A recent research report published by MarkNtel Advisors cites that the Global Fuel Cell Market is set to record a whopping 28% CAGR during 2022-27. Increasing environmental concerns over the rapidly rising levels of carbon emissions worldwide, coupled with stringent norms for various industries to reduce the use of fossil fuels, are escalating the need for renewable energy sources and, consequently, driving the fuel cell industry.
Fuel cell technology exhibits several significant benefits, such as zero or fewer emissions, high efficiency & reliability, durability, as well as quiet operations, among others. As a result, governments of various countries are laying out favorable policies for companies to expand their production capacities and promoting people to use cleaner energy technologies, thereby augmenting the fuel cell market growth globally.
As more & more people are adopting green mobility in order to contribute to a sustainable future, the demand for fuel cells is rapidly burgeoning worldwide. Consequently, many fuel cell manufacturers are collaborating to expand their production capacities while also setting up new plants to cater to these ever-growing requirements for fuel cells in several applications, especially across the transportation & defense sectors and data centers. Hence, these aspects are set to promulgate the expansion of the global fuel cell market through 2027 and generate profitable prospects for manufacturers to yield significant profits.
Some Important Aspects Associated with the Fuel Cell Industry:
Asia-Pacific to Attain the Largest Share in the Fuel Cell Market
China, Japan, & South Korea are the most prominent countries across Asia-Pacific that hold a promising future for the Fuel Cell Market. It owes to the thriving hydrogen market and favorable government norms & subsidies in these countries for developing clean energy sources & using fuel-cell-based vehicles, respectively, coupled with the mounting production of FCVs to bolster green mobility.
In addition, substantial investments by both governments and public & private sectors in developing renewable energy sources in order to mitigate climate change & reduce carbon emissions from various industries are other crucial aspects propelling the production of fuel cells across the region. Hence, these aspects are creating lucrative prospects for manufacturers to expand their production capacities and drive the Asia-Pacific Fuel Cell Market in the years to come.
The key companies in the Global Fuel Cell Market include Plug Power, FuelCell Energy, Inc., Cummins Inc., Ballard Power Systems, Bloom Energy, Panasonic Corporation, Mitsubishi Power Ltd., SFC Energy AG, Horizon Fuel Cell Technologies Pte. Ltd., Toshiba Corporation, Doosan Fuel Cell Co., Ltd., SOLIDpower, Nedstack Fuel Cell Technology B.V., and Robert Bosch GmbH, among others.
Key Questions Answered in the Research Report