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A fuel cell is an energy conversion device that continuously converts chemical energy in a fuel into electrical energy, as long as both the fuel and oxidant are available. It exhibits advantageous characteristics exceeding conventional combustion-based technologies that are currently applied in certain critical fields, such as electronic, housing power, power plants, passenger vehicles, as well as military applications. Operating with higher efficiency than combustion engines, fuel cells demonstrate an electrical energy conversion efficiency of 60% or more, with lower emissions. Water is the only product of the power generation process in hydrogen fuel cells, and thus there are no carbon dioxide emissions or air pollutants that create smog and cause health problems during operation. Moreover, fuel cells emit low noise during operation, because they contain fewer moving parts. Fuel cells come in many varieties, but they all work in generally the same manner. In essence, a fuel cell consists of three adjacent segments, namely, the anode, electrolyte, and cathode. When hydrogen undergoes an oxidation reaction at the anode (), it generates cations that migrate to the cathode through the electrolyte and free electrons that flow the external circuit. Contrarily, a reduction reaction occurs at the cathode, where oxygen is reduced to water by the cations and electrons (Ralph et al., 1998). The electrochemical reaction that occurs at the cathode is . Based on the type of electrolyte used, fuel cells can be categorized into alkaline fuel cells (AFCs), PEMFCs, phosphoric acid fuel cells (PAFCs), molten carbonate fuel cells (MCFCs), and solid oxide fuel cells (SOFCs).
LPI (LP Information)' newest research report, the "Fuel Cells Industry Forecast" looks at past sales and reviews total world Fuel Cells sales in 2022, providing a comprehensive analysis by region and market sector of projected Fuel Cells sales for 2023 through 2029. With Fuel Cells sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Fuel Cells industry.
This Insight Report provides a comprehensive analysis of the global Fuel Cells landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Fuel Cells portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Fuel Cells market.
This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Fuel Cells and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Fuel Cells.
The global Fuel Cells market size is projected to grow from US$ 3786.3 million in 2022 to US$ 12550 million in 2029; it is expected to grow at a CAGR of 12550 from 2023 to 2029.
The major players in global Fuel Cell market include Bloom Energy, Panasonic, Toshiba ESS, etc. The top 5 players occupy about 56% shares of the global market. North America and Japan are main markets, they occupy about 75% of the global market. PEMFCs is the main type, with a share about 72%. Stationary is the main application, which holds a share about 67%.
This report presents a comprehensive overview, market shares, and growth opportunities of Fuel Cells market by product type, application, key manufacturers and key regions and countries.
Market Segmentation:
Segmentation by type
- 0-1 KW
- 1-4 KW
- Above 4 KW
Segmentation by application
- Residential
- Industrial
- Other
This report also splits the market by region:
- Americas
- - United States
- - Canada
- - Mexico
- - Brazil
- APAC
- - China
- - Japan
- - Korea
- - Southeast Asia
- - India
- - Australia
- Europe
- - Germany
- - France
- - UK
- - Italy
- - Russia
- Middle East & Africa
- - Egypt
- - South Africa
- - Israel
- - Turkey
- - GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
- Panasonic
- Toshiba
- Siemens
- Fuji Electric
- POSCO ENERGY
- Bloom Energy
- JX Nippon
- FuelCell Energy
- Ballard Power
- Plug Power
- Doosan PureCell America
- Altergy
- SOLIDpower
Key Questions Addressed in this Report
What is the 10-year outlook for the global Fuel Cells market?
What factors are driving Fuel Cells market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Fuel Cells market opportunities vary by end market size?
How does Fuel Cells break out type, application?
What are the influences of COVID-19 and Russia-Ukraine war?