adoption. Additionally, rising customer focus on sustainable technologies coupled with establishing targets to curb emissions will foster the business outlook.
The report's key findings include identifying the reduced dependency on oil & diesel combined with non-conventional energy sources and growing awareness of low carbon emissions.
The fuel cell infrastructure industry is rising swiftly because of the large-scale installations across the commercial segment. Global Market Insights said that the rapid adoption of hydrogen fuel by South Asian countries will spur the market size.
Growing requirements for large-scale multi-megawatt systems and power grid networks to supply the electricity in remote areas will enhance the stationary fuel cell market growth.
Increasing interest in energy storage applications and heavy-duty transportation is set to create significant opportunities for the market, the report noted.
Courtesy: Global Market Insights. NB: Photo is representational; courtesy: Cummins.