Fuel Cell Market Size to Reach USD 26.70 Billion in 2030| Emergen Research

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VANCOUVER, BC, Jan. 9, 2023 /PRNewswire/ — The fuel cell market size reached USD 4.26 Billion in 2021 and is expected to register a CAGR of 22.8% during the forecast period, according to latest analysis by Emergen Research. Growing demand for fuel cells for backup power in data centers is the key factor driving market revenue growth.

Drivers:

Fuel cells are being increasingly adopted as a backup power source for data centers in recent years due to their high efficiency, low emissions, and ability to provide reliable power, which is expected to drive revenue growth of the market during the forecast period. Fuel cells are highly efficient, with some types of fuel cells achieving energy conversion efficiencies of up to 60%. This can help data centers save money on energy costs by reducing the amount of energy that is wasted during the power generation process. In addition, fuel cells are a reliable power source and can provide continuous power for extended periods. This can be especially important for data centers, which need to ensure that they have a reliable power source to keep their operations running smoothly.

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Various organizations are now adopting fuel cells for backup power in data centers. In February 2022, for instance, Dutch data center company NorthC is switching its backup power generators at its Groningen facility to run on green hydrogen, claiming it’s a first for data center architecture in Europe. According to NorthC, the H2-powered 500KW hydrogen fuel cell module aims to reduce diesel consumption by tens of thousands of liters annually while avoiding 78,000 kilos of CO2 emissions. It will run on hydrogen produced by renewable energy. The new fuel cells, built by Dutch company Nedstack, will only emit water, and the hardware is expected to last for 20 years.

The EU data center industry has agreed to make data centers carbon neutral by 2030, and NorthC asserts that hydrogen fuel cells are a promising technology for accomplishing this goal. In July 2022, Microsoft announced the successful testing of a hydrogen fuel cell system capable of replacing a traditional diesel-powered backup generator in a large data center. The company aims to have completely phased out the use of diesel fuel in its backup power systems by 2030.

Restraints:

Storage issues for hydrogen fuel cells as a source of energy are the main restaurant for the revenue growth of the market. Hydrogen is a very lightweight gas, and it is difficult to store in large quantities. It must be stored in high-pressure tanks or cryogenic tanks, which are expensive and can be difficult to transport. In addition, hydrogen has a very low energy density, meaning that it requires a lot of space to store a significant amount of energy. Another issue with hydrogen storage is that it is difficult to distribute. Hydrogen gas must be transported and delivered to the point of use, which can be logistically challenging. All of these factors are expected to restrain revenue growth of the market.

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Growth Projections:

The fuel cell market is expected to register a CAGR of 22.8% over the forecast period and revenue is projected to increase from USD 4.26 Billion in 2021 to USD 26.70 Billion in 2030. is expected to support revenue growth of the market. Growing trend to decrease greenhouse gas emissions is expected to drive the revenue growth of the market.

Current Trends and Innovations:

As concern about the impact of greenhouse gas emissions on the environment grows, there is a growing trend toward the adoption of clean and renewable energy sources. Fuel cells, which use hydrogen or other fuels to generate electricity through a chemical reaction, can be a clean and efficient source of energy because they produce electricity with minimal pollution. One of the main advantages of fuel cells is that they can produce electricity without emitting greenhouse gases, such as carbon dioxide. This makes them an attractive option for countries and companies looking to reduce their carbon footprints and meet emissions reduction targets.

The European Union has set a target of reducing its greenhouse gas emissions by at least 40% below 1990 levels by 2030. The United States has set a target of reducing its greenhouse gas emissions by 26-28% below 2005 levels by 2025. Japan has set a target of reducing its greenhouse gas emissions by 26% below 2013 levels by 2030. The growing trend to decrease greenhouse gas emissions across the globe is expected to boost revenue growth of the market during the forecast period.

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Strategic Initiatives:

Major companies included in the market report are 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 December 30, 2022, Bloom Energy signed an agreement with Unimicron, which is a printed circuit board manufacturer, to install up to 10MW of fuel cells at Unimicron manufacturing facilities in Taiwan. The installations will start in 2023 and will be finished by 2026. Bloom Energy will have installed its solid oxide fuel-cell-based Energy Server in four Asian countries. The energy platform of Bloom can be set up to build a microgrid that can run in conjunction with or separately from an electrical grid. When fueled by a source that has a network of underground pipelines.

Scope of Research

Report Details

Outcome

Market size in 2021

USD 4.26 Billion

CAGR (2022-2030)

22.8 %

Revenue forecast to 2030

USD 26.70 Billion

Base year for estimation

2021

Historical data

2019-2020

Forecast period

2022-2030

Quantitative units

Revenue in USD Billion and CAGR in % from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Size, type, application, end-use, and region

Regional scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA

Key companies profiled

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

Customization scope

10 hours of free customization and expert consultation

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Emergen Research has segmented 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 (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
  • Application Outlook (Revenue, USD Billion; 2019-2030)
    • Portable
    • Stationary
    • Transport
  • End-Use (Revenue, USD Billion; 2019-2030)
    • Commercial & Industrial
    • Military & Defense
    • Data Centers
    • Transportation
    • Residential
    • Utilities & Government
  • Regional Outlook (Revenue, USD Billion, 2019 – 2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Australia
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of LATAM
    • Middle East & Africa
      • UAE
      • Saudi Arabia
      • Africa
      • Rest of Middle East

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